Name: ING at FinovateEurope 2024 – Digital transformation trends
Uploaded: 2024-03-15T16:58:13.325Z
Duration: 570.4
Description: At the FinovateEurope conference in London, FinTech Futures spoke with Marco Eijsackers, Head of CIO Office, Tech Strategy and Transformation at ING, to discuss the key digital transformation trends across financial services.

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{{00:00:04}}
Hi, I'm Cameron Emmanuel Burns, reporting
for Fintech Futures here at Finovate

{{00:00:08}}
Europe and I'm delighted to say that
I'm joined by Marco Eijsackers from ING.

{{00:00:14}}
Firstly, how has your day been here and
then could you give us your role at ING?

{{00:00:18}}
Yes, but of course, thanks for having me.

{{00:00:21}}
It's been an amazing day already last
five hours or so, joined the panel

{{00:00:28}}
as well this morning, and my current
role at ING is head of CI office,

{{00:00:35}}
which is a relatively new role within
ING or in this industry as well.

{{00:00:40}}
In short, it's all about making sure
you do the right things and doing

{{00:00:44}}
them right from a tech perspective.

{{00:00:46}}
So it has to do with the
strategic roadmap, with the

{{00:00:49}}
transformational roadmap.

{{00:00:51}}
but also with resources and performance
indicators that come with it.

{{00:00:56}}
And you mentioned your panel this morning.

{{00:00:58}}
I was there.

{{00:00:58}}
It was great, really informative.

{{00:01:00}}
But from your point of view, and
it was on digital transformation, I

{{00:01:02}}
should say, from your point of view,
what are the key takeaways from it?

{{00:01:08}}
First of all, we agreed on the panel,
which is perhaps not that interesting for

{{00:01:13}}
the audience, but I think it still was.

{{00:01:16}}
But we agreed upon a couple of things.

{{00:01:18}}
First of all, It's perhaps not so
much anymore a digital transformation,

{{00:01:23}}
it's a transformation as such, and
transformation is an ongoing process.

{{00:01:28}}
And the current transformation
is a bit more digital, okay.

{{00:01:31}}
But there's also a next phase coming
up and, we touched a bit, a little

{{00:01:35}}
bit upon that, including, of course,
the discussion about about AI and how

{{00:01:39}}
to use it or when to use it and how.

{{00:01:41}}
Prudent to use it.

{{00:01:44}}
What we also discussed and that,
that is more like reality check is

{{00:01:48}}
that it's really important to, let's
say, finish what we already started.

{{00:01:54}}
So not jump into the next new thing, but
first we are all on a transformation path,

{{00:02:00}}
moving to the cloud, modular architecture,
getting rid of your legacy, finish

{{00:02:05}}
that first before you start adding even
more interesting or new technologies.

{{00:02:12}}
because it will add more complexity.

{{00:02:13}}
So first of all, finish what you started
and then implement the new technologies.

{{00:02:19}}
And in your view, what are some
of the key digital transformation

{{00:02:22}}
trends that we're seeing across
the financial service industry?

{{00:02:25}}
How many minutes do we have?

{{00:02:30}}
A few.

{{00:02:31}}
Because there are some trends around, and
of course, we can't leave AI unmentioned.

{{00:02:38}}
It's there I think the consensus is also,
it's there to stay, but to what extent?

{{00:02:44}}
We still are all
experimenting a little bit.

{{00:02:46}}
Where's the value?

{{00:02:47}}
It's in customer interaction, perhaps
in developer experience, but we're still

{{00:02:53}}
experimenting a little bit with that.

{{00:02:54}}
So that's definitely a trend.

{{00:02:56}}
We can't can't leave them out.

{{00:02:59}}
Some other trends that are around
are still about automate automation.

{{00:03:05}}
Deliver faster, less
errors, it's still there.

{{00:03:10}}
Making use of data, let's say in general,
collecting data, analyzing data, to engage

{{00:03:19}}
with your clients in a better way, more
personal, more relevant, it's still there.

{{00:03:24}}
But also, and that's also from a
personal or ING perspective, also

{{00:03:28}}
improving the developer experience.

{{00:03:32}}
Because if, you want to improve
the customer experience, more

{{00:03:35}}
personalized, more relevant, faster,
you need to develop for that.

{{00:03:39}}
So you also need to make sure that
your developers actually can work

{{00:03:42}}
faster and better and smarter.

{{00:03:44}}
So improving the developer experience
within our scalable tech platform,

{{00:03:49}}
that's also very important.

{{00:03:51}}
Yeah.

{{00:03:52}}
Whoa.

{{00:03:52}}
You have just touched upon that
there about ING focusing on developer

{{00:03:56}}
experiences and that relationship there.

{{00:03:58}}
But what other what other approaches are
ING trying to go towards in relation to

{{00:04:04}}
digital transformation at the moment?

{{00:04:06}}
What is your strategy there?

