The FinTech Revolution is Coming | SALT iConnections New York | Summary and Q&A

TL;DR

The panel discusses why a fintech revolution is necessary, how technology can transform investing and banking, and the importance of building trust in the industry.

Key Insights

• 🥺 Higher capital requirements and increased regulatory intrusion have led to larger banks becoming more closely tied to the government, stifling innovation and agility.
• 💨 Digital currencies and blockchain technology offer the potential for faster, cheaper, and more secure transactions, improving banking efficiency.
• 🍃 Fintech fills gaps left by traditional banks, providing access to capital for underserved populations and creating opportunities for innovation.
• 💳 Technology, particularly AI, can improve lending processes, increase efficiency, and expand access to credit.

Transcript

foreign Valentine the fintech director at the Milken Institute the Milken Institute focuses on three pillars Health finance and philanthropy so we're going to talk a lot about health and finance today the health of a Nation the wealth of a nation and whether the fintech revolution is going to be the answer to the issues that we're seeing in our mar... Read More

Questions & Answers

Q: Why is a fintech revolution necessary?

The revolution is necessary to address vulnerabilities in the economy, increase innovation and agility, and foster a more responsive and competitive financial services system.

Q: How can digital currencies and blockchain technology improve banking efficiency?

Digital currencies enable faster and more cost-effective transactions, while blockchain eliminates the need for intermediaries, making the banking system more efficient and responsive to customer needs.

Q: What role does AI play in transforming the lending industry?

AI helps in collecting and analyzing vast amounts of data, allowing lenders to make more informed decisions and increase loan approval rates, especially for individuals with lower credit scores.

Q: How can technology increase trust in the banking industry?

Building trust requires standardized data, clear communication, and transparency. Technology, such as distributed ledger technology, can ensure consistent data integrity and streamline processes, enhancing trust among customers and institutions.

Summary & Key Takeaways

• The panel emphasizes the need for a fintech revolution to address vulnerabilities and issues in the economy, particularly in the areas of health and finance.

• The role of technology, such as digital currencies and blockchain, in creating a more efficient and responsive banking system is highlighted.

• Industry veterans and experts discuss how technology is transforming the investment landscape, improving access to capital, and streamlining processes.