Digital Disruption Is Happening In Financial Services, You Get It. Now What?

Oliwia Berdak

Over the past year, we’ve told banks that some of them would become custodians. We’ve told insurers that many of them would be forced to specialise. We’ve told wealth management firms that many would shrink. We’ve done this to show them how digital disruption could savage retail financial services, just as it has done with the music and publishing industries.

But we don’t want to be just the bearers of bad news: We want to help you deal with new players like peer-to-peer lending platforms and even Google entering retail financial services. And to be fair, it’s not all bad news. There are plenty of companies out there using digital innovation to meet their customers’ financial needs in new and better ways. Take for example BBVA which has brought its customers the virtual assistant Lola, video banking, and the crowdfunding platform called Suma. And BBVA hasn’t stopped here. The Bank is currently running the sixth edition of its Open Talent competition for start-ups most likely to affect financial services.

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Why You Should Turn To Poland For Digital Financial Services Inspiration

Oliwia Berdak

“How come America put a man on the moon 45 years ago but still has not produced decent online banking?” asked recently on Twitter MichaƂ Panowicz, mBank’s Managing Director for Products, Digital Channels and Marketing and one of the speakers at last week’s Net Finance Conference. As provocative as the question is, Panowicz is in a strong position to ask it. After some big investments in the bank’s online and mobile offering, the bank has just announced record profits for the first quarter of 2014. Digital innovation is obviously paying off. But once you’re on that road, there’s no turning back. You can’t "undisrupt" yourself.

As my colleague Benjamin Ensor wrote some time ago, innovation often happens in clusters.This means that innovation by one company causes its competitors to not only match it but also to try to leapfrog it — resulting in rapid cycles of innovation. This is what is happening in Poland right now. During my trip there last week, a few bank executives told me of the increasing internal and external pressure not to fall behind digital innovation. There a couple of other reasons why Poland is a great testing ground for new financial services ideas; it has:

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