{"id":24236,"date":"2017-05-26T23:59:57","date_gmt":"2017-05-26T20:59:57","guid":{"rendered":"https:\/\/www.altoros.com\/blog\/?p=24236"},"modified":"2020-02-20T00:18:30","modified_gmt":"2020-02-19T21:18:30","slug":"digital-transformation-in-banking-new-challenges-for-a-new-era","status":"publish","type":"post","link":"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/","title":{"rendered":"Digital Transformation in Banking: New Challenges for a New Era"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/#Banks_are_evolving\" >Banks are evolving<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/#Digital-era_challenges_in_banking\" >Digital-era challenges in banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/#Changing_standards\" >Changing standards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/#How_should_banking_change\" >How should banking change?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/#Further_reading\" >Further reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/#About_the_expert\" >About the expert<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Banks_are_evolving\"><\/span>Banks are evolving<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-put-cloud-foundry-middle\/\">Digital transformation<\/a> means that enterprises are adopting emerging and, at times, disruptive technologies to visibly improve existing business activities.<\/p>\n<p>In the world of finance, digital transformation is creating both opportunities and risks as new technologies are being adopted. While some financial institutions are willing to explore new territories\u2014such as Canadian banks that have already found <a href=\"https:\/\/www.altoros.com\/blog\/canadian-financial-institutions-are-adopting-blockchain-6-success-stories\/\">success with blockchain<\/a>\u2014some organizations are still holding back due to a lack of resources and\/or expertise.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-Maxim-Shifrin.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-Maxim-Shifrin.jpg\" alt=\"IBM InterConnect 2017 Trusteer Digital Transformation Banking Security Maxim Shifrin\" width=\"640\" class=\"aligncenter size-full wp-image-24242\" \/><\/a><\/p>\n<p>This last statement was highlighted by IBM Security&#8217;s <a href=\"https:\/\/www.linkedin.com\/in\/maxim-shifrin-916a502\/\" target=\"_blank\" rel=\"noopener noreferrer\">Maxim Shifrin<\/a> during his presentation at IBM InterConnect 2017 focused on how digital transformation is changing the world of banking.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Digital-era_challenges_in_banking\"><\/span>Digital-era challenges in banking<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to Maxim, the issues facing financial institutions are these five key points:<\/p>\n<ul>\n<li style=\"margin-bottom: 6px;\"><strong>Staying connected and relevant<\/strong> to customers. &#8220;The industry has to aim for a much deeper understanding of its customers leveraging transactional, social, and other external data.&#8221;<\/li>\n<li style=\"margin-bottom: 6px;\"><strong>Monetizing the digital business.<\/strong> &#8220;Monetization will require financial institutions to change existing products, distribution strategies, and marketing and sales capabilities to fit a digital environment.&#8221;<\/li>\n<li style=\"margin-bottom: 6px;\"><strong>Creating an operating environment<\/strong> that drives productivity, speed, and innovation. &#8220;Financial institutions locked into aging legacy technology, complex process architectures, and a culture of incremental change will struggle to be relevant to customers and monetize digitally.&#8221;<\/li>\n<li style=\"margin-bottom: 6px;\"><strong>Managing compliance<\/strong> in an era of a rapid change. &#8220;Despite regulators becoming increasingly open to the industry&#8217;s need to digitalize, we see considerable potential for closer collaboration and <a href=\"https:\/\/www.altoros.com\/blog\/gecko-governance-unifies-compliance-management-with-hyperledger\/\">policy alignment<\/a>.&#8221;<\/li>\n<li><strong>Dealing with digital risk<\/strong> of new dimension. &#8220;The policies, frameworks, and technologies that have guarded the industry so far may not be sufficient to address these new and intensifying digital risk.&#8221;<\/li>\n<\/ul>\n<p>Despite these challenges, Maxim noted that not all financial institutions will follow the same path to digital transformation. Individual organizations will have to find it&#8217;s own &#8220;digital sweet spot.&#8221;<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-Maxim-Shifrin-v2.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-Maxim-Shifrin-v2.jpg\" alt=\"IBM InterConnect 2017 Trusteer Digital Transformation Banking Security Maxim Shifrin v2\" width=\"640\" class=\"aligncenter size-full wp-image-24300\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Changing_standards\"><\/span>Changing standards<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As new technology develops and gets adopted, traditional financial institutions face many other challenges and, perhaps, the most significant of these is <a href=\"https:\/\/www.altoros.com\/blog\/blockchain-to-reduce-intermediaries-in-many-industries-outside-finance\/\">disintermediation<\/a>. Customers have begun using a variety of non-traditional financial services, such as <a href=\"https:\/\/pay.google.com\/about\/\" target=\"_blank\" rel=\"noopener noreferrer\">Google Wallet<\/a>, <a href=\"https:\/\/www.facebook.com\/help\/863171203733904\/\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook&#8217;s Payments in Messages<\/a>, and <a href=\"https:\/\/www.apple.com\/apple-pay\/\" target=\"_blank\" rel=\"noopener noreferrer\">Apple Pay<\/a> in favor of long-established banks.