Industry sign banking arkansas poa computer
[Music] good morgen it's great to be here you know I hope I don't disappoint after that glowing introduction but yeah it's it's quite a thing to wake up one morning and find your Twitter feed getting blown up by people saying is it that you're booked on president G's shelf so that's pretty cool but as a futurist one of the things that you try and do is you're not just looking at what's going to happen in the future you have to look at analogies for what might happen based on what's happened in the past Jaypee know we're talking about this last night a futurist told him once you have to be a good past Asst you know understanding the past to understand the future and when you look at what's happening in financial services broadly when we look at isolation isolated technologies like blockchain or the smartphone for example we might think of these as you know a data solution for the bank we might think of mobile like a channel for the bank but if you step back from those specific technologies and you look at what's happening in the world something is changing the world is digitizing and the world is digitizing because we're seeking low-friction and immediacy we want immediate responses we want and you know stronger commerce connections that can scale up more rapidly these are the systems that are changing globally so within that framework you can't expect banking and financial services to stay the same as it has been because ultimately it has to shift so when we look at these phases of development of banking if you overlay technology on this you understand that it's not just about inserting technology into banking there's a larger shift here part of the shift is around trust and the utility of the bank so when we look at the bank 1.0 world the foundational elements of banking going back to the the Medicis in Florence and Firenze a and places like that when you look at that banking was very simple you would go to the bank and we trusted the bank because that was the safe place to store the money but transactionally as our demands on the banking system increased we needed to put technology in place to keep up with the demands of utility this is the first Bank mainframe called OMA electronic recording machine for accounting this is I think where acronyms were introduced into banking through technology this was built by MIT for Bank of America in 1953 and it was primarily designed to do check processing back then so technology started to change the banking sector now you probably don't know this but prior to the introduction of OMA and mainframes we never had bank account numbers you'd go to a bank and they would fill out a card then put your name on it and that was your account record and your customer record your name and address was on a physical card in a bank branch and this was why for 30 years after this some banks you couldn't actually move from one branch to another without opening another account because they stored your bank account details on this little card but OMA couldn't sort customer information by name and so they had to give each customer in each account a unique number to sorted in the computer system the computers weren't very sophisticated back then this was the first use of bank account numbers due to the mainframe then in the mid 80s we started to look at ways to extend the platform of banking and make it self-service we had the internet come along in the 90s but this really started with the introduction of the ATM machine self-service banking now what's happening is we're trying to say we're extending the bank as a platform but our reliance on the bank as a building the bank as a place was becoming less and less important because now we're saying you can bank 24/7 and then when bank 3.0 came along we extended that analogy to say you could bank anywhere anytime and this mobile if you step back from this and say well you know this was just another channel to extend banking then you don't understand the implications here because what it was doing was saying banking can be done wherever you are you don't need the bank but what was key was the core utility of the bank was being surfaced through this technology and so the Trust was changing from being about a place you could go where your money was safe to now a set of Bank platform technologies that would enable you to do banking today it's not a bank charter that makes someone trust in you as a bank brand it's the utility of your bank if your technology stops working for 10 days you can't access internet banking the point-of-sale systems are down the branch systems aren't working how much trust do you think people would have in your bank for those 10 days so utility and trust become wrapped up and technology now becomes the overarching mechanism for delivery of that utility but something else changed we started to see us rethinking the way financial services should work this is your Weibo the most successful investment or savings product on the planet today built in China on top of Alibaba system to capture those deposits from merchants and consumers working on La Barbara and Taobao putting that aside and giving them some high-yield interest rate we classify this in the West as a money market fund Jack Ma doesn't see it as that they that's why they called it you a bow hidden treasures they saw it as a behavioral model for savings a hundred and eighty billion dollars assets under management no branches no humans involved in the sale of that product now in the past you may have heard an argument that we need bank branches or we need face-to-face interaction because how else are we going to engage customers to take deposits to take assets and yet the most successful deposit product in the well today doesn't involve humans it's completely automated and a leap a ant financial the parent company of a leap a in China has a higher trust rating in China than most of the banks there why it could be argued that's because of utility and when you see where we're going with this the next generation of technologies were talking about voice based artificial intelligence personal smart assistance built into our home and into our telephone augmented reality smart glasses in a few years they can give you field of data in your field of view so you can make decisions these technologies will increasingly embed banking in our world and so the design of a banking system to fit into this world requires us