Adapt! Adapt! Adapt! The overriding message was loud and clear at this years’ MoneyFest event. Adapt for COVID. Adapt for the climate crisis. And most of all, adapt for changing
Presented by business journalist, Tanaya Macheel, the event was sleek, streamlined, and star-studded. Virtual attendees were treated to rare industry insights from the likes of Apple co-founder Steve Wozniak, President of BaFin, Felix Hufeld and Bank of America’s Chief Operations and Tech Officer, Cathy Bessant.
This four-day extravaganza covers every nook and cranny imaginable of today’s money market. From Q&As to keynotes, viewers were spoiled for choice. There truly was something for everyone.
1.One for the marketing team
Quantum marketing: Classical rules no longer apply
25 mins, Raja Rajamannar
Spellbindingly convincing, captivating, and original, Mastercard’s Chief Marketing and Communications officer, Raja Rajamannar talks us through his new book, Quantum Marketing: Mastering the new marketing mindset for tomorrow’s customers.
For any marketing professional, the talk offers a valuable insight into the departments of blue-chip companies. Rajamannar discusses the five stages in the evolution of marketing, and the undeniable importance of crisis management. This, he argues, is the future.
“Before, when marketers looked at crisis management it was all about some tweet or some campaign which had fallen flat on it’s face”, Rajamannar explains. “It was more of a PR kind of exercise to manage your brand reputation and protect it. Now crisis is taking a very different approach”. Rajamannar unveils the plethora of crises which have unfolded around us in recent years, from consumer confidence to global health. With resolution, he finds that “crisis is going to be a part of our lives going forward”. And seamlessly explains the steps that marketers must take to stay prepared and to stay relevant.
Well worth watching for any ambitious marketing professional, looking to soar ahead in their career.
2. One for the business strategists
What will it take for challenger banks to become profitable?
20 mins, Alessandro Hatami, Sergei Galperin, Paola Papanicolaou, John Doran
As challenger banks the world over struggle to bring in a profit, these experts are analysing why. With great experience, perspective and a few delightful clashes, this panel is a gem for business modellers and strategists.
What makes it special is the candid conversation between experts who have such vastly different views and experiences. The self-proclaimed “Switzerland” of the conversation, Executive Director of J.P. Morgan, Sergei Galperin, brings the competing ideologies together beautifully. Particularly striking was this quote, “Most challenger banks are not really profitable because they haven’t spent a minute of their lives to date focusing on profitability”.
The talk shines a light on the Silicon Valley approach to growth, where the likes of Facebook develop a vast following first and worry about profitability later. It also highlights how incumbent banks focus on revenue from the beginning, and how these two worlds can collide or merge. The experts do reach a consensus. It’s a six -syllable word beginning with S. You can still catch the replay to find out.
3. One for the compliance officers
What changes need to happen in EU regulation to adapt to the new normal?
25 minutes, Monica Monaco, Felix Hufeld
Financial regulations affect everyone, from the in-house compliance teams to the ordinary person making a payment. What we can and cannot offer customers depends heavily on the regulations in play. President of the German Federal Financial Supervisory Authority (BaFin), Felix Hufeld is one of the people at the heart of these changes. Leading and influencing Europe as it grapples with the new challenges of fintech, he shares his unique insights. And he’s surprisingly candid.
“For traditional authorities, which BaFin is, it starts with knowing what the heck is going on out there”, Hufeld begins. Refreshingly open, he delves into the obstacles and opportunities
for the old-school financial regulators. Like the rest of us, authorities need to adapt in these changing times. COVID-19 has raced along our technology adoption, and the pace is only set to compound. As Hufeld himself explains, “Business models will change… The whole landscape will change”.
Covering the heightened risks of cyber-crime and data protection, Hufeld explains how there’s a dark side to digitalisation. But more than that, he offers solutions. For everyone interested in the future of European regulations, this talk is a must-see.
4. One for the data analysts
The end of “alternative” in “alternative data”
15 minutes, Melissa Koide, Nicky Goulimis
This short session packs a punch. Filled with useful data, and insights, you can tell that Nicky Goulimis, COO and co-founder of Nova Credit has a next-level analytical brain. Relevant statistics and studies seem to just flow from Goulimis, effortlessly. It’s hard not to be impressed.
“We’re very much at the tip of the iceberg in terms of our bank transaction data”, Goulimis explains. Offering an in-depth analysis of the world’s invisible credit seekers, the students, solvents and immigrants, she presents solutions to overcome credit barriers using data.
A noteworthy moment for lendtech strategists was when she commented, “The financial services organisations of the future are the ones who really crack the combinational, analytic and UX challenges that this new data world offers within bank transaction data”.
Along the same lines as Open Banking and Open Finance, this is an interesting and insightful talk for forecasters and forward-thinking data analysts.
5. One for the founders
The disruption masterclass
17 minutes, Ryan Patel, Steve Wozniak
From electric bikes to artificial assistants, Wozniak covers tech today at a hundred miles an hour. His talk is equal parts invigorating, refreshing and energetic. Needing no introduction, the famously happy-go-lucky Apple co-founder offers his expert take on fintech for MoneyFest 2020.
“For a long time, I’ve been enamoured with how fintech can reach down to the normal people”, he explains. “The industry spends more time, probably than anything, on its poor people and giving them good ways to organise their financial lives and keep track of it”.
Full of beans, Wozniak shares his views on where the next major disruptions are stirring within social media, in-person shopping and beyond. He emphasises how true disruption comes from true passion. And how breaking away from the tried and tested formulas, is key.
With a cheeky SONY screen in the background, and a lovely little bit of boxy organised clutter lurking around, Wozniak is nothing if not authentic. One for the founders, he’ll certainly bring a smile to your face, and who knows… maybe even a trillion-dollar idea?
You can catch up with MoneyFest’s unique content online, and replay your favourite talks from world-famous financial speakers.
– Hannah Duncan