Future of Finance
The World Economic Forum contends that disruption in the financial services sector will not be a “one-time event”, but more a “continuous pressure to innovate” that will change the long-term structure of the finance industry. There is a rapid commoditising of the activities that financial institutions have traditionally engaged in. This has been evident in the rise and quick adoption of mobile and cashless payments, alternative lending, crowdfunding for capital raising, robo-advisors and technology-driven wealth/asset management, and insurance disaggregation.
New technologies such as blockchain and artificial intelligence, as well as new peer-to-peer lending and trading platforms are putting pressure on today’s intermediaries in all aspects of their business. From traditional wealth management to venture funding to deposit taking, FinTech startups are giving financial institutions a run for their money largely driven by these new platforms and their technologies.
Given this new operating environment, what can we expect the future financial institution to look like as well as the role of the finance professional? What changes and challenges will greater integration of technology and financial products and services have on organizational performance?
The Future of Finance breakout sessions will discuss these sweeping innovative changes in the way banking, insurance, and asset management industries are structured, and what lies ahead for finance professionals.
Innovation & Disruption in Finance
Financial services are being disrupted by FinTech and InsurTech companies, and more than 80% of financial institutions believe that their business model is at risk. These companies have leveraged innovating technologies including AI, machine learning, and blockchain to target some of the most profitable aspects of financial services. Despite this wave, most financial institutions are not waiting to become obsolete but are instead embracing the disruptive nature of FinTech and using their size and market share to innovate and scale.
This session will look at the implications of these disruptions and the risks to financial institutions. It will also examine innovative ways institutions are implementing these new technologies.
The Digital Banking Ecosystem
Digital technology changes and client behaviours have promoted new business models and challenged the status quo with regards to traditional banking operations and infrastructure. This is most evident in the reduction in foot traffic in bank branches offset by the increase in online and mobile banking. People are more “connected” than ever before through mobile devices and want to continue to do increasingly complex things through their devices. For banks and financial services, this means connecting banking systems to other digital players to create a single integrated experience where customers can fulfil a variety of needs.
This session will explore the bank of the future and what technologies are being deployed to make this possible.
Blockchain & Cryptocurrencies in Finance
In 2017, according to PwC, firms created plenty of functional, proof-of-concept projects using blockchain in applications such as internal payments, trade finance, and custody. Despite their potential, many of these projects aren’t yet ready for primetime. Still, leading firms are focusing their efforts in a few key areas where distributed ledger technology can solve practical issues.
2017 also saw feverish interest and investments in cryptocurrencies, with novice and sophisticated investors jumping in to get a piece of the action and make a return.
This session will examine what blockchain will look like as its adoption by major institutions increases. It will explore the concepts of multi-blockchain environments and how business processes can be completely rethought.
Future of Work
The nature of how we work is fast changing. This is largely driven by the proliferation of automation enabled by technologies such as robotics and artificial intelligence, digital platforms, and other key innovations. Some of the tasks being done today are ideal for automation and jobs are being reinvented. Where does that leave organizations with a skilled and knowledgeable workforce? What skills do future job seekers need to have, and what skills do current employees need to focus on and enhance? As the rate of technology change accelerates, companies and individuals need to invest in long-term human skills.
The Future of Work breakout sessions will examine these questions and discuss some of the pertinent ways to be prepared for the jobs of the future.
Big Data & Analytics
Data is now generally regarded as one of the most valuable resources, and those who are able to understand, interpret, and make predictions with it can set themselves apart. New technologies such as artificial intelligence (AI) and machine learning can allow us extract more value from data. Decision-makers now need increasingly faster access to the right information in the right place. This session will explore practical applications of data and analytics in making better business decisions.
Career & Talent Implications of Digitization
As new technologies transform the way we work, automation and machines are fast replacing human tasks. This is changing the skills that organizations are looking for in people, and the career and development plans that were traditionally created for new and current employees. This session will discuss the impact of technology and digitization on career planning and talent management.
Managing the Growing Skills Gap
The pace of change in the workforce is accelerating rapidly and organizations are looking for the right type of talent. The definition of talent for tomorrow, however, is vastly different from what it was in the past. Talent sourcing and recruitment is expected to be driven by AI systems. This session will explore how organizational talent needs will change and what will be required to attract, keep and motivate this new talent. The session will also examine what individuals can do to better position themselves to be relevant.
Future of Leadership
The changing nature of work and the evolution of how industries operate today have changed leadership and management requirements. Old multi-layered hierarchies have given way to decentralized networks where teamwork is essential to success. In addition, as organizations navigate technological and societal shifts, diversity of thought and people on leadership teams is even more vital. With much of our time spent “working”, there is sometimes little available time to develop as leaders.
These session will examine ways to bridge the diversity and inclusion gap when it comes to leadership within organizations
Managing Up
On the journey towards leadership positions, it’s important to know how best to navigate relationships with bosses. Equally important in progressing is managing relationships with peers. For visible minorities looking to rise to leadership ranks, what are the expected challenges inherent in managing upwards and how can they be overcome?
Networking Effectively for Advancement
Networking done right can have a great impact on upward mobility. However, while most recognize the value of networking, few actually network effectively for career advancement or new opportunities. Most only engage in networking when looking for a job or trying to switch roles. For visible minorities, networking effectively can be somewhat challenging especially if the organizational culture isn’t well understood. As the way we work changes, so too will the networks around us change and evolve.
This session will offer practical ways on how to network effectively and what skills are most important in building effective, professional networks.