to sort of rethink banking from the ground up around utility not around the products or the channels we're using now when you look for evidence of changes in two-way economics works and so forth and you look at technology the way its impacted the biggest changes historically that have taken place in the world have happened with what we call first principles design thinking that's when a new piece of technology comes along that's so different from the way it was done before that it requires everyone to reset their thinking and change the way their behave so the automobile was an example of that it changed it got rid of all these people working in London and New York who were shoveling the the horse dung off the streets that it changed employment patterns it changed the architecture of cities this it created the middle class in the United States you know the the Model T Ford production line is credited with creating the middle class in the United States all of this from a first principles rethink about transportation we don't need a faster horse we need to rethink the way we get from point A to point B and you can think of other examples of this as well a great example of this is the iPhone now when Steve Jobs worked on the iPhone in the iPod you can see this is an example of the prototype that they use for creating the first iPhone and the first iPods now Jobs didn't take the Nokia banana phone or the Motorola flip or the blackberry rim and try and iterate on that he said if we're gonna take a touchscreen device a mobile phone internet access software apps and combine them into a device how would that work this is what we call first principles thinking now let me give you one other example of that and then I'll tie this back to banking let's talk about the development of technology here in Germany the v2 rocket now the v2 rocket was an amazing piece of technology if you step away from what it was used for it was decades ahead of the rest of the world in terms of technology development but Wernher von Braun who was behind this technology said he wanted to get men to the moon so at the end of the Second World War when the war was ending the Russians Americans and the British were rushing into Germany to try and get access to these resources and then we weren't a von Braun so he went on to build the Apollo program now using this technology he iterated on the v2 created the mercury redstone rocket than the Apollo rocket and at the height of this program the average launch would cost about 1.2 billion dollars in today's terms about $6,000 to get a kilogram of stuff into orbit and over the last 50 60 years we've reduced that by about a third by iterating on the Apollo design but something interesting happened the last few years along came Elon Musk and SpaceX and they said if what if happens if we were going to redesign rockets today what if we started from scratch what if we didn't take the Wernher von Braun a polo program design and iterated on this what if we started from scratch using 3d of titanium engine parts what if we started with new computer models with new systems if we started from scratch would this make a difference first principles thinking and the result is that in just 14 years with reusability on the Falcon Heavy platform SpaceX has got the cost to orbit down to about $300 per kilogram and 95% reduction of the days of the Apollo program and they sent star men into space in a Tesla so this required rethinking the way Rockets worked reusability all of these things were as essential components of this so you end up with two competing design themes in terms of how we incorporate technology into the world you have first principles thinking which says we've had a major leap in technology it changes everything or the other approach which is we take technology and we gradually improve on it and that's what's happened in banking today we take in technologies like the mainframe the ATM machine Internet mobile and we've iterated on the traditional banking model branch banking you know investment advisors we've iterated on this so when the iPhone came along instead of saying there's an opportunity to completely rethink the way financial services fits in people's lives we took the primary artifact a bank account and we stuck a representation of that in the phone this is what we call design by analogy so these are the two competing design schools design first principles design start from scratch or iterate on the existing model by incorporating technology now remember historically speaking the biggest leaps and the biggest changes in the world have occurred through first principles thinking so how would you think about acquisition of customers in the first principle world well we'll introduce Jack Ma here what he had to say about competing with Walmart now it doesn't matter these talking about the retail business they're because he's used the same straw energy in financial services in China today making him one of the fastest-growing financial services organizations or and financial one of the fastest in the world growing and here what he said about competing with Walmart he said he's gonna be big Alibaba is gonna be bigger than Walmart in a couple of years because of this reason so I said maybe in 10 years we'll be bigger than Walmart you say young man you have a good hope so ever make a map that I think in 10 years will be bigger than Walmart on the sells because if you want have 10,000 to new customers you have to build a new warehouse and this that for me to service two computers that's all he says he needs to get 10,000 customers to service two computers so in the world that Jack math thinks of financial services being embedded in people's lives the ultimate low friction financial services engagement means that you can execute everything you need to across digital channels whereas with banks we iterate on this and we say well hang on we don't want to sell stuff on the internet because that's gonna cannibalize our existing agency business or our branch based business so let's put some transactional stuff online and so when the internet came came along we didn't sell investment products or bank accounts on the Internet we create an incident banking which was essentially the bank statement online behind a login and then mobile came along we said great now we can put those bank statements on a smaller screen this is the iterative thinking so what you have today is compared with first