This panel session features covers how innovation can be driven within the banking and financial services sector, focusing on the collaboration between financial institutions, fintechs, and tech companies.
Driving Innovation:
- Panelists discuss various models of innovation within banks, including experimenting within controlled environments and focusing on client needs.
- Emphasis on both internal disruption and external partnerships to foster innovation.
Regulatory and Compliance Challenges:
- Balancing innovation with compliance and regulatory requirements.
- Importance of involving regulatory bodies early in the innovation process to ensure alignment and avoid conflicts.
Success and Failure in Innovation:
- How to measure success in innovation projects.
- The necessity of accepting and learning from failures.
- Techniques such as fail-fast strategies and having clear checkpoints for evaluating projects.
Engaging with Fintechs and Startups:
- The importance of alignment between financial institutions and fintech startups.
- Developing trust and maintaining ongoing communications.
- Recognising and navigating potential cannibalisation of bank services by fintech solutions.
Regional Differences in Innovation:
- Variances in innovation approaches across regions like Europe, the Middle East, and Asia-Pacific.
- Impact of local regulatory environments and market needs on innovation strategies.
Conclusion
This panel discussion provides a comprehensive perspective on the multifaceted approach required to drive innovation in the banking and financial services industry through collaborative efforts between financial institutions, fintechs, and regulators.
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Speakers:
- Biju KK, Head of Fintech Solutions, FCAT, Fidelity Investments
- Fernando Plaza, Group Chief Digital Officer, ADIB
- Kampanat Vimolnoht, Managing Director, Kasikorn X Venture Capital
- Shariq Plasticwala, Director and Board Member, Amazon Pay, Amazon
- Victoria Sanchez-Terry, Head of Innovation Asia Pacific, BNY
Moderator:
- Oliver Bussmann, Chief Executive Officer, Bussmann Advisory