LONDON, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Antoniella Gauci, Risk Manager at Pilatus Bank, compares the continued investment in fintech to a life insurance policy for banks. Gauci argues that banks without a robust fintech strategy are operating in a vacuum and lack the competitive edge to survive in today’s highly volatile financial services industry. Traditional banking models built on competitive product pricing and the convenience of a branch network are no longer sustainable. Customers are expecting more than just a banking product from their banks; they want an experience which benefits and simplifies their day-to-day lives whilst guaranteeing the same level of security as traditional banking.
| |||||
Technology has become a customary tool necessary to carry out our daily activities. It has blurred the lines between retailers and banks to the point where technology is shaping the banking industry and what customers expect from their banking experience. Despite this reality, numerous customer surveys resonate the dooming views of customers that Banks are still lagging at providing easy-to-use digital solutions. This customer perception confirms the stubborn attitude many banks have taken towards technological advances, considering fintech as a disruption which is adding to the cost burden of complying to the mountain of regulatory obligations.
Gauci at Pilatus Bank believes that fintech is only as good as the strategy it supports. For banks, this means that the fintech initiative needs to be aligned and incorporated into the customers’ strategy. Gauci explains, “At Pilatus Bank, innovation is not just a buzz word. Rather, our Investment in technology is facilitating thought and consideration on how to deliver on long term objectives and increase return on equity.” Antoniella Gauci argues that the key to building a robust fintech strategy is founded on the same principles as traditional banking. Furthermore, the starting point to build a sustainable strategy is always at the heart of the customer’s needs, lifestyle and priorities. She states, “The benefits of incorporating fintech into the overall strategy may not always be apparent in the short run due to the heavy investment in technology and research. However, in my opinion, fintech integration into the overall strategy is a win-win situation for banks whereby it resourcefully and more efficiently brings them closer to what customers want, thus leading to a more cost efficient operating model in the long run.”
The Risk Manager at Pilatus Bank acknowledges the challenges brought about by the complexity of the digital financial ecosystem by stating that, “The highest risk that banks face is the exposure to cyberattacks and the likelihood that vulnerabilities in the system will be found and exploited by criminals.” She notes that banks have a responsibility in ensuring that innovation is not compromising the security of their clients. Keeping the discussions around the complexities of fintech solutions in silo and restricted to the IT departments may undermine the long-term confidence in new solutions. Increasing the challenges of cyber risk, is the gap between technology and regulation, which in Gauci’s opinion is unavoidable due to the rapid pace at which new solutions are evolving in a stagnant regulatory framework. She concludes by stating that, “At Pilatus Bank, this challenge is addressed by placing fintech at the core of the bank’s overall strategy and aligning fintech solutions with balanced risk taking without compromising on neither our customers’ security nor innovation.”
About Pilatus Bank
Pilatus Bank is a leading European bank that specialises in providing private and commercial banking services to high net-worth and affluent individuals. Pilatus Bank, located on 4 Old Park Lane, W1K 1QW in London, is mainly focused on offering its private banking services through its proprietary technology platform in order to make private banking more accessible and scalable. The Bank’s simple and convenient solution has been a hallmark of transformation and quality of service.
Hanna Olofsson
Pilatus Bank
+44 (0)330 3636360
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/dfcb17c0-dd77-4004-a547-fc15bb9db502