principles players in this ecosystem all of the Challenger banks of the world and the new and you know you know behavioral investment platforms and so forth are all about digital onboarding and yet less than 5% of the banks in the world today off a complete digital onboarding of customers so we're already starting to see the world diverge around this very simple engagement principle how you acquire customers in the digital age so if you're going to design value stores you have to understand that technology is going to change the nature of banking itself and that would have to start with the basic bank account or a value store in fact if you think about it if you sort of break down the value Financial Service players provide to their customers extending on what JP was talking about before we probably only have three core products we have the ability to store value we have the ability to move money and we have the ability to access credit they're the core foundation elements or utility that our products that we give to customers provide so then let's step back from the technology and think about the change that's occurring in terms of the value store itself at the heart of banking and financial services if you look historically at the value stores we used to use they weren't particularly smart they would store our money safely and at the time that was what the core value proposition the trust in a bank was for because your money was safe but as technology started to come into play we took those dumb artifacts and we put them inside our technology platform to try and give some bigger utility but they were still essentially dumb they didn't provide any feedback that basic debit card or credit card you use when you go to visit a store it doesn't even tell your balance before and after the transaction that's the most requested piece of information you get from customers about their day to day bank account so we had to think about this in a different way so when it comes to what we're seeing in terms of investment today what's happening is you're not getting people just look at digital onboarding you're seeing from the perspective of investment and savings looking at behavioral mechanisms behind savings and investing and not saying you need a minimum AUM to qualify as a customer to get into this account just saying let's change your behavior so you can save let's change the way you save so you can invest more money because this over time builds AUM faster than saying here's a great product your money in so this is the change it's a behavioral framework around the value store not a product framework so when you look at how this might evolve a great illustration of this is happening in China right now with ICBC with their AI investment platform now what they do is they monitor your behavior in terms of your portfolio to produce a very detailed risk model they've eliminated the risk profile questionnaire as part of the investment process now from our perspective of a regulator you might say well this is this is a problem because we need that risk profile questionnaire to understand your risk profile and then understand that you've committed to that risk contained in that investment product but that's iterative thinking first principles design thinking is well let's monitor your behavior and learn how risky you are and if that risk is a probl
m for you let's change your behavior over time by educating you by giving you the right behavioral triggers so this is really at the heart of this change around financial services as we get smarter banking and investment and these tools are becoming embedded in the world around us through technologies and this is leading us to move away from the financial products we used to have to understanding that the utility of financial institutions is now surfaced not through products through a channel but through technology experiences that surface the utility the core ability to move money store value or access credit so how we adapted to this in the past is we took those traditional interactions we'd had in the physical space and we implemented electronic forms or electronic systems to mimic the processes we'd had in the branch or with the investment advisor we iterated on this from a technology perspective now I'm going to show you how Capital One did this with Alexa in respect to their credit card product I know it's not a core product but it's a good illustration of iteration so voice is the next big technology that's going to affect financial services so this is how one of the first banks in the world attacked the use of Amazon Alexa with voice the capital one skill for Amazon Alexa makes credit card payments easier than ever after saying Alexa open Capital One and speaking your personal key you can pay your bill using only your voice when's my payment due the payment of your credit card is due July 9 pay my Capital One credit card bill you'll get the option to pay your statement balance or a minimum payment make your choice and confirm a confirmation code will appear on the capital one skill card in your Alexa app once the payment has been made confirm all set I've made the payment for you the Capital One skill makes account management as easy as speaking up just ask Alexa to find out for yourself now this is not bad for a first attempt at adapting Alexa but what they did is they just took the product they'd had in the branch the credit card and said how do we put this on the voice Channel whereas the first principles designer would say you don't need plastic at all to make a payment you've got your voice that's your unique identifier as long as you're going to attach that voice to a value store you don't need plastic you don't need a 16 digit number you can get access to credit but that can be based on an experience or basis rather than a physical card that's first principles thinking versus iterative thinking so when you look for evidence of first principles design in the financial services world you see a lot of this coming out of China and these new fin tech startups around the world this is of course 10 cent WeChat now in China 98% of mobile payments go through to technology platforms and financials hourly pay and $0.10 WeChat not through the traditional banks or traditional payments networks and this has happened in the space of just a few years last year 12 trillion dollars in mobile payments what that means is this year China's mobile payments transaction