CaixaBank SA - Digital transformation strategies

CaixaBank SA - Digital transformation strategies

Summary

This report provides insight into CaixaBank's fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

CaixaBank SA (CaixaBank) is a provider of banking, asset management, insurance, and investments solutions to individuals, SMEs, and corporate customers. The bank’s portfolio of offerings comprises deposits services; credit and debit cards; and lending solutions for mortgages, auto purchase, education, real estate, personal needs, and asset and project financing. CaixaBank offers investment funds; pension plans; life and non-life insurance; and investment in equities, bonds, derivatives, and mutual funds.

In June 2019, CaixaBank launched the Zone2boost innovation program in partnership with Global Payments and Ingenico. Wayra Plug and Play, and Visa are the other partners for the program, which helps identify innovative startups across various fintech sectors and provides them with resources, funding, and expertise that helps them create new products and services and scale their business.

In April 2019, CaixaBank launched its Pamplona Cashless City initiative, which aims to boost digital payments for local commerce. Under this initiative, CaixaBank promotes the use of digital payment methods (mobile phones, cards, and wearables) and offers its customers discounts for future purchases. Users can also use the CaixaBank Pay app, through which they can save all their cards and manage them efficiently.

Scope

CaixaBank is exploring the use of advanced technologies such as blockchain, artificial intelligence, big data, and robotics to increase its operational flexibility and efficiency. Its technology initiatives include leveraging blockchain technology to simplify trade transactions; establishing big data infrastructure; and implementing an open banking business model to offer innovative solutions.

CaixaBank protects the information of the company, customers, and employees by using cybersecurity technologies. The bank has undertaken several control and prevention initiatives to defend against cyberattacks and protect data, processes, and systems.

CaixaBank is tapping into the power of big data, cognitive computing, and analytics. It leverages AI-powered chatbots to provide virtual assistance. Meanwhile, the CaixaBank Business Intelligence unit applies data analytics, ML, and AI techniques to its vast data pool. The unit aims to centralize all customer interactions via digital channels and offer personalized services.

CaixaBank continues to focus on improving flexibility, scalability, and efficiency of its IT infrastructure, to improve cost efficiency, diversify outsourcing, reduce time-to-market, increase timing of versions, and become more resilient. CaixaBank constantly invests in technology as a part of its digital strategy, to meet customer demands and adapt to changing business needs.

Reasons to Buy

• Gain insights into CaixaBank' tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, and partnership strategies.