Courtesy of HUAWEI TECHNOLOGIES CO. LTD William Genovese below is a transcript of his speaking session on 'Next Generation Digital Financial Services' to Build a Thriving Enterprise that took place at the Business Transformation & Operational Excellence Summit in Financial Services Live.

Session Information:

Next-Generation Digital Financial Services

Session Transcript:

Generation digital financial services are, and we have Bill Genovese, see who is about to join us, and you bill, if you can click on your camera, bills an internationally respected CIO and CTO, and he's lived and worked across all the major continents of the world.

He possesses that considerable, multi-car, considerable, and in depth multicultural awareness as a result from working in all those different countries.

Over the course of his career, he's a man amassed an impressive track record.

And probably gets quite a few phone calls from people to come in and help them grow revenue, deliver next generation, digital solutions, and optimize the operations.

He's an innovator is acknowledged, as such. And he actually has not just in the digital space, but he has how to help and apply quantum computing, AI, blockchain, and next generation analytics and computing. And there's no room in his head for any more knowledge, when you put all that together.

So Bill is going to take us through next generation digital financial services. Without further ado, Bill, I'm going to disappear.

But of course, I'll be in the background, and the presentation is all yours.

Very good, thank you so much. Can you see my screen OK? Yes, I can, I can see your screen, and I can see you.

That's fantastic, OK, Very good. So, next generation digital financial services.

I'll explain what this is and how the, the industry vertical is more or less, not staying in its traditional own swim lane anymore.

And I'll share my experiences and some of the trends and some of the underpinning technologies that are that are shaping this space.

Um, my introduction has been well covered, just a bit more detail around it.

I am the former Vice President of Corporate Strategy for Global Banking and Financial Markets for Huawei Technologies in Shenzhen, China.

Whoops, let me get this out of the way so I can see what I'm reading here, OK.

I've also sorry about that, again.

OK, I've also worked for IBM for well over a decade in a number of continents on the planet, 27 years in this space, at the intersection of IT and financial services.

I've done a bit of work in M&A, OK, For a company called Cross Lake Technologies with private equity firms as our clients, and performing due diligence and risk assessments for buy side and sell side transactions in the acquisition space.

I came into my career from banking, will Cobia Bank, which is now Wells Fargo, and I focus on really what's coming next around the corner.

You know what's going to displace traditional legacy stovepipes of technology and platforms.

And typically, what I'm seeing are the trends in underpinning mobile digital financial services and underpinning that blockchain, AI and analytics on the edge and then quantum computing as well. I've also worked in real estate telecom and healthcare sectors.

two, so if we kinda look at next generation technology, OK, next generation, Digital Financial Services, it's not 1. 1 technology.

The message here is not one technology supplanting or disrupting certain functions, OK?

Within the industry sector, OK, it's really what's happening.

It's kind of a convergence of technologies or the basket of technologies coming together to further accelerate adoption and use cases and move things into production environments as well.

So, here, you kind of see, on the left side, and the right side, some typical functions of financial services in a number of areas, front office, back office operations, And they're mapped to certain technologies, OK, digital transformation as a whole, OK, which can be used as kind of an umbrella, or viewed as an umbrella.

And underneath that, you have advanced analytics, Internet of Things, AI, the intersection of AI and blockchain with smart contracts, OK? And then robotic process automation.

So you can see these are overlapping circles, and that's the first message I kinda want to leave you with, is, is to two really grow adoption in Accelerate digital transformation.

It's a convergence play amongst these areas, and the companies that are doing this are really starting to move the needle forward in terms of digital financial services.

If we step back and kinda look at, you know, the function of banking in the evolution, You know, starting on the left side, within formal banking, and then all the way to the right, ... are embedded financial services in supporting.

financial services. Is a lifestyle embedded in your life? To some extent, we're returning back to the future.

I mean with informal banking, nascent, currency trading systems, well that's crypto Um, you know, we're looking for alternative or decentralized finance.

OK, so, um, moving from banking as a product, through the evolution, and in the timeframe to banking as a service, to banking as a lifestyle, um, you know, it used to be two to do anything with financial services.

You had to engage your bank, or go to the bank branch, take out a loan, or a mortgage for a new property.

