Forbes: The end of the financial revolution

nnIn the UK, nonprofit Innovate Finance recently held its first financial science and technology forum. The conference explored the problems encountered by companies working in the field and highlighted London’s strengths and obstacles in the development of financial technology. The former president of the Barclays Bank at the meeting stressed that the end of the financial and technological revolution is now the beginning, start-up companies need to cooperate with each other in order to achieve a real breakthrough.n
nTranslated by: Inan
This week, Innovate Finance’s first “Financial Technology Growth Forum” was held to support the development of its members and to engage in a dialogue on culture, diversity and talent. Liz Lumley served as host, and the new CEO Charlotte Crosswell delivered a welcoming speech on which the issue of companies that were trying to develop in the field of financial technology was discussed.n
Crosswell stressed that the forum will be some exchange of experience and sharing, which is very necessary, because financial services for the UK is very important. She also expressed her opinion that George Osborne, the former Chancellor of the Exchequer, wanted London to become a “global center for financial technology” (because the city was both prominent in both financial and technological).n
Crosswell said:n
n”Whether it is off Europe, London is innovating, the city is a blueprint for financial technology, people from around the world, to explore how to develop financial technology.”n
nShe also mentioned the ambition of Ernst u0026 Young’s recent financial report, but looking for talent is a big obstacle because the industry’s prosperity needs the best and most intelligent people.n
Innovative finance supports the UK government’s digital strategy, including the inclusion of coding in the national curriculum to raise awareness of the masses in order to eliminate doubts about financial technology. According to Crosswell, the nonprofit organization moved to Brodergate, not far from the Canary Wharf Financial Center and near the Silicon Roundabout technology center.n
Antony Jenkins, former president of the former Barclays Bank, executive chairman of 10x Future Technologies, said in his keynote speech:n
n”We are at the end of the financial science and technology revolution, and finding an effective, fair and transparent financial system is at the heart of a stable economy, and we have a system that is not the case.”n
nJenkins talks about banks finding it difficult to drive change because their organizations are subject to change due to risk aversion. The large-scale adoption of mobile banking has resulted in a reduction in the traffic of the operating room, while the increase in the use of non-contact silver cards has also reduced the amount of cash withdrawn through ATM.n
Although the banking industry may soon be facing “Kodak moment”, but as Jenkins said:n
n”If there is no low-cost cloud computing technology, new technology can not happen,” while driving the next development is the low-cost technology of high capacity.n
n”We need to create a new banking service platform that is ten times better than before,” Jenkins said. “It’s not going to make it happen.” However, it is difficult to achieve this, because the entrepreneurial company has no unlimited resources. This is why we all cooperate in the reason, because the subversion of the business has not really realized.n
Jenkins said:n
n”This approach is correct, but it is difficult to practice.Financial technology companies need to actively cooperate.”n

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