The great banking split: ecosystem vs simplicity in the age of AI

Interview series ‘CEO Perspectives in Banking’ – part 1: digital and AI

By Bjorn Cumps

Professor of Financial Services Innovation

08 May 2025

Digital banking is at a crossroads. Some banks are racing to build strong ecosystems, weaving financial services into every corner of daily life. Others are stripping banking down to its core, betting that true convenience means fewer clicks, not more features. As AI reshapes the industry, the battle between all-in-one ecosystems and streamlined simplicity is heating up. Will the future of convenience banking be a digital ecosystem of services or a frictionless, no-nonsense experience? Or is there room for both in today’s banking landscape?

Johan Thijs, CEO of KBC Group, has been a pioneer in leveraging technology to create what he today describes as “intent-based banking”, an approach that shifts the focus from selling products to anticipating customer needs. Thijs envisions a future where KBC acts as a “life companion”, seamlessly integrating into customers’ daily lives through third-party services. This is streamlined by Kate, KBC’s AI-powered assistant, which not only automates routine tasks but also proactively suggests solutions tailored to individual needs. For instance, Kate might proactively recommend energy-efficient home renovations based on data insights. Thijs emphasises that this level of pro-activeness and personalisation requires moving beyond product-centric thinking to understanding customer intentions – a cultural shift he acknowledges is challenging for any organisation steeped in traditional banking practices.

We need to embed ourselves into customers’ thought processes, sometimes even before they realise what they need.

Johan Thijs

CEO of KBC Group

This reflects KBC's shift from product-thinking to intent-thinking, exemplified by its AI assistant Kate, which anticipates customer needs and integrates seamlessly into their lives.

Similarly, Marc Raisière, CEO at Belfius, has long embraced the concept of ecosystem banking but with a distinct emphasis on partnerships and integration. Under his leadership, Belfius has transformed its mobile app into a hub that extends beyond financial services. Customers can use the app to pay for parking, buy bus tickets, or even arrange domestic services through platforms like Jaimy. Raisière believes that such offerings enhance customer stickiness by embedding the bank into everyday life. Like Thijs, he sees AI as central to this strategy, with plans to launch an AI-powered personal assistant to further deepen customer engagement. Raisière believes in partnerships and works with the French AI-driven health insurance, Alan, and with Mistral AI.

Michael Anseeuw, CEO of BNP Paribas Fortis, offers an alternative perspective on ecosystem banking. He describes the bank’s digital transformation journey as a “digital pyramid” consisting of three phases: digitising existing services, reinventing them through digital tools, and creating entirely new products driven by data and AI. For example, BNP Paribas Fortis has introduced budget analysis tools that leverage data-driven insights to reshape how customers manage their finances. While Anseeuw acknowledges the potential of beyond-banking initiatives like their own Optimile – a charging-as-a-service platform for electric vehicles – he stresses that these ventures must align with core banking functions and deliver financial value rather than serve as mere marketing tactics. “We look at beyond banking from a financial perspective rather than a marketing perspective.” This disciplined approach ensures that new ventures enhance rather than dilute the bank’s focus.

The idea of ‘banking made simple’ for me is more an aspirational idea because the reality is that today, not a single bank is truly simple.

Peter Adams

CEO of ING Belgium

Adams underscores ING Belgium’s focus on simplifying core banking services while selectively exploring adjacent opportunities.

While KBC and Belfius push the boundaries of ecosystem banking, other institutions adopt a different approach. ING Belgium’s CEO, Peter Adams, is sceptical about the feasibility of large-scale ecosystems in Europe, citing the lack of successful examples compared to Asia or the US. Instead, ING focuses on simplifying core banking interactions through digital transformation. Adams highlights initiatives like hyper-personalised user experiences and streamlined onboarding processes as ways to enhance convenience without overcomplicating the customer journey. Similarly, Argenta’s Peter Devlies argues that true convenience lies in simplicity. He rejects the idea of embedding non-core services into Argenta’s app, focusing instead on making essential financial interactions as straightforward as possible. Rabobank’s Stefaan Decraene also warns against just adding more features, as it leads to more data usage and more costly infrastructure. He stresses it’s important to carefully evaluate what is truly necessary for the customer.

