The event was hosted by alumni from the European Business School, and was celebrating its 20th anniversary. Industry leaders shared post-graduate experiences and research across financial services, real estate, and a host of other categories. Visitors to the most recent event were employees from banks and financial services firms, asset managers, etc., and were there to learn about new market approaches and modern banking technology.
As a board member, I managed to secure an opportunity for another colleague from our German office Professor Steve Pscheid to be a panelist in the most recent event, which took place April 17th.
Key conclusions from the event were:
Disruption in Banking- While “disruption” can mean many things to many people, a prevalent theme at the conference had to do with machines eventually replacing bank employees. At times, the concern wasn’t so much about how to improve a process, but how to maintain one’s job in the face of oncoming technology.
DataArt’s view is different. Instead of replacing people, technology can help to make their jobs easier through improved technology. Banking needs new solutions to approach customers.
There are new mathematical models for the financial industry, and big data is making its way into German banks.
While many banks are happy to close their eyes and wish technology wouldn’t make such leaps and bounds, a panelist (from KPMG) wowed the audience when asked about when new technologies would be in place. He responded that most of the big picture things would be in German banks within 5-10 years. Like DataArt, KPMG sees a need for the market to change.
One key finding for Steve was that being a “Professor” offered immediate credibility as a thought leader. There were many conversations after he presented aimed at finding out more about his company, since he was also involved in education on new media technology.