CORPORATES
must balance regulatory requirements and
customer requirements, she said, particularly
as the regulatory agenda has moved up banks’
corporate agenda. Finally, customer centricity
– achieved by listening to customers in order
to help solve their problems, ensures fair
outcomes for customers.
Banks are going through the same digital
transformation as their customers, Mark Ev-
ans, managing director, transaction banking
at ANZ, told Club@Sibos and must anticipate
what their customers’ needs will be in the fu-
ture. “It’s easy to get distracted with the latest
digital technologies and start experimenting
with them for their own sake. At ANZ, we’re
mindful that we need to solve real-world
problems of our customers, and with our dis-
tributed ledger trials, for example, we made
sure we were testing something that is useful
before we develop it further.”
He added that banks also need to decide
what role they want to play: do they want to
specialise in a particular digital offering? Do
they want to offer an open platform for other
providers’ services? Do they want to be the
regulated entity that fintechs use for their
own financial services?
Context is important for the Australian
Club @ Sibos
bank, as Evans explained: “If you take typical Australian sectors like
agribusiness or resources and energy, they are physical and tangible
industries, but they are also undergoing a digital transformation. They
have had to adapt and predict how digital technologies will shape the
economy of the future. We are already seeing how our customers in
these sectors are using the internet of things, smart data, distributed
ledger technology, artificial intelligence and more to improve efficien-
cies in their supply chain, improve safety, and make smarter decisions
about their business.
“Some of our customers, in our home markets of Australia and New
Zealand and across our international footprint, are doing business in
remote areas. Digital technologies are enabling financial inclusion, by
transforming how people connect and do business, and connecting new
groups of people into the economy. For example, it’s now easier to set
up an ecommerce venture, to connect to payment systems, and to access
finance.”
Evans points out that the
future isn’t just about digital
technologies – it’s also about
people. “Even with artificial
intelligence or machine learn-
ing, the development starts
with humans; from the outset
you have to have the right
LISA VASIC, ANZ
people with the right intent
asking the right questions.”
This is a point iGTB’s Jacobs also makes: “How we transform within
the banking industry includes people and processes.”
“Banks must understand clients
are looking for an experience
that is easy, transparent and
provides value.”
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