NCFA Blockchain Fintech CONFIDENTIAL (Vol 1, Issue 1)
The National Crowdfunding & Fintech Association of Canada (NCFA) and exclusive Title Partner of the 4th VanFUNDING conference held in downtown Vancouver Nov 29-30, 2018, TODA Network, are proud to present select content in an inaugural pop-up digital magazine format. This year’s theme, CONVERGE, immerses participants and builds bridges across the most disruptive emerging technologies, capital market innovations and key stakeholders that are powering new global markets, new decentralized models, new forms of computer intelligence, new IP, new infrastructure and new alternative investment opportunities toward the vision of a Web 3.0. The world is undergoing unprecedented change that is already affecting our daily lives — how we interact with financial services, generate digital wealth, invest, evaluate, consume, vote, store, transfer, and purchase anything of value. Blockchain’s momentum is not slowing down anytime soon and its capabilities for revolutionizing the financial industry go beyond merely eliminating the “middleman” to harnessing the power to improve fraud detection, transparency and trust, and enhance financial management, change the nature of money and encourage financial inclusivity. The potential is limitless. While blockchain technology has shown immense potential to push us closer towards a utopian financial world, the global penetration of [this technology] is less than 0.2 per cent. While individuals should remain cautious about fraudulent businesses that have arisen from people looking to cash in on the hype, the next wave of blockchain adoption and utilization will be like a tsunami, [where] you can partake in what's yet to be the most disruptive technology in human history or ignore it and get disrupted. We’d like to thank all the partners, speakers, attendees, volunteers and the entire organizing team for coming together to make VF2018 an incredible experience. Congratulations to Symend, Very Good Butchers and MOCA Estimator and for winning the pitching competition. We wish you all great success! The commercialization of emerging technologies is a journey, not a sprint. With this in mind, we encourage you to converge with us in volume 1, issue 1 of ‘Blockchain Fintech CONFIDENTIAL’ and step inside the future of blockchain, fintech, AI and alternative investing.
The National Crowdfunding & Fintech Association of Canada (NCFA) and exclusive Title Partner of the 4th VanFUNDING conference held in downtown Vancouver Nov 29-30, 2018, TODA Network, are proud to present select content in an inaugural pop-up digital magazine format.
This year’s theme, CONVERGE, immerses participants and builds bridges across the most disruptive emerging technologies, capital market innovations and key stakeholders that are powering new global markets, new decentralized models, new forms of computer intelligence, new IP, new infrastructure and new alternative investment opportunities toward the vision of a Web 3.0.
The world is undergoing unprecedented change that is already affecting our daily lives — how we interact with financial services, generate digital wealth, invest, evaluate, consume, vote, store, transfer, and purchase anything of value.
Blockchain’s momentum is not slowing down anytime soon and its capabilities for revolutionizing the financial industry go beyond merely eliminating the “middleman” to harnessing the power to improve fraud detection, transparency and trust, and enhance financial management, change the nature of money and encourage financial inclusivity. The potential is limitless.
While blockchain technology has shown immense potential to push us closer towards a utopian financial world, the global penetration of [this technology] is less than 0.2 per cent. While individuals should remain cautious about fraudulent businesses that have arisen from people looking to cash in on the hype, the next wave of blockchain adoption and utilization will be like a tsunami, [where] you can partake in what's yet to be the most disruptive technology in human history or ignore it and get disrupted.
We’d like to thank all the partners, speakers, attendees, volunteers and the entire organizing team for coming together to make VF2018 an incredible experience. Congratulations to Symend, Very Good Butchers and MOCA Estimator and for winning the pitching competition. We wish you all great success!
The commercialization of emerging technologies is a journey, not a sprint. With this in mind, we encourage you to converge with us in volume 1, issue 1 of ‘Blockchain Fintech CONFIDENTIAL’ and step inside the future of blockchain, fintech, AI and alternative investing.
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Irregardless of how they prefer to consume<br />
service whether it’s on mobile or on their<br />
laptop at home, 87% of banking customers<br />
still want advice and guidance from their<br />
bank.<br />
Unfortunately, the industry is currently<br />
falling short of meeting those expectations.<br />
As digital adoption increases, customer<br />
satisfaction is dropping, and customer<br />
satisfaction is lowest among digital only<br />
segments. Today’s consumers want it<br />
all: digital self-service convenience and<br />
personal relationships.<br />
Why it matters<br />
In a recent report released by Kantar, customer<br />
experience leaders earned 1.9x greater wallet<br />
share than others and 1.9x greater level of<br />
recommendation. Additionally, customer<br />
experience leaders’ customers are 2.1x more<br />
willing to take up new products.<br />
Improving customer experience isn’t just<br />
strategic lip service - it’s imperative for<br />
traditional banks to remain competitive. So how<br />
do financial institutions meet the challenge of<br />
human personalization in increasingly device<br />
and digital-driven services?<br />
Enter big data<br />
The intersection of AI and financial technology<br />
is inevitable because it’s one of the areas AI<br />
can add the most value. Financial data, with<br />
everyone in Canada utilizing banking services<br />
in some way, presents a hugely detailed data<br />
set for learning. Afterall, without data sets and<br />
application that solves tangible problems, AI<br />
isn’t really doing much for anyone.<br />
The opportunity we have here to make a<br />
material impact on people’s lives is significant.<br />
Aggregating and analyzing financial data<br />
means a service provider could give informed,<br />
real-time advice based off more information<br />
gleaned in 5 seconds than they could learn<br />
in a decade of face to face meetings. That<br />
advice could be delivered in person or<br />
through a mobile phone depending on the<br />
customer’s preference.<br />
Ultimately it’ll be the technology whose<br />
incentives aligns with the end user that will<br />
win out. By aligning with end users desire<br />
for success and need for guidance, banks<br />
and credit unions will retain the servicedriven<br />
edge that many consumers expect<br />
and actually far exceed these expectations<br />
as their insights become smarter and more<br />
valuable.<br />
Banking customers will get the most out of<br />
their financial service providers, as opposed<br />
to more products.<br />
Enter open banking?<br />
Given how quickly tech giants and consumer<br />
fintechs are moving in an effort to eat up<br />
market share, open banking could help<br />
level the playing field by enabling financial<br />
institutions to take advantage of productfocused<br />
fintechs who can offer immediate<br />
solutions and improve customer experience<br />
faster than they could do themselves.<br />
While banks and credit unions have the<br />
benefits of deep industry knowledge, trust<br />
and customer-centric services, taking<br />
advantage of the agility and niche skills of<br />
fintechs building AI applications will do more<br />
to ensure they not only survive, but flourish,<br />
as the financial landscape continues to<br />
evolve.<br />
Analysis and the AI insights driven by financial<br />
data can help answer questions like “Should I<br />
go back to school?” or “Would I be better off if<br />
I moved to Calgary?”<br />
These are huge life decisions where the<br />
information that supports different choices are<br />
from disparate or unreliable, anecdotal sources.<br />
Jesse Penner<br />
VP Product<br />
Grow Technologies<br />
10
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