Evolution or Revolution: How Is Technology Changing the Global Financial Sector?

Evolution or Revolution: How Is Technology Changing the Global Financial Sector?

2 June, 10:15–11:30

Cloud computing, bots, and advanced analytics are just a few of the new technologies that, in the medium term, will lead to a revision of the cost and performance parameters of labour-intensive processes in the financial services sector. The current business models for the sector are being transformed – in some areas, technology is already replacing conventional business with a so-called platform-based model. What additional benefits do these technologies offer? What is the potential for their development, and what additional investments are required to implement them?










Broadcast

Key moments

Companies need to switch from being problem-solvers to becoming solution-seekers.
Elizabeth Altman
Assistant Professor of Strategic Management, University of Massachusetts Lowell
We are always influenced by three factors: the needs of customers, regulatory authorities, and stock holders. Neither of the them agree with each other, so it’s very important for us to maintain balance between what we change and what remains stable.
Olga Dergunova
Chairman of the Management Board, VTB Bank
I believe that blockchain technology is the way to go.
Sergey Solonin
General Director, FINTECH Association
We live in really interesting time now when such implementations as Internet of things, e-commerce and other innovations make us rethink of how financial services should be provided.
Sean Foley
Worldwide Financial Services Chief Technical Officer, Microsoft
When we are talking about the opportunitites of technological innovations, we don’t focus much on robotisation and automatisation. We have one of world’s largest cloud call centre. Our interests lie with artificial intelligence.
Oliver Hughes
Chairman of the Management Board, Tinkoff Bank
Using text mining, we can highlight the strategies most valuable for our business, and implement them.
Oliver Hughes
Chairman of the Management Board, Tinkoff Bank
An example of direct use of machine learning in our business is Big Data.
Oliver Hughes
Chairman of the Management Board, Tinkoff Bank
You cannot regulate a new market or a new technology preemptively – you have to be nearby and oversee their development.
Oliver Hughes
Chairman of the Management Board, Tinkoff Bank
Developing the standards for digital access to major banks will enable game-changing start-ups to interact with them easier.
Sergey Solonin
General Director, FINTECH Association