EPISODE 13 WITH STEVE MONAGHAN
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For decades, there has been talk of technology taking over the world in the next 5 or 10 years. However, one industry that has managed to defy that convention has been banking.
While many other industries have embraced technology and efficiency, banking remains steeped in tradition and heritage. To find out why, the renowned Steve Monaghan joins us for an in-depth analysis of how technological inventions could positively impact banking.
Over his illustrious career, Steve has led the development and implementation of revolutionary technologies in artificial intelligence, digital health technology, and more. Steve's experiences in banking include leading the innovation team at DBS, the world's leading digital bank, and generating an impressive 2.2 billion yen in profit for Shinsei Bank in Japan, which was operating at 6 billion yen loss before his involvement. He is currently an investor and board member at a plethora of industry-leading companies such as RAKBANK, HolyWally, and Pulse iD.
Technological gains are not realized overnight but with the small and steady accumulation of insights and knowledge over decades. Steve explains this dynamic as the cause behind uncertain timelines into the future. Technology may develop for years under the radar without much practical use and then suddenly explode in a matter of a few short years, such as is the case with AI, exemplified by ChatGPT.
With his vast experience advising industry leading companies such as Intel, AiA, and Veritas Genetics, Steve offers rich insights into how the banking industry can adopt emerging technologies and new understandings of economics to benefit the consumer and investor alike.
Among many of the key points Steve discussed, a few that truly stood out were:
How accelerating capital velocity could vitalize economies.
Using efficiency to tap into the power of economies of scale.
The philosophical shift of money and banking: From relationships to networks.
Find Steve online: http://www.stevemonaghan.net
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Production company: Poddster
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