The Digital Transformation Of Finance And What Banks Should Do About It

Scan – we have been honoured to have, at our Innotribe events and in general as part of the tribe, some of the most influential people in technology and financial services to ignite the collective thinking.  Innotribe is the place where it has possible to hear, sense and grasp the deep technological changes going on – changes as big as the printing press or the steam machine.

Co-create – the tribe has been generous enough to engage, actively and passionately, in co-creating ideas about what to do about these changes, for financial institutions and SWIFT. Creating opportunities for future products and services.

Do – many of the tribe have actively engaged in incubation projects to actually experiment and try the ideas. Some of them are already behind us, successful and not, and some major challenges are ahead.

I have been privileged to be exposed to all of this, and over time I have built my  interpretation of the journey so far and a possible vision of the future it inspires. I updated it recently based on the Innotribe@Belfast content, and I thought I’d share the latest version.

In a nutshell –

– There are observable symptoms of a major transformation of finance.

– These symptoms are manifestations of a deep technological change happening right now – the digitization of everything: from pictures (jpegs), music (mp3) to our digital personas and ultimately the economy itself.

– This transformation is a  major opportunity for banks to provide new products and services to the hyper-connected generation coming to the market as employees and consumers.

I call it the “essence” of Innotribe – a presentation that sums three and a half years of Innotribe from the perspective of the financial industry and describes a possible future. It is in the form of a prezi and you can watch online here.

 

Here are many of the key igniters and contributors of this vision  –

– Peter Hinssen, and his idea of the New Normal, that we are halfway through the digital revolution. He also inspired the whole Cloud computing discussion and the subsequent incubator projects that may result in a financial app store.

– Doc Searls, the open source guru, the wisdom voice of Silicon Valley, and his vendor relationship management idea and inspiration that the Digital Asset Grid (DAG) is something SWIFT and Innotribe should pursue.