Real feedback, what people learned and thought.
On November 18 The Banking 50 organised the biggest and best banking event in Amsterdam, the Amsterdam Banking Forum. Our guests are most important for us, their impressions and experiences, so we start a line of releases of our Forum with participant feedback. We think for many of you it will be interesting to read, and you will know what to expect from The Banking 50, when you join us.
Koen Adolfs, Lead Product Owner, Open Banking & Enterprise Integration Technology at ABN AMRO Bank
“My takes on the conversation? Banking is here to stay, but in an #embedded way. Embedded finance will replace parts of traditional banking channels, and we should not underestimate the pace. Risks are high if you’re not fast enough, and don’t understand where it’s moving.
Chinese banks already have experienced the impact of this with WeChat and Alipay. With the ever shifting global powers, these types of companies are coming our way. Furthermore, #future#channels (i.e. smart glasses), and #autonomous#programmable#markets/#money don’t use apps, and therefore require new capabilities.
Banking and finance needs to be contextualized and embedded to unlock value and remove ecosystem friction. It is all about ‘#platforms’, ’#bundling’, and ‘#integration’. Whether your company can grasp the opportunities and will survive; all depends on your #ecosystem strategy, #partnerships, #cloud architecture, #data way of working, and #APIcapabilities.
In other words, the financial industry needs to gear up. After Internet first, mobile first, banks now need to move #APIfirst. Let’s get on this journey together.”
Link to original publication: https://www.linkedin.com/feed/update/urn:li:activity:7000128298743660544/
Katya Mitskevich, Principal, Digital practice, Oliver Wyman
#digital #banking #ai #futurism
My dream book club finally happened at the #amsterdambankingforum by The Banking 50 with Brett King, the author of the Banking X.0 series.
What I loved about the speech is that it painted a cohesive picture of the future. Below is a short summary. Interesting to hear, where you disagree or see contradictions.
Data, replacing commodities as the key prosperity driver, draws a line between smart and dumb. China invests heavily in human capital: education, medicine, science (8 PhDs in China per 1 in the US). When China launches its automated programmable currency, everyone will trade in it with them. US dollar will be gradually out as the main mean of payment. China is going to overtake the US already in 2030’s as the biggest economy. Demography won’t do it any good but China just has to develop comparatively quicker than the States.
Asteroid mining [never heard of it outside of a sci-fi movie] will make all Earth commodity markets obsolete. One asteroid contains commodities worth 100 annual GDPs. Elon Mask has decreased the cost of 1 kg delivery by 98% to a little over 2000$. When there is a Moon base, it will go down to 100$, and the mining will become economically viable.
Gene therapy, 3D printing of body parts is already available today but will become widespread. Healthcare data centralisation will provide for illnesses prevention and early identification. For richer people longevity treatment will be available.
AI revolution will result in a technological unemployment and introduction of a universal basic income. Never before has there been a revolution which spanned all industries at the same time. Today digital companies already generate x10/x20 more revenue per employee than traditional industries, so in a much more digital economy employment won’t be driven by production cycles.
Climate change and consecutive food shortage will result in 300m- 1600m climate refuges adding further social unrest to technological unemployment. [Wonder what will happen with local societies].
Digital will move from apps to smart contextual services in AR with voice interfaces. Apple will launch its glasses already in 2023. In metaverse no cards or cash are available- only digital wallets. In China digital wallets have already overtaken cards. Digital identity absence impedes metaverse right now, but when it appears, multiple AR/VR cases will be realised. AR will give you shopping advice and financing offer on the spot. There will be financial services in the future but no banks as we know them as metaverse will provide for multiple autonomous programmable markets powered by a variety of programmable digital currencies- CBDCs, cryptos with various functions. Losing its role in money management will further hinder their position. However, personal advice in complex financial situation will stay there. But will the banks be the ones who provide it?
Katya’s comments on our forum page: “Thanks a lot for organising! This was the best event I’ve attended in Europe in terms of interesting talks, interesting questions to experts and networking opportunities. Keep it up!”
Partner Review – Monocle Solutions
It was a great privilege to be the Gold Partner of the The Banking 50’s Banking Forum in Amsterdam. The event brought together many of the leading minds in the European Banking sector, including keynote speakers David Gyori, a Top 10 Global Thought Leader in FinTech, and Brett King, a best-selling author and Fintech Hall of Fame recipient. Our very own Jaco van Buren-Schele – Group CFO – also featured on the list of speakers, where he discussed the importance of partnerships in successfully navigating the future of banking and how Monocle’s on and off-shore consulting model can help banks in the Netherlands meet their skills objectives.
