Sign Banking Presentation Pennsylvania Computer

Industry sign banking pennsylvania presentation computer

for a session produced by our underwriter please welcome Derek white the chief digital officer for US bank thank you our future is about humans interactions and technology in the next few minutes I'd like to share thoughts about how this impacts all of us every industry especially the banking industry that I work in but to bring that to life do we have any Jason Bourne fans in the audience yeah all right we got a couple of shoutouts there well my son recently completed the the Jason Bourne series by Robert Ludlum and in that at the conclusion of that we decided that it was time for him to meet Matt Damon Jason Lord so over the weekend we watched the Bourne steer Bourne movies and while that while that movie is packed with action sequences there was one scene that really he paid close attention to and that is Jason's been shot in the leg and he's being chased by what they refer to in the UK as the baddies and he runs into the supermarket he grabs three things the first thing he grabs is a bottle of alcohol the second thing something to stop the bleeding yes and a third thing anybody know what he grabs a third thing what a Matt yes that's the only the second time I've ever heard anybody reference that but yes he grabs a Rand McNally multifold paper map it then cuts to a scene of Jason Bourne navigating the streets of a European capital using a paper map now I don't know about you but the Bourne movies don't feel that old to me but to my son who's a digital native he looks at that and says you gotta be kidding because see this principle on this story of Jason Bourne highlights a principle and in the digital world it's very fundamental to every industry that's the concept of closed to open the shifting from closed systems to open systems a map and how it ties to commerce and map back in the day when you purchase paper maps you actually purchased it up front you paid for the production of something that was created in a closed system where intellectual property was captured created and then distributed whereas today we operate in open systems in an open system world and this open system what does open system mean it means it's an open architecture that you don't pay for today you don't pay for the product but what you what you get is an experience that is open architecture where anybody around the world can add a road that you may or may not know exists whether you are in Egypt whether in Seattle or whether you're here in Washington DC you can also label your home and instead of giving your address you simply say that you live in BlackWolf in Oxford Pennsylvania an open architecture that allows anyone around the world to create value now the goal of these ecosystems and and maps while you may not pay for it today this is monetized today in our data our usage of this data that is then passed on for advertising understanding the difference between those two models is fundamental to our collective future now if we look at this in the banking world the banking world has fundamentally changed and the way humans interact with technology and the way they interact with money has fundamentally changed from the days here to here now you can think of this in three interaction models brick glass and air or numerically as 10 300 3000 now the banking industry was founded on brick and the days when people had actually walked into the branches has changed dramatically to where the average person walks into a branch ten times a year the average person will visit what we refer to as the glass the mobile banking application or digital interactions they will interact with their money 300 times per year now humans are also interacting in digital ecosystems at a rate of three thousand times per year now how different is a business model if you're interacting ten times a year 300 times a year or 3,000 times a year see there's a lot of discussion in the banking industry of the threat of big tech we know the big tech has three priorities in mind one they want to scale billions of users - as they scale billions of users they want to increase the number of interactions the amount of time that is spent on their platform and then three they seek to monetize it now a recent discussion with one of the executives of one of these big tech ecosystems of which you would all know he shared that the one KPI that he is measured on that they measure there's a future success on is the number of messages sent how different is that from the way strategies have been built in the past now with the advent of IOT and every device going to have some smart capability enabled in every device it is projected that these 3,000 interactions that we have will increase to 30,000 interactions that's already happening and playing out in the battle for the home today as we see devices increasingly being placed in the home with the pod the echo the portal all playing to drive hands-free interaction with a computer in a way where you we don't even have to touch the screen or interact with the screen this is playing out significant in what many refer to as the Facebook effect see when people talk about the future of banking the future of Technology many people talk about artificial intelligence cyber blockchain and the distributed ledger I'm personally fascinated how technology is changing our social behavior into distributed social interactions for those of you that know fortnight you will know that the purse winnings from competitions from fortnight now exceed those purse winnings from a PGA Tour tournament a 16 year old Watts home with more than Rory does from a tournament marshmallow streamed a live live concert to 10 million concurrent users on the fortnight platform what's interesting about this is my son can be sitting in our home he can be socially connected with his friends in Dubai connected with his friends in London sharing a digital experience for hours and hours in a digital ecosystem fundamentally changing the way we interact instead of notifying each other calling talking to each other we simply have to show up or spawn in as they say in fortnight now all of this translates into the future of banking one of the greatest things about working in the financial services industry is we work with every industry and one of our clients is the automotive industry in the automotive industry they've defined levels of autonomy and autonomy is a major area of focus those levels of autonomy can be described as feet on hands on and mind on in the same way that the automotive industry has defined the autonomy of the future of moving an individual from one place to another trusting a computer to move us and to move our vehicle into from one direction to another direction in the same way it's imperative for us in the financial services industry and in every industry to understand how we build trust with humans as they interact with technology in such a way that we can create autonomous banking or the self driven bank account now what does that mean for the future which emerging technologies will become the antiquated technologies of paper maps one thing is certain that's successful business models of the future will tie directly to where value is added at the moment humans interact with technology thank you