Delegates at World Economic Forum urged to commit to fintech by deVere Group CEODavos delegates urgently need to commit to fintech this year, according to the CEO of one of the world’s largest independent financial services and advisory organisations
His rallying call comes as world leaders, CEOs, academics, influencers and celebrities head to the Swiss mountain resort of Davos for the 50th annual edition of the event, starting today.
“As it celebrates its landmark 50th year, the World Economic Forum 2020 has the opportunity to champion and enhance the transformation of business, which has been dubbed the ‘Fourth Industrial Revolution,” commented Green.
“We’re living through a pivotal moment in history in which increased and advancing technology is monumentally and profoundly changing the way we live, do business and interact with one another.”
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Seismic shifts in finance
As technology and consumer demands evolve, Green identifies that there are seismic shifts happening in the financial services industry — a sector trade and commerce is deeply reliant upon.
“The vast majority of this change is being driven by financial technology, or ‘fintech’. Mobile banking and investment apps, peer-to-peer lending, cryptocurrencies like Bitcoin, robo-advisers and crowdfunding are all part of this fundamental shake-up of the space,” he said.
Commit to fintech
The momentum and energy of this evolution is undeniable and “now needs to be harnessed by delegates in Davos”, according to Green.
“They need to commit to fintech by using their time, energy and resources for its research and development for three principal, positive reasons.”
There are multiple reasons for this.
1. Fintech benefits society
He said: “Fintech can speed up the pace of global financial inclusion. It can provide access to financial services for millions of people who live in remote areas and/or who might normally not be able to use financial services because of historical biases of traditional financial companies. Helping individuals, firms and organisations successfully manage, save and invest can only result in better, stronger and more stable communities for us all.”
2. The opportunity to be agile
“Second, fintech offers companies the opportunity to be agile, to diversify, to cut costs, and to meet regulatory requirements all whilst improving the client experience. This will help them thrive in rapidly challenging times of change and disruption,” continued Green.
3. The fintech train will leave without you
“And third,” he added, “the revolution is happening with or without them. As consumers, we increasingly want all our financial services needs to be dealt with online and/or on their mobile devices. We demand personal service and instant access anywhere and at any time. This trend is only set to grow as we all become increasingly dependent on tech.”
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Davos 2020: an ideal forum
The deVere CEO explained that Davos 2020 is the “ideal forum in which to unite the best political and business leaders to galvanise the positive potential of the fintech revolution.
“With a slowing global economy, it is an opportunity that the world cannot afford to miss.”