9 November 2015
DataArt Round Table Discusses the Implications of Innovation
A-Team Group attends a round table hosted by DataArt in London, and offers an insightful recap of the evening that was dedicated to disruptive technologies in the financial services sector.
"Financial services firms need to innovate to meet changing client expectations, but will innovation prove transformational for large incumbent firms or will it support only evolutionary development? This question and others around business models, new technologies, fintech start-up and regtech were the subject of a recent round table discussion hosted by technology consultancy DataArt. Chris Skinner, chairman of the Financial Services Club, moderated the discussion and was joined by speakers including Chris Barker, managing director, Royal Bank of Scotland; Mike Powell, managing director, Thomson Reuters; Scott Eblen, chief product officer, Nutmeg; Frank Newman CEO, Quantstore; and Cliff Moyce, strategic adviser, DataArt.
…Considering the extent of innovation in the finance sector, Moyce likened change to moving deck chairs about on the deck of Titanic, rather than looking at the icebergs and considering the impact on financial services of huge companies such as Google, Amazon and Alibaba. Looking forward, he noted the need for technology platforms and communities, and cited Alibaba, the Chinese e-commerce firm that is building a bank on a commercial-style platform, and Metro Bank in the UK, as firms that are beginning to meet this need…While the speakers agreed that innovation is essential, but difficult in a time of regulatory pressure, they did not entirely agree on the technologies that would support innovation, naming everything from artificial intelligence and distributed ledgers to Big Data, intelligent platforms and cloud services. They did, however, agree that change is more likely to be evolutionary than transformative, a sentiment echoed by a show of hands from the audience."