Intelligent CIO Europe Issue 14 | Page 55

/////////////////////////////////////////////////////////////////////// FEATURE: BLOCKCHAIN & FINTECH The FinTech antidote – why banks need to be more resilient in 2019 The new age of digital banking in Europe is redefining what it means for enterprises in the banking sector to respond to change. Euan Davis, European Lead, Cognizant’s Center for the Future of Work, talks to Intelligent CIO about the major threats to the banking industry and how it hopes to respond to them. T he European banking industry is under extreme pressure. Although the looming risk posed to financial stability by Brexit is perhaps the most notable risk, 2019 is looking like it will be a challenging year all round. To survive, simply ‘doing’ digital is not enough. Managing constant change will require traditional banks to become resilient to its impact by embracing a customer-led strategy, evolving with market trends and intelligently piloting emerging technologies. Looking inward to work more efficiently and provide a more streamlined customer experience while keeping one eye on the external environment will be key. There are major threats snapping at the heels of industry leaders in the form of regulatory change, political upheaval and new competition. Although banks have been fighting them for years, these influences are set to come to a head in 2019, with the potential to diminish, displace, disintermediate or even destroy mainstays of the industry if they are not taken seriously. Defending multiple fronts The symbiosis between the few big banks that make up most of the EU market and the FinTech firms challenging them is constantly changing. www.intelligentcio.com INTELLIGENTCIO 55