SoftTeco at BankIT: Exploring the Future of Mobile Banking

On the 19th and 20th of November, SoftTeco took part in the 11th annual BankIT conference. Spanning three large conference halls in a newly built hotel in the center of Minsk, the venue gathered over 1000 experts from IT and finance sectors.

The conference was kicked off with presentations on the future of the region’s banking industry by the world’s leading analytical and research companies, also underlining the importance of the mobility of its services.  Throughout the two days of the event, participants took part in discussions on such topics as the IT infrastructure, fraud detection and digital banking. A number of critical questions were raised. Do the IT and internet companies have the capacity to enter the industry and compete with traditional banks? Does the growing role of digital banking mean the end of bank offices? Has a better mobile banking experience already become a determining factor in choosing the right institution for personal banking?

Although, all the presentations SoftTeco has attended were highly relevant and informative, the presentation on the changes to the role of IT departments within banking industry by Ernst & Young deserves a particular notice. The presentation accurately pointed out that while moving away from traditional structure modern banks are starting to resemble large IT firms where most decisions of strategic importance are made in cohesion with the bank’s technological capabilities. Another presentation that grabbed our attention was an unveiling of the next generation mobile bank by Yocto LLC. The solution featured an innovating approach to making online payments through a mobile phone and transferring money by an email or an SMS. As mentioned in the presentation, key benefit of an already developed mobile banking solution is the reduction in time and resources it takes to launch the mobile banking service.

Continuing working with its clients and partners in the finance and banking sectors, SoftTeco keeps a close watch on recent developments and rising trends in the industry to make sure it delivers the most competitive and relevant services.

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