Exclusive Trusted Magazine Q&A with Tristan Pelloux, Business Strategist, Advisor and Mentor
How could you describe your career path in a few words?
I am a management consultant passionate about fintech and innovation more broadly. I have launched and today principally manage two ventures: StrategWhy, an independent management consulting firm mostly operating in Europe, and Fintech Review, an online media on the global fintech industry.
I am also the CFO of Ryde, an innovative startup that is building a digital ecosystem in the equestrian sector.
I went into entrepreneurship after over 5 years in Corporate Strategy & Finance at Virgin Money UK in London, and a few internships in various financial institutions in several countries beforehand.
What are the highlights of banking transformations in 2022? Can you give us some major examples?
There are a few recurring themes when it comes to banking transformation that have been developing over the past few years and were central in 2022.
Firstly, a continued shift towards digital banking, notably mobile-based, has been accelerated by the COVID-19 pandemic. There has been a greater adoption of digital banking services and banks have been investing in more advanced technologies to meet customer demands and bring their tech stack up to speed.
Secondly, we have seen an expansion of Open Banking in Europe with more banks embracing the changes, which fosters innovation and competition. Open Banking has the potential to truly transform the banking industry by bringing a level-playing field and promoting collaboration.
Thirdly, there has been an increased focus on cybersecurity and fraud prevention in 2022. As banking services become more digital, financial institutions have needed to focus more on cybersecurity. Criminals get smarter with time and thus banks have been investing in advanced technologies in the field such as biometric authentication, fraud detection algorithms, and data encryption.
In your opinion, what are the transformation axes that are becoming more important for banks in the context of 2023?
The direction of 2022 around digital transformation and customer experience will be unchanged in 2023 in my view but I see three key topics that will be more front of mind for banking executives: ESG, continuous digital transformation notably through automation and AI, and cybersecurity.
Environmental, social, and governance (ESG) issues are becoming more important for consumers and investors which pushes banks to take it more into account. In 2023 and the years to come, banks are expected to focus more on sustainability by supporting investments in renewable energy, reducing their own carbon emissions, and promoting social responsibility.
Steady banking digital transformation. With the help of advanced data analytics and AI technologies, banks will look to offer more personalised banking services to their customers whilst rationalising costs. Banks are becoming more customer-centric and are focusing on providing a better customer experience, pushed by fintechs that have put customers first as they have developed. The acceleration of digital transformation is expected to continue into 2023, as more consumers across the world continue to shift towards digital banking. It means that banks will need to invest even more in areas like generative AI and machine learning, as well as cloud computing.
Cybersecurity. This will continue to be front and centre in 2023. The banking industry is becoming more digital, which means that cybersecurity threats are becoming more sophisticated and frequent. Banks will need to invest more in cybersecurity to protect their customers' data and maintain the trust of their customers.
Based on your recent experiences, and if you have one piece of advice to give for the success of transformation projects, what would it be?
Transformation programs are like any larger scale projects, the most important is to have strong and effective leadership throughout the entire duration of the project.
Transformation projects are usually complex and require significant changes in processes, technology, and culture. Therefore strong leadership is needed to ensure that everyone involved in the project is aligned with the vision and goals, and to guide the team through any challenges that may arise.
