FUTURE OF FINTECH - KEYNOTE (FINANCIAL BRAND FORUM - 2022)

Summary

Jeremy Cueno, Director at Jumo, discusses the future of fintech in a post-pandemic world, emphasizing Africa's leapfrogging in mobile tech despite infrastructural gaps. He explores the acceleration of digital transformation, the rebundling of financial services for customer convenience, and the rise of 'fintech as a service'. Cueno also delves into emerging technologies like Web 3.0, DAOs, AI, digital twins, and the metaverse, predicting their impact on financial services. He concludes by highlighting the importance of a customer-centric approach and preparing the workforce for an AI-driven future.

Takeaways

• 🌏 Jeremy Cueno, the Forum Country Operations Director at Jumo, speaks from Ghana, highlighting the rapid tech adoption in Africa due to fewer legacy systems and less to lose.
• 📱 The mobile revolution in Africa has provided more access to mobile phones than basic amenities like toilets or water, indicating a significant leapfrog in technology.
• 🔮 Looking at the past can inform the future of fintech; the 2008 financial crisis and the COVID-19 pandemic both accelerated digital transformation in financial services.
• 💡 Technology is an enabler, not the end goal, with the focus being on customer-centric strategies that provide value and convenience.
• 🚀 The pace of disruption is accelerating, with innovations achieving mass adoption much faster than in the past, as illustrated by the rapid success of apps like Pokemon Go.
• 👨‍💼 The future of fintech may involve a rebundling of financial services into super apps like WeChat, offering a comprehensive suite of services for convenience.
• 🌐 Fintech as a Service (FaaS) is emerging, similar to AWS in tech, providing a suite of fintech services through a single API to facilitate global scaling.
• 🌟 Web 3.0 represents the next generation of the internet with technologies like edge computing, the semantic web, and blockchain aiming to create a more intelligent and interconnected web.
• 🤖 Artificial intelligence (AI) is increasingly important in financial services, with applications ranging from chatbots to digital twins, which are AI-powered replicas of physical entities.
• 🌐 The metaverse, an extension of reality including VR, AR, and MR, presents new opportunities for financial services in a digital world where virtual assets and currencies are common.
• 🔧 Preparing for the future workforce involves pivoting around AI, upskilling staff, and creating roles that align with the new skills needed for a digitally-driven work environment.

Q & A

What is Jeremy Cueno's current position and where is he located?

Jeremy Cueno is the Country Operations Director at Jumo, a fintech company, and he is located in West Africa, specifically in Ghana.

How many territories does Jumo have a presence in across Africa?

Jumo is present in six territories across Africa, starting from South Africa to East Africa and including Ghana.

What is the main topic Jeremy Cueno will discuss during his presentation?

Jeremy Cueno will discuss the future of fintech in a post-pandemic world, focusing on technological disruption and its implications.

What does Jeremy mean by 'leapfrogging technology' in the context of Africa?

Leapfrogging technology refers to the phenomenon where African countries adopt newer technologies without having to go through the older stages of technological development, due to having less legacy infrastructure to maintain or replace.

What is the significance of the mobile revolution in Africa according to the transcript?

The mobile revolution in Africa has resulted in more people having access to mobile phones than basic amenities like toilets or water, indicating a significant shift towards digital solutions and a potential for rapid technological adoption.

What is the 'rebundling' of financial services and why is it happening?

Rebundling refers to the process of combining various financial services into a single platform or service to save time, money, and provide convenience to customers. It is happening as a response to the fragmented customer experience caused by the unbundling of financial services by fintechs.

What is 'Fintech as a Service' and how does it help businesses scale globally?

Fintech as a Service (FaaS) is a model where fintech services are provided to businesses through APIs and integrations, similar to how AWS provides cloud services. It helps businesses scale globally by handling operational fintech expansion issues, allowing businesses to focus on their core operations without worrying about local regulations or setting up local entities.

What is the potential impact of Web 3.0 on the financial services industry?

Web 3.0, with its bundle of technologies like blockchain, AI, and 3D graphics, is expected to usher in a more intelligent and immersive internet experience. In financial services, it could lead to innovations like decentralized autonomous organizations (DAOs), which could offer transparency, security, and efficiency in financial transactions.

What is a 'Digital Twin' in the context of AI and financial services?

A Digital Twin is a digital replica of a physical product, process, or service. In the context of AI and financial services, a digital human or digital colleague is a human-like AI-powered character designed for interaction with people, potentially offering personalized services and a human touch in digital experiences.

How does Jeremy Cueno envision the metaverse impacting the future of financial services?

Jeremy Cueno envisions the metaverse as a continuation of the trend towards digital and virtual interactions in financial services. It could enable new ways of customer engagement, staff training, and the management of virtual assets and currencies, requiring financial institutions to adapt and create strategies for this new environment.

What is the recommended approach for businesses to prepare for the future of AI and technology as discussed in the script?

The recommended approach includes executing pilot projects to test AI applications, building an in-house AI team, providing broad AI training to existing staff, developing an AI strategy aligned with organizational goals, and over-communicating these initiatives to gain senior leadership buy-in.