traffic will pass all of the card traffic of the world there'll be more mobile payments globally done this year than all the plastic card payments done across traditional means this is a pretty big shift but we chat they didn't try to create a credit card or debit card that you signed up for at a branch and use a traditional point-of-sale network they just used a simple QR code first principles thinking around payments it wasn't a payment product it was enabling the utility of a payment experience when uber was faced with the challenges of growth in American cities in cities like New York and San Francisco and Chicago and Los Angeles they couldn't recruit drivers fast enough and they found out that 30% of the drivers who started the application process in the app got to a single field in the app and abandoned the driver signup process that field was the debit card because these were drivers who'd driven yellow taxicabs and had never had a bank account they'd been paid in cash so to enable them to grow uber faster they had to issue drivers with the bank account overnight uber became one of the third largest acquirers of small business bank accounts in the United States but uber doesn't want to be a bank they needed the utility of the bank built into their app to continue to grow their business as JP mentioned I found a movement in 2011 in the US and we've built essentially this app this is the latest iteration of our app as a smart bank account that will advise you on how to be financially healthy and that includes investment products includes savings behavior and so forth when we introduced our first savings experience in movin which was in q4 last year 40% of our customers immediately deposited funds into the move and savings stash as we call it our savings account or value store but we did zero marketing and we have 0% APR on that savings account 40% of our customers immediately overnight responded to that we can tell you the best day of the week to prompt people to say we can tell you the exact time of day when is the best time to message someone to save money behaviorally we created a behavioral savings process not a savings account customer net doesn't even need to sign up for a savings account with moving that we just enabled their savings behavior so when you start thinking about utility as it changes banking becomes highly contextual and a great example of this might be credit access for day-to-day banking where I walk into a grocery store and I fill up my cart and I fill it up and I go to the checkout and then they swiped my card and the cashier says I'm sorry sir it's been declined yeah some of your customers may have had this problem and so then you go fishing for another card well let me give you this one can you try this one what about if we didn't think about that as a product based process what about if you think when you walk in the grocery store if I know you don't have enough money to do your grocery shopping I present you with an offer for credit access right there and then to solve that problem I don't wait for you to get to the checkout this is experiential design of this so then we come back to the role of advisers because when it comes to financial services we've had this view predicated over the last 30 or 40 years that the best way to get the best bang for your buck in investment terms is you need to have a human involved you need to get that advice but technology is also going to change the way we think of advice in financial services in fact probably the most common form of advice our customers will be faced with in the future from financial services is just something as simple as this hey Siri can I afford to go out for dinner tonight and your bank account should be smart enough to answer that question and if you're looking at retirement how much do I need to save each week to put my son through college how much do I need to put away for retirement you know these are questions a smart bank account should just be able to know should just be out of answer for you and artificial intelligence is going to give us that platform let me explain it in this sort of context we talked about autonomous vehicles smart driving cars and so forth so this is what we think of when you know you think of how an autonomous vehicle drives it learns by capturing all of this information using lidar radar detection you know camera Suites and so forth and all of this information captures about a thousand times the content visually that we could see through our human eye and these chips now are so good at processing this that it can process that amount of information in about half the time of our brain and neocortex or visual cortex can process so a thousand times the information processing half the time of a human brain ultimately when this technology is mature that's why no human will be able to keep up with an AI when it comes to driving same analogy in financial services is the more data we have the better advice we can give you and no human will be able to process the same amount of data as an artificial intelligence so when we look at this being applied in the Robo space for Robo advising 2017 was a big year it was the first year that Robo advisors met the performance of human advisers in terms of portfolio returns the best Robo advisors getting about eleven to twelve percent return on the portfolio so we're now starting to see the fact that in terms of the black box portion of this that machines are catching up with humans on the trading side it's even worse Goldman Sachs has said one programmer can replace five traders today by application of technology this was UBS's trading floor in Stanford back in the early 2000s in Stamford Connecticut today this is empty this trading floor because of the application of our official intelligence so AI is being introduced into the asset management side portfolio management advice and you know return generation for assets under management but on AI is all going to be the same well let me use these two racecars as an illustration of this these are all DS test vehicles for their self-driving rig they're not self-driving cars you drive on the roads they're actually racing cars now there's two of these vehicles test vehicle a and test vehicle B the engineering team nicknamed them AJ and Bobby amb right but Bobby drives faster than AJ same car same platform same hardware same firmware same software same engineers that drive this and yet one of these cars