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