The digital transformation of the banking industry and how ... · The banking business is under...
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The digital transformation of the banking industry and how lawyers work is affected Eva de Falck, General Counsel Swedbank
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
© Swedbank
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
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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
© Swedbank
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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© Swedbank
There are new competitors, and it’s moving very fast
© Swedbank
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
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© Swedbank
The way lawyers support business is evolving
We are expected to
provide clear opinions
using language adapted
to the receiver
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© 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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