More than ever, the digital transformation of financial services and of distribution models occupies a strategic place for the banking sector. A change that started slowly with developments in online banking, seamless transactions and IT infrastructure with more and more functionalities, the trend has clearly accelerated during the Covid-19 pandemic. For the first time, banks introduced large-scale working from home for their employees, and quickly adapted to serve their customers remotely. The short term is now giving way to the medium and long term, with an in-depth digital transformation. To support ABBL’s members in achieving their digital goals, the ABBL has ramped up its Innovation, Digital Banking & Payments Unit with new team members bringing additional knowledge and expertise.
The team takes care of everything digital, including payments, digital banking, innovation and FinTech, which serve to keep Members from all business lines of the banking sector up to date and digital ready.
A European payments landscape
Our Payments Cluster is a platform for its members to discuss payments services and instruments, to share their experience of the evolution of this highly dynamic market and to exchange on critical policy issues underlying growth, innovation and competition. It lays the foundations for a unique collaboration between banks, payment institutions, electronic money institutions, support PFS, payment infrastructure providers, firms of lawyers and consultants, reflecting the diversity of the ecosystem in Luxembourg which makes its strength.
Tackling the technical and regulatory aspects
Digital Euro, DORA, MiCA, Cloud, DLT, Cyber security, Data … Technical projects and new regulations are at the heart of digital transformation. In order to offer Members a platform to work together on strategic and technical subjects, and to exchange views with all stakeholders, the ABBL has created the Digital Strategy Committee. It is composed of senior representatives of 40 ABBL Members, from financial institutions, consulting firms, PFS, payments institutions, and law firms. Banque Centrale du Luxembourg and Commission de Surveillance du Secteur Financier are invited to the DSC as observers.
Along with regulatory and technical work, digital trends and developments are now a core business of the banking sector. To keep abreast of developments, the ABBL has launched a FinTech & Innovation Forum (FIF). The FIF promotes collaboration between banks and FinTechs, to support innovation in the financial sector.
A team dedicated to Innovation, Digital Banking & Payments
With Digital Banking such an important part of our landscape, the ABBL has reinforced its team: