Financial services of the future will be open sourced and real-time

Chris Skinner closed Latin America’s top ‘fintech’ meeting with a prognosis: The financial services of the future will be open source and real-time or will not be at all.

“Many (banking) executives haven’t quite realized how crucial digital is to their institutions and talk about an evolution, when, in reality, what we are facing is a revolution,” warned Chris Skinner, one of fintech’s leading global experts, during the last day of cl@b 2017.

But the warning went far beyond that. With figures in hand, Skinner stated that only 6% of the members of a board of directors (in banking) have sound technological understanding and that four out of every five institutions only have one person with that knowledge. Financial institutions need teams that think digital, he added. “A board of directors does not have to be completely technology-savvy. Board diversity is the best way to understand the world in which we live.”

For Skinner, the digital transformation that is sweeping through the banking industry —and other sectors— will affect the whole world and is not restricted to specific groups. By way of example, he mentioned some countries in Africa where one in three people are already using basic mobile phone —not ‘smartphones’— to make transfers.

The fintech expert’s conference took place during the last day of Miami’s cl@ab 2017 event.

Read more at: https://thefinanser.com/2017/11/financial-services-future-will-open-sourced-real-time.html/

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