How Traditional Banks Should Work in Smart City

Abstract

Smart and sustainable cities use information and communication technologies to improve quality of life. Smart economy and digitalization of banking are the core issues of this trend. New technologies are profoundly changing the strategic context of the financial business and communication by changing customers’ attitude and expectations, the nature of competition and business conduct. The progress of ICT services all over the world is different and is underdeveloped in some countries and continents. The paper will present insights from various studies and explore the future banking landscape. The behavior and financial needs of millennials will be examined. The arguments supporting the idea that digital transformation of banks is an imperative for survival and thriving in smart cities will be presented. The ICT transformation of Deutche Bank, Raiffisen Bank, Hana-Bank and Bank Group “Otkrities” will be analyzed. Recommendations for the Russian bank smart transformation will be discussed.

Full text

adfa, p. 1, 2011.
© Springer-Verlag Berlin Heidelberg 2011
How traditional banks should work in smart city
Makarchenko M., Habilitation, Prof, ITMO University, St. Petersburg, Russia
makarchenko68@mail.ru
Nerkararian S., ITMO University, St. Petersburg, Russia
sofiianerkararyan@gmail.com
Shmeleva Irina A., PhD, Docent, ITMO University, St. Petersburg, Russia
i_a_shmelva@corp.ifmo.ru
Abstract. Smart and sustainable cities use information and
communication technologies to improve quality of life. Smart economy
and digitalization of banking are the core issues of this trend. New
technologies are profoundly changing the strategic context of the
financial business and communication by changing customers’ attitude
and expectations, the nature of competition and business conduct. The
progress of ICT services all over the world is different and is
underdeveloped in some countries and continents. The paper will
present insights from various studies and explore the future banking
landscape. The behavior and financial needs of millennials will be
examined. The arguments supporting the idea that digital
transformation of banks is an imperative for survival and thriving in
smart cities will be presented. The ICT transformation of Deutche
Bank, Raiffisen Bank, Hana-Bank and Bank Group “Otkrities” will be
analyzed. Recommendations for the Russian bank smart transformation
will be discussed.
Keywords: smart city, digitization, digital age, NFC (near field
communication), biometric recognition, mobile banking, fintechs,
change process.
1 Introduction
The concept of a smart city is a broad one: in urban planning and architecture
it is a set of strategies aimed at optimization and innovation of public services,

physical infrastructure of cities through the use of new communication technologies,
mobility, environment and energy efficiency [6, 12]. According to the Group on
Smart and Sustainable Cities “A smart and sustainable city is an innovative city that
uses information and communication technologies (ICTs) and other means to improve
quality of life, efficiency or urban operations and services, and competitiveness, while
ensuring that it meets the needs of present and future generations with respect to
economic, social, environmental as well as cultural aspects” [8]. As Staffans &
Horelli (2014) indicate, there is an on-going debate between the followers of top-
down technocratic approach adopted by multinational corporations, several
governments and political decision makers all over the world and a bottom-up
approach supported mainly by academics and community with a “multidimentional
vision of the smart city as a sustainable and livable community” [13]. As indicated by
the authors, a smart cities agenda is a core issues now for the global ICT companies
such as IBM and CISCO, for emerging economies of Asia and Latin America and for
European Union as well. Smart Cities are promoted by the Europe 2020 strategy and
through research funding. From a European perspective, the dimensions of smart
cities are: Smart People, Smart Governance, Smart Mobility, Smart Environment,
Smart Living and Smart Economy [13].
As HABITAT III report indicates [9], the rise of knowledge economy in North
America and Europe is driven by new ICT services that gives the opportunities to e-
Government, e-Governance and e-Participation. All around the world, knowledge and
digital economy stimulated economic development in various aspects including
banking and retail. The progress in ICT services in various parts of the world is
different and in some countries and continents they are underdeveloped.
Economists argue that a city can be called smart, when investment in
communications infrastructure ensure sustainable economic development, high
quality of life and wise management of natural resources, while meeting the needs of
citizens, enterprises and institutions. The concept of a smart city is based primarily on
efficiency, which in turn is based on business management, integration of ICT and the
active participation of citizens. This implies a new type of governance with genuine
citizen involvement in public policy [11].
The case of Italian Trento Smart City strategy [15] also supports these arguments
and indicates the list of stakeholders to be involved that along with Municipalities,
Active citizens associations, Business companies, University research centers include
Lending institutions and Banks.
Due to the US Financial Crisis and the Global Recession of 2008, the bank
regulation has been tightened, so banks have been forced to change their business
model having a significant amount of costs/revenue pressure. Achieving a whole new
level of efficiency on the one hand and presenting new growth on the other was
impossible without new trends in ICT in banking management. Today the level of
banks digitalization is different in different countries [3]. Most banks in Russia today
except several most advanced still use the models of 15-20 years ago that influence
their competitive ability, resilience and flexibility. Today banks in Russia use the ICT
and solutions adopted worldwide more than develop unique and client oriented
solutions.
The demographic forecast [10] states that in 2020 along with the increasing
urbanization, millennial generation cohort born after 1980 will constitute a half of the

