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BUSINESS FOCUS: Future of banking lies in digitisation and smart solutions

BUSINESS FOCUS: Future of banking lies in digitisation and smart solutions.

Digital banking, cyberattacks, and innovations in smartbanking among the highlights of the latest Business Focus.

In April 2020, The Slovak Spectator published its Business Focus on Smart Banking in Slovakia. Here is your overview of stories from the focus issue:

Digital banking is a trend in Slovakia too.

While Slovakia is not an absolute leader in digital banking , it is not badly off either. Banks’ clients can launch bank accounts online or buy some bank products with the assistance of facial biometry or other smart methods, Peter Ivanka, an expert in digital banking at the Slovak IT company Softec, said in an interview. He also discussed the latest trends in digital banking in Slovakia, smart solutions developed by Slovak banks and fintechs, what the Payment Services Directive (PSD2) has brought, as well as the impacts of the COVID-19 virus pandemic .

“Banks that are already able to sell their products online, eliminating the need for the customers to come to the bank while employees are able to fully work from home, can benefit from the current situation,” said Ivanka.

Cyberattacks are becoming more sophisticated.

The banking sector, especially e-banking services, is prone to cyberattacks due to the nature of its business, and the current COVID-19 pandemic has brought a surge in fraudulent schemes. Moreover, attackers are becoming more and more sophisticated, and they are ready to implement the latest technology to increase the success for their endeavours. Security software companies have already noted an increase use of artificial intelligence and machine learning to enhance their social engineering techniques.

“Just several months ago, artificial intelligence was used to emulate the voice of the CEO of a UK-based energy firm, asking his employees to send €220,000 to a fictitious, as it later turned out, Hungarian supplier within an hour,” said Miroslav Kořen, general manager of the antivirus firm Kaspersky for eastern Europe . “As technology advances, such incidents will become more frequent.”

Contactless and digital: Slovaks like being smart.

Slovaks like innovations and adapt smart banking solutions swiftly. Several banks offer various contactless payments options and an increasing number of services once offered at brick-and-mortar branches are becoming digital.

“It’s an unstoppable trend,” said Maroš Ovčarik, executive director of the Finančný Kompas website that helps its visitors familiarise themselves with the financial market. “The financial institutions that don’t catch up with digitalisation could face a big competitive disadvantage in the future.”

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