<\/p>\n<p>Another factor to consider, noted Maxim, is the changing standards. In Europe, for instance, the <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=CELEX:32015L2366\" target=\"_blank\" rel=\"noopener noreferrer\">Second Payment Services Directive<\/a> (PSD2)\u2014introduced by the European Commission last year\u2014hopes to accelerate competition and digital transformation of banks.<\/p>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-PSD2-Timeline.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-PSD2-Timeline.jpg\" alt=\"IBM InterConnect 2017 Trusteer Digital Transformation Banking Security PSD2 Timeline\" width=\"640\" class=\"aligncenter size-full wp-image-24245\" \/><\/a><small><a href=\"https:\/\/myibm.ibm.com\/events\/interconnect\/all-sessions\/session\/7523A\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/small><\/center><\/p>\n<p>The Payments UK trade association <a href=\"https:\/\/www.paymentsuk.org.uk\/sites\/default\/files\/PSD2%20report%20June%202016.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">describes<\/a> PSD2 as &#8220;a significant evolution of the existing regulation for the payments industry. It aims to increase <em>competition<\/em> in an already competitive payments industry, bring into scope <em>new types of payment<\/em> services, enhance customer <em>protection and security<\/em>, and extend the reach of the directive.&#8221;<\/p>\n<p>Perhaps, the most significant milestone in the timeline above is that the PSD2 should already have been transposed to national law by EU member states by January 2018. Once the European Commission adopts and publishes these new policies, industries will have 18 months to implement them which could be September 2018 at the earliest and March 2019 at the latest.<\/p>\n<p>The PSD2 will also introduce consumers and businesses to the so-called \u201cthird-party payment service providers,\u201d which facilitate online shopping: <\/p>\n<ul>\n<li style=\"margin-bottom: 6px;\"><strong>Payment Initiation Service Providers<\/strong> (PISP) will have the ability to authorize payments directly from customer accounts, offering low-cost online payment solutions upon users&#8217; agreement and informing merchants about the status of payments.\n<\/li>\n<li><strong>Account Information Service Providers<\/strong> (AISP) will have access to account and transactional data, providing consolidated information on different accounts of a payments service user.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-Maxim-Shifrin-v3.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-Maxim-Shifrin-v3.jpg\" alt=\"IBM InterConnect 2017 Trusteer Digital Transformation Banking Security Maxim Shifrin v3\" width=\"640\" class=\"aligncenter size-full wp-image-24305\" \/><\/a><\/p>\n<blockquote><p><em>&#8220;PSD2 is paving the way for consumers to authorize third-party providers to have direct access to two aspects of their bank account.&#8221; \u2014Maxim Shifrin, IBM Trusteer<\/em><\/p><\/blockquote>\n<p>Maxim referenced a quote by ANZ Digital&#8217;s <a href=\"https:\/\/www.linkedin.com\/in\/roycrociani\/\" target=\"_blank\" rel=\"noopener noreferrer\">Roy Crociani<\/a> explaining that this digital transformation can &#8220;put upward of 30% of the revenues of a typical European bank in play.&#8221; This can also lead to a decrease in expenses as banks &#8220;can remove 20\u201325% percent of their cost base by leveraging this digital shift to transform how they proceed and service.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_should_banking_change\"><\/span>How should banking change?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Other issues for banks in the digital age stay the same as before: security, fraud detection, etc. However, while technologies are getting more sophisticated and intelligent, so does malware. With numerous cyber attacks experienced by enterprises across multiple industries, and consequent losses, there is an acute need for financial organizations to become more intelligent, too.<\/p>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-threat-intelligence.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-threat-intelligence.jpg\" alt=\"IBM InterConnect 2017 Trusteer Digital Transformation Banking Security threat intelligence\" width=\"640\" class=\"aligncenter size-full wp-image-24274\" \/><\/a><small>Examples of attacks since 2014 (<a href=\"https:\/\/myibm.ibm.com\/events\/interconnect\/all-sessions\/session\/7523A\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a>)<\/small><\/center><\/p>\n<p>To keep up with the pace, banks will have to balance their digital transformations based on four key points outlined by Maxim:<\/p>\n<ul>\n<li><strong>Decision making<\/strong> based on big data and advanced analytics<\/li>\n<li><strong>Connectivity<\/strong> with customers, colleagues, and suppliers<\/li>\n<li><strong>Automation<\/strong> or manual activity replacing labor with technology<\/li>\n<li><strong>Innovation<\/strong> of products, business models, and operating models<\/li>\n<\/ul>\n<p>Through these key points, banks may improve their corporate control, customer experience, product end-service innovation, distribution and marketing sales, digital fulfillment, and risk optimization.