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Sergey MONIN: “Perhaps the future of the Bank is to become a platform API”

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November 5, 2020
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Sergey MONIN: “Perhaps the future of the Bank is to become a platform API”
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Sergey MONIN: “Perhaps the future of the Bank is to become a platform API”| 29.10.2020
Сергей Монин

Sergey Monin

the Chairman of the Board of Raiffeisenbank

Interview

Thanks to new technology the world is changing literally before our eyes. Of course, digitalization involves the interaction of companies with financial institutions and commercial banks.
Andrey Filatov, CEO,
SAP Russia and CIS, and Sergey Monin, Chairman of the Board of Raiffeisenbank, discussed the future of the banking business on an online conference about
practical digital solutions
Raif Vision.

Andrey Filatov said that the company SAP recently conducted a study in which figured out how CEOs from different sectors
economy and assess the quality of their products and services. Data analysis showed that about 80% of top managers believe that offer top-notch service or product. While only 8%
the customers of these companies confirmed that they receive a quality service and products
. The gap between what companies think about themselves and what people think about companies and their products to the customers,
simply monstrous!

img

“The most successful companies are those who integrate analytical data about the client experience (X-data) with data about business and operations (On-data) and quickly change their processes to
to respond to changes in consumer experience”, — said Andrey Filatov. When customers receive a negative experience, it is essential that the company react quickly and objectively to the effectiveness
business did not suffer, and rise.

Sergey Monin believes that banks have already gone some way towards “levelling and simplification” of the client journey. “Many customers will remember the departments of the expedition, which is
to get to the back entrance, to stand in a queue through an opening in the counter to send your documents. Today it is impossible to imagine a commercial organization so to communicate with their
customers” — said the head of Raiffeisenbank. According to Sergey Monin, the Bank’s corporate clients are much more convenient to interact with the Bank via OpenAPI, and the use of their
their own systems and not to take any further action.

“To build a API platform is a daunting task for the Bank. We have already heard from our customers that the Bank they choose wrong, which is more expensive or cheaper, and where more convenient API.
Perhaps the future of the Bank is to become a platform API“, — said Sergey Monin. In his opinion, the future of the banking business in a single platform that integrates not one, but
several banks cooperating with the client.

Andrey Filatov said that today tothe company, SAP can offer its customers from different sectors of various
ERP-system taking into account the specifics of their business, but they have a common ITcore. “For this the company has its extensive network of research centres and
joint centers with our customers, banks, industrial enterprises, where we try to combine efforts in these studies to obtain the greatest benefit”, — he said. Apparently, it is
allows
SAP to display the race for efficiency to a new level.

Nand the market accepted that an ecosystem is a set of lifestyleservices: music, taxi, movie, food and so on. Sergey Monin believes
what to do real banking business for the client alone. “Do we become at the same IT company? To some extent, while the whole remaining organization that
deals with the financial side of the client’s life. Therefore, we will involve cooperation with other companies to create the most convenient customer experience,” said the banker. On the ego view, the establishment
bankcentre ecosystem will allow as little as possible be distracted by unnecessary things and to focus on what is truly valuable to the client. “We focusareas financial
the side of the client’s life and want to be professionals”, — concluded Sergey Monin.

Raiffeisenbank and SAP presented a platform that provides the integration of ERP system with all serving banks
in a single interface
. The product will allow corporate business to significantly reduce the load on the Treasury of the company by eliminating the need to move
from one Bank customer to another, which is important for companies with multiple service banks operating in different countries.

In the first phase of the development platform customers will be able to do rouble payments and rouble to the extract. Further , the product concept assumes the conclusion
in the ERP system for all financial services
. In addition, Raiffeisenbank plans to implement additional capabilities that will help top management to make decisions
based on the functionality of the aggregate of the Treasury in the holding and forecasting of financial flows.

The concept of integration of financial services in the SAP envisages cooperation with other banks on a non-discriminatory basis: Raiffeisenbank assumes the function of
agent, which is responsible for the technical integration of the banks into the platform
. Raiffeisenbank and
SAP are in talks with a number of banks and we are convinced that
cooperation with competitors will help bring customer experience to a new level. Because the financial world has long ceased to compete on price, and in the foreground
customer satisfaction level of service.

Iya Janina

the banking system

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