Banking is at the highest risk of disruption. This video gives a great summary on the impact that FinTech is having on financial services in transition to digital finance.
James Lloyd: “Finance is absolutely core to everything we’re doing, in terms of work, in socializing, in family and everything else. If there is a technical manner that you can make it cleaner, easier, cheaper, smoother.., then that’s an exciting opportunity. Because the impact you can have is huge.”
Mikaal Abdulla: “The banking industry really haven’t changed in a hundred years. It has persisted because nobody have been able to disrupt it. But I have never been more bullish in terms of change in my career. I think we are on cusp of real change. I just see the last big industry to fall is going to be the financial services.”
Emmanuelle Norchet: “More so, the banks are currently realizing that the financial services are about the get completely changed. If we look at five to ten years down the road, banks that are not doing anything will no longer exist.”
Renu Bhatia: “FinTech just generally around the world – is hot!”
Zhang Zhengfen: “Bigger room for everyone to make it bigger, to make the cake bigger.”
Aurelien Menant: “It’s moving extremely fast. Whats happening now we couldn’t have believed it, even like a year ago. That’s crazy.”
George Harrap: “I had no idea about finance before I started my bitcoin journey. I thought that this was something that can definitely change the world for the better. The tech sector moves very quickly and if the finance sector does not get on board, with this rapid pace of new innovation, they might get left behind.”
Mukesh Bubna: “Mail to email, chat to Wechat & Whatsapp, commerce, travel… – everything have been disrupted by technology. Huge amount of unbanked people – India, China, Indonesia, Philippines… Coming from a 20 years of financial services background, this is the change to jump out of the corporate world and make this happen. ”
Marcel van der Vliet: “Hong Kong is a unique city globally, where I think we can really drive a lot of innovation.”
Charles Mok: “We must make sure that we can stay ahead in the FinTech area in order to be overall competitive.”
Saeed Hassan: “It’s a really exiting area that really gets me up every morning. We see Asia having huge potential in FinTech. We also see that Hong Kong as gateway to China also offers great opportunities for future growth.”
While waiting for the launch of the full version of this video, to dive deeper in the world of digital finance and fintech, you may enjoy reading the free “Democratizing Finance; Alternative Finance Demystified” report by DealIndex.co. Also if you are looking to better understand the risks and opportunities about this disruption or looking to make the digital change in your finance business, I suggest to be in touch with Grow Advisors.