Banqsoft Commences 18th Annual User Conference in Stockholm
Banqsoft's annual user conference gathered over 100 Nordic and Polish customers within retail banking, consumer financing and asset financing.
Banqsoft annual customer conference ViewPoint took place at Globe Hotel in Stockholm the 23th and 24th of October.
External speakers from Nordea and Microsoft shared their thoughts about open banking and new business models, digital platforms and the importance of a data-driven culture.
In addition, expert corners were organized to dive deeper into trends, news and opportunities within areas like business analytics, open banking, customer onboarding, factoring and cards.
You can read some of the highlights from the first day of the conference below.
Introduction from Banqsoft's CEO Terje Kjøs
In his speech, Terje Kjøs welcomed several new customers of the year in the Nordics and praised existing customers for significant growth in their markets.
He also summed up 2018 as the year of big compliance requirements like GDPR, IFRS9, AML4 and the ongoing adjustments to PSD2, consent-based loan application and integration with debt registers.
Further focus areas from Banqsoft are to continuously move customers from license to ASP delivery model, increased standardization and simplification as well as preparing the software factory for further growth. Banqsoft will also continue to invest significantly to scale in line with the increasing numbers of customers and cross-border growth.
Gunnar Berger, Head of Open Banking, Nordea
An open banking platform is either open or not, there is nothing in between!
In his presentation, Gunnar Berger emphasized why and how new platforms and business models eats business from traditional banks. The winning recipe will be a combination of enabling a rapid change process by decoupling frontend from backend with APIs, engaging external developers by providing an awesome platform for development, simplifying banking by providing customers with one point of access to accounts in multiple banks, staying relevant by integrating with the customers’ every day processes and capturing new ideas by co-creating with fintechs and other third-parties.
Machine-to-machine connectivity will remove the needs to convert between formats and platforms, instant access to accounts will remove the need for many of today’s intermediaries and the platform will serve ecosystems where participants can increase customer base, transaction size and transaction frequency.
Ayaz Shukat, Technology Strategist, Microsoft
The company’s business-centric transformation areas are to empower employees, engage customers, optimize operations and to transform products.Traditional players will still be needed, however maybe in a new way. The focus now is to move into the intelligent area. That will bring immersion as bi-product, while open banking will accelerate the move and unlock new possibilities.
We have for decades spent billions of dollars to create what we believe is the world's most advanced machine learning, artificial intelligence, cognitive computing capabilities that we've perfected across our own first-party applications; Bing, Xbox, Xbox Live, Office and Dynamics. All benefit from this rich set of investments, but if you get back down to it, or get beneath the technology and machine learning, it's the data that makes it unique.
Data is now the key strategic business asset. Every device, every customer, every activity and everything that’s happening in the world around us is producing incredibly rich data that can help us create new experiences, new efficiencies, new business models and even new inventions. Leveraging this data can be the differentiator for your business.
While data is pervasive, actionable intelligence from data is elusive. Our customers want to transform data into intelligent actions and reinvent their business processes. To do this they need to more easily analyze massive amounts of data, to move from seeing “what happened” and understanding “why it happened” to predicting “what will happen” and ultimately knowing “what should I do”. Only then they can create the intelligent enterprise.