Industries

Banking

Leading the way of digital

Banking, from the grain loans of ancient India in 2000 BCE, evolving to Banca Monte Dei Paschi di Siena, the oldest standing private bank founded in 1472 CE, and now to Fintech giants leading us down the path of digital. Though part of one of the most traditional industries, since the advent of the Internet Age in the early 1990s, banking institutions have augmented their way of working to leverage best-in-class innovations. A focus on experimental lending products, leveraging the latest technology, and delivering improved customer experience, have all been driving forces behind that trend.

Fuelled further by the open banking paradigm shift, the last 20 years have seen Fintechs develop customer-centric offerings using predictive models that give traditional banks a run for their money (no pun intended). Digitopia's Digital Maturity Index (DMI) also reflects the Banking Industry's lead across Digital Transformation.

Disruption or innovation, Banking doesn’t hold back

Banking firms have traditionally been quick to adopt innovations in technology, be it either through acquisitions or organic growth, they have been fearless. Blockchain, NFTs, and now even Metaverse, the largest banks have proven their interest in staying up-to-date. HSBC has introduced innovative new solutions for small businesses in the UK, such as HSBC Kinetic. BBVA has established cryptocurrency trading activities. To expand its offerings, JPMorgan Chase has experimented with blockchain and made acquisitions such as wealth manager Nutmeg. Onyx, JPMorgan’s blockchain unit has even announced the unveiling of a “lounge” in Decentraland (one of the most popular Metaverses).

Though these might still be experiments, the significant investments, growing interest of the next generation, and pandemic-led virtual-first approach, seem to have triggered the move to a parallel reality in the Metaverse. Digitopia is a pioneer in this space, helping institutions become Metaverse-ready through its proprietary Metaverse Readiness Index (MRI).

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Green is not just a colour in Banking

Sustainability and ESG (Environmental, Social and Governance) initiatives have become the talk of boardrooms across all leading banks. Investments made by major global banks highlight the increasing focus – some recent examples include HSBC pledging has to commit $100bn to sustainable financing and investments by 2025, DB announcing in May 2020 their target to generate at least 200 billion euros in sustainable financing and ESG investments by 2025, while China’s Industrial Bank have issued $9.6bn of green bonds in a single year.

The UN’s 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs) has led to build green initiatives and sustainability-linked product offerings like bonds, mortgages, and loans, green IT to lower carbon emissions, and ESG inspired way of working. Digitopia with its Sustainability Maturity Index (SMI) helps organisations be greener and more sustainable, and thereby develop a higher ESG reputation.

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Business Impact Platform

At Digitopia, we support organisations through their transformation and get them future-ready. Whether technology, sustainability, or business evolution, our Business Impact Platform (BIP) provides the necessary toolset to accelerate the journey.