The digital transformation of the banking industry and how ... · The banking business is under...
Transcript of The digital transformation of the banking industry and how ... · The banking business is under...
The digital transformation of the banking industry and how lawyers work is affectedEva de Falck, General Counsel
Swedbank
© Swedbank
We are a full-service bank
with four home markets
© Swedbank
50%SALES THAT ARE
COMPLETED
DIGITALLY
80%DIGITAL CUSTOMER
SATISFACTION
1bnDIGITAL
INTERACTIONS
4mDIGITALLY ACTIVE
CUSTOMERS
High digital
penetration with
even greater
potential
© Swedbank
Leadership is changing
Legal managers might
not be the most skilled
specialists, rather the
ones who are truly
interested in leading
other people
4
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Gender and equality is becoming increasingly important
5
Not only is it important
to meet a diversified
customer base with a
diversified law firm
management; gender
equality will also be
important in
procurement processes
© Swedbank
(R)evolutions
6
Mechanical
Production
Industry 0.0 Industry 1.0 Industry 2.0
Mechanical
machinesAssembly line
No machinesLine 1 – Human
Line 2 - Machine
Line 1 – Machine
Line 2 - Human
Enterprise Interconnected
1784 1870
© Swedbank
(R)evolutions
7
Mechanical
ProductionInformation
Industry 0.0 Industry 1.0 Industry 2.0 Industry 3.0 Industry 4.0
Mechanical
machinesAssembly line
Algorithmic
machines
Artificial
intelligence
No machinesLine 1 – Human
Line 2 - Machine
Line 1 – Machine
Line 2 - Human
Line 1 – Human
Line 2 - Machine
Line 1 – Machine
Line 2 - Human
Enterprise Interconnected Enterprise Interconnected
1784 1870 1969 Today
© Swedbank
(R)evolutions
8
Mechanical
ProductionInformation Creativity
Industry 0.0 Industry 1.0 Industry 2.0 Industry 3.0 Industry 4.0 Industry 5.0 Industry 6.0 Human 0.0
Mechanical
machinesAssembly line
Algorithmic
machines
Artificial
intelligence? ?
No machinesLine 1 – Human
Line 2 - Machine
Line 1 – Machine
Line 2 - Human
Line 1 – Human
Line 2 - Machine
Line 1 – Machine
Line 2 - Human
Line 1 – Human
Line 2 - Machine
Line 1 – Machine
Line 2 - HumanNo human
Enterprise Interconnected Enterprise Interconnected Enterprise Interconnected
1784 1870 1969 Today
In line to be disruptedDisrupted Under disruption
Media
Travel
ICT & TelCoRetail
Finance
Manufacturing
Healthcare
Transportation
Energy &
Resources
Source: BCG analysis
We are here
© Swedbank
Customer behaviour can change quickly
20172015 20162011 201420132012
BALTICS - INTERNET BANK
BALTICS - MOBILE APP
SWEDEN - INTERNET BANK
SWEDEN - MOBILE APP
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The banking business is under transformation
The customer chooses
where she wants to meet
the bank, with high
demands on information
security in all channels
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There are new competitors, and it’s moving very fast
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Regulations = Challenges/obstacles
14
Buzz words = Opportunities
Data Driven Sales
Data Aggregation
Open Banking
Robo-Advice
AI
Blockchain technology
Transparency
Data Aggregation
Digital Wallet
API
Algorithms
Digital On-Boarding
Online mortgage GDPR
Consent
PSD2
GL11
KYC
AML4
GL12
PAD
Screen-scraping
Cyber security
Customer trust
Bank-ID fraud
GDPR breach
Privacy
Reputational Risks
© Swedbank
There are a number of challenges for lawyers in the new landscape
One of them is to be
able to articulate a clear
risk appetite
15
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The way lawyers support business is evolving
We are expected to
provide clear opinions
using language adapted
to the receiver
16
© Swedbank
Should we look upon the rapid development of robotics and AI as a threat to our profession? Or will they be useful tools in a regulated environment?
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