Disruption: What will be the ultimate game-changer in finance?
In recent years, "disruption" has always been on the tip of everyone’s tongue at FundForum International. But what do speakers at this year's event think will be the ultimate disruptors of the finance industry?
Machine Learning and AI
“Machine learning scares me – its potential is endless! In China we have a saying: when the direction of the wind changes, some build walls and some build windmills. I’ve been spending time thinking about what windmills are in the context of the financial industry – a few ideas, but nothing close to fruition!” Wei Li, Head of EMEA Investment Strategy, iShares by BlackRock
“Artificial intelligence will replace most of the tasks currently done by people, and in my view this will significantly de-financialise the finance industry. The positive aspect is that economies will be far better managed in the future.” Mike Halsall, UK Ambassador, Singularity University
"Machine intelligence even in its palest manifestation will be a game changer for humanity, not just financial services." Samantha Ghiotti, Partner, Anthemis
FinTech
"In a period of robotisation of entire industrial processes, asset managers need to ask themselves what they can provide their clients that a robot, social media platform or algorithm cannot. It is vital that asset managers invest in technology. They will have to become technological companies.” Fiona Frick, CEO, Unigestion
"I believe the most important game-changer when it comes to understanding where this disruption will fit into people’s lives is already here: the smartphone. It’s the basis of everything that is changing people’s relationship with finance on a day-to-day basis around the world. It’s a device that means you don’t even need a conventional bank account to conduct most of your business, and that brings with it wholly new possibilities of customisation, user experience and integration. People live so much of their lives through mobile devices – trying to understand the lives of tomorrow means looking very closely indeed at what they are doing today, and why.” Tom Chatfield, Writer, Commentator and TEDGlobal Speaker
"The ultimate game-changer for the finance industry will be technology evolution. And the game will be to anticipate it in our business decisions. The finance industry has to think on how to build its future, having the ultimate game-changer as an ally." Valter Trevisani, Group Head of Insurance and Reinsurance, Generali
"The real winners will be B2B products that are designed for banks and not in competition to them since, within the finance industry, FinTechs currently force banks to disrupt themselves." Susanne Krehl, CCO, Cash Payment Solutions
Non-technological factors
“The regeneration of trust. It's not as sexy as "disruption", but people still remember when it all went horribly wrong for the financial services sector. Moving on from that takes time, but it's critical to improving the participation rate of our customers.” Romi Savova, Founder and CEO, PensionBee
"The ultimate game-changer will be the shift of wealth and purchasing power from Western hands to Eastern hands and inter-generationally from older pockets to younger.” Brian Byrne, CEO of Aviador Group
"The same as every other industry, we will move through all the changes in process, regulations, equipment, technology and in the end find it is still about how we relate to each other as humans when we adopt these innovations. Learning the skills and practice of collaborative working." Trudi Taylor, CEO, Taylor Farrington
"Jobs. Finance seems to be moving from inter-firm competition to a realisation that finance ought to be one of the most automated sectors. This realisation creates a great tension between entrenched practices and innovation, between increased productivity and self-interest." Michael Mainelli, Executive Chairman, Z/YEN
Find out more about how the finance industry is being transformed and disrupted from these speakers and many others at FundForum International 2016 in Berlin, 6 - 8 June.