MUSEUM NEWS
THE TICKER
Museum Addresses the Impact of Fintech on Retail Banking with “ 21st Century Banking : Bridging the Digital Divide ”
By Mindy Ross , Director of External Relations
On February 9 , the Museum hosted a program addressing major transformations challenging retail financial services and reshaping the customers ’ relationship with their money and their banks . The program was sponsored by Ally Financial and FIS / Capco , with the reception sponsored by Protiviti .
In his opening remarks , Museum President David Cowen highlighted some of the dynamic and critical forces reshaping traditional banking products and services . He noted the dramatic growth of digital channels for basic customer services and the very rapid migration of customers from human interactions to digital alternatives . He also indicated that the evening ’ s program would offer insight into how the industry was bridging the digital divide with both traditional and nontraditional financial services companies moving into the fintech arena .
The program began with a fireside chat featuring Ally Financial Chief Information Officer Michael Baresich interviewed by Cheddar Founder and CEO Jon Steinberg . Their conversation focused on the build , buy and partner alternatives available to banks to help them compete with fintech companies and products . They also addressed the transformative role of data analysis and robots in delivering differentiated , personalized services .
A panel discussion followed , including leaders representing different segments of the industry — from artificial intelligence and data analysis , to consulting and service delivery , to incubation and funding of fintech companies . Steinberg moderated the panel , which featured Tariq Bokhari , Head of Innovation and Investment at FIS ; Maria Gotsch , President and CEO of the Partnership Fund for NYC ; and David Sosna , Co-Founder and CEO of Personetics .
The panelists explored the future of traditional bank branches and the disruptive role of artificial intelligence and “ bots ” in service delivery . They also focused on the disintermediation of traditional banking services by third parties in payment systems , credit analysis and investment services . In closing , the panel addressed future challenges to banking services — from demographics to technology -- including the increasing importance of millennials and the emergence of the blockchain in payment services .
Closing remarks were given by Capco Managing Partner Guido Tamburini , who further highlighted the transformative role of fintech companies and the potential for further disintermediation in some of the most profitable banking segments . He predicted investment in fintech will continue to grow as the focus moves further up the value chain .
The video of this event is now available on the Museum ’ s YouTube channel ( www . youtube . com / FinanceMuseum ). The next event in this series will feature noted professor , scholar and author Aswath Damodaran on his new book , Narrative and Numbers : The Value of Stories in Business , on April 12 .
Participants ( from left ): Maria Gotsch , Tariq Bokhari , Michael Baresich , Jon Steinberg , Guido Tamburini , David Cowen and David Sosna .
Jon Steinberg ( left ) interviews Michael Baresich in a fireside chat .
Panelists ( from left ) David Sosna , Jon Steinberg ( moderator ), Maria Gotsch and Tariq Bohkari listen to closing remarks by Guido Tamburini .
Photos : Elsa Ruiz
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MAR 25
1966
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The Visa card is born , as Bank of America executive Kenneth Larkin drafts a memo proposing that Bankamericard should expand outside of California and offer credit card services to merchants and retail customers nationwide . |
MAR 28
1985
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Ronald Reagan becomes the first sitting US President to visit the NYSE floor . |
www . MoAF . org | Winter 2017 | FINANCIAL HISTORY 7