The Rise of the Digital Bank NYC Roundtable Event
On October 8 in New York City, Temenos hosted a roundtable event entitled, “The Rise of the Digital Bank”. Formatted as a panel discussion made up of industry experts including, David Arnott - CEO/Temenos, Jay Mossman - President/Temenos USA, Jan Muralitharan - Executive Director/EY and Dan Dickinson - VP Digital Banking/Equitable Bank, the hour-long conversation focused on growing digital trends and the future of banking as financial institutions transcend the physical branch and expand into the digital sphere. The world is going digital, and financial institutions need to do the same in order to remain relevant.
The roundtable was held in conjunction with the release of a white paper which compiled insight from industry analysts, banks and industry experts as to how financial institutions are addressing the digital divide between traditional banking and modern expectations, and why standing still is no longer an option.
It's a Digital World
The digitally-driven world is having a dramatic impact on the financial services industry from the way it’s changing the consumer experience to the shifting role of physical branches. Here, industry experts discuss the most significant impacts they’ve seen in the industry.
The Key to Success
Many financial institutions are examining how to meet changing consumer expectations. Equitable Bank discusses their strategy to build an entirely digital bank while other industry experts discuss growing trends surrounding the “buy or build” dilemma.
What’s Holding Financial Institutions Back
Demand for digital is there, so why are some institutions so slow to adopt a digital banking strategy? The panel discusses shifting away from legacy technology, complications surrounding regulation, and the cost of standing still instead of moving forward.
The Impact to Branches
As financial institutions embrace digital more, transactions have begun to be driven primarily by technology. The role of the branch is changing to be more consultative, in turn changing the role of technology further in order to support the evolving business model.
Mitigating Risk and Closing Remarks
The main concern for many financial institutions as they evaluate a digital strategy is how to mitigate reputational and regulatory risk. They must undergo a progressive modernization of technology, as well as harness data to renovate the consumer experience.