global work force. The millennial generation represents a new type of consumers, a
tech-savvy citizen, that require a brand new customer experience, that demonstrated
behavior and fundamental differences in the choice of products and services in ICT
field.
This argument supports our hypothesis that banks digitalization will be one of the
drivers of the transformation of the traditional city towards the smart city.
The trend for the banks to transform through the application of modern ICT is not
currently covered in scientific literature. It could be found inside the analytical report
of different banks such as Deutche Bank in Germany, FBA and Raiffeisen’s Bank in
Austria, Hana-Bank in South Korea, National Bank of India but it’s difficult to come
across such analytical report for Russian Banks.
The goal of our study was to systematize the analytical information on the trends
and processes of innovative banking services in smart cities oriented towards the
future generations. The data presented in this study has never been systematized and
displayed before as a set of applied knowledge, this fact therefore makes this study
innovative and represents a particular value to all banking industry that want to
succeed in the future.
The results and recommendation based on this study could be used by the Russian
banks especially by the Bank Group “Otkrytie” – the fourth private bank group in
Russia oriented to be the leader of transformations on the market.
2 Smart economy
2.1 Digitization changes economy
The present economic activity is becoming increasingly digital, having an
effect at the macroeconomic scale. Digitization is changing the way we interact with
each other and how we handle our personal data. Overall, the importance of ICT is
growing in all business sectors. If companies fail to adapt to digital structural change
today, they will be forced out of the market tomorrow. Technology changes the way
people behave and interact in their everyday life. Information of all kind is easy to
find as never before - from proprietary big data to social networks and public open
data sources. Smart mobile devices make that information available instantly to
billions of users around the world. However, it is not only the volume of information
traffic that is rising, but also the number of internet users. Finally, it becomes
increasingly important to learn how to use this data professionally and efficiently.
Today the information represents a genuine economic good, while personal data in
particular has an increasing economic value. The ethical aspects of using such data
present an additional challenge.
The Deutsche Bank researchers consider structural change to be the core issue of
digitalization that can be presented as a pattern of several steps:
The first step can be named the new Internet–based consumption. Along with it,
technological progress generates new media usage and adaptation of new
technologies to the daily life of consumers.
The second step can be considered as a replacement of the established ICT
processes with the modern intelligent software solutions and algorithms.