Apply for a credit card or checking account.

We then move kind of into banking as a service where all of those products were offered to you and the omni channel context.

Which is, via the ATM niches via the bank branch, which is via the internet browser, Multiple relationships across multiple channels, OK? In terms of access points, and what's further enable that is plugin play in open banking and APIs?

We're now moving into multi channel though where The Digital financial services are a utility embedded in other industry platforms such as e-commerce, Amazon, OK?

and and other retailers.

OK, even In Europe postal banks OK, The the German postal bank is now digital, the Swiss postal Bank is now digital.

So you don't have to go to the post office and pay your utilities, you can do it all online as well as have a drill back to transactions you made from e-commerce platforms.

So it is, very quickly, becoming embedded in ubiquitously, in your life.

What's fueling that?

Is this convergence of technologies embedded micro services, AI, IOT, and cross industry, business integration, and new business models?

Excuse me.

So when we talk about digital financial services, and how this space has evolved, it's really based on, you know, some respect illustratively, Maslow's hierarchy of needs, and this was fuel even further by what we just went through.

And in some extent, are still going through with over the last few years globally.

Payments, you know, the biggest example of a fintech disruptors pay pal, OK, they're no longer staying in the disruptive lane of payments, are offering credit in other products.

Now as well, cryptocurrency, you can buy from from PayPal.

So it started with payments because we need to pay for things digitally when we're cooped up in our houses in quarantine. And and we need to pay right away from mobile devices or a browser.

Through any of our payment methods that we can bind to the back end and retailers and food delivery services, what have you.

Payments is the first, the first thing that we need to kind of take care of in our lives.

Digital disruption, in terms of financial services, is move then into remittance, sending money, cross border, to loved ones, OK?

Your digital channels, when we don't have enough money to pay our, are pay for our goods and services, or send money to loved ones. We borrow.

So digital lending, OK? We don't have time.

We can't jump in our car and go down to the bank branch and wait seven days or five days for a loan approval.

Micro finance, smaller amounts, so micro lending, through digital channels.

And then really the last two pieces, which are starting to be disrupted, more and more now, is the preservation of assets through deposits, insurance, and investments.

OK, and this is also being digitally offered now through mobile devices and internet browsers as well.

Robin Hood is a good example acorn stache on investing without even having to deal with a broker anymore.

What's kinda changed, everything in the industry, you know, notwithstanding Cobin OK, but it's been moving in this direction and Covert has certainly accelerated it, is the sharing economy, you know, we're working from home.

We have mobile devices that are kind of tethered to our hands and wrists. And we expect to do everything from that endpoint, that access point.

This has fueled new business models, OK? Where traditional industries are not staying in their swim lanes. And they're moving into different adjacent industries. And then technology, which I'll spend more time on coming up.

The underpinning technologies as well, um, that enable these, the basket of technologies that enable this digital transformation.

Now, if you look at the, the traditional house of the industry, for lack of a better term, in the middle, OK? And all of the functions, OK, this is a bit of a different representation than the overlapping circles.

But you'll kind of see, in terms of the layer of the architecture, functionally in the business architecture.

And on the left side, you have non bank disruptive entrants, typically consumer tech or e-commerce giant's moving in. And then on the right side you have the fintechs.

Now, the common ground for disruption has been through mobile and the internet on the top of the house through the roof, just under the roof layer, OK, And then they're getting in and disrupting it through multi channel distribution in multiple processes.

Now, the approach is a bit different between the non bank, big tech, e-commerce giants, OK, versus the fintech, OK?

And fintech's are typically disrupting at different edge points in terms of specific functions, whether it be wealth management payments, investments, or credit, OK, whereas non bank entrants, the bigger companies are coming in, um, more holistically, OK. They're looking to offer deposits, are offering credit cards, Apple, Apple, Credit card.

My former company employed why Huawei has a credit card now as well, but they're also leveraging their own payment channels through their, their software bound to their hardware device. So, Apple Pay Samsung Pay as an example.

