Technology Innovation in Large Banks with Stephane Malrait and Toby Dixon

Tech Reimagined

Bradley Howard: Do you always start with a new technology and see how you can use it? Or sometimes do you look at challenges within the business and think, "Oh we can solve that using X, Y and Z," which doesn't always need to be the latest technology?

Stephane Malrait: It's a very good question and I think it's a mix of both to be honest.

If the business is not aware of what is available to them as new type of technology, you will never move. A good example is when the iPhone came out. Everybody was on Blackberry and we were very happy to be on the Blackberry phone. They didn't know they needed to change but then a new tech arrive and everybody jumped to that new tech because there were a lot more functionalities in this new type of solution.

And I think here it's the same. It's the case that sometimes the demand comes from the business, system is too slow or too outdated and we need to change, and then we push to make some automation or change the technology, but other time is the other way around, and we find technology company or FinTech company, we have very good solution and we say, " Oh, it can help us to dramatically improve the way we do business so we should integrate with them." A good example will be natural language processing. In NLP, we have a lot of text, we have a lot of data, and we didn't know we could do a lot more with that type of information until we discovered there are NLP solutions out there who can help to get more than translating, unformatted data to formatted data point based on the text or the chat that we have, and then using this data to improve the customer experience. So this is more technology led than business led, but at the end, the result is the same, you have an improvement that you want to have. Listen to the rest of this insightful conversation between Stephane Malrait MD Global Head of Market Structure and Innovation for Financial Markets at ING, Toby Dixon, Delivery Director, FS, Banking & Capital Markets and Bradley Howard, Dive deeper into what builds technology innovation in the banking and capital markets arena as two seasoned professionals talk through what trends are currently shaping the industry and some of the lessons they learned in the technology innovation programs they were a part of from a dual perspective: ING - a bank's and a service partners. Should you have any questions – don’t hesitate to contact them or us directly. Subscribe to get notified when the next two episodes of our series dedicated to the banking and financial industry will be released. Until next time!