<\/p>\n<p>Finally, Maxim mentioned IBM&#8217;s <a href=\"https:\/\/www.ibm.com\/software\/products\/en\/category\/advanced-fraud-protection\" target=\"_blank\" rel=\"noopener noreferrer\">Trusteer<\/a> as an example of a solution that can help engage behavioral biometrics, analytics, and machine learning for real-time cognitive fraud detection.<\/p>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-identity.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/IBM-InterConnect-2017-Trusteer-Digital-Transformation-Banking-Security-identity.jpg\" alt=\"IBM InterConnect 2017 Trusteer Digital Transformation Banking Security identity\" width=\"640\" class=\"aligncenter size-full wp-image-24262\" \/><\/a><small><a href=\"https:\/\/myibm.ibm.com\/events\/interconnect\/all-sessions\/session\/7523A\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/small><\/center><\/p>\n<p>Establishing identity is the foundation of confidence and trust in any transaction, so creating and maintaining a <a href=\"https:\/\/www.altoros.com\/blog\/the-journey-to-a-self-sovereign-digital-identity-built-on-a-blockchain\/\">reliable digital identity<\/a> may be a focus point for fighting fraud within a bank. According to Maxim, digital identity can help to better understand key metrics, such as device usage, session patterns, and user behavior.<\/p>\n<p>While banks are moving from &#8220;clear customer-service relations to a service mix with many-to-many relationships,&#8221; this open digital ecosystem should be carefully covered with behavioral analytics and <a href=\"https:\/\/www.altoros.com\/blog\/blockchain-for-trade-finance-real-time-visibility-and-reduced-fraud\/\">fraud orchestration<\/a>. This new approach also requires &#8220;omni-channel transaction monitoring with limited visibility across the service supply chain.&#8221;<\/p>\n<p>Today, new services will expose banks to new unknown users and patterns. So, banking should be ready to &#8220;stack up and orchestrate all security layers&#8221; to secure against new threats.<\/p>\n<p>For details, check out <a href=\"https:\/\/myibm.ibm.com\/events\/interconnect\/all-sessions\/session\/7523A\" target=\"_blank\" rel=\"noopener noreferrer\">Maxim&#8217;s presentation<\/a> from IBM InterConnect.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Further_reading\"><\/span>Further reading<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/canadian-financial-institutions-are-adopting-blockchain-6-success-stories\/\">Canadian Financial Institutions Are Adopting Blockchain: 6 Success Stories<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/the-journey-to-a-self-sovereign-digital-identity-built-on-a-blockchain\/\">The Journey to a Self-Sovereign Digital Identity Built on a Blockchain<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-to-reduce-intermediaries-in-many-industries-outside-finance\/\">Blockchain to Reduce Intermediaries in Many Industries Outside Finance<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-for-trade-finance-real-time-visibility-and-reduced-fraud\/\">Blockchain for Trade Finance: Real-Time Visibility and Reduced Fraud<\/a><\/li>\n<\/ul>\n<hr\/>\n<h3><span class=\"ez-toc-section\" id=\"About_the_expert\"><\/span>About the expert<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/maxim-shifrin-916a502\/?ppe=1\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2017\/05\/Maxim-Shifrin-IBM-Trusteer-bio.png\" alt=\"Maxim Shifrin, IBM Trusteer bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-24240\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/maxim-shifrin-916a502\/?ppe=1\">Maxim Shifrin<\/a> is IBM Trusteer Technical Product Manager for Pinpoint Solutions. He has 10+ years in the industry in a multiple positions from software development to business. In his role as a Technical Product Manager at IBM Trusteer, Maxim is part of the Pinpoint products offering team, an industry leading solutions for fighting cybercrime and advanced threats. Prior to joining IBM, he held various roles at leading industry Nice Actimize company, which gives Maxim a wide view on the market, customer needs, and fraud landscape. He holds a BA degree in Computer Science and MBA from Bar Ilan University in Israel.<\/small><\/div>\n<\/div>\n<hr\/>\n<p><center><small>The post is written by <a href=\"https:\/\/www.altoros.com\/blog\/author\/carlo\/\">Carlo Gutierrez<\/a>; edited by <a href=\"https:\/\/www.altoros.com\/blog\/author\/alex\/\">Alex Khizhniak<\/a> and <a href=\"https:\/\/www.altoros.com\/blog\/author\/sophie.turol\/\">Sophie Turol<\/a>.<\/small><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banks are evolving<\/p>\n<p>Digital transformation means that enterprises are adopting emerging and, at times, disruptive technologies to visibly improve existing business activities.<\/p>\n<p>In the world of finance, digital transformation is creating both opportunities and risks as new technologies are being adopted. While some financial institutions are willing to explore new territories\u2014such as [&#8230;]<\/p>\n","protected":false},"author":32,"featured_media":24310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[7],"tags":[938,672,873,815,761],"class_list":["post-24236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","tag-banking","tag-blockchain","tag-cloud-native","tag-digital-transformation","tag-ibm-interconnect"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Digital Transformation in Banking: New Challenges for a New Era | Altoros<\/title>\n<meta name=\"description\" content=\"What are the challenges for a bank in the new digital age? 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