David Gyori, CEO of Banking Reports from the United Kingdom participates in Risk Roundup to discuss – What Should Bankers Know About Financial Technology?
What Should Bankers Know About Financial Technology
While banks have uniquely remained important to each nation’s economy, the trust in the banking system and bankers seem 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 rebuild 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 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 great optimism regarding financial technology today. This is clearly visible through the vast amount of capital that is being deployed in financial technologies (fintech) across nations. These investments are made with the 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 reshape 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?
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 What Should Bankers Know About Financial Technology!
For more please watch the Risk Roundup Webcast or hear the 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 Risk Group
Risk Group is a leading strategic security risk research and reporting organization.
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