In an exclusive interview, Giovanni Gavino Everduin, Chief Strategy & Innovation Officer at Commercial International Bank (CBI), UAE, shared his insights on the rapidly evolving financial landscape and the future of banking.

A Journey in Financial Innovation

Giovanni, with a background in management consulting and HR, has been instrumental in shaping CBI’s strategy and innovation efforts. He believes that traditional finance has remained largely unchanged over the years, and the industry is now facing an existential threat due to disruptive pressures such as technological innovation, geopolitical conflicts, and sustainability requirements.

The Bank of the Future

Giovanni envisions the bank of the future as a platform or marketplace that provides a core engine of regulatory license, balance sheet, operational capabilities, and data lake. Strategic partners will be embedded in the bank’s ecosystem, delivering innovative products and services through APIs, and taking Banking as a Service to a fully platform philosophy.

Innovative Banking Services

Giovanni sees opportunities for banks to offer innovative services such as peer-to-peer borrowing, lending, and trading services by integrating with hybrid DeFi protocols and leveraging smart contract technology. He also highlights the potential of blockchain-based identification solutions, decentralized lending, and asset management protocols.

AI and ML Integration

Giovanni believes AI and ML technologies can optimize bank operations, improve decision-making, and personalize customer interactions. AI-powered credit scoring, synthetic data, and conversational AI are some of the exciting opportunities he sees.

Collaboration with Fintechs and Technology Giants

Giovanni emphasizes the importance of collaboration with fintechs and technology giants in shaping the bank of the future. He believes that leading global banks like JP Morgan Chase are setting the pace for innovation, and legacy banks must adopt a partnership-driven innovation model to survive and thrive.

Quote

“This is the way” – Giovanni Gavino Everduin, emphasizing the importance of partnership-driven innovation in the future of banking.

Key Takeaways

1. The bank of the future will operate as a platform or marketplace, providing a core engine of regulatory license, balance sheet, operational capabilities, and data lake.
2. Innovative banking services will include peer-to-peer borrowing, lending, and trading services, blockchain-based identification solutions, decentralized lending, and asset management protocols.
3. AI and ML technologies will optimize bank operations, improve decision-making, and personalize customer interactions.
4. Collaboration with fintechs and technology giants is key to shaping the bank of the future.