The combination of digital innovation, customer-centric approach and investment in human resources must be the banks’ response to the challenges created by technological developments and the competition of fintechs, pointed out Mr. Thanos VlachopoulosGeneral Manager, Head of Large Corporate & Wholesale Products of Bank of Piraeusspeaking at the Sibos 2024 international conference.

Mr. Vlachopoulos participated in a discussion on “Corporate client strategy for banks: Remaining relevant in a modern landscape”, in the context of Sibos, which is considered one of the largest events in the financial sector worldwide.

As Mr. Vlachopoulos pointed out, one of the most important challenges facing banks is the need to respond to the new digital era, to the changing needs of customers and to quickly adapt to technological developments. As customers seek faster, more efficient and more personalized services, fintechs, with their flexibility and innovation, seem to be able to respond more effectively than banks.

However, he added that the real challenge does not come from fintechs, but from the technologies they leverage. Technological developments are pushing banks to redefine their business model and strategy, diversify the way they do business and develop innovative products that meet the new needs and demands of their customers.

In order to cope with this new reality, banks must adopt a strategy based on digital innovation, a customer-centric approach and investment in their human resources. Mr. Vlachopoulos emphasized that it is necessary for banks to cultivate a culture of innovation and continuous learning, as in this way they will not only be able to increase their profitability, but also to once again be the most attractive sector for executive potential with high skills.

SIBOS is held annually by SWIFT and brings together banks, technology providers and FinTech companies from around the world to exchange views on modern banking practices in the digital age, including payments, trade finance, artificial intelligence, but also sustainable financial services.

This year, more than 10,000 executives from more than 150 countries are participating in the forum, while 133 financial services, as well as economic entities and organizations, are present in the exhibition area.