Digital Transformation in Banking and Finance Industry

Digital Transformation in Banking and Finance Industry

Monday 02 Aug 2021

  • Duration: Two Weeks
  • City: Madrid 
  • Fees: Classroom: 8200 GBP / Online: 3900 GBP

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Overview

According to an IDC prediction, 40% of technology spending in 2020 will be reportedly focused on digital transformation, with enterprises spending in excess of $2 trillion. With this in mind, it is crucial for global businesses to learn how to leverage new opportunities and join the digital movement in order to remain competitive. Here, we’ve prepared an overview article for you to understand the ‘ins and outs’ of digital transformation alongside the impact it has on financial services.

Digital transformation in the financial industry is spurred by two main factors: changing consumer demands and the growing threat from disruptive challenger banks. In order to stand out from the competition, digital transformation professionals face questions including how to predict ever-changing customers’ expectation and technology advancement; cater appropriate digital products for different customer segments’ demands; deliver services for the unbanked segments; offer differentiated value-added services for customers beyond prices; improving customers’ adoption of digitalized distribution networks; monitoring and assessing returns on digital investments through specific KPI measurement metrics.

This 10 Days course is designed for bank and finance executives who have the present and future responsibility for implementing digital changes in an era when transformation will undoubtedly be rapid, and its effects far-reaching and permanent.

Course Objectives

  • Learn what technology can and cannot achieve in banking and finance, and the implications for costs, employment and profitability
  • Build a realistic forecast of the use of technology in the banking and finance industry over the coming decade
  • Deliver perspectives on digital transformation from a management and technical standpoint
  • Understand the opportunities and management challenges posed by Artificial Intelligence, robotics and distributed ledger technologies in the next decade
  • Dramatically improve capacity to understand, select, deliver and then manage digital technology in a bank or other financial institution

Course Content

Day 1

The transformation of the banking industry

  • Statistics on key banking variables (employment, skills, branch numbers, internet usage et al)
  • Recent developments in banking and finance
  • Digital transformation and its significance
  • The structure of scientific revolutions – models of how change happens

Day 2

  • Problems faced by banks
  • Social media and brand at banks and financial institutions
  • Technology governance in banks and financial institutions
  • Deconstructing the bank value chain between product and customer
  • The insurance industry and digitech
  • Fund management digital interfaces
  • Case Study: Modelling cost savings from digital transformation

Day 3

Organisation analysis and technology

  • Human resources implications
  • It skill-sets and relevant qualifications
  • Training and development: what technical skills do front-line staff need?
  • Management teams and examples of transformation
  • Organisational culture and technology

Day 4

Banking technology

  • Enterprise Architecture and its importance
  • Payments technology and third-party software
  • Digital Technology in Practice
  • Neural computing
  • Non-card payments, mobile devices and payments
  • Trends in internet use
  • Third-party payment software
  • Ocular and voice recognition technologies

Day 5

Breaking down barriers to entry in banking and finance?

  • Problems faced by legacy organisations
  • Examples of banking and finance legacy companies
  • Rise of the challenger banks
  • Face and voice recognition technology

Day 6

Using data in banking and finance

  • How do machines learn?
  • What is big data and how can it be harnessed?
  • Behavioural economics and profitability – analysing the connection
  • The role of the Internet of Things (IoT) in improving pricing and risk analysis
  • Case Study: Improving the accuracy of insurance pricing using real-time vehicle analytics and big data processing

Day 7

The use of Artificial Intelligence (AI)

  • Neural networks and AI as a forecasting tool
  • Case Study: Comparing neural and parametric forecasting techniques’ success in financial markets
  • Robotic Process Automation (RBA)
  • The RBA output at bank board level
  • Algorithm-driven corporate bank marketing and sales
  • Alignment with EU GDPR and other data protection regimes
  • Case Study: Building a real-time client-specific smart dashboard – components and benefits

Day 8

Cybersecurity

  • Data safety, privacy and security management
  • Global Accessibility
  • Deep learning and AI for security
  • Case Study: Evaluating Cognizant’s contribution

Day 9

The banking landscape in 2030

  • What is ‘fast forward forecasting’ and how far does it explain technology forecasting error?
  • Review of forecasts for 2020 from 2010 – what went wrong?
  • How to conduct technology forecasting
  • Measured views of the banking and finance industry in 2030

Day 10

  • Potential obstacles to measured digital transformation
  • Probable achievements of distributed ledger, robotics and AI by 2030
  • Implications for skill sets, employment, profitability and shareholder value in banking and finance
  • Strategising the bank and finance industry with 2030 technology
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