Revolution Banking, the flagship event for financial and banking entities in Spain, celebrates its eighth edition this year, supported by a multitude of companies from all economic sectors, including the AuraQuantic digital transformation platform.
Data-driven, open finance, digital currencies, new technologies, sustainability, and new payment methods were the main topics for discussion, brought to the table by the organizers of Revolution Banking, as a starting point for a process of reflection and analysis by the speakers and the audience.
However, these issues are just the tip of the iceberg of all the changes that the banking sector is about to experience, which has rapidly evolved from the business of handling money to that of managing and processing huge amounts of data.
Currently, traditional banking is leveraging Information and Communication Technologies (ICT) to improve internal processes and optimize decision making. In addition, the combination of disruptive technologies such as Big Data and Artificial Intelligence (AI) is a valid solution to anticipate all kinds of scenarios and make personalized customer recommendations.
Revolution Banking 2022: Digital transformation in the banking sector
The Wanda Metropolitano Stadium in Madrid was chosen to host the new edition of Revolution Banking. With more than 600 attendees, 40 sponsors, and 60 speakers, the event enjoyed the participation of many prestigious financial institutions, including BBVA, Banco Santander, CaixaBank, Unicaja Banco, EVO Banco, Deutsche Bank, Banco Sabadell, Kutxabank, ABANCA and ING; and the presence of institutions linked to the sector such as the European Central Bank (ECB) and the National Securities Market Commission (CNMV). Likewise, companies related to the technology sector such as IBM and Microsoft, and the Spanish fintech Bizum also attended and participated in the event.
The agenda proposed by the organizers of Revolution Banking was divided into three large themes: Strategy to lead banking 5.0, Challenges and opportunities to build customer loyalty, and Innovation and technology to transform banking. Each of these topics was explored in different rooms and benefited from the participation of different speakers and representatives from financial and technological entities.
Firstly, within the area of Strategy to lead banking 5.0, such important issues as Open Finance, BNPL (Buy Now Pay Later), sustainable transformation, and hyperautomation of processes using no-code technology were addressed. Regarding the latter, the AuraQuantic no-code process automation and application design platform is emerging as an optimal solution, in comparison to other platforms available on the market. With more than 20 years of experience advising companies and institutions of all kinds, including IberCaja, a financial institution that has relied on this platform to develop its entire digital transformation strategy.
Secondly, the area dedicated to challenges and opportunities to build customer loyalty focused on user experience, cybersecurity, digitization, and new payment methods. Some topics were developed through different panels of experts, including representatives from companies such as Mastercard, VASS, Renta 4 Banco, and Zimperium.
Innovation and technology to transform banking was the theme for the third area which covered issues ranging from the Metaverse, omnichannel, and cybersecurity, to data-driven Banking. In addition, the presentations included a deep dive into the IberCaja success story of digital transformation in the Spanish banking sector presented by Gonzalo Carrillo, Account Executive at Microsoft, of which AuraQuantic is a Gold Partner.
Throughout the day, banks, technology companies, and other institutions had the opportunity to discuss and share experiences regarding the evolution of traditional banking, the strategies developed to achieve a 100% digital ecosystem, and the technology necessary to achieve this change.
However, there is still a long way to go to achieve the complete digital transformation of the banking sector in Spain. Digital banking must be open and based on real-time operations and optimal use of available data. To do this, banks need to incorporate technologies that are scalable and that enable them to use best practices when managing data. This is the secret to success for a digital bank.