Andrea Orcel, CEO of Unicredit, discusses the challenges and transformations facing the European banking industry. Scale and the ability to invest in technology are crucial for banks to compete with FinTech companies, which are converging with legacy banks. Orcel emphasizes the need for a balance in market share to foster competition and better client service, addressing concerns about reduced competition in Switzerland post-UBS and Credit Suisse merger. He also touches on Unicredit's acquisition of a stake in Commerce Bank and a bid for Banco BPM, highlighting the importance of M&A as a strategic tool. Orcel envisions banks morphing to offer client experiences similar to platforms like Netflix, enabled by AI, which can significantly reduce costs and transform processes. He stresses the importance of reskilling employees to manage the social impact of AI-driven changes.
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