Francisco González, who started out as an IT programmer before becoming an entrepreneur, runs multinational Spanish banking group, BBVA. He's one of the Main Stage speakers at WIRED Money, Together with BBVA, our landmark one-day summit at The British Museum on July 8th.
Now in its third year, WIRED Money will bring together the most exciting forward-thinking innovators and captivating thought leaders in money, banking and finance.
**Francisco, you'll be speaking in the "Transforming Banking Via Digital" session****at WIRED Money,****Together with BBVA. What elements of the digital transformation are you planning to focus on?**I will focus on the need for conventional banks to develop a new knowledge-based business model. This model has three mainstays: the content -- the things being sold, customer experience -- how the product or service is presented and used, and the technology platform, which shapes production and distribution.
To achieve a successful reinvention, banks need a transformation in corporate culture too. All in all, it implies a complete revamp of the business itself.
**What are you hoping to get out of speaking at WIRED Money,****Together with BBVA?**I am excited by the idea of sharing views with forward-thinking innovators in finance and I hope to learn more about the dramatic impact that technology is having on the transformation of the financial sector.
**Who are you looking forward to hearing and/or meeting at WIRED Money,****Together with BBVA?**Every speaker is interesting, from entrepreneurs to executives and researchers. This kind of opportunity to meet with the digital disruptors is helpful for our own transformation. It will also allow BBVA Ventures, our venture fund that invests in startups, to learn more about the fascinating initiatives that are emerging in the London FinTech space.
**What do you think are the biggest obstacles in the way of the move from analogue to digital banking?**Conventional banks must undertake a double, far-reaching transformation: technological upgrading and cultural shift. To build the banking technological platforms from scratch is like changing the pieces of an engine of a lorry as it zooms down the highway. Most banks don't do it and invest mostly on channels instead. The problem is that in the digital era transactions grow exponentially and unless you have state-of-the-art platforms, you may face great difficulties.
The second transformation is the toughest, as it means to completely reinvent operations and processes, redefine organizational structures, undertake a revolution in approaches to work and rethink the skills and talent they need their people to display.
**You started your career as an IT programmer and your commitment to using technology to transform banking has been key at BBVA. What are your predictions for the digital banking sector over the next couple of years?**Technology is turning banking on its head. The massive adoption of smartphones, the changes in consumer demands and the arrival of new digital entrants in the banking arena are redefining an industry in serious need of transformation.
Many banks have failed to fully tackle these changes and their future is compromised even if they are not aware of it yet. However, banks like BBVA that see disruption as an immense opportunity can find new ways to generate growth by offering transparent, ultra-convenient and data-rich solutions for customers.
That is why at BBVA we are completely devoted to boosting results of all our franchises while developing the key competencies that are essential in the digital era, such as product design, big data, software development or e-commerce. A new league of competition is emerging, one where banks will both compete and collaborate with new entrants, and those that are not prepared will fail.
**You recently said that your goal is to turn BBVA into a totally digital company****, and back in March you told the Mobile World Congress in Barcelona that "BBVA will be a software company in the future". Those are huge developments for the bank -- what comes next?**Our goal is very clear: to become the best universal bank in the digital era. To know what that will mean in 10 or 20 years' is hard to say today, as the speed of change in technology is accelerating.
What we do know is that we are developing the key competencies required to ensure the long-term success of the business, and that we have the means to be part of a race that is going to completely redefine banking. In the short term we are developing the best customer solutions to engage customers, gain new clients, and grow the business.
WIRED Money, Together with BBVA takes place on July 8, 2015 at The British Museum. WIRED subscribers save 10 per cent on tickets. We also have a limited number of half-price tickets for finance sector startups. For more information or to register, please visit www.wired.co.uk/money15.
This article was originally published by WIRED UK
