The Czech Republic is a leader when it comes to digital banking services, and new opportunities are open for all of us. In Trask, we have decided to expand to foreign markets, because we are now ready to bring cutting-edge Czech solutions to other countries. Promoting Czech banks‘ local solutions at the level of group headquarters and importing interesting innovative trends from abroad to the Czech Republic is another goal.
The Czech Republic runs at the forefront of corporate digitalization, and of digital banking in particular, as is proven by Gartner research report and by GlobalSkill Index. According to a McKenzie study, the Czech Republic boasts the highest share of science and technology graduates (per inhabitant) in Europe. The same study shows that we outperform other European countries in e-commerce and contactless payments. Even though an insider may think otherwise, Czech banks are very open and innovative and they stand at top positions of technological development across Europe. Having some insight into banking groups’ systems, we cannot but support this view. Česká spořitelna, for instance, sets the course for open banking throughout Erste Group, while Raiffeisenbank’s Czech branches and Tatrabanka are pushing ahead digitalization in Raiffeisenbank Group.
The time has come to take up the competitive advantage and to expand. Opportunities are open for Czech banks and financial institutions, and for other Czech companies. We in Trask are ready to stand up to the challenge and to make the very best of it. In 2018, we set up an ambitious Vision 2021 and expanding abroad is one of its strategic pillars. Thanks to Czech banks, Škoda Auto and others, we possess unique technologies and we have a head start over foreign competitors in many fields. Our finest technologies and business solutions are now newly available in neighbouring countries. This year, we have established branches in Germany and Austria. Adding Slovakia and the Czech Republic, our presence now covers four countries.
European market as a goal and source of inspiration
We find that, given the ownership structure of large Czech companies (banks in particular), it is not a good idea to keep one’s business constrained to the Czech Republic when it is mature enough to expand to the European market. The same message was voiced at the Trask Future Insight Conference by Luděk Niedermayer, member of the European Parliament and ex-vice governor of the Czech National Bank: “Relevant market is not the Czech Republic. It is the European market, in the least.” We believe that our presence in more than one country will make us even better a partner for our current and future clients, because at European level, we will be able to promote our solutions in the field of group standards and group architectures more effectively.
Still, it must be admitted that the Czech Republic is not always ahead of others. This is why we are set to bring experience from abroad to the Czech environment. Knowledge sharing has been built into Trask’s DNA since its very establishment and we are prepared to share knowledge in the future. We are always here to provide our clients with innovative solutions and cutting-edge technologies and to connect them with interesting partners and startups from other countries. We will continue sharing knowledge at conferences, in articles and through informative websites, such as our project apiportal.cz – a portal dedicated to the state of Czech banking APIs.
Opportunities for growth
Speaking about technologies that support growth and geographic expansion, we believe that business digitalization offers the greatest opportunities, namely in sales and back-office digitalization and automation, new technologies for optimization, integration and connecting ecosystems, agility and migration to cloud services – and those are exactly the technologies for European banks to build their growth on. Digital distribution of products knows no borders – financial products and services can now be provided across many countries, while process automation is easily scalable and human workforce is no longer a constraint when it comes to number of customers served. With migration to cloud, you will not be limited by the size and permeability of your data centre anymore and migration also solves latency problems, e.g. when selling European products to China. Integration enhances sales through foreign partners. As Darwin said: “In the long history of humankind those who learned to improvise and collaborate most effectively have prevailed.” And it is digitalization that makes the creation of business ecosystems extremely easy and fast and that enhances collaboration, for instance between large banks and fintechs.
Technologies are only part of the story – innovation, development and expansion has always been and will continue to be driven by people. We in Trask rely on people to build our success, to deliver quality and absolute reliability. The company we have created is widely renowned for its expertise and reliable delivery. People are proud to work with Trask and our clients see us as a perfect innovator, a company that always delivers on its promises. We want our people to love working for Trask and we always go the extra mile to achieve that – from innovative prize-winning offices, through the family atmosphere so typical of Trask, through knowledge interconnection and working on interesting innovative topics, though the opportunity to grow and gain experience abroad. As a partner to companies at European level, we are set to keep up this trend, because we perceive it as a tool that helps us maximize the benefits of new technologies for your successful business. And your success is our success.