Digital banking guru Chris Skinner held an open lecture in Ukraine

The banking guru and the prominent speaker Chris Skinner gave an open lecture at Ukraine’s National Bank and the country’s #1 commercial PrivatBank.

Chris Skinner visited Ukraine with an open lecture «The main drivers of digital banking in the world». According to Chris Skinner, the only possible way for survival of banking system is digitalization of banking services, active development of mobile applications and usage of cloud technologies. He said, that a bank has no future without a digital strategy. Banks should focus exclusively on clients.

Chris Skinner predicts that within the nearest 10-years the plastic cards will disappear: «Plastic chips will be available right in the clothing, watches and in other belongings. New economy will be based on chips. But cash will never disappear because of anonymity,» he believes.

«Yesterday I replenished my car using PrivatBank’s mobile application,» said Chris Skinner. «Your car will soon be buying fuel by simply «communicating» with the petrol station.»

In the traditional banking world, it is important for branches to service its clients «face to face». Now banks pass on the principle «device to device» access. Money is no longer stored in the bank. «If you were a burglar, tomorrow you would not rob banks, you have to hack the database,» said Chris Skinner. «People have learned to make money in the digital world, and the digital world becomes real.»

Branches of banks will not be the depository of money, but the showrooms where customers can see the advantage of mobile banking and learn how to use it. Chris Skinner noted that he saw the branch of PrivatBank in Dnepropetrovsk, where you can buy a car, get the parcel, and download mobile applications and much more.

Ukraine’s central bank chief Valeriia Gontareva said the future of the banking system is in the wide use of digital services. Ukraine in this area has a huge competitive advantage, because local banks effectively applied advanced innovative technologies for a long period of time.

«We are proud that the Ukrainian banks were pioneers in introducing some advanced technologies for the first time in the world. The experience proposed by international market allows us to properly prioritize the development of the financial community. Today the Ukrainian banking system is undergoing a qualitative transformation and is ready to move the banks to the Digital Age,» said Valeriia Gontareva.