Bank ABC’s innovation and digitization center, ABC Labs, has been named one of “the World’s Best Financial Innovation Labs” by Global Finance’s The Innovators Awards-2023. ABC Labs was recognized for driving transformative change in the global banking industry through its ground-breaking initiatives and forward-thinking, agile innovation approach.
Disrupting Traditional Banking Models
The Labs run an extensive and unique enterprise-wide innovation program aimed at disrupting traditional banking models, collaborating with customers, regulators, technology providers, financial institutions, and fintech. Bank ABC has also been presented with the ‘Top Innovations in Finance’ award for its outstanding Digital Transformation Program, delivering an unparalleled, personalized banking experience to corporates and individuals.
Building a Digitally-Empowered Bank of the Future
Bank ABC’s ongoing digital transformation journey is dedicated to building a digitally-empowered, sustainable ‘bank of the future’ through an agile, Cloud-first digital innovation strategy. ABC Labs established the digital architecture and agile methodologies to enable the Bank’s strategic objectives, resulting in multiple ground-breaking digital deployments.
Decentralized Finance (DeFi) and its Role in the Traditional Financial System
DeFi uses blockchain and smart contracts to offer financial services without third-party intervention. The market size of DeFi stood at $48.65 billion in 2022. Critics argue limitations such as gaps in regulation and faith in traditional banking can be a hurdle to completely implement DeFi. With improved regulations and government support, DeFi can take over the traditional financial system, contributing to the stability of the crypto market by providing financial services without intermediaries.
Money20/20 Europe 2023: A Fintech Event Series
The event will take place on June 06-08 at the RAI Amsterdam Convention Centre in Amsterdam. Over 300 industry-leading speakers are expected to attend, including executives from global banks and fintech companies, as well as representatives from European governments. Dozens of sessions will take place throughout the three-day event, covering topics such as the impact of cryptocurrency crackdown, generative AI, European regulations, and navigating the economic downturn.