{{00:04:08}}
Strategy in our digital transformation?

{{00:04:11}}
Yeah, so what approach are you using?

{{00:04:13}}
So you carry out your strategy there.

{{00:04:15}}
First of all, of course, have
a plan, have a North Star.

{{00:04:18}}
And I think we also
express that quite clear.

{{00:04:22}}
The world is changing.

{{00:04:24}}
It's a new world with a new vocabulary,
cloud, model architecture, improving

{{00:04:28}}
customer experience, work agile.

{{00:04:31}}
So that is the, let's say, the current
plan or the current roadmap that we're

{{00:04:35}}
working upon and what we need to finish.

{{00:04:38}}
And I think we're quite far in doing so,
and in doing so we have created what we

{{00:04:43}}
call, and cherish a bit, is our scalable
tech platform, cloud based scalable

{{00:04:48}}
tech platform, which really enables
faster delivery and faster development

{{00:04:53}}
of, in the end, customer propositions.

{{00:04:56}}
And our clients value us for that,
but that's where we are today.

{{00:05:01}}
But it's an ongoing process, so we're
all already Of course, looking at

{{00:05:06}}
what is up next, what kind of new
technologies are coming our way.

{{00:05:11}}
We need to know more about
it, for example, about AI.

{{00:05:14}}
Let's, experiment with it for,
especially in our customer

{{00:05:18}}
interaction and developer experience.

{{00:05:20}}
Bit of fraud, KYC related capabilities,
and of course there are many more

{{00:05:26}}
technologies coming our way, but
let's discuss that next year.

{{00:05:32}}
And thank you for that, but so with
how quickly digital acceleration has

{{00:05:35}}
been progressing over recent years,
and with the rise of new digitally

{{00:05:39}}
native challenges, just how difficult
is it for the incumbents to keep

{{00:05:43}}
up with this change given their
size and hurdles such as potential

{{00:05:46}}
legacy systems and legacy thinking?

{{00:05:50}}
Quite hard, as many surveys show.

{{00:05:53}}
There's also, for example, an MIT
service or survey amongst 1, 300

{{00:05:59}}
incumbents, and not only financial
industry, because this is omnipresent

{{00:06:03}}
pharmaceuticals, energy, industrial.

{{00:06:06}}
We're dealing with this legacy or this
spaghetti and silo that, we have created

{{00:06:10}}
in the last couple of decades or years.

{{00:06:12}}
We're all dealing with that.

{{00:06:14}}
And for lots of incumbents or,
established companies, it's quite

{{00:06:19}}
hard to get out of those spaghettis
and siders, which is understandable.

{{00:06:23}}
It is complex lack of incompatibility, you
still need to adhere to regulations and

{{00:06:30}}
you have your promises to your clients,
a lot of investments involved, so it is

{{00:06:34}}
not that easy to get out of your legacy
and simply move on to the next technology.

{{00:06:40}}
I completely agree.

{{00:06:42}}
So I've got a couple questions here,
almost in one, and I'm But is there ever

{{00:06:45}}
a fear that by the time the project is
over, the technology may have moved on and

{{00:06:49}}
then sh so should digital transformation
be a constant running throughout the bank?

{{00:06:55}}
Yeah, it's, I think you already give
the answer in the, in, in the question.

{{00:07:00}}
It is indeed a continuum.

{{00:07:02}}
So it's not so much a fear, but at
least be aware that it is a continuum.

{{00:07:09}}
And currently our current transformation
in the industry or in the industries

{{00:07:13}}
we call a digital transformation,
we are in the digital age.

{{00:07:16}}
Probably the next transformation will be
a more experience based transformation.

{{00:07:23}}
Previous transformations
were more about automation.

{{00:07:27}}
So it, it will always be there.

{{00:07:28}}
It is indeed a continuum.

{{00:07:30}}
And you need to have your plan, you need
to have your direction, you need to have

{{00:07:34}}
your roadmap, but also the agility to
Adapt, once more about the technology or

{{00:07:41}}
new technologies come your way, that is
really a key takeaway in in the syncing.

{{00:07:48}}
Absolutely.

{{00:07:49}}
And just to finish off, are there
any new developments that you

{{00:07:52}}
could let us know about that ING
are coming up with at the moment?

{{00:07:56}}
From an ING perspective, definitely.

{{00:07:59}}
I also have, of course, my, my
personal interests in new technologies

{{00:08:03}}
and, we really appreciate it.

{{00:08:05}}
are looking at those as well, what
might be coming our way and let's

{{00:08:08}}
make sure that we're ready to adapt
to whatever is coming our way.

{{00:08:12}}
But currently, I would say the most
important ones were definitely indeed

{{00:08:17}}
on the element of data, not only AI,
there's so much more than gen AI.

{{00:08:24}}
And you should integrate it, you
should be prudent and cautious about

{{00:08:30}}
it and use it for the right reasons
to add value to your customers.

