Why digital transformation isn’t about tech

Video feature

09 October 2018

In an exclusive video interview for Efma, Ghela Boskovich, head of fintech and regtech partnerships at Startupbootcamp, the accelerator for fintech and insurtech companies, reveals the secrets to effective cultural transformation.

Startupbootcamp brings together bank partners, entrepreneurs and investors, helping them to build on ideas and take them to market quickly and effectively.

“For the first time we get non-innovation people coming in and taking a look at how a solution is designed, how it is tested, how it pivots and how it iterates,” Boskovich explains. “This allows them to look at what agile looks like, what sprints look like, what design thinking is and what human-centric design looks like.”

This facilitates effective cultural transformation – something that Boskovich says is all about the lessons that are required to really be successful with digital transformation – and something that accelerator bootcamps like startupbootcamp can help with.

“The really neat thing to see is the colab model, where the banks have actually gone through some of those learnings and now have the capacity to digest that big whale of fintech,” she says. “But it’s a big challenge, because digital transformation isn’t about the tech, it’s about the mindset.”

Looking ahead, Boskovich says we will inevitably move away from the notion of money. “Money will no longer exist as we understand it, nor will assets exist as we understand it, and because we’ve been able to produce and create so much data, data will be the new asset class that we’ll transact in.”

It’s an interesting theory and will mean that the things we have traditionally attached value to will shift. “It will also mean that the nature of collaboration between tech and finance will change,” Boskovich explains.

Keywords : Transformation , Fintech , Bank Products & Services

Geography : International