Reimagining Banking through Technology
Technological innovation is dramatically disrupting society at every level, and financial services are no different. It is impossible to predict how technology will evolve, but the most successful banks will be the ones that adapt to become technology companies themselves, says Michael F. Spitz, CEO of Main Incubator, the research and development unit of Commerzbank.
As technology continues to transform societies, banks are being forced to reimagine their businesses. The most forward thinking and ambitious are reinventing themselves as digital technology companies. It is not enough to operate a product development unit that responds to clients' stated needs: modern banks require a research and development division to anticipate changes in technology, as well as society more broadly, and their impact on financial services.
At Commerzbank we already see evidence of this change. Where we used to speak predominantly with treasury departments and CFOs, today we increasingly speak with product and technology departments. This allows us to engage with our clients in a more holistic way, meaning we understand them better and can provide better insights than ever before.
This communication is issued by Commerzbank AG and approved in the UK by Commerzbank AG London Branch, authorised by the German Federal Financial Supervisory Authority and the European Central Bank. Commerzbank AG London Branch is authorised and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority.
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