What is the future of financial services? Which solutions and action plans must financial institutions put in place to face the challenges of open innovation and artificial intelligence?
In an ever-changing world, financial technologies are disrupting financial institutions’ usual business models by offering technological solutions that are better tailored to their clients. With the arrival of new technologies like open innovation and the emergence of artificial intelligence, their business model will have to adapt.
In light of these numerous challenges, Emilio B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton, acted as the moderator of an international panel of speakers at the FinTech Forum on October 30, 2018.
The panel also included:
- Kelly Peeler, CEO and Co-Founder of NextGenVest.com, which helps students manage student loans via text messages thanks to artificial intelligence and human advisors. She was named on the Forbes’ top 30 Under 30, Fast Company’s 100 Most Creative People in Business and Goldman Sachs’s 100 Most Intriguing Entrepreneurs and named a White House’s #StartTheSpark Ambassador;
- Christopher Oster, CEO and Co-Founder of CLARK, a digital platform that makes it easy to buy new insurance while managing existing contracts;
- Sébastien Fiaux, CEO and Founder of SFJ Technologies, a business that helps clients manage significant returns thanks to sophisticated mathematical models and science;
- David Souaid, President and Co-Founder of the Evolocity financial group, which proposes technology-based solutions to provide working capital to Canadian SMEs;
- Kathryn Petralia, President and Co-Founder of Kabbage Inc., a completely automated platform that allows clients to benefit from cash resources for their small businesses in a matter of minutes;
This conference was an opportunity to highlight their activities and discuss the challenges facing the financial industry – in particular the search for technological innovation sources to ensure innovation and competitiveness in a market with fierce competition and numerous competitors.
Artificial intelligence represents new business opportunities while improving efficiency and client services. It’s essential for financial institutions to ensure that they have a competitive, cutting-edge organization while efficiently responding to market uncertainties, the needs and expectations of clients and rapidly growing competition.
Today we’re entering a new era of technological transformation where everything is possible. It’s up to us to seize the opportunities that present themselves!