Remarkable utterances marked the inaugural day of PEX
In the first 24 hours of the recent Payment Exchange (PEX) event, financial journalists Lars-Thorben Niggehoff and Jan Schulte delved into the heart of the banking sector's digital transformation. The discussions revolved around topics such as the Digital Euro and its repercussions for banking costs and market dynamics.
The speakers underscored the challenges faced by banks in adapting their organizational structures to compete in the digital financial landscape. They emphasised that the issue isn't primarily about individual competence, but rather about systemic setup. The discourse also touched upon the tension between innovation and reform pauses, with a candid acknowledgment of market competition being likened to a "passionate robber" stealing market share.
The coverage highlighted several key points:
- The Digital Euro's creation of a new financial "parallel universe" with significant costs for banks.
- Banks needing to financially support digital currency initiatives.
- Concerns over banks' organisational structures versus individual competency in facing digital challenges.
- The importance of practical functionality over theoretical or "magical" solutions.
- A lively, candid tone about industry realities and conference dynamics.
These insights reflect the cutting-edge debates on the future of payments and banking digitalization as observed during the event's first two days.
Despite the financial industry's claims to stand for sustainability, there remains a small cash-only corner where payment issues persist. Moreover, Europe requires its own payment solution to ensure seamless transactions. Prioritising customers can bring them closer to their accounts, but there exists a general dislike for paying among people.
The writers of the article have a critical stance towards the financial industry, describing it as having a sweet exterior but a monster interior. Jan Schulte, a freelance journalist and co-founder of the dreimaldrei journalism bureau, and Lars-Thorben Niggehoff, a freelance journalist and founder of the journalism bureau dreimaldrei, led the coverage. Schulte writes for Tagesspiegel Background Sustainable Finance, ZEIT, and WirtschaftsWoche.
The theme of the day was respect and value-based leadership. Evidence that is not digital is no longer sufficient in the current context. Prioritising customers is important, but it seems that the industry still has a way to go in terms of digital transformation.
[1] Reference to the original source or article.
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