What Should Bankers Know About Financial Technology

David Gyori, CEO of Banking Reports from United Kingdom participates in Risk Roundup to discuss “What Should Bankers Know About Financial Technology”? Overview While banks have uniquely remained important to each nation’s economy, the trust in the banking system and bankers seems to have been seriously shaken over the years. There is a growing concern that the traditional form of banks, banking and bankers will not be able to re-build the lost trust on its own. So, the question is how can the industry re-build the lost trust? Perhaps through technology! It is said that banking has so far been resistant to technology disruption—until now. However, things seem to be changing as the financial technology is on its way to transforming banking and the current form of banks as we presently know. Thus, almost every type of financial activity, from banking to payments to wealth management, is being re-imagined and re-designed. There is a great optimism regarding financial technology today. This is clearly visible through vast amount of capital that is being deployed in financial technologies (fintech) across nations. These investments are made with a hope that in the coming years fintech will likely bring a fundamental transformation to banking across nations. New competitors, new technology, and new consumer expectations have begun to re-shape the banking industry. So, the question surrounding the banking industry today is not whether it will be transformed, but how it will be transformed and who will transform. As banks, banking and bankers are now racing to harness the power of financial technologies like blockchain and artificial intelligence, the question bankers need to evaluate is how can they benefit from the financial technologies, how can they go digital, and how can they avoid obsolescence? It is important to understand and evaluate: * What should bankers know about financial technology? * How are customers’ expectations changing? What impact will it have on the banking? * How do customers expect more real-time capabilities today? Does the current state of banks and banking meet the real-time capabilities? * How are non-banks defining customer expectations of a digital global age? * How is the monopoly over customer shaking the banking Industry? * As the pace of innovation in banking is accelerating rapidly, are the banks able to keep up? The question is not whether the disruptions that we are witnessing today will transform banking and capital markets, but, rather, how will they do so? Time is now to talk about financial technology! For more please watch the Risk Roundup Webcast or hear Risk Roundup Podcast About the Guest David is the CEO of Banking Reports (London), Faculty Member of The Retail Banking Academy (London), Founding Member of The World FinTech Association (Seoul), Judge of the European FinTech Awards (Amsterdam), Regular Guest Author of Finance Magnates (Tel Aviv). About the Host of Risk Roundup Jayshree Pandya (née Bhatt) is a visionary leader, who is working passionately with imagination, insight and boldness to achieve “Global Peace through Risk Management”. It is her strong belief that collaboration between and across nations: its government, industries, organizations and academia (NGIOA) will be mutually beneficial to all—for not only in the identification and understanding of critical risks facing one nation, but also for managing the interconnected and interdependent risks facing all nations. She calls on nations to build a shared sense of identity and purpose, for how the NGIOA framework is structured will determine the survival and success of nations in the digital global age. She sees the big picture, thinks strategically and works with the power of intentiona...