varo bankus bank customer servicecreditone bank citibank near me regions bank near mefintech companies ark fintech innovation etfcentral bank go2bank chime bank high yield savings accountzelle app financial institutions group investment institutions international financial corporation
Let me start by asking all of you question who in the room enjoys their banking experience says a lot we’ll have good news the good news is for we are currently going through one of the biggest transformations in financial history the fintech revolution and it’s going to transform banking as we know it what I
want to share with you all today is how this fintech revolution will have winners and losers that it may have a significant impact on a financial center like Hong Kong but that those who will be the most significantly impacted by this FinTech revolution are going to be those who work in the financial industrythe bankers of the future will be very different from the bankers today with very different personalities backgrounds and skill sets but first what is fintech.FinTech short for financial technology is the innovative use of technology in the design and delivery of financial services and it’s transforming the banking world as we know it things from artificial intelligence peer-to-peer lending big data block chain crowd funding digital payments and Robot advisors just to name a few but why is this fin tech revolution happening no historically as technology evolved the banking industry was reasonably good integrating those new technologies in order to better serve customers like yourselves but all of that changed during the financial crisis of 2008during the financial crisis banks were busy dealing with the numerous new rules regulatory requirements and fines imposed on them punishments day many cases deserve but innovation became a very very distant priority but at the same time some of the most game-changing technological innovations they have transformed the way we live have become part of our everyday life think about the iPhone Airbnb Uber WhatsApp or WeChat for example and what happened was that gap was created between what your banks were offering you and what you as a customer came to expect especially from a user experience and convenience perspective and that gap is what the fintech industry is tackling right now butthat gap was so big that even nontraditional banking players decided tojump in and capture this opportunity mainly technology firms for example did varo bank, us bank customer service, creditone bank citibank near me regions bank near me fintech companies, ark fintech innovation etf central bank go2bank chime bank high yield savings account zelle app financial institutions group investment institutions international financial corporationyou know that Facebook has currently around 50 different regulatory licensesin the US alone licenses that would allow Facebook users to transfer moneyby the messenger app Amazon recently experimented with offering student loansoff its platform Ali Baba’s finance alarm and financial launched a money market fund that has become the third biggest money market fund in the worlddislodging incumbents who have been doing this for decades that fund hasmore than hundred fifty million single investors who have an average investedless than one thousand US dollars each for many of themtheir first investment ever $0.10messaging app WeChat has become one ofthe most common tools to transfer money last Chinese near they processed more than 8 billion red envelope transactions the same WeChat app by the way not onlyallows you to buy insurance products orinvest in funds directly from your smartphone but also book your nextdoctor appointment order a taxi donate to charity and even find a date withoutever leaving the app the financial platforms of the future are not going tobe your traditional banks but the technology firms my 6 month old baby varo bank, us bank customer service, creditone bank citibank near me regions bank near me fintech companies, ark fintech innovation etf central bank go2bank chime bank high yield savings account zelle app financial institutions group investment institutions international financial corporationdaughter is probably going to open her first bank account not with an HSBC or aJP Morgan but rather with a Facebook or Apple and these traditional bankobviously worried about these technology peer-to-peer lending platforms now offerused to be previously available mainly banks did not exist we should have to invent something similar because banking real banking originated banking this is all thing something we all need you will need that banks are at the heart of the economy we just take money from shareholders but mainly money from depositors and we lend it to other people banking is about connecting people and we do it readily because we have to preserve those depositors money so we just take money that you know you maybe do not need in your day to day activities and we lend it to the furniture manufacturer the people the person the person that needs to buy you know a new house the farmer they need to buy more clothes this is indeed great this is connecting depositors with people that are in need of money so that’s actually fine and that’s what we call finance in the real economy the big question is do you think that all banks always finance the real economy not always I see the answer in your faces and your smiles let me give you an example yeah you’ve probably heard about those banks that were described a few years ago as too big to fail right well as an average those banks only invest 40% of all the money they manage in loans to the real economy so I’m sure that you have the same questions I have it’s what is the remaining 60% going perhaps to the casino of the financialeconomy but 60% does not tell you so much let