Ilan Buganim on fintech strategy
From Interview with Ilan Buganim, CTO and CDO at Bank Leumi, Israel · · VMware
“We said that we want to be the Google and the Facebook of the financial industry.”
On , Ilan Buganim, CTO & Chief Data Officer at Bank Leumi, spoke about fintech strategy during Interview with Ilan Buganim, CTO and CDO at Bank Leumi, Israel on VMware.
About Ilan Buganim
Ilan Buganim, Chief Technology Officer and Chief Data Officer at Bank Leumi, spoke at the DLD 2019 conference about the use of data in banking. He stated that 73% of Millennials in the United States would consider consuming banking services from non-bank companies such as Amazon, Google, and Facebook, viewing them as trusted providers. Buganim also discussed the Cambridge Analytica incident, saying that Facebook exposed open APIs and that data was subsequently sold and used to manipulate elections in America, which he described as an example of the power and misuse of data. In a 2017 interview at Money 20/20, Buganim said that Bank Leumi aimed to be "the Google and the Facebook of the financial industry" with the launch of its mobile-only bank, Pepper. He described the bank's digital transformation as moving from branch-based services to mobile and internet platforms, emphasizing the need for proactive, real-time banking with less friction. Buganim noted that "data is king" and that organizations believe data will help solve problems and reduce customer friction.