Participation in the Bank Management Symposium
The Bank Management Symposium at Schloss Wilhelminenberg in Vienna last week from 27-29 March 2023 was an important meeting place for banking experts and managers to exchange views on the latest developments and challenges in the financial sector. Various presentations were given by professionals in the industry and also many topics were discussed. As in previous years, the event was chaired by Mr. Wolfgang Ronzal and Prof. Dr. Anton Schmoll, who also summarized the contributions very aptly.
At the corporate and private customer congress, the importance of sustainable business models and the implementation strategies for sustainability were discussed in particular. Examples from the banking world were used to show that banks with a sustainable focus are more competitive and can build better relationships with their customers.
The importance of new technologies such as AI, digitalization and automation in marketing and banking was also highlighted at the congress. Here, innovative solutions were presented that can help to reach customers even better and improve customer relationships. Trends such as gamification, augmented and virtual reality are also topics in this industry. In our view, the strategically thinking and acting banks were pushed to such innovations by the low interest rate situation. Also, marketing showed rather untypical approaches for the industry, which can make the difference in the market. Furthermore, VKB presented a complete brand relaunch, which stands out very positively from the typical “banking world” and attracted a lot of attention.
The role of the corporate customer advisor as relationship manager was also discussed, as a good customer relationship is of central importance in the banking business. The participants at the congress emphasized the need for bank employees to have in-depth expertise and strong soft skills in order to build and maintain a trusting relationship with their customers. In this context, it was interesting to note that the large banks are closing branches and the smaller ones, on the other hand, are seeking customer proximity through sophisticated branch openings. Furthermore, one provider presented the solution via so-called “advice boxes”, which are to be set up throughout the country and could be used to provide advice in a variety of ways. Not only for the banking business, but also other topics such as contact with energy suppliers or public offices.
Other topics discussed at the congress included pricing in times of the interest rate turnaround and the shortage of skilled workers in the banking industry. Participants emphasized the importance of creative solutions and investments in employee training and development to meet these challenges. Wanner is also known to provide good consulting services in these areas and is also a reliable companion in employee recruitment and process optimization.
Overall, the Bank Management Symposium in Vienna was an important venue for the exchange of knowledge and experience in the banking industry. The discussions and presentations at the congress showed that banks face major challenges, but also have many opportunities to improve their customer relationships and implement sustainable business models.