An Interview with Donna-Maree Vinci, GE Enterprise Solutions, Chief Operations Digital & Information, Bank of Queensland
"One of the biggest challenges for the sector is the ongoing management of legacy systems and the process of retiring and consolidating many of our platforms. Cost pressures and the quick resolutions required by our customer demand ongoing simplification..."
FST Media: What are your business and digital priorities for the next 6 months?
Vinci: We’re currently focused on extending our digital capability by integrating the bank with our Fintech partners. This will be a significant milestone for BOQ as we consider it to be our foundation for more investment into mobile apps for our retail brands and a world class web content management system. Adjacent to this will be our ongoing work to embed a nimble and growth focused culture– we’re a smaller bank so greater agility is what will help set BOQ apart.
FST Media: What role does innovation play in the banking sphere?
Vinci: Innovation in banking has had huge focus in recent years and most banks are either navigating disruption, such as peer-to-peer lending start-ups, or looking at ways to disrupt themselves – or both. Customer wants and needs are rapidly evolving and innovation has clearly played a major part in the evolution of our sector so it’s natural that businesses operating in the banking sphere want to encourage innovative thinking and delivery among employees as well.
FST Media: What is the key challenge banks face developing resilience technology?
Vinci: We are now well and truly in a digital world where customers are ‘always-on’. One of the biggest challenges for the sector are the ongoing management of legacy systems and the process of retiring and consolidating many of our platforms. Cost pressures and the quick resolutions required by our customer demand ongoing simplification.
FST Media: How will the ‘Threatscape’ evolve during 2017?
Vinci: Targeted Advanced Persistent Threats (APT) which are customised with specific organisations in mind will continue be a significant threat in 2017. We're seeing more sophistication in the way these threats are being deployed and many have advanced covert and anti-detection capabilities. We'll also see an increase on mobile malware targeting payment applications and two factor authentication software installed on mobile devices. The other threat on the rise are attacks that target devices that regularly connect to the internet. Compromised devices will be likely to result in attacks against target organisation through Distributed Denial of Service (DDoS). Ransomware, delivered via APT, will continue to be a concern with the focus of attackers shifting from large organisations to small and medium enterprises and individuals.
FST Media: What are the main Cybersecurity risks in the banking industry at the moment?
Vinci: Staff and customers continue to be targets of APT delivered via phishing attacks. Use of Chatbots to lure customers to phishing sites and to steal customer credentials are on the increase. Compromise of customer data, business disruption from distributed denial of service attacks and attacks resulting in financial fraud are the main risks that many banking institutions face at the moment.
FST Media: What technology or innovation is proving to be the biggest game-changer for the banking industry?
Vinci: Payment systems are a big opportunity and players like Facebook and Uber are already in this space. Automation, chatbots, digital assistants and semantics are also changing the game with the ‘always-on’ customer.
FST Media: . How is BOQ responding to the challenges of digital disruption?
Vinci: Just as our environment is constantly changing, so must we. BOQ is focused on regularly reviewing and improving our digital experience to better support our customers and to enable our employees to meet more customer needs. There is always more to do, however we’re leveraging cloud and API technology where we can to extend our digital environment and change the way projects are initiated, funded and delivered. We’re also regularly considering new partners and alternative approaches to BOQ processes and solutions.
FST Media: What does it mean for a bank to be ‘agile’?
Vinci: Being ‘agile’ is one of the tools banks used to maximise growth. I consider the key to success in embracing ‘agile’ for banks is a deliberate partnership between the customer facing part of your business and the technology and digital areas. A commitment to challenge the way we work, think and deliver – with the customer’s needs being the driver for change – is key for an ‘agile’ Bank.
FST Media: What is the next big thing for BOQ and how will you measure its success?
Vinci: Translating our “most loved Bank” vision into a digital experience that truly resonates for customers and staff will be critical. We’ll measure this through customer satisfaction, customer retention and increased partnership opportunities. We’ll shortly hold our next Hackathon to encourage outside-the-box thinking and to bring creative ideas to life. We’ll further support digital by holding Digital Cafes in our national state offices where staff can share thoughts on what digital means to them.
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