The need in the third step appears when sales and profits are shrinking and
traditional business models are threatened.
The next step indicates that competition is rising and new market players are
growing their market share while traditional players shrink their presence. Then
laggards introduce adjustment processes and cost-intensive reforms.
And finally, the last step is visible when the financial market players enter and
establish themselves on the market and have their first profits [7].
According to Deutsche Bank analytics, two aspects of digital business evolution
could be considered. The first one is an optimization opportunity. It can be understood
as transformation, optimization and consolidation of existing resources. This approach
can bring cost-reduction and increased agility.
The second aspect is a new business opportunity that is focused on reinvention
through development of new services and business models valuable to the customer.
This approach brings innovation and new revenues.
As this analysis shows, most banks and companies are focused only on the first
aspect, which could not be considered a true digitalization. The true digitization is
oriented towards changing the business approach as a whole, and, in particular, the
relationship between customer value and company revenue [7].
2.2 New Type of Consumer
A new type of consumer is the main driver for digitization along with
emerging technologies. The tech-savvy consumer is coming to the stage as a result of
demographic change. Today European and North American consumers prefer to deal
with socially responsible companies that care for the environment (e.g. those which
use recyclable materials). At the same time they want to participate and even
influence some business-processes of the companies. Some banks, for example,
suggest on-line surveys to their clients’ seeking their feedback on existing or potential
products or ask their opinion on new credit card design.
The behavior and preferences of millennium generation will shape the future of
banking, as well as the relationship between a bank and a customer. The following
trends are defined responding to the demand by the millennials: mobile apps, fast
payments (such as NFC –near field communication), transformed branches, paperless
banking, confidentiality of personal data and use of secure systems (such as
biometrics recognition that replaces passwords and PINs – personal identification
number), user–friendly design and simplicity. Accenture study states that 94% of
millennials are active users of online banking, 72% are active users of mobile
banking, 39% would consider using a branchless digital bank, compared to just 16%
for those clients over 55 years old [14].
Traditional branches with fixed opening hours are becoming less and less popular
for all customers. They increasingly use their smart phones to pay for things,
exchange opinions or look for recommendations from other users. They also execute
routine banking transactions online, while visiting banks' branches less often than
ever before [5].
According to Global Survey 2014 on mobility and the state of customer loyalty to
banking customers in 18 of 22 conducted more than 50% of their banking interactions
through digital channels. Mobile is the most used banking channel in 13 of 22

countries and accounts for 30% of all interactions worldwide. Mobile aps usage rose
by 19% last year and online usage via computers dropped down 3% last year. More
than half of customers used both digital and physical channels such as branches and
call centers. Customers use several channels to research and buy banking products. In
the US 47% of customers consulted their bank website, 37% applied for
recommendations to the bank employees.
In 2015 Bain conducted global survey and asked 115,000 customers in different
countries which banking channels they prefer, it turned out that mobile apps or online
services prevailed over branch, ATM or phone experience[4].
3 Banks going digital: exploring challenges and opportunities
Going digital in smart city bank is not an option but an imperative. The branch
providing transactional services is not enough for smart city citizens – they want new
products and services in digital form. While stepping out of their comfort zones on the
way to multichannel, client-centric and digital-centric models, banks will experience a
number of challenges both from their internal and external environment.
3.1 Increased competition and the emergence of new competitors
According to North America Consumer Digital Banking Survey, competitive
landscape in banking today is far from what we saw twenty or ten years ago. “Banks
with new value propositions (ethical, social, etc) are providing alternatives to
traditional banks’ products and services as well as an engaging customer experience.
Furthermore, banks will no longer fight for customers against other retail banks” [14].
The arrival of new entrants is favored by the regulatory changes that simplify the
entrance to the banking industry. Combined with the digital revolution, this trend has
created a fertile ground for innovation and creation of purely digital tech-savvy
players, so called Fin Techs. According to study by Oracle, by 2020 Fin Techs will be
a major threat for the banks worldwide; as social media networks (29%), telecoms
companies (29%) and retailers (22%) are to become their serious competitors.
Moreover, by 2020 new banks (57%) and alternative payment method providers
(56%) will be a greater competitive threat to them than other traditional retail banks
(40%) [3].