drives faster than the other consistently so I asked the engineers at Audi when I was doing augmented why is that why does one AI drive faster than the other and the engineer from Audi said hmm we really don't know I said can you give me a guess he said well actually we think we know one of the engineers early on in the process because this is a machine learning platform maybe he drived a little bit more aggressively that day maybe he had an argument with his wife or got caught in traffic on the way to work but that set a new baseline for one of the artificial intelligences to learn differently from its compact compact RIA and this shows us that even in investment artificial intelligence one AI will differentiate from another AI in terms of some types of an investment platform for now the advantage lies with advisory firms incorporating artificial intelligence so it's man with machine versus men without machine but it won't be long before it'll be machine versus man we've got probably three to five years window where we we can supplement or augment humor visors without official intelligence after that a eyes are going to start to separate themselves in terms of capability so when you look at the problem of customer acquisition and relationship and engagement of customers what becomes clear is one of our biggest problems in financial services is the way we identify customers kyc kill your customers with paperwork right the reason in Europe we go to these passport stations at airports and so forth and the reason we we use biometrics and facial recognition these days is we know something simple is that some guys sitting behind a window looking at your passport can you take your glasses off please we know that a machine is better at doing that job than a human 15 or 20 times more accurate than a human in identifying your face comparing that with a photograph or facial recognition 20 times better than a human so when we think about regulation that says you must have a face to face verification we understand that is legacy and it's not because it's safe so in Germany this is one of the things that's going to have to change right so then I bet you're all sitting there thinking all right so the robots going to take our jobs what's going to happen with the robo robo of a robot robotic process automation and automation of banking well there are a whole suite of jobs that will be created in financial services as a result of automation but then not traditional banking roles when I get asked about this as a banker you know what should I do I say stop hiring bankers you don't need any more bankers these are the skills you're going to need in the future to survive and thrive number one we're going to need data scientists we're going to need those guys that understand the data patterns to do the data modeling can build the black box asset management functions that give us a return on investment we need machine educators these guys who can help prime artificial intelligence with the machine learning that's going to make them effective it's really interesting when you look at the formation of artificial intelligence we've actually built artificial neurons today called perceptrons which what we power a eyes with but teaching a machine to learn is the difference now between this capability of a program compared with years ago when we used to code all of the instructions learning is the way computer programs are built these days but you need people understand how to teach computers properly how to filter those datasets and help them come to the right decisions experienced designers putting financial services in our world where it makes the most contact context behavioral psychologists that understand the win and the whys and the motivations for you need front end financial services what's the trigger is it an emotional trigger is it a location trigger is it a life event trigger what's the trigger or behavior that shows this need and you know how do we insert something into this from a psychological perspective with the best impact blockchain is obviously a key component of this not just because you know we're talking about distributed asset structures but when we talk about assets under management and we talk about return increasingly we're going to have smart contracts manage those portfolios that we have and the mechanism we have right now the best mechanism we think we're going to have for that over the next 20 or 30 years will be blockchain based systems combined with artificial intelligence we need to code laws and regulations into computer code because there's no longer a process that a human is involved in it's now relegated to a machine and this is where when you start thinking about first principles thinking in financial services this is where regulation is going to have to massively change regulators will become primarily AI based think about just a simple thing money laundering today we have fat f we have the 40 rules we do suspicious transaction reporting we track an event we pass it off to a central bank to then combine those reports to see if you know criminal activity has taken place in the future that's going to be an artificial intelligence monitoring the flows of money determining where suspicious actors are and taking action that way completely new skill sets for regulators they're going to have a tougher time of this than probably the incumbent banks as well identity brokers because kyc is not going to be the business of banks in the future in the future you're just going to identify the person based on a set of data you know what they do what they look like they're defining biometrics these are elements you will confirm the identity with banks maybe one of the trusted parties that seed identity algorithms into you know whatever databases whether it's a public database or a commercial private database that's created for identity but identity is going to be this collection of data about you that makes you uniquely you and this is how we'll combine it you know combat identity theft so we look at the next 20 30 years and the building blocks of financial services what is clear is that there's some big changes taking place you know when China is looking at this problem combined with these new payment experiences networks identity now has just become as simple as facial recognition with a smile you actually don't have to smile but it's it helps for the experience and psychology side of this so once you understand that someone's identity is based on what they do and how they look or their biometric features then collecting something like their date of birth or their address or their mother's maiden name is antiqu
