Seamless Europe 2023: If the product doesn't change, nothing changes

During this year's Seamless Europe in Berlin, I delved into how digital deposits are transforming banking, the hurdles in adopting CBDCs, the often underestimated importance of DeFi, and the untapped potential in the API revolution. The central theme is a call to reimagine banking by challenging the existing norms.
Drawing parallels with Kodak's reluctance to embrace digital technology, I also mentioned that the banking industry faces a potential 'Kodak moment' if it fails to adapt to technological shifts.
I wrapped up with three key points: Change the product for real change, embrace AI's impact on finance talks, and anticipate the next financial revolution through chaos, not intent.
Here are some other key highlights from my speech:
● The deposit business is experiencing a profound transformation with the advent of digital wallets and utility platforms, altering how individuals access banking services.
● CBDCs face hurdles in their implementation, with slow adoption rates and the potential to disrupt traditional banking systems.
● The DeFi industry's 24/7 operational model presents challenges for traditional banks, emphasizing the need for adaptation to compete effectively.
● The banking industry missed significant opportunities in the API revolution, contrasting with successful adoptions by tech giants like Microsoft, Adobe, and SAP.
● Silicon Valley Bank's downfall is a stark reminder of the influence of social media and public perception on traditional financial institutions.
For more details: bit.ly/418DMA6
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EMMANUEL DANIEL is an author, advisor and corporate strategist.
He is the founder of TAB Global that owns research and consulting services such as TAB Insights, The Asian Banker, The Banking Academy and Wealth and Society.
He is a futurist who was ranked a global top 50 fintech influencer. He advises leaders on their financial services industry, technology and geopolitical strategies and is a well regarded speaker on these issues.
Visit:
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