ViewPoint 2023: Highlights & Key Takeaways
Banqsoft's ViewPoint conference gathered financial services leaders from the Nordics and around the globe at Hotel At Six in Stockholm on November 9th and 10th.
This year's conference featured keynote speeches from high-profile experts in innovation and multiple opportunities to discuss shared insights on the latest trends and challenges in the financial industry. Over 20 sessions took place on topics as varied as artificial intelligence, data analytics, fraud, compliance, ad security, with speakers including Swedish journalist, author, and digital futurist Andreas Ekström and KMD's Mads W. Bonne and Carsten Hvid Challet. It was also an opportunity to hear from our partners Roaring, Scrive, OpenText and Logiq how their solutions help financial organizations overcome the challenges they face and succeed in the digital age.
Of course, no ViewPoint conference would be complete without some great entertainment. Attendees enjoyed delicious meals, snacks, and activities throughout the event in the so-called Venice of the North.
There's no better way to start a ViewPoint than by noting what lies ahead for Banqsoft. Banqsoft's CEO, Terje Kjøs, lived up to the expectations from the audience as he spoke about the alignment between Banqsoft's strategy and predominant market trends, such as the AI revolution, sustainability and ESG focus, connectivity, and SaaS deliveries. In particular, he discussed how Banqsoft is currently working on ISO14001 certification, how open APIs will be key to integrating financial services into the buying process of consumers and utilizing new technologies, and the need for SaaS deliveries to enable financial innovation, free up resources, and offer secure, compliant, and efficient services.
Unsurprisingly, perhaps, AI took center stage at this year's ViewPoint. Andreas Ekström jumpstarted the conversation on this topic with his introduction to organic intelligence, not "artificial intelligence." He coined this term to describe all that equals the sum of the human experience. In his view, "the future is not about the artificial intelligence you buy. It's about the organic intelligence you hire." By the end of his presentation, you would struggle to find anyone who disagreed with him.
Moving on to KMD's Mads W. Bonne, we learned why we should see digital innovation as the bridge to value. He emphasized the importance of always focusing on the problem at hand, experimenting and learning in small iterations, and remembering UX and domain knowledge as key for success. With this foundation in mind, it's easier to better interpret and tackle big trends and technologies.
Enterprise architects Vegard Olsen and Peter Salomonsen then went on to demonstrate Banqsoft’s innovative initiatives from the past year. Some of the initiatives discussed included cloud-native as a platform, security, and API integrations. Last but not least, they unveiled how AI can serve as a user interface and assistance provider on Banqsoft's Developer portal.
Fortunately to everyone in the audience, that’s not all we heard from KMD. Carsten Hvid Challet proceeded to give us an answer to the question of how to maintain a balance between innovation, compliance, and security through the "never trust, always verify" motto. Some of the obvious benefits of this approach are the ability to work securely anywhere, minimize the impact of bad actors, and make it easier to use new technologies.
A special thanks to our special guest, Aktia Bank, who then shared their experience working with Banqsoft for full asset financial renewal in an incredibly insightful session on the challenges and benefits of the process. The demonstrated results regarding additional business insight, improved quality of credit decisions, enablement of further development, and more time for customers were inspirational.
These are just a few of the high-quality sessions that took place in Stockholm this year. In addition to the takeaways mentioned above, we also learned that:
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Centralizing logging and using the ELK Stack can greatly enhance data visibility and operational efficiency.
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Combining and analyzing data from multiple sources can be leveraged to gain valuable insights and dramatically increase risk mitigation.
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e-sign, eID, and AML solutions play an important role in fighting fraud and ensuring secure, compliant, and user-friendly digital onboarding and payment transactions.
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Effective credit management in tough times can keep customers coming back and reduce bad debt.
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In-house debt collection services can optimize revenue without negatively affecting customer relationships.
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It is already possible to create new functionalities without developer skills using AI and a no-code approach.
The importance of physical gatherings like the one we just came from cannot be understated. The possibility of quickly and consistently keeping in touch with customers and partners online is fantastic, but the power of one-on-one communication is here to stay. We are excited to see the seeds of transformation sown at ViewPoint 2023 blossom and empower financial institutions to continue making informed decisions and delivering exceptional customer experiences.
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