Digital technologies have transformed the way we do… everything. And it continues to transform it, every day. We often read about new technology that looks like science fiction… but we’ve exploited only a fraction of the technologies available today.
On October 3rd and 4th I was lucky to take part in OTP Group’s Digital Meetup in Kecskemét. Participants included key people from OTP Group, from its 9 different countries. It also included partners that OTP Bank is working with – such as myself from Nestholma.
I got to see very interesting points of view on digitalization. Banking is going to change a lot in the upcoming years. And not only in the obvious ways. Here are some of the things I learned in that event.
We use our mobile phones an embarrassing lot
I’m sure this doesn’t come as a surprise. Millennials check their phone 150 minutes per day. It improves their relationships. We, people, spend hours on our devices.
This has created a subset of customers that want everything in their pocket. Even services that are not “pocketable” in an easy way. We’ve already seen many banking services invade our mobile phones. And this trend doesn’t seem to be stopping anytime soon.
Technology is more than mobile
The widespread of mobile is making many people reconsider the role of bank branches. Many even assert that they will become obsolete. The fact that all of them share is that is that consumer behavior in relation to the branches is changing.
But there is one fact to bear in mind. There is more than one type of customer for banks. And many are not ready to forego branches yet. Customers still want part of their services in a face-to-face environment. They might want a different type of branch, but they want a branch nonetheless.
But this doesn’t mean they don’t want innovation. They expect the same high-quality personalized service. Technology should support the face-to-face interaction.
Of course, it requires different types of bankers. And different types of devices. And different types of support tools. This is a space where many startups could find good business. Are you one of those startups? You should check out our OTP Bank accelerator.
OTP Bank is an innovation leader
On top of all the learnings, I got to understand why OTP Bank is often celebrated as such an innovative bank. They’ve led many innovations in their region, many of them very impressive! And they’re working on ‘the next big things’ themselves as well!
One of the sections of the conference was my own presentation. I shared – surprise surprise – insights about how to collaborate with startups.
We discussed different pitfalls and opportunities when collaborate. I shared some experiences and anecdotes about the differences between startups and corporations. We had some excellent discussions about the attitude towards cooperation. And how important it is to keep a focus on the win-win.
Both startups and corporations have something that’s very valuable for the other side. And they also have something to win.
It was the best audience to present to, and to discuss with. I spoke with dozens of people willing to engage with startups. And it was, in a way, like preaching to the choir. People know the value of working with startups. And they’re open to learning with them. And that’s going to make our upcoming accelerator very productive. For OTP Bank and for the startups participating.
Are you one of those? We’d love to see your application!