ted because it really has no impact on your ability to keep that identity safe in the system the identity data is what does that by itself when we think about security and financial services quantum computing is going to be massive in this not because quantum computers in a break all existing encryption necessarily but the encryption and security mechanisms mechanisms that we create with quantum computers will be unbreakable so the digital landscape will become highly secure as a result of this technology but keep in mind this you won't as a bank have your own quantum computer you'll use a quantum computing capacity that's in the cloud and so banks must be cloud-based in the future to take advantage of frameworks like identity and cryptography and security in the future they have to be off premises based on public cloud architectures if you stay on premise you won't be able to integrate with this these technologies they're coming so how does that change all the financial services landscape in the in the in the future well one of the interesting aspects is our core bank account artifact that basic day-to-day bank account about two and a half three billion people will come into the financial services space between 2010 and 2030 95 percent of those will have never visited a bank branch they'll get access to a basic value store on a mobile phone already since the creation of the smartphone 1.4 billion people have come into the financial services ecosystem without ever visiting a bank branch 800 million alone in India and in China it's similar numbers so the bank account itself in the next decade will be considered an artifact that's in the cloud or on your phone not a physical artifact you got from a bank that the way we think of a basic bank account of value store will have changed by 2025 the daily interactions with financial services on a digital basis more people will use digital access to financial services on a daily basis that will visit all of the branches and all of the human advisers in the world on an annual so if you want to grow your business in the future it has to be based on digital onboarding digital relationships and digital engagement you cannot scale your business of the future based on humans and from an advice perspective by 2025 more people get it-get day-to-day advice through an artificial intelligence on their finances than from a human all of this adds up to some pretty interesting changes first principles thinking in financial services means that the traditional models we've thought of as the core architecture of banking are being replaced with new values for digital experiences so by 2030 it's more than possible that automated assets under management Robo advisors will be managing about the same portfolio size as human human advisers or human lead advisory firms about 100 trillion we estimate by 2030 so if you were to say let's take this first principles thinking let's start from scratch how would we design a financial services system for the year 2030 how would you do it would you start by trying to put your products online would you start by trying to introduce new technology into your engagement with customers maybe using an iPad for that annual financial rode view you do with your high net worth customers how would you go about this oh if you were Steve Jobs or Elon Musk or Jack Ma how would you do it and you'd probably say we'd start from scratch we use first principles thinking because the fastest scaling financial services organizations in the world today are digital that enables them to get the scale very very rapidly and the biggest financial services organization in the world old by 2030 is going to be an financial as a result of that they're going to be worth twice what ICBC is worth by the end of next decade they're going to have about three billion customers and they're going to be doing lending investment gonna be doing all of these things powered by the fact they have three billion people connected on a super wallet architecture over a hundred countries and this is they're well on the way to this already they've got over three quarters of a billion customers on their platform right now they've just done a partnership with Paytm in India which is gonna bring them another half a billion they've got partnerships with cacao and South Korea G cash in the Philippines they tried to buy MoneyGram in the United States and Trump stopped that because he was worried about the Chinese coming in but they'll have another shot at that but here's the point is Jack Ma has a very simple principle behind the future of banking he says that you should be at assent money from one person to another person anywhere in the world immediately regardless of what bank account you with or you know what artifact you use it should just happen instantly like we can do with a text message or email or whatever today and he's trying to create that architecture and so far we see he's been extremely successful that there's over 4,000 p2p lenders in China alone in the United States in the p2p lending market p2p lenders have 35% of the market share for unsecured lending in the United States a few years ago that was 5% there is more fintechs in the United States today than there are chartered banks you put all of these things together and what you realize is that we're already starting to see our first principles rethink of financial services and it's not based on iterating on the advisor or the branch model it's based on starting from scratch and thinking about how the utility of a financial services organization is best surface to a customer in the real time world and that is at the core of this transformation so that's the big challenge to survive until 2030 it's not about taking technology like artificial intelligence blockchain the smartphone and adding it in to your existing business the only way you survive this transition intact is if you're prepared to start all over again rethinking the role of your business in your customers lives based on the fact that you'll always be there embedded in the world around them that's first principles thinking of financial services and that's what I like to call bank 4.0 thank you very much for your time today [Applause] [Music]
