Banking Innovation: Journey and Insights from an Incumbent Bank

In This Episode Getting digital right can be challenging for anyone –small banks, big banks, incumbents, challengers, you name it. In this episode, Brett King meets up with Akbank’s Consumer Banking & Digital Solutions, EVP, Burcu Civelek Yuce to talk about Akbank and Akbank LAB, Akbank’s Innovation Lab. The discussion focuses on the incumbent bank ‘s digital engagement and excellence in collaborating and partnering with fintechs and big tech. Turkey is the 18th largest country in the world in terms of population size, with Akbank one of the largest banks (77 years young) in Turkey. Akbank has nimbly undergone a smoothe digital transformation with the majority of its customers now coming through digital channels — be it new customer acquisition, servicing or sales. Akbank LAB is the innovation center that coordinates Akbank’s pioneering fintech developments. Here, they study best working models and implement solutions to make the lives of Akbank’s customers easier. Fintech partnership and collaboration are key components of Akbank LAB’s success, with partners working hard to create value for their customers. Akbank is embracing AI with Banking IQ, hyper personalized information on customers, and is actively reskilling employees to lead the way forward. Listen to this engaging conversation to learn best practices relevant for all banks and financial institutions. For further information: akbanklab.com or [email protected] Read the entire transcript here. Related Content: Chapter 1: Introduction – The Evolution of Incumbent Banks (00:00) An introduction to the discussion on digital transformation in traditional banks. The host shares insights from a recent visit to Istanbul and the rapid changes observed in the Turkish banking sector. Chapter 2: Akbank’s Digital Transformation and Growth (05:15) EVP Bircu Sivilek shares key data on how Akbank has embraced digitalization, with significant growth in digital customer acquisition and engagement. The discussion covers the bank’s transformation into a digitally-led institution. Chapter 3: Fintech Collaboration and Open Innovation (12:40) How Akbank fosters partnerships with fintechs and big techs through Akbank Lab. The conversation explores how the bank accelerates innovation through strategic collaborations. Chapter 4: AI-Driven Personalization in Banking (19:20) A discussion on the role of artificial intelligence in banking, including how Akbank uses AI for hyper-personalized financial insights, enhancing the customer experience. Chapter 5: Supporting SMEs with Fintech Innovations (26:30) An exploration of how Akbank integrates fintech solutions to help small and medium enterprises (SMEs) manage their financial operations, including a successful partnership with a Spanish fintech. Chapter 6: The Agile Approach to Product Development (32:45) Comparing Akbank’s development process to digital-first banks like Nubank and Revolut. Insights into how Akbank has reduced time-to-market for new banking products. Chapter 7: Modernizing Banking Infrastructure for Agility (39:10) A deep dive into how Akbank rebuilt its technology stack from the ground up to support seamless fintech integrations and AI-powered banking services. Chapter 8: The Future of Banking – AI, Generative Tech, and Digital Strategy (45:50) How Akbank is positioning itself as a leader in AI-driven banking, with a focus on generative AI, customer experience, and further digital transformation in the next three to five years. Chapter 9: The Transformation of Branch Banking (52:30) How Akbank’s digital push has reshaped the role of physical branches, transitioning to a cash-light model with a stronger focus on customer advisory services. Chapter 10: The Global Perspective and Final Thoughts (58:10) Final reflections on Akbank’s innovation journey and how fintech partnerships will continue to shape the bank’s future. An invitation for fintechs to collaborate with Akbank Lab. Related Content: Episode 91: BlockIS Mini-Series: Focusing on AgriTech Episode 561: Demystifying Fintech: Insights on Banking’s Future Will 2025 Be A Stellar Year? Top Banking and Fintech Predictions Episode 545: Buzzword Bingo Reimagining Digital Banking: Varo Bank’s Vision for Financial Inclusion https://www.youtube.com/watch?v=3SbBhLVNvlQ