Fig. 1. Direct competitors by 2020 (2015)
http://oracledigitalbank.com/resources/pdf/DBOF_Industry_Research_Report.pdf
Companies like Square or PayPal are already providing customers with easy and
secure payment or loan services. Entrants from other industries such as Amazon,
Facebook or Aliexpress are leveraging their customer knowledge to create and deliver
new value by combining financial and non-financial services. The rise of
crowdfunding, peer-2-peer lending and other similar initiatives led by players such as
eToro, Kickstarter, Zopa or Funding Circle kills the intermediation and addresses
customers directly. While these various entrants will not necessarily replace banks,
they are becoming a serious concern for banking industry. They shift customer
expectations, bring new products, business models, and advanced customer
knowledge (e-commerce players or retailers). They also benefit from the absence of
legacy systems, they are fully digital agile institutions with previously young
employees and often young leaders. In their turn banks have unique advantages of
their own, e.g. they have a more fundamental view of customer data as well as a solid
experience in risk management. In this light, a dialogue and partnership might be a
better option than opposition and finally might result in a solution mutually beneficial
for all market players.
3.2 New customer behavior and expectations
As Digital Banking Survey shows “today’s banking customers are looking for
proximity, agility and speed from a financial service provider”. The explanation
comes from the statement that for the largest demographic cohort, born after 1980,
instant communication, social networks, one-click purchases and 24-hour delivery is
their natural environment and they prefer service that can provide all of this. [14].
Concerning the Bank services the expectations of this generation include
anticipating their needs, not bombarding them with product offerings, no surprises in
term of fees, personalized services on demand, transparent and simple products.
Customers that are better informed compare offers across different platforms,
including social media and financial aggregators [3].
The children of millennials will be even more agile with technology and will learn
using smartphones before they start school.
The North American Consumer Digital Banking Survey shows that there are,
however two services that are on top of customers wish list today: payments via
mobile devices and real-time view across channels. Beyond this, there are other
desired digital initiatives, such as digital advisory services, real-time spend analytics,
location-driven services and comparison services. The customers want to know how
much money they spent this month, how can they optimize spending and investments,
what offers are available in their vicinity right now? Accenture study states that 67%
of millennials want help in managing their finances and are interested in their bank to
be more proactive, compared with 31% of clients who are over 55 years old [14].
These advisory services would provide an added value, creating a customer-
centric bank interaction model. It is evident that bank in a smart city cannot be just a

provider of financial products; it should be a "universe unit" serving also as an
advisor, a value aggregator and an access facilitator.
3.3 Failure to commit to digitization
Despite recognizing the importance of digitization, the banking market is
lagging behind especially in financial technologies and when it comes to real-time
services. According to the Oracle digital study, market lag, location driven services
and real-time analytics are the most problematic areas that stop them from being
attractive for customer. The results of the survey based on two main questions:
“Thinking about digitized customer engagement, how important would you say each
of the following will be in order to be a successful bank in five years’ time?” and
“What is your organization’s current status in relation to each of the following
developments? “ are presented in a Table 1.
Table 1. Digitized customer engagement
Banking is changing … with or without the banks. Response to the millennials. Financial services, (2015)
http://oracledigitalbank.com/resources/pdf/DBOF_Industry_Research_Report.pdf
Important
Current capability
Market lag
Mobile device payments
94%
44%
-50%
Market Lag
92%
24%
Real-time analytics
90%
30%
-60%
Digital advisory service
83%
28%
-55%
Location-driven services
82%
19%
-63%
Offers via social media
78%
34%
-44%
Comparison services based on
financial profile
76%
28%
-48%
Social media account management
72%
14%
-58%
Gamification
72%
15%
-57%
Digital personal assistant
67%
12%
-55%
Furthermore, within the challenge of overcoming legacy systems, nearly all banks
(88%) see it as a barrier against multichannel digitization. Among other serious barriers are
high cost of implementation and lack of appropriate technology in the organization.

Fig. 2. Barriers to omni-channel customer engagement Banking is changing … with or without
the banks. Response to the millennials. Financial services, (2015)
http://oracledigitalbank.com/resources/pdf/DBOF_Industry_Research_Report.pdf
Market lag is derived from the difference between the banks current capability in
delivering a variety of services and the perceived importance in meeting customer
demand for these capabilities. One of the main reasons why banks are lagging is
because currently they have a bank-centric relationship with their customer. It is
crucial that they start now to gain better knowledge of their customers: how they
spend their money, where they go on holiday, and what car do they drive and which is
the closest restaurant to their residence. However, having the data is not enough. To
make the data really work banks not only need to change fundamentally their
underlying operation processes but introduce a cultural change. The role of the latter
cannot be underestimated. Employees and CEOs should become real ambassadors of
digitalization, shift their mindset to forward-thinking, more curious, open to risk- and-
learn approach.
3.4 Smart Early Warning Solutions against NPAs
Speaking about digitization we must also address the issues of non-
performing assets (NPAs).
Having integrated data from different channels, a bank can provide better credit
rating to improve NPAs. The implementation of so-called early warning solutions
(EWS) can definitely change the way and the speed of loan classification. The EWS
not only can handle data in less time, but are also capable of timely signaling a change
in consumer preferences and links.
Integrated
with a bank’s customer management systems and enabled through the bank’s database
and analytics solutions the robot will perform qualitative and quantitative analysi
s and define a risk profile. This technology will be particularly valuable in the
emerging markets where the share of NPAs is higher.