Banks should focus on simplifying essential financial interactions rather than adding unnecessary features.

Peter Devlies

CEO of Argenta

Devlies advocates for a minimalist approach that prioritises clarity and accessibility over diversification into non-core services.

The role of AI also showcases differing philosophies across these institutions. For KBC, AI is deeply embedded into its operations through Kate, which not only assists customers but also supports employees by redesigning workflows and providing data-driven insights. Thijs also refers to this as “lazy automation”, where repetitive tasks are streamlined so staff can focus on higher-value activities. Belfius similarly leverages AI for both customer-facing and internal processes but places additional emphasis on addressing workforce challenges. With over 1,000 employees set to retire in the coming years, Raisière sees AI as essential for maintaining operational efficiency in a tight labour market. Anseeuw at BNP Paribas Fortis takes a pragmatic yet forward-looking view of AI’s potential. The bank has developed Yara, an AI assistant used internally by thousands of employees for tasks like document management and workflow optimisation. Anseeuw describes himself as a “techno-optimist” who sees generative AI as truly transformative.

Other players like BankB (former CKV) and Bank Van Breda take a more measured approach. Inge Ampe of BankB views AI primarily as a tool for optimising internal processes rather than revolutionising customer interactions. Dirk Wouters at Bank Van Breda adopts an “optichannel” strategy that prioritises human interaction while allowing customers to choose between digital and face-to-face services. Both CEOs emphasise that technology should complement rather than replace personal relationships, a sentiment strongly shared by Leen Van den Neste of vdk bank.

Despite these differences, there is consensus on certain principles underpinning modern banking strategies. Customer-centricity remains paramount across institutions, whether through hyper-personalisation (as seen at ING Belgium) or optichannel approaches (as championed by Bank Van Breda). Similarly, all CEOs recognise the transformative potential of AI but stress its role as an enabler rather than an end goal. For example, Peter Adams highlights ING’s use of propensity-to-buy models to predict customer needs well before they arise, a capability that aligns with KBC’s intent-based philosophy.

We need to ask ourselves: are we adding features that genuinely add value or just ones that look good?

Philippe Voisin

CEO of Crelan

Voisin critiques superficial additions to banking apps and stresses developing tools that address sector-specific needs like sustainable farming investments.

Financial inclusion is another shared priority among leaders like Leen Van den Neste at vdk bank and Philippe Voisin at Crelan. Both emphasise the importance of bridging digital divides through education and accessible services rather than diversifying into unrelated ecosystems. Voisin critiques features like ticket sales or soccer results in banking apps as superficial marketing tactics that do little to enhance customer value, a stark contrast to the ecosystem-driven strategies of KBC and Belfius.

Operational efficiency also emerges as a critical focus area across institutions. Stefaan Decraene at Rabobank advocates for shared infrastructure in areas like payments and anti-money laundering to reduce costs while improving service quality, a collaborative approach that could benefit the entire industry. This perspective aligns with BankB’s emphasis on streamlining internal processes rather than expanding customer-facing features.

As the industry stands at this crossroads, the future of convenience banking will not be defined by a single approach but by the ability to adapt, innovate, and put customers at the heart of digital transformation. AI is no longer just an efficiency tool – it is the intelligence that will determine which banks thrive. Some will leverage AI to build expansive ecosystems that anticipate customer needs before they arise, seamlessly integrating financial services into daily life. Others will harness AI to refine simplicity, using hyper-personalisation and predictive analytics to remove friction and enhance trust. The common thread is clear: technology is not the endgame – it is the enabler of deeper relationships, smarter decision-making, and financial well-being. The leaders who succeed will be those who strike the right balance between digital intelligence and human connection, shaping a banking future that is not just more efficient but fundamentally more valuable to the people it serves.

This article stems from a unique interview series by Bjorn Cumps, Professor of Financial Services Innovation and FinTech at Vlerick Business School. He interviewed ten leading banking CEOs to explore what it really means to be at the helm of a bank in today’s fast-evolving world. From navigating digital transformation and embracing AI, to leading with purpose and driving sustainability, each conversation brings fresh perspectives on the responsibilities and challenges of modern banking leadership. Ten CEOs, ten unique views, and a shared belief that banking is about far more than interest rates. It’s about people, purpose, and progress.