OK, and the the Table stakes is really around the digital platform, data and analytics in terms of harnessing that awareness and knowledge of the customer their clients, their customers added become more relevant in their lives. So, a great example is Wells Fargo, customer 18, 18, 19 years now, OK, they have all of my history with them. But Pay pal, I've been with, you have a quarter of the time as a customer and last year, PayPal started sending me unsolicited advertisements for credit.

OK, the, my traditional bank doesn't do that, OK.

PayPal does, they, they look to see my payment patterns and they have knowledge of me as a client and consumer, and they use that data layer to harness that and become further embedded into my daily life.

Looking at it from an ecosystem perspective, as well.

Now, OK, what you see here, once again, internal architecture, from networks', infrastructure, core systems, functional transformation, integration in terms of data with, with APIs, and then services around the periphery as well, and you see the various players here, the differentiation is definitely occurring.

In terms of transformation in the areas of APIs, again, and how those are monetized, OK, Whether you're an API provider as a bank, OK, and, and you're opening your, your, your walls up to provide API access to your data and information, OK, or an e-commerce player, whether you're an API integrator OK, and you offer banking as a service, and you're integrating other APIs from other institutions, OK, or you're integrating you're aggregating it in integrating APIs as well, and you're buying and selling them as a broker, almost and there's different monetization schemes as well.

So, paying developers, developers pay you freemium and so on, and so forth.

There is some specialization in, in the industry going on now, in terms of disruption, on those inner layers, so core banking systems, are moving to cloud based or digital front ends, Mambo, is a good example there, Ripple in terms of Ripple XRP and cryptocurrency its own network, OK?

So more work to be done there, but targeted and at and disrupting swift, as well for remittances. So things of this nature. And then you start to get into around the outside more specialized services, robo advisors and services for for investments.

So in terms of the ecosystem, things are starting to shape up in, in some respect, in a number of different ways in terms of modularity, OK?

So you have modular demand across the top of the chart and modular supply.

So integrated financial services or integrated financial institutions.

OK, Challenger banks that are internet only, OK?

other industries moving into the banking space, Gazprom, Bank out of Russia as an example, orange business services, which was a telco.

And then you have.

You know, other industries kind of extending their front ends, OK, to become more integrated and get into financial services, more of a modular demand, OK, and then modular supply, lease, lease financing, or capital financing For assets, modular supply, and then fully modular, um, fintech, and non bank consumer businesses, as well.

Some of the music companies that are starting to move into this space, as well. The key point is, is things are becoming much more embedded in, ubiquitously, in terms of financial services, and the lines of where you're dealing with a traditional institution are becoming more and more blurry.

Now, I did quite a bit of research in this space, which I continually revisit and look at.

And in terms of the initial research, um, the horizon was through this year, but even extending a bit beyond this.

We're going to be the leading innovators in terms of business models for next generation digital financial services and based on a number of surveys and polls in the industry and technologists as well.

It came out where you where the leading digital e-commerce platforms were seen as being the biggest disruptors, followed by leading consumer tech companies.

Some fintech startups, I mentioned, PayPal, Challenge, or Virtual Internet banks only. OK, so, the banks that were kind of born on the internet, with no branches, players from other industries. There could have been global insurers moving into banking, They could have been telcos.

Interestingly enough, what was voted last in terms of innovation.

Were the incumbents, the incumbent banks, and they fell typically into two camps, existing national international banks.

Launching standalone digital banks for adjacent Countries and demographics Standard Chartered did this in Hong Kong with a new subsidiary internet bank called Mocs, Targeting the Younger Demographics, these Generation Z and Millennials, but also keeping traditional branches in place, for Wealth Preservation, for the older demographics, that liked to go into the branch, perhaps once or twice a week.

And then you have those that are transforming, either through a mobile digital transformation strategy or internet strategy, And those are good examples.

There are city HSBC and China merchants Bank in deploying next generation technologies, which we'll get into.

Now, in terms of fintech oriented business models, playing with the traditional industry, there's not one size fits all, OK?

And it can be viewed as a continuum where traditional banks are collaborating with and co-operating with fintech's in terms of internal focus to external focus.

And it could be a continuum or a journey from internal to external.

Or it could be any one of these, these slots along the way, and you see some examples there. So, it could be starting as a digital capability center.

