PARTNER CONTENT

Our Technology Is Changing the Lives of Customers

Faster customer service, simplified procedures, more security: these customer expectations are underpinned by innovative solutions, many of them pioneered by Polish banks, says Jarosław Fuchs, Vice-President of Bank Pekao responsible for private banking and investment products

What is the most important feature of bank innovation today? Where does the heart of progress beat?

The financial market has never before raced ahead on innovation as it has in recent years with the acceleration in digital transition and the increasing automation of processes. Nearly 30 per cent of bank processes are now handled automatically, and the development of algorithms and quantum computers is likely to expand this significantly. This is accompanied by changes in customer service which introduce customers to a different relationship with banks than just a few years ago. This is why banks need to listen even more carefully to the needs of their customers and continue adding new tools to facilitate the use of banking, especially mobile banking. Customers often abandon their virtual cart when shopping online because the multi-step payment authorisation process is complicated and cumbersome. This is an important signal of changes in consumer behaviour that need to be addressed. Digitalisation has brought about an increase in the number of transactions, which requires investment in the development of payment infrastructure. As a result, opening up to fintechs is a must in this day and age; in addition to innovation, it provides banks with know-how, experts and infrastructure. All this simplifies, speeds up and optimises implementations while minimising costs.