Spotlight on digital banking at ICT Spring 2018

Deloitte Digital chaired the afternoon session dedicated to FinTech at this year’s ICT Spring Summit on 15 May. Digital maturity of banks was the topic of the day.

Luxembourg, 23 May 2018: Deloitte Digital was a Platinum Sponsor of the global tech conference ICT Spring 2018. This two-day yearly event offered the participants a unique opportunity to deepen their digital knowledge, capture the value of the fast-growing FinTech industry, and explore the impact of space technologies on terrestrial businesses.

Going beyond banking

During the FinTech session chaired by Deloitte Digital, Xavier Turquin, Ideator at Deloitte Digital Luxembourg, talked about 5 Things Every Luxembourg Banking Executive Should Know About Digital. His speech was based on the findings of the EMEA Digital Banking Maturity study 2018 with a focus on digital banks in Luxembourg. Xavier Turquin addressed the banking professionals in the room and encouraged them to seize the opportunities brought by FinTechs: “to become a digital champion, you need to open yourself and go beyond banking by partnering with FinTechs, to combine the clients of the banks with the technology and user experience of the FinTechs.”

The EMEA Digital Banking Maturity study 2018 was conducted by Deloitte member firms across EMEA who teamed up to conduct the most comprehensive and objective digital maturity study to date. Deloitte teams analyzed 238 banks and 10 FinTechs across 38 countries, comparing them on 826 functionalities, and mapped their performance against customer preferences derived from over 8,000 interviews.

Financial services stepping up their game

At ICT Spring, a handful of selected experts with different perspectives on FinTech shared their views and experience, focusing on the complex but essential relationship between traditional banks and tech-savvy startups. Hans van Grieken, Deloitte EMEA Technology Research & Insights Leader, guided the audience through the changing landscape of financial services, and illustrated how technology and digitalization are disrupting everything from operating models to client expectations.

“Many banks consider themselves as leaders when it comes to digital but the reality is that banks in Luxembourg do not yet fully match clients’ expectations in terms of their digital service offering. We are on the right track, but there is clearly room for improvement,” explained Pascal Martino, Partner, Banking Leader & Deloitte Digital Leader in Luxembourg.

In Deloitte’s study, digital champions are the banks that provide a broad variety of digital functionalities to their customers, meet or exceed customer preferences in their market, and deliver a modern and intuitive mobile user experience. Out of the 38 countries, the study found digital champions in Poland, Spain, Switzerland, and Turkey. The majority of EMEA’s banks were classified as digital adopters.