CSOB

Tomas Stegura

Could you please tell me briefly about your current roles and responsibilities at CSOB?

I am responsible for building and monetising our digital channels like mobile banking and internet banking. Currently, I serve retail clients, SMEs, and other corporate clients. The team I manage consists of 230 internal and 250 external people.

What are some of the challenges that you face in the industry right now?

A major challenge we are posed with now is adapting to the current economic situation, which includes significant levels of inflation that impact clients. We are there with the clients to guide them through the hard times.

The other challenge is that of maintaining a balance between the offline and online distribution model. There is a division among clients wanting online and offline service. While some are eager to use a fully digital model, some want assistance in their banking process. So, we’re constantly striving to maintain a balance the distribution model in order to fit most types of clients.

The third challenge is related to security, and it is a significant concern in the Czech Republic. The problem we are facing is an increase in phishing attempts, where people try to lure money out of our clients and steal their identities to commit further crimes. We are actively fighting this cybercrime, working together with the state and police. However, the majority of these crimes are organized from abroad, making it hard to catch the criminals. Currently, we are focusing on improving our detection systems and security protocols to ensure that our clients are aware of what they are doing and to prevent attackers from misleading them to steal their money.

could you please tell me about some of the latest technological trends that are changing the industry right now.

One of the most significant advancements in recent years has been the introduction of AI technology. We have harnessed this technology to offer personalised digital surveys tailored to specific customers. Our digital assistant, Kate, is available to our customers at CSOB, and she is able to understand Czech language, which is a crucial factor for our success in the Czech Republic. Kate can reply to questions and assist with processes that were once completed by humans.

Our team is continuously working to digitize our processes and minimize the need for human intervention. With Kate's assistance, clients can complete transactions with ease by simply providing a voice command. This is a significant technological breakthrough that streamlines processes and increases efficiency while maintaining the security of our clients' financial information.

“Our team is continuously working to digitize our processes and minimize the need for human intervention. With Kate's assistance, clients can complete transactions with ease by simply providing a voice command”

AI technology is also transforming control procedures such as money laundering and identity verification. By leveraging AI, we can quickly and accurately identify potential risks and protect our clients' interests. We believe that AI-powered voice bots will become increasingly important in the future, enabling people in need to access support without having to wait in long call centre queues to speak with a human operator.

How can banks introduce future proofed technologies and processes to keep up with their competition and phishing threats to thrive in the today's digital first world?

Biometric technologies offered in phones like face ID, touch ID are being utilised to keep the digital financial sector secure. Every customer has a unique id, under which his picture and biometrics is stores. We can easily verify whether the person using the services is actually the person registered at the bank by verifying a real-time selfie of the client.

Every person indicates some patterns unique to him. We can determine his behaviour from the way he is holding the phone, the angle he is watching the screen. His typing speed can also be determined. A combination of this data would help us determine the authenticity of the request made at the client side.

If the system detects some anomaly, while analysing it in comparison to the historical data of the client, a further verification process is prompted. A direct call is made to the client for additional verification. This system has helped us bring down financial fraud significantly.

Our current system is at par with the currently available technology. We are actively on the look out for more technologies to make the process robust and free from phishing.

Is there any advice that you would like to give for your peers new to the industry or looking to make headways in the industry?

Maintaining client trust is my sole advice. Trust plays an essential role in the financial industry. Every financial institution must adhere to the rules and regulation regarding data security.

There is a trend going on in other industries of using the software as a service model to reduce workload and costs significantly, but it is not viable in the banking sector, as we have to maintain confidentiality with client data. Resources would be wasted in determining and maintaining the authenticity of the service.

It is always a better option to build your own client proposition. Stability and fast response should be of utmost importance, while building your services. All services should be available 24/7, and all the mistakes which may affect the clients should be communicated properly, along with information on how the mistake would be fixed.