4 Discussion
How can banks evolve to meet these new challenges and thrive in smart city?
4.1 Create a differentiated digital customer- experience
The most important step is thinking customer first, rather than by channel.
Different examples here could be provided. Banks need to fuse digital and physical
assets to make customers’ lives easier and more engaged as is presented by
Commonwealth Bank of Australia (CBA). CBA in partnership with Domain.com.au
provided an exciting home-buying experience for its client: an app that combines
advisory service, mortgage application online and a rapid online decision process with
e-alerts that keep customers updated on their application status. Another example is
the transfer funds to the vendor and mortgage balance management that is available
through mobile, online and ATM channel. The Hana Bank in South Korea offers the
full-service bank in a smartphone, the so called Hana N mobile platform, which
combines an integrated money management and monitoring system working entirely
online, NFC payments technology in different stores, the location-based offers and the
ability to borrow for larger purchases while in the store. These solutions require
cooperation of IT, marketing, product groups, along with the CEO’s sponsorship [4].
Building a great customer journey requires commitment and collaboration of all
employees and the CEO’s sponsorship: it means rethinking the traditional banking
with clients in mind. But customers trust will come as a reward. To trust their banks
customers need to feel that banks are acting in their interests – common banking
practices such as deposit rates that reset after a certain time go against this, while the
ability to design your own mortgage or investment is in line with this thinking. Banks
will benefit significantly if they take a leadership role also in educating customers
making it a part of sales process.
4.2 Build an omnichannel distribution
To succeed in “anything, anytime, anywhere” automated formats are essential.
Innovations and investments in smart banking technologies should be made now to
make it more attractive for customers tomorrow. The mobile experience is becoming
a crucial aspect of digital strategy that banks must address. Just to roll out mobile
apps is not enough; there is a need of a better coordination across channels and
seamless channel connection.
The branch network must undergo a substantial change. New branch formats such
as self-service kiosks or the full-service flagship stores that incorporate digital
technologies should replace traditional branches. “Banks might consider cutting the
number of branch tellers in favor of relationship adviser roles. As technology
develops, smart ATMs, in-branch tablets, video teller machines could potentially
replace tellers” [5]. Raiffeisen’s flagship branch in Zurich, for example, offers a
robotic retrieval system for a 24h access to safe-deposit boxes, while Intesa Sangallo
have launched Superflash branches across Italy targeting customers aged 18 to 35,
and rather than a bank it looks like a lounge café that hosts special events and attracts

young public with its contemporary design, a spacious self-service area, large tables
with video terminal for financial consultations, video walls, instead of posters,
offering documentaries and advertising. State bank of India (SBI) has launched two
types of branches: In Touch and In Touch Lite: where a visitors can open an account
through the use of machines and get a personalized debit card (with his name and
photograph on it) in under 12 minutes. Together with this service a client can find a
“gamification” table to plan his investments and expenses, a “dream wall” for instant
loans approval as well as a remote advisor through video conferencing.
For customer loyalty purposes, when designing their branches, oriented for the
future banks apply for the findings of behavioral science and use modeling
techniques, geodemographic data and geomapping software to improve decisions
about building their networks [5].
4.3 Overhaul the technology platform
The experts mostly state that a corresponding IT transformation must support a
business transformation. Today some services might be available online and through
mobile, but for some services in some countries customers still have to go to a branch.
According to the experts overview adding digital just as a channel to an existing
legacy infrastructure will be not sustainable in the future. A few core characteristics
of IT infrastructure transformation are needed, including customer communication
real-time processing engine, risk management and cyber security solutions. The
innovations can include storage technologies, joined-up customer data systems, data
analytics, modern core systems, technology that supports one-and-done processes.
According to Bain & Company experts “building new infrastructure is expensive but
its prioritization will establish a robust technical foundation for digitalization” [5].
4.4 Fund the transformation
Apparently, all market players understand the importance of investments in
digitization, but often funding represents a major challenge to management. Not all
banks have a dedicated budget for a digital change, and many do not understand the
full cost of it. According to Bain & Company Customers Digital Report banks use
different strategies for digital transformation. Some of them as freeing up funds by
simplifying their products, processes, organization structure and systems or limiting
themselves by introducing separate digital projects and pilots do not directly
accelerate the digital transformation. As consultants suggest in order to accomplish
the change over a number of years in the future the importance of investing cannot be
underestimated or postponed [5].
4.5 Organize to speed up innovation and change
Along with investments in technology investments in human capital are
needed. There is a growing talent mismatch as companies are trying to both change
personnel behavior and find new talents in areas that cannot be automated. Such areas
include digital skills like those of artificial-intelligence programmers or data

