Magazine_BEAST_2017_Edition_8_complet

#Business | FinTech
17
Bringing banks closer to their customers
Just like ING, other banks from Luxembourg have been using the
Digicash Payments app, namely BIL, BGL BNP Paribas and BCEE.
Aiming at creating new experiences and allowing users to find
and manage their banking information at anytime, anywhere,
using any device, digital has already redefined the customer
relation.
According to Quentin Vercauteren-Drubbel, Head of Wealth
Management at KBL European Private Bankers, bringing digital
and innovation doesn’t mean replacing Humans, and rather
places emphasis on human relations. Yet, bringing new tools will
definitely help the customer. «Digitalization should bring more
added value to clients, either in their relationship with their
bank/banker, or in the quality of service they will get from their
bank/banker» stated Pierre Etienne, Head of the ABBL’s Private
Banking Group Luxembourg.
The funds industry benefits from the blockchain technology
In order to answer the funds industry challenges – reducing costs
in an environment of downward pressure on fund fees, dealing
with new regulations and entering the digital era – FundsDLT,
based in Luxembourg, aims at improving efficiency in the fund
order processing, by using distributed ledger technology and
smart contracts. With blockchain, it offers transparency and a
high level of efficiency through the automation of processes.
The first ever funds transaction using blockchain was actually
completed using the FundsDLT app, which was developed by
Fundsquare, InTech and KPMG Luxembourg. Said Fihri (KPMG)
explained: «It is really exciting to be part of such a tremendous
step forward. We not only replicated trades in the blockchain;
we moved real cash and invested in a real fund. This successful
prototype could eventually be used in different configurations:
distributors, IFA, robo-advisors and D2C». According to Olivier
Portenseigne, Managing Director of Fundsquare, this first success
was the first step in building the necessary trust, showing that
blockchain can actually answer the current needs of the asset
management industry in terms of operational efficiency and
digitalization.
Financial leaders to focus on innovation next November
In the digital age, how has evolved the financial sector and
how companies are keeping or creating their leadership? What
future is to expect for the Luxembourg’s financial sector and
how to comply with the new standards in terms of technology,
regulations, human’s experience? Jean-Marc Gales, CEO of
Lotus Cars, and François Masquelier – a former laureate of the
Outstanding Contribution to Luxembourg Financial Place award
in 2015 – have already confirmed their participation to this
remodeled Luxembourg Finance Innovation Summit, which will
bring together 250 professionals from the finance and banking
sectors in Luxembourg, on November 30th. The event will also
recognize and reward the best local initiatives and solutions
through the Luxembourg Finance Awards.
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