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How are banks dealing with the technological revolution? These are the challenges the are facing

In the framework of the second edition of the CEO Summit Open Innovation, the main banks of Peru expressed the importance of betting on open innovation hand in hand with the fintech.

The central theme of the meeting was “Open Innovation in Financial Services and Banking” and reflected on the challenges faced in the era of technological revolution, trends in the financial sector and the challenge of working with Fintech.

What did the panelists say?

The common idea among the panelists was that the digital transformation can only be achieved with a cultural transformation, where knowledge and experiences are shared that allow to gain agility.

“Open innovation is a great vehicle to accelerate the productivity and competitiveness of the country’s companies, but mainly to generate opportunities for all,” said Pedro Cortez, CEO of Telefónica del Perú.

Fintech, the main topic

For this, they stressed the importance of working hand in hand with the technology and innovation offered by Fintechs to bring financial services closer to Peruvians.

“Open innovation breaks a myth and shows that financial companies can work hand in hand with Fintech collaboratively,” said Walter Bayly, CEO of Credicorp.

In turn, Eduardo Torres Llosa, CEO of BBVA Continental, mentioned that digital transformation implies a cultural transformation that contributes to changing the mindset.

On the Citibank side, CEO Maria Eugenia Gonzalez added: “Open innovation is key to initiating change and contributing ingeniously to generate successful results, creating sustainable progress.”

Opportunities and marketing development

Another of the most emphasized points by the participating CEOs was how open innovation and the digital revolution contribute in opening possibilities and development opportunities for people.

In this regard, Julio Malo, general manager of Banco Pichincha, pointed out that innovation in the financial sector is more effective and valuable for all its stakeholders, including society, if it is open and shared. “This principle is not incompatible with our ability to compete, it simply takes the competition to another level” he added.

For Luis Felipe Castellanos, CEO of Interbank, technology and innovation represent an opportunity to bring financial services to more Peruvians.

Likewise, Juan Carlos García Vizcaíno, CEO of Banbif, stressed that in an increasingly interconnected world with borders between industries in constant redefinition, open innovation is a win-win strategy.

“Banks achieve innovative solutions, reducing time to market in delivery and Fintechs achieve critical mass of customers in less time” he said.

Published inFintech

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