scientists, digital marketers and strategists who can think creatively about new
business designs. And finally, a new type of CEO is required, the one who forges the
digital transformation internally and externally and ensures that the whole
organization is ready to digest new technologies, that IT and marketing can deliver
solutions to clients, and that a brand new and the best practices are in place.
An culture of openness should be promoted. Training and internal communication
must involve everyone, including departments not directly impacted by digital.
The bank overcoming digital transformation needs to follow common innovation
requirements that need to be adopted by senior management and at all levels of
employees and partners and include freedom to test new ideas and freedom of sharing
feedback [?]. “Common innovation requirements, such as freedom to test new ideas
and tolerance of failure must be adopted and sponsored by senior management, as
well as a practice of sharing feedback among employees of all level and partners [4]”.
Furthermore, remuneration approach also needs to be changed. Currently,
compensation for branch managers depends heavily on his/her sales; with the
development of branchless and fully digitals services that approach creates a conflict
in the organization.
Finally, the relatively slow culture of traditional banks needs an accelerant to keep
pace with digital innovations. Forward-looking banks may also benefit from
partnering with digital companies and start-ups or create their own R&D innovation
centers, separated from the core business, to do research on innovations.
5 Conclusion
Banking will change faster over the next years than in the most recent decades.
Russian banks will need to follow the world trend for smart technologies not to be
outsiders. The perspectives of the smart banking in Russia could be seen in the case of
the bank Group “Otkrytie” that is one of the biggest private banking group that
includes three Banks and have a fourth position among the banking groups of the
Russian Federation. Reliability of this Banking Group is proved by the International
Rating Agencies as Standart&Poors and Moody. This banking group is one of the
most advanced for the optimization of the bank managing processes based on IC
Technologies. We can apply the results of our analysis to this banking group
organizing them in 3 units: (1) already used in the bank group “Otkrytie”; (2) planned
to be implemented; (3) being in a “waiting list”.
The first unit includes two decisions. The first one is the design of the own virtual
bank platform or attracting the partner with already developed platform. The
“Otkrytie” bank group made its decision to invite the partner with the well developed
platform and the client data base.
The second decision concerned the development of the mobile banking and
education for their clients. The updates of this application as usual give the client new
opportunities and are accompanied by the new option with customer education and
help service.
The second unit (planned to be implemented) consists of two recommendations:
first, to change format for self-service system through the office-kiosk. According to

this solution the number of operation cashiers will be replaced by the increased
number of consultants ready to help clients in multifunctional one window service;
second – to organize the “reconstruction fund” for all divisions’ integration.
The third unit (being in a waiting list) includes two recommendations:
implementation of the biometrical identification that will give the competitive
advantage for security reasons to the bank. And the last solution could be the
permanent monitoring of the geodemographic data (Big Data) that will support the
decisions for opening the new bank offices or the new bank machines launches.
There is no other way of banking service modernization in a smart city as
extinction of the ordinary branches and replacing them by apps for mobile devices,
designing of the core database centers enabling banks to create attractive and useful
financial services attractive to millennials and future generation: from online payment
solutions and advisory services to deposit-taking through online banking and other
modern financial software.
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