Digital Business Entrepreneur Magazine Banking | Page 6

Awarded for the first time CIO of the Year at the Gala IT One 2007 as CIO of Clearstream services, Yves Baguet has proven experience with significant IT transformations and in linking business and IT. BIL's COO is one of the persons responsible for the digital change BIL is implementing. In an exclusive interview, Yves shares some insights.

Banking has changed from physical agents to online platforms in the last decade. How is BIL adapting to this digital transformation?

We are actually implementing a global transformation plan consisting in 3 pillars. First of all a digital strategy focusing on all relevant customer journeys, CRM and analytics; secondly a full replacement

of our core banking system to get rid of its limitations and thirdly, in my eyes as important as the two previous ones, a cultural transformation. Indeed the human factor is essential and we place the cultural aspect at the center of our change.

The overall program has started 18 months ago and is continuously delivering new functionalities thanks to our Agile methodology. This process will be completed with the CBS replacement in 2021.

Does BIL have a strategy to increase its international presence in the banking sector?

Yes, we have. We believe we can add value to several markets such as Denmark, Dubai and Switzerland.

Did you ever think the banking sector would be precisely how it is today?

Nobody did. Even now, we know that A.I. is the current disruption, but we don't exactly know all the possibilities it will open up. Today, we only see the tip of the iceberg. The potential is enormous. It can result in a new way of working within the banking sector. A potential model for banking in the future could be based on a utility layer (and mutualized between the banks) and a customer facing layer, with analytics and BI. Both will be the levers on which the banks could differentiate from each other.

Do you think cryptocurrencies will be the next and obvious step in the banking sector? will be the next and obvious step in the banking sector?

Yves Baguet, BIL COO

Interview

Yves Baguet

With more than 20 years of experience, Yves Baguet, Chief Operating Officer (COO), and member of Management Board at Banque Internationale à Luxembourg SA (BIL) gives an overview of current trends in the banking sector.