{{00:08:33}}
very much.

{{00:08:33}}
But there are many more aspects to that.

{{00:08:37}}
Definitely working on that.

{{00:08:39}}
Scaling also, or further improving
our payment services, our mobile

{{00:08:44}}
payment services, extended to the,
further extended to the market,

{{00:08:48}}
which is an obvious customer need.

{{00:08:50}}
And, further improving, I believe,
Mentioned it before, our so

{{00:08:56}}
cherished scalable tech platform.

{{00:09:00}}
We still can further grow this platform,
more reusables, more components to

{{00:09:05}}
build faster, but also to make it
easier for our developers to actually

{{00:09:10}}
build propositions for our customers
or better insights for our customers.

{{00:09:14}}
So those are some of the key things
that we're currently working on.

{{00:09:17}}
So much.

{{00:09:18}}
And so much for taking the
time to speak to me today.

{{00:09:21}}
And I hope you enjoy the rest of Finovate.

{{00:09:23}}
We'll definitely do thank you so much.

{{00:09:24}}
Thank you very much.

Hi, I'm Cameron Emmanuel Burns, reporting
for Fintech Futures here at Finovate

Europe and I'm delighted to say that
I'm joined by Marco Eijsackers from ING.

Firstly, how has your day been here and
then could you give us your role at ING?

Yes, but of course, thanks for having me.

It's been an amazing day already last
five hours or so, joined the panel

as well this morning, and my current
role at ING is head of CI office,

which is a relatively new role within
ING or in this industry as well.

In short, it's all about making sure
you do the right things and doing

So it has to do with the
strategic roadmap, with the

but also with resources and performance
indicators that come with it.

And you mentioned your panel this morning.

But from your point of view, and
it was on digital transformation, I

should say, from your point of view,
what are the key takeaways from it?

First of all, we agreed on the panel,
which is perhaps not that interesting for

First of all, It's perhaps not so
much anymore a digital transformation,

it's a transformation as such, and
transformation is an ongoing process.

And the current transformation
is a bit more digital, okay.

But there's also a next phase coming
up and, we touched a bit, a little

bit upon that, including, of course,
the discussion about about AI and how

What we also discussed and that,
that is more like reality check is

that it's really important to, let's
say, finish what we already started.

So not jump into the next new thing, but
first we are all on a transformation path,

moving to the cloud, modular architecture,
getting rid of your legacy, finish

that first before you start adding even
more interesting or new technologies.

So first of all, finish what you started
and then implement the new technologies.

And in your view, what are some
of the key digital transformation

trends that we're seeing across
the financial service industry?

Because there are some trends around, and
of course, we can't leave AI unmentioned.

It's there I think the consensus is also,
it's there to stay, but to what extent?

We still are all
experimenting a little bit.

It's in customer interaction, perhaps
in developer experience, but we're still

Some other trends that are around
are still about automate automation.

Deliver faster, less
errors, it's still there.

Making use of data, let's say in general,
collecting data, analyzing data, to engage

with your clients in a better way, more
personal, more relevant, it's still there.

But also, and that's also from a
personal or ING perspective, also

Because if, you want to improve
the customer experience, more

personalized, more relevant, faster,
you need to develop for that.

So you also need to make sure that
your developers actually can work

So improving the developer experience
within our scalable tech platform,

You have just touched upon that
there about ING focusing on developer

But what other what other approaches are
ING trying to go towards in relation to

First of all, of course, have
a plan, have a North Star.

And I think we also
express that quite clear.

It's a new world with a new vocabulary,
cloud, model architecture, improving

So that is the, let's say, the current
plan or the current roadmap that we're

And I think we're quite far in doing so,
and in doing so we have created what we

call, and cherish a bit, is our scalable
tech platform, cloud based scalable

tech platform, which really enables
faster delivery and faster development

And our clients value us for that,
but that's where we are today.

But it's an ongoing process, so we're
all already Of course, looking at

what is up next, what kind of new
technologies are coming our way.

We need to know more about
it, for example, about AI.

Let's, experiment with it for,
especially in our customer

Bit of fraud, KYC related capabilities,
and of course there are many more

technologies coming our way, but
let's discuss that next year.

And thank you for that, but so with
how quickly digital acceleration has

been progressing over recent years,
and with the rise of new digitally

native challenges, just how difficult
is it for the incumbents to keep

up with this change given their
size and hurdles such as potential

There's also, for example, an MIT
service or survey amongst 1, 300

incumbents, and not only financial
industry, because this is omnipresent

We're dealing with this legacy or this
spaghetti and silo that, we have created

And for lots of incumbents or,
established companies, it's quite

FinTech Futures

Expert Insight

At the FinovateEurope conference in London, FinTech Futures spoke with Marco Eijsackers, Head of CIO Office, Tech Strategy and Transformation at ING, to discuss the key digital transformation trends across financial services.