Jean-François Mazaud on Innovation in Financial Industry

10

February, 2018

Our inaugural speaker Jean Francois Mazaud opened the conference weekend with an insightful speech on the banking industry and how the sector must respond to rapid change in the market. 

Innovation is key for cultural shift and to re-establish value in the banking world.

With great disruption underway, we are facing huge ongoing regulatory changes, the issue of protecting data, of ensuring tax compliance and higher customer transparency levels. These are all issues which are rapidly shaping the banking industry. The market has been disrupted in two main ways, the first being by new entrants aiming to crack the value chain. New phenomena such as fintech and cryptocurrencies are reshaping the industry, and as a consequence challenging the traditional model of banking. The second that requires an immediate response is the shift in client expectations. Clients have specifically highlighted the need for data protection, especially as a result of increasing technological social networks. In a more volatile and uncertain financial world, these values are crucial.

Digitalisation has become vital for the financial industry in response to these interruptions. Bankers have been forced to endorse digitalisation in order to meet new client demands. Currently, there lies the very problem of balancing traditional modes of banking with new digital tools. Innovation is key for cultural shift and to re-establish value in the banking world. Société Genéralé is investing money in innovative projects including blockchain experimentation, online mortgaging, crypto dynamic credit cards, E wallets in developing countries and rechargeable pay. Their aim is to completely digitalise the banking industry by 2020.

Mr. Mazaud finished his speech on a note to students wishing to enter the financial industry, urging them to value companies that offer diversity of opportunity instead of companies with high prestige, underlining the point that experience is crucial to understanding the financial world.

Written by Mia Daoudi.

Warwick Congress Blog

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