#UBSInnovate with Veronica Lange (Chief Digital Digital Officer and Head of Innovations) welcomed industry leaders at their UBS event in Zurich on July 10th, 2019.
Many of you may know UBS just as a bank but it does more than that. UBS is an investment banking company. The Company has almost become a brand due to its numerous appearances though their sponsorship engagements with sports for example Formula 1.
On our visit, the event was in one of the many branches of UBS globally, but this one had a special element to it. The Digital Factory, an innovative digitalised working environment for up to 600 employees, UBS is a reflection of how banking is being digitalised in the banking industry and businesses in general. This is also called technology enablement within companies.
During the event, four topics were presented to us:
I am particularly interested in technology enablement, which is a hot topic especially in this day and age where technology is advancing at a fast pace and this is what hold banks back especially on this subject of progressing in technology as security and data protection is at the upmost importance to banks. Therefore, a lot of time and research has to go into projects like this to ensure their clients safety in terms of data.
Technology enablement consists of many department, and is more complicated than it actually seems, as there are many elements to it. Cloud enablement which, we at N’cloud.Swiss provide and know what it means for your data to be in the cloud. This has many benefits such as, financially, in terms of reputation and retention of customers.
Data sharing, for banks, which hold many sensitive and important information, this is a risky subject especially being a Swiss bank which has a reputation for their privacy policies both as a bank, within Swiss law and Swiss values. Data sharing is important for them in order to progress with today’s fast moving technology industry.
Fintech Api, putting banking online is the challenge UBS and many other banks are facing today. For banks to able to enable this is not really hard but the cyber security element of it hold many banks back. Putting many things online in this day and age is now simply part of great customer service.
It’s great for banks to be able to detect fraudulent and unlawful activity but the problem is, most of the time it’s detected only after it happens. How do we control this? The only solution that makes sense is to detect it before or during the transactions. In return decreasing losses for all parties involved and catching the criminals involved. Tighter and stronger security procedures will create a successful deterrence for others and solving the problems for all the organisations that suffer from these risks.