During a panel discussion at LendIt Europe in London representatives from leading incumbent lenders Lloyds Banking Group (LBG), ING, BBVA, HSBC, and Barclays discussed the challenges faces in the new digital world; topics discussed include cultural transformation, more power in the customers hands and trying to stay on top of the latest tech trends. Source.
ING and Société Générale Corporate & Investment Banking presented a blockchain test prototype for oil trading at IP Week in London; the platform they have developed is called Easy Trading Connect and the prototype tested a live oil trade by global commodity trading group, Mercuria; the blockchain test proved significant advantages in speed, cost and risk benefits; overall the test found blockchain helpful in improving trading inefficiencies, specifically the exchange of physical documents globally; it also helped to reduce the bank's transaction time in the trading process to 25 minutes from three hours. Source
Open banking is facilitating innovation across the banking sector and ING has plans to use it for voice automated artificial intelligence services; the bank's vision includes voice automated banking services through devices such as Amazon Alexa and Google Home, where digital assistants can pay bills and provide personalized advice through voice prompts; the bank is seeking to utilize new concepts being developed in Europe and has invested EUR800 million ($945 million) in a digital transformation. Source
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