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Cambridge Fintech Talk Recap

Claire Neuman from Synechron chaired the Cambridge Fintech Talk on behalf of the Cambridge Judge Alumni Advisory Council at Microsoft Reactor on May 23rd in London. She facilitated a discussion amongst panellists from Microsoft, JP Morgan, ING, Gain X AI and Qodeo about the application and impact of disruptive technologies in FinTech and banking. The panel discussed banks’ innovation trends, collaboration & co-development with FinTech, and investment assessment on start-ups. Speakers also commented on the need to train staff with new skills so people can adopt to the changing landscape due to AI & automation.

Trading room of the future
ING Head of Innovation shared the bank’s vision on innovation, capital market transformation and the trading room of the future. He highlighted challenges on how to apply AI to price a financial instrument and demonstrate to regulators that machine learning is doing the right thing. He commented that AI is moving fast in other industries, but for banking it’s just at the beginning.

Larger networks, smaller organizations
CEO of GainX AI said that currently the world spending on digital disruption, big data, IOT, and AI is $2 trillion dollars a year. Meanwhile, insurance companies and banks are looking at downsizing 30-70% in the next 3 to 7 years. Organizations are going to be smaller but their networks are going to become larger. Visibility on information flows is critical in the new reality.

Prepare for an AI and automation enhanced banking landscape
JP Morgan’s Head of ETF Sales Strategy shared their vision of ETF innovation at the bank. She commented on the bank’s established ‘In Residence Program’ and how it educates the bank along the process while collaborating with fintech. Addressing the question on staff replacement due to automation, she quoted the CEO’s comments from a prior conference: “…some jobs do get eliminated along the way, the important thing to realize is that new jobs will also be added, training folks new skills to adopt to the changing world first is the best way to help people and society move forward with technology”.

We are looking forward to hosting the next Cambridge Fintech Talk in September!

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