Speaker Interview- Antonios Vourakis

Q- In relation to the potential customer experience data protection risk, how does the European regulatory environment presents a series of new challenges?

Looking back not many years ago, all of us can see the tremendous technological leap in areas like the internet infrastructure, on line payments, e-commerce, on line search, that presented to all of us a new landscape in which we daily interact with. That interaction leaves traces, and traces are useful as it leaves valuable data. Again, technological development provided the tools to exploit that information in better targeting consumers for commercial purposes. In my point of view the challenges ahead will be the transition from data protection to consumer protection, and to consumer empowerment through the monetization of ‘consumer data.

Q-How can organizations incorporate regulatory compliance without hindering a customer’s experience?

Balancing compliance and customer experience does not necessarily mean that an organization will have to compromise on either one or the other.
I firmly believe that to us as banking executives, and to our customers as well, trust is an essential component in building a relationship. We at Pancreta Bank, invest in familiarity and trust as it relates to our service model because both will remain the key currency for us to leverage in order to attract and retain customers.
The building blocks in our customer approach to establish trust are, transparency, solid advice on products, services, and simplification of processes. Compliance can complement the process of building trust and, delivered in the right way, can enhance the customer experience. The right way is on an advisory perspective that explains the reason way and in a seamless process that facilitates the customer interaction

Q- Can you give some examples of innovations that have improved the customer experience without clashing with the regulatory compliance within the European region?

From the early days of KYC adaptation, technology innovation allowed banks to streamline existing processes, make onboarding and due diligence activities more frictionless, improve transaction monitoring, and enhance fraud resolution, and potentially create growth opportunities.

Q- As banking moves increasingly onto mobile devices, how can banks’ balance the customer experience with security and privacy?

It is evident from every region of the world that the physical network of a bank decreases rapidly and there are consumers from every segment (from baby boomers to millennials) that have never visited a branch. Mobile and on-line banking will continue offering a secure channel for consumers to interact with their bank based on two or more factors authentication, biometrics, etc. Security and privacy is a dance for two and also consumers need to be actively involved on these issues. For example, banks are offering alerts but are consumers setting them up.

Q-Do you think the Open Banking paradigm serves as a balance between maintaining regulatory compliance and customer experience?

Open Banking regulation will facilitate and speed up the penetration of new entrants by reducing the barriers to enter into some parts of the retail banking value chain. The standardization of technologies such as data aggregation, the embedment of payments into any customer interaction would enable the customer have a better experience handling his finances.

Q-What is your expectation from the Technology solution providers/ Vendors in the Financial Industry? What would you like to hear from Fintech companies in terms of challenges faced by the Banking Industry?

As we are facing a new era not for the banking industry only, but the society we will have to work together to meet the demands of a customer that will be aware of the power he can drive from his own data, and will ask from us to provide him with products and services that meet his expectations of a quicker, safer, more convenient, transparent and credible offering. We can do only this in a cooperative way, by working together.