Executives from top financial institutions from around the world find cutting-edge, innovative ideas and inspiration in Silicon Valley during Navigating FinTech Disruption immersion program.
In July 2017 Silicon Valley Innovation Center (SVIC) welcomed a cohort of financial services executives to its 5th Navigating FinTech Disruption immersion executive program. Senior executives from companies such as Alfa Bank, Bradesco Seguros, Payments Canada, Moscow Exchange, Ruoff Home Mortgage, the University of Sydney, and VTB Bank hailing from Brazil, USA, Russia, Australia, and Canada came to Silicon Valley to witness firsthand the next generation technologies and get a glimpse of the future of banking during the 5-day intensive. The group met with more than 20 cutting-edge FinTech companies and accelerators, received advice from leading Silicon Valley experts, and directly connected with top innovators and practitioners shaping the future of banking and financial services.
Hear what Justin Ferrabee, COO of Payments Canada, a company that operates and maintains Canadian national systems for the clearing and settlement of payments totaling over $50.8 trillion – $201.5 billion on average each business day – said about his experience in Silicon Valley:
“We read about Silicon Valley, we hear about innovation challenge, speed, disruption; and when you come here and see the real ideas, the real innovation, and real people, it validates everything. You leave with a sense of being a part of something to go forward and make changes in your company with confidence.”
The participants had an opportunity to have in-depth discussions with Silicon Valley experts and see the latest innovations in the areas of:
● Digital Banking
● Artificial Intelligence for the Financial Services Industry
● Regulation Technologies
● Digital Lending
● Innovations in Payments Value Chain
During Day 1 of the program, the participants got an in-depth introduction to Silicon Valley and its FinTech ecosystem from Andrey Kunov, the CEO of Silicon Valley Innovation Center, and Jim Smith of Mohr Davidow. The group also had a chance to discuss the future of banking and the financial services industry with fledgling start-ups incubating their next-generation ideas at Plug-and-Play incubator.
Day 2 focused on innovative financial products and services and new business models, especially when it comes to attracting the millennial customer. The participants met with a founder and CEO of Juvo, a company that reimagines the pre-paid experience, and learned about blurring industry lines between mobile operators and the financial services industry, innovative mobile business models and ways to reach customers and real-time services. The future of payments and credit was tackled by executives from Hyperwallet and Affirm. Airbnb offered an opportunity to learn about the benefits and challenges of the shared economy business model and how it can be applied to the financial services industry. The program participants were impressed to see how great simple solutions can be, how elegantly the technology-driven FinTech companies can solve major problems such as risk management, and how “out of the box” thinking can transform industries.
The topic of customer engagement received additional coverage on Day 3 of the program. The cohorts visited the offices of IdentityMind and Eltropy to learn directly from their founders about the latest strategies and tools for creating exceptional buying experiences, the crucial element of digital transformation of financial services companies. Later that day, we switched gears and discussed digital currencies and the widespread impact and applications of blockchain technology.
Artificial Intelligence and predictive analytics were covered in great detail during Day 4 and Day 5 with an emphasis on turning these technologies into business value for banks and financial services organizations.
Taking the learnings from the first half further, corporate innovation practices and strategies of engaging with startups were covered throughout the rest of the program. The attendees met with innovation experts at the Western Union, Garage Technology Ventures, Accenture Innovation Lab and Institute For The Future.
Anton Govor, Managing Director of Moscow Exchange, the largest exchange group in Russia that operates trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals, had this to say about his experience during the five days of Navigating FinTech Disruption:
“The quality of both speakers and startups really by far exceeded my expectations. There were a lot of discussions about the future of payments here and lots of companies that are transforming the global payment system. I would really recommend to everybody to attend the SVIC program.”
Juliano Ribeiro, Executive Director at Bradesco Seguros, the largest insurance company in Brazil and Latin America, echoed Anton’s comments:
“I came to Silicon Valley to understand the environment and ecosystem, and to get some insights and perspectives of what is going on in the finance industry. We met over 20 companies in a range of 5 days, learning different aspects of FinTech – new ideas, a potential disruption that might come to the market, and key learnings on corporate innovation. It was a fantastic program, and I would recommend it to anyone who’d like to learn about the next FinTech revolution.”
As digital technologies continue to transform every industry, including banking and financial services, banks are facing the choice to either adapt to the digital revolution or lose market share. To stay a step ahead of the digital technology curve, companies need to get real with FinTech startups and continually enhance their level of innovation to ensure digital advancement and growth by equipping their leaders with fresh, on-hand learning, innovative thinking, new skills, and the latest trends and solutions to anticipate these changes in the banking industry.
Navigating FinTech Disruption runs four times a year. To learn more and sign up for the next program, go here: https://svichub.com/navigating-fintech-disruption/