me go deeper into this example you know some of those banks I mentioned earlier are quite huge and in some cases they managed money for four amounts that are as big as 1 trillion euros 1 followed by 12 zeros do you really capture this amount well that’s for your information the size of the Spanish economy measure in terms of gross domestic product is slightly over 1 trillion euros so some of those banks are even as high as the Spanish economy so let’s do something easy let’s say 60% ok now let’s apply it to this amount and it gets 600 billion years 6 followed by 11 zeros a huge amount of money isn’t it money that’s perhaps and only perhaps should be invested in a different work in a different way but anyway I’m not here to tell you what has made of those big banks a systemic problem for the economy I am here today to tell you that there is hold that there is an alternative way of banking that there is a different way ofdoing things imagine that we have banks but only invest in the real economy banks that avoid the speculation and trading to focus on those projects and companies that are environmentally friendly companies that do not provoke inequalities imagine just for a second close your eyes imagine for a second yes for a second but all banks in the world lend money and the doors criteria wow that would be real systemic change andyeah those banks would definitely regenerate the economy but my dear friends this is not a dream those bonds already exist ones that can regenerate the economy or as we like to call them values-based banks this is quite a huge family event close to 50 systemic change makers all across the six continents banks that serve more than 14 million clients touching the lives of 400million people powered by fifty thousand co-workers you may say oh yeah but those banks I’m sure they are not so strong as others wrong again varo bank, us bank customer service, creditone bank citibank near me regions bank near me fintech companies, ark fintech innovation etf central bank go2bank chime bank high yield savings account zelle app financial institutions group investment institutions international financial corporation
- international financial corporation
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varo bank, us bank customer service, creditone bank citibank near me regions bank near me fintech companies, ark fintech innovation etf central bank go2bank chime bank high yield savings account zelle app financial institutions group investment institutions international financial corporation.
want to share with you all today is how this fintech revolution will havewinners and losers that it may have a significant impact on a financial centerlike Hong Kong but that those who will be the most significantly impacted by this FinTech revolution are going to be those who work in the financial industrythe bankers of the future will be very different from the bankers today.
with very different personalities backgrounds and skill sets but first what is fintech.FinTech short for financial technologyis the innovative use of technology in the design and delivery of financialservices and it’s transforming the banking world as we know it things fromartificial intelligence peer-to-peer lending big data block chaincrowdfunding digital payments and Robot advisors just to name a few but why isthis fin tech revolution happening nowhistorically as technology evolved the banking industry was reasonably good Iintegrating those new technologies in order to better serve customers likeyourselves but all of that changed during the financial crisis of 2008during the financial crisis banks were busy dealing with the numerous new rulesregulatory requirements and fines imposed on them punishments day manycases deserve but innovation became a very very distant priority but at thesame time some of the most game-changing technological innovations they havetransformed the way we live have become part of our everyday life think aboutthe iPhone Airbnb Uber WhatsApp or WeChat for example and what happened was that gap was created between what your banks were offering you and what you as acustomer came to expect especially from a user experience and convenienceperspective and that gap is what the fintech industry is tackling right now butthat gap was so big that even nontraditional banking players decided tojump in and capture this opportunity mainly technology firms for example did varo bank, us bank customer service, creditone bank citibank near me regions bank near me fintech companies, ark fintech innovation etf central bank go2bank chime bank high yield savings account zelle app financial institutions group investment institutions international financial corporationyou know that Facebook has currently around 50 different regulatory licensesin the US alone licenses that would allow Facebook users to transfer moneyby the messenger app Amazon recently experimented with offering student loansoff its platform Ali Baba’s finance alarm and financial launched a money market fund that has become the third biggest money market fund in the worlddislodging incumbents who have been doing this for decades that fund hasmore than hundred fifty million single investors who have an average investedless than one thousand US dollars each for many of themtheir first investment ever $0.10messaging app WeChat has become one ofthe most common tools to transfer money last Chinese near they processed more than 8 billion red envelope transactions the same WeChat app by the way not onlyallows you to buy insurance products orinvest in funds directly from your smartphone but also book your nextdoctor appointment order a taxi donate to charity and even find a date withoutever leaving the app the financial platforms of the future are not going tobe your traditional banks but the technology firms my 6 month old baby