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Digital Transformation Discussed at the Roscongress Foundation Business Breakfast

The second one out of a series of closed industry-specific breakfasts, ‘The Digital Transformation of the Banking and Finance Sector’, for owners and executives of large Russian and international businesses took place in Moscow on 5 December. The event, organized by the Roscongress Foundation together with CROC, was held as the CEO Club, a club of companies’ chief executive and chief digital officers. The breakfast was attended by more than 30 CEOs and CDOs of the leading Russian banks. Among them were HSBC, Alfabank, VTB, Tinkoff, Vozrozhdenie, Bank Saint Petersburg, Otkritie, MKB, Metallinvest, Modulbank, Absolut, BinBank, Gazprombank, Promsvyazbank, Sovcombank, SKB and others.

The event was moderated by Tom Blackwell, CEO of EM, an independent agency for financial and corporate communications in Russia and the CIS. The special guest of the breakfast was Chris Skinner, best-selling author of Digital Bank and ValueWeb, the man behind the popular business portal TheFinanser.com, which is dedicated to the digitalization of the financial market. Chris spoke about digital as the revolution, not the evolution of banking, and how banks must change their business models in order to face the digital innovations.

Oleg Kravchenko, Deputy CEO of CROC, SEO of CROC Digital, the innovation partner of the breakfast, also reported on how the leaders of the banking industry are prepared for digital transformation.

«Banks, as well as other participants in the financial market, were among the first to take the path of digital transformation. In a highly competitive environment, they cannot ignore the entrenched digital habits of their customers. Whoever manages to seize this digital trend sooner, to build proper communication, to respond quickly to the demands of clients and markets—they are going to lead. The most important thing is to realize how the interaction model should change, how the business and the operating model should change, what added value these changes are going to bring, and how that value is going to be monetized. And only after that they must determine what technologies are going to ensure that better. This approach, or even business consulting, allows to find and verify new ideas quickly and transform them into competitive digital products and services. For these purposes, we have established a separate business unit within our company, CROC Digital,» Oleg Kravchenko said.

The series of events will continue in 2019.