Institutions and financial operators come together

Of great relevance within this event was the speech made by the Governor of the Bank of Italy, Dr. Ignazio Visco, who brought up important topics such as global economy expansion and the current Italian banking situation.

The Governor underlined an improvement in Italian banks’ profitability while stressing the importance of investing in new financial technologies.

“An in-depth review of bank operating models, in Italy as in all of Europe, is inevitable. So, we better not overlook important elements that could indeed slow down profitability” – Visco observed.

During his speech, the Governor pointed out that banks should not delay in making investments in new technologies ( so far contained) if they want their organizations to be profitable and remain competitive. “Intermediaries should (…) seek to reduce costs even further and carry out aggregation operations, implement consortium- orientated initiatives to exploit cost and revenue synergies, and also, make investments so as to effectively seize the challenges and opportunities associated with developments in the Fintech sector. Increasing transparency towards customers should not be regarded as a burden imposed by law or regulatory agencies, but rather, a fundamental instrument of competitiveness.

When offering new products and services, banks should make sure that the essential information is easily understandable by their customers so that they can evaluate the relevant risks and advantages” – he added.

The Governor’s intervention further confirmed the Cabel group’s business strategy which, thanks to a solid network of partner companies, is able to offer innovative services aimed at meeting all end-customers’ demands, always in compliance with the current regulations.

Cabel believes that technological and regulatory evolutions are a positive fact as they prompt the banking system to keep offering new and innovative services to their customers, while ensuring competitiveness, customer engagement and retention, not to mention further additional revenues.

The combination of advanced front-end and innovative back-end banking services represent Cabel’s winning strategy for achieving Digital Transformation together with its customers.

In this respect, the strategic partnership with Oracle is an example: in fact, the new core banking system developed by Cabel and Oracle on the Oracle FLEXCUBE platform is a flexible and modular system capable of keeping up with market trends, while helping end-consumers regain an active and central role.

The new product, showcased at the 24th Assiom Forex Congress, is currently being tested by several pilot banks and has returned the first positive results, such as flexibility in handling banking products, creating new products and managing multi-currency operations.