Pedro González, CEO of MoraBanc (Image: SFG)

The first MoraBanc Innovation Lab was held on 7 November at the Congress Centre in Andorra la Vella. It was attended by around 100 business people and company directors from Andorra.

Adapting to the digital environment, digital transformation and cyber security were the main issues discussed at this innovation lab.

The attendees were welcomed by Pedro González, CEO of MoraBanc, who highlighted the challenges of digital transformation for companies and the importance of adapting to the new scenario where the rules of the game for businesses have changed.

Jordi Nadal, General Director of Andorra Telecom

Gilbert Saboya, Minister of the Economy, Competitiveness and Innovation in Andorra, spoke of the crucial role innovation could play in the country and its desire to attract new digital initiatives so that it could become a hub for testing energy transition and digital projects applied to mobility and driverless vehicles. He talked about the various projects that are being carried out in the framework of a project called Compit, which is based in competitiveness, openness, the Andorra brand, innovation and cross-sector cooperation.

Xavier Gracia, a partner at Deloitte, and Samuel de Tomàs, an expert in cybercrime at the same firm, drew attention to the fact that digitisation has drastically changed the definition of security in businesses in terms of the frequency, complexity and purpose of cyberattacks. They pointed out that companies now had to put IT security media and plans of action in place against cyberattacks. In fact, many of these attacks specifically target senior management in companies to obtain confidential information and privileged access to it by taking advantage of their mobility, as well as of their personal and professional circumstances. Therefore, employees and senior management must be made aware of how to use digital medial properly.

Jordi Nadal, the General Director of Andorra Telecom, gave a presentation about the different innovations he had seen on his visit to the Massachusetts Institute of Technology (MIT) in the US. He told the attendees about future applications of technological innovation in Andorra through connectivity (from 4G to 5G), data processing and its speed, as well as cloud computing data storage.

Lluís Alsina, General Director of Business and Operations at MoraBanc, highlighted how these innovations and technological trends are affecting businesses because of the extremely significant changes in consumer habits. He said that the financial sector was not impervious to these changes and went on to explain how MoraBanc has made a firm commitment to innovation and digital transformation through the MoraBanc Digital initiative to be far more in touch with customers.

Finally, Juan Pedro Moreno, president of Accenture in Spain, Portugal, Andorra and Israel, made a speech on the idea of “digital vertigo”, the opportunities innovation gives us and new technologies to make progress, as well as on the challenges that businesses will have to face to survive in a hypercompetitive and turbulent environment, in which uncertainty must be efficiently managed. He raised the point that the key to the digital revolution were technology and disruption, society and the consumer, in addition to demographics and the generation gap.

Moreno concluded the lecture by reflecting on the power being taken by companies such as Amazon, Facebook and Google: “It’s interesting to note that all science fiction films have three things in common: firstly, that there is always a big corporation that rules over everything; secondly, that you never see anyone working; and, finally, that there is no democracy. Where are we heading?”.

Digital transformation has become a critical project at MoraBanc. MoraBanc Digital was launched as a result of this desire for change and is a clear commitment to financial innovation and to offering the best multi-channel experience in Andorran banking. Learn more about this important project through our website.