So, a traditional bank may want to build up a big data center or competency and work with fintech to do that.

It could be developing an incubator and accelerator and looking at interesting, fintech companies to come in and partner that could lead itself into off formal partnerships as well in JV's, joint ventures, which can then lead into a situation where a separate digital bank is created, as well, Those that are on the mature or external focus side of the equation may launch their own VC private equity arms. So, they're investing in a portfolio.

Standard Chartered Venture's, as an example, a portfolio of fintech companies.

What I've seen, which is really disruptive, is in certain markets, certain banking giants may partner together and cross sell.

Their products are common products together on a platform or marketplace to fend off disruption from smaller entrants.

So, in a city or country, why don't we sell our mortgages together, OK?

On our, on one common platform to fend off competition in terms of digital lending are marketplace lenders. From, from other platforms. So, very interesting. In terms of the evolution on where that external focus can wind up.

In China, I spent four years in China, like I mentioned earlier.

The co-operation there is not so much with individual fintech startups, but the banks are kind of partnering with the telcos, so, tele tech and big Tech.

OK, so, we did quite a bit of work while it was some of the The China Bank itself and developing innovation.

OK, and you see some of the other, um, banks listed here.

Some of the areas that they've built out functionally, innovation, Suning's a big.

Electronics, e-commerce company that has both retailers as well as online presence, so partnering there with them in terms of banking.

But the message here is, is typically emerging and converging of industry is in supporting technologies across these industries, mainly in the telco space, oh, to have mobile first digital transformation.

Now, if you look at priorities, OK, starting to get into more of the technologies, in terms of impact, OK, then I mentioned some of this earlier, but really, it's two slices above the water line or horizontal, OK?

And improving knowledge of customer acquisition and their experience, open APIs, advanced analytics, machine learning, moving beyond dumb bots, and smart bots, OK? Conversational interfaces to a large, a large extent, cloud is processing all of this information.

two.

Below that, which is: More, enabling technology for connectivity, data privacy, and insert security integrity, and Competition, Computation, and Processing Scale. So this is where robotic process automation, blockchain, quantum computing, AR, and VR, OK.

An Internet of Things, scaling, digital transformation for the top half of the picture.

Really, it came down to the technologies that I saw were the game changers in the industry as it shifts.

Number one, you can't really have a digital transformation strategy or program without having some type of mobile experience, and ideally it should be mobile first. OK, Back to the, The five Areas of Digital Financial Services, on that one chart I mentioned earlier, in terms of consumption.

Um, you kind of see numbers around these circles, OK, this is kind of a bit of a blueprint that we were looking at in terms of prioritization and how we, we brought the company forward horizontally, OK, and we focused, obviously, based on our core DNA and technology innovation for mobile, OK, and then tied to that as well, big data AI in advanced learning.

Biometrics and adaptive security, OK, as well, and that underpinning now in terms of connectivity with five G.

And then also, a key priority is, obviously if you're going to move outside your industry, vertical walls, you have to have open APIs, OK?

It has to, you know, improve efficiency and get you to shared resources and shared business models, OK.

And then, blockchain underneath for data integrity and faster processing, more efficient processing to remove paper as well.

Interesting.

Same chart here, so, mapping use cases in terms of those digital accelerator technologies under the hood, OK, to those platform models I mentioned earlier, on the chart, with the examples, you can kind of see here how the outcome, OK. Most of it was centered on across all of the platforms. Artificial intelligence and analytics and data, OK, In terms of use cases.

And then, you'll see some of the other ones that were lower priority in terms of development Or they haven't quite had the uptake or adoption quite yet as well, High, medium, low across all of the various platform models.

But, once again, the, the key finding is AI and analytics across all of the platform models was, it was a key differentiator in terms of how many use cases are being deployed, OK, across the industry.

five G, you know, once again, you can't have digital transformation without a mobile strategy.

And based on some of the use cases, you start to get into advanced biometrics, facial recognition, virtual teller's.

Richer data, OK?

It's going to require better connectivity, improved connectivity, which which five G is providing in many countries around the world. They don't have to.

I'll go through the journey of two G, three G, four G, LTE to five G are leapfrogging right to five G and taking their digital transformation programs from a mobile perspective right along the way there. This chart is showing number of years.

It took for selected technologies to reach one billion users, see you can see the uptake and the uptick in five G in terms of how fast it's becoming adopted with six G right around the corner as well.

So I've spoken to that.

Quite a few conferences where, you know, it's perceived that, you know, five G is driving fintech as an example. Well, not necessarily. Once again, if you have a digital transformation, you have to have a mobile strategy.

And then all of the drivers for mobile, OK, in terms of bandwidth, latency, rich content streaming, that will necessitate investment in five G so not the other way around.

It's really fintech and digital transformation in mobile, driving the investment in base business case for five G, adoption and, and deployment.

KPMG one of my former companies as well, this kind of shows the, the enterprise value of five G, across a number of industry verticals. You kind of see where financial services lies there as well, very much.

On the right side, um, and, you know, the whole, the whole debate around debate to a large extent, and also deployment models for Smart City, OK.

And you know, where five G would play in that smaller locations within a neighborhood or campus, A Corporate Business Park on the left side versus. citywide use cases, OK, and what industry verticals would play with five G, more of a citywide use case.

Once again, this ties back to the embedded theme financial services becoming embedded across the cityscape or professional services in retail versus where you would have more of a silo or section of a city with five G smart manufacturing as an example.

AI, you know, we've been through several waves of AI.

Right now, we're moving more and more into autonomous AI, so, that's what the chart on the left is kind of showing.

And, then, the growth in AI in a number of areas, OK? Across a number of industry verticals.

So, the point is, is it's becoming, you know, more or less siloed or specific function to becoming, ideally, we're not quite there yet.

Granted, but becoming more generalized in terms of autonomous applications and financial services.

It's really kind of falling into three functional areas, natural language processing, machine learning, and computer vision, OK. So, and these are all being deployed now. This is not something in the future, so, financial services is certainly using these across the board.

And they've become embedded in our, our daily life, so, mobile, mobile, check, capture, and deposit from your mobile device, computer vision, machine learning for fraud and risk management portfolio optimization, especially with the next generation of quantum computing for portfolio optimization.

And natural language processing as well, document analysis and contract building. Very interesting, and currently in place now.

In terms of the algorithms, in place, OK, decision making.

So, this can become, you know, more of a choice of rule based decision making, Boolean data, simple pattern mashing: two, actual machine learning based on complex behavior, moving towards autonomous vehicles or intelligent digital assistants, definitely more work to be done there, We all know that after talking to voice assistance on, on phone calls.

So, these boundaries are becoming fuzzy, you know, as we go to from this statistical reasoning to full on generalized artificial intelligence.

Interesting chart that it kind of shows from a skillset perspective too, um, as people are working in this space, you know, their evolution and their skills building from rule based decision making and application development all the way through.

Cross-platform, artificial intelligence.

Advanced biometrics is a key use case coming up for AI, OK? It's being used in transaction monitoring, physical biometrics, transacts, sharing mine, monitoring and then behavioral is the latest view on that as well.

So, I remember going into, you know, the coffee shop on my campus in China, and there was a device, right at the counter, that looked like an iPad.

And I would simply smile at that device to pay for my coffee every morning.

It was, it was bound to the back end, to my bank of China account, and very, very easy. But this is pretty much right now, ad hoc, and a bit chaotic, OK?

So, we can opt in, whether we want to use facial recognition for any amount of money, small, medium, or large, OK?

The opportunity here kind of ties back to transaction integrity and thresholds, and potentially, that can trigger whether facial recognition and advanced biometrics comes into play or not.

Right now, it's kind of up in the air, as I say, co-operation, or an agreement between the bank, the hardware vendor, a device manufacturer, and software provider to some extent, lot of room for improvement here in terms of when to institute it, and under what behavioral circumstances.

So, it's still definitely an area of ongoing research investment in application.

Quantum computing as well three types quantum annealing, which perform specific functions, OK, simulation, which is really looking at problems in business where a traditional algorithm may not be the best fit from AI, but a quantum algorithm may be a better fit.

Then we're we're years away still from Universal Quantum that that's a bit further down the road.

Oh, without it, without a question, very large amount of qubits and IBM is already kind of operating in this space right now.

But very specialized use cases.

Getting to the use cases, two in terms of maturity. You see use cases here. Not only financial services, but some of the other ones in terms of short midterm and long-term horizon.

OK, so definitely, I see in financial services, portfolio optimization.

Consumer offer recommendations in terms of products, Um, no disease risk predictions down the road.

These are all optimization problems as well, OK, good, poor part of them, as well as the combination in terms of hybrid architectures with AI and machine learning, but then also feeding into that, a bit scenario simulation, which would then lead into some optimization scenarios using quantum computing.

Um, lot of research organizations, this came from McKinsey.

I'll feel Financial Services is going to be one of the biggest verticals, OK, in terms of value for quantum computing, followed by materials, science, and energy.

So, um, less on the consumer side, that's, that's a bit further away, in terms of universal adoption and usage.

So, very specialized functions that are having optimization problems or scenarios leading to predictive analytics, Best fit solutions.

Number of companies in the ecosystem.

Say you have quantum development kits, partnerships with startups, the latest cloud based offering in terms of subscription, quantum computing as a service.

Along with Blockchain and AI. Now you have quantum computing as a service companies are starting to offer that. And then there's a handful of companies that are actually building quantum machines and in hardware.

And then finally, moving into Blockchain, Um, Blockchain is not one single technology in terms of the layers. You have the application layer, services, platform, consensus.

Last count, I think there was 70, some odd, upwards of 80 some odd protocols in terms of consensus, how the settlements are occurring, OK And based on different use cases and the participants, in terms of the consensus, you have the data layer, and then you have the network layer.

I feel most of the work that still needs to be done is that that network layer, If you look at the old open system Interconnect model, OK.

There's seven layers, Zarin networks Really blockchain technology is only touching the top three, but down to the packet and transfer transmission layer.

There could be more specialized networks that are put in place for blockchains there. We've, we had built out some proof points if you're going to bring Blockchain into the enterprise. This was a framework I developed, and I have not come across any company yet, that's, that's delivering blockchain, that has met all five of these simultaneously.

Now, a lot of focus on 1, 2, or three of these at different points of time for different customers.

Not all five simultaneously and two really displace Legacy infrastructure and systems this really needs to occur all at the same time.

And then looking at, once again, you know, blockchain for certain industry verticals. You can kind of see where the uptake is.

Um, retail and e-commerce is a big growing space as well, payments, as well underpinning payments and cross-border remittances which leads into the next chart. So this was a surprising chart.

Most of the most of the use case, OK, a couple of years back and this has shifting a bit, but still largely still.

The same has been in cross-border payments and settlements supply chain, finance and trade finance.

OK, there's some in identity management asset and goods management, real estate, but a good 48%, nearly half of it is an amalgamation of other use cases that are one offs.

Cryptocurrency, I'm not going to spend we're getting near the end of my my time here cryptocurrency is still a bit of back and forth up and down.

But it's definitely here to stay and more institutions are certainly investing in it from the traditional financial institution perspective, OK, and looking for actual use cases for it, OK, that that are that are used beyond cross-border remittances. And where you can pay for things using cryptocurrency.

More and more institutions are accepting payments in that regard to them, which is a shift.

Then programming languages as well, OK. So, what, what's occurring across the state?

Popularity is based on tutorials, searched on Google, So Python and Java are pretty much up there, quite a bit, Tobey is a community index, C, Java, and Python.

She is more more of a traditional language, OK?

So you see some differences there, OK, based on engineers and developers, and what they're using. But definitely, Python is certainly creating a lot of noise in terms of its popularity growth, and then git Hub in terms of commits.

Know how much code is being developed, and distributed to GitHub, which all the quite a bit of developers use. And gotten JavaScript, Python, and Java, the top three there.

So, and then you see some of the older languages that are starting to die down tied to legacy infrastructure as an example. And then another example of convergence to end this up.

So this would be IOT and blockchain integration, OK?

In terms of Smart contracts, kind of a Farm to Table.

Example of food distribution, farm transport, store, and then business applications, both from IOT perspective and a blockchain, peer-to-peer network, from the food producer to legit logistics company, retailer, it could be the new Amazon go Supermarket and and other third parties that would be involved.

And then taking this all together, what does the next generation really look like through three stages of evolvement are two stages, minimal Human System Intervention, 2 0 Human Intervention System.

You kind of see in the center the convergence of IOT AI on Blockchain with smart contracts, and then an inference based controller based on semantics, So based on the use case, that will invoke which layer of the architecture and where to converge through those interfaces.

Very interesting. And then, what's fueling That is the common data verse, which separates out the semantics and the inference. so probably not too far from reality if you kinda look at what's going on in the world and where technology's evolving.

And that's all I had for now.

Quite a bit to digest.

That, yes, that is true, Bill. It is today.

Just, look, we've got about a minute and a half here, so let me, you can, if you can stop sharing your screen, it'll it'll take the black, the black dog away. Perfect.

So, let me just ask you one question, because there's so much in that, that, you know, we could go off and all kinds of different directions. That was an incredibly data rich presentation.

If you just had to say one thing, um, what do you think the next industry that is likely to be disrupted by all of this in financial services?

What do you think the next big breakthrough is going to be after financial services or within financial services?

Within financial services? Sorry.

I would say investments.

In the investment, meaning like buying stocks and bonds and equities are I mean equity and bad. Wealth management overall as an umbrella, OK, and, the reason being is due to alternative investments.

And, I'm saying, cryptocurrencies, an alternative asset classes, OK?

There's a propensity from a consumption model perspective, an access perspective quite a bit for mobile and internet access to these.

OK, so that's kinda kinda tied back to my point Earlier, OK, that if you haven't, you know, if you have a digital transformation strategy, you need a mobile strategy.

So, you know, in my money, has been traditionally kind of spread across a number of traditional brokers and security firm.

Yeah.

Yeah, as well as Robin Hood Acorn stache on and so forth.

Very interesting. I was going to, we're out of time I was going to ask you a question about the digital currencies in the central banks, but that'll take us down the hole. That ruining the world there is the Fed saving the world.

Another 45 minutes, that's why I guess that's a whole other session I personally. But that's just my opinion. Anyway, Bill, thank you very much for a fascinating journey down or down, around, all around the wild new world of technology. That's expanding, touching on just about every part of this industry. And I thought, as a bonus, you talked about several other industries where the technology is being involved. So for anybody who is has got multiple interests, I think you covered a lot of those points. I want to let everyone know. you can reach out to bill genovese Easy. You can find them on LinkedIn, and you can find him with his contact details with ProQuest bill: Thank you very much for a fantastic solution. I'm sure I will see you again.

And another one of these sessions? Everybody? that's the last session for the day for BTO, yes.

The Business Transformation Operational Excellence Summit 20 22 from ProQuest, I hope you will join us at another event sometime in the near future. And my name is Christopher Hodges.

You can find me if you'd like, either at noble automation now dot com, or chris at noble automation now dot com. But I hope to see you at another ProQuest event, either live, preferably, an event in Chicago that'll be live another event in Orlando, that'll be live. Be great to get us altogether. Exchange ideas, what, both while someone's onstage, and when we've got a cocktail that our hands and the reception talking about all these great ideas in an informal setting, I will see you in Chicago, Orlando or virtually.

Thank you. That's all for now. Take care. Bye, Bye.

About the Author

William Genovese,
BI Translator for Data & Analytics,
HUAWEI TECHNOLOGIES CO. LTD.

William (Bill) is Vice President of Corporate Strategy, Research and Planning – Banking, Financial Markets and IT Services at Huawei Technologies, Shenzhen, China.  Bill’s responsibilities include the further development of Huawei’s Financial Services Industry Strategy with research and formulation of new solutions encompassing technology and business architectures, emerging technologies centered on AI/Anaytics, Blockchain, Mobile/Digital and IoT, and evolving business models in the FinTech / RegTech era across the financial services sector.

Bill is also Huawei’s representative and Co-Chair of the China Greater Bay Committee in the FinTech Association of Hong Kong, and a CTO and Executive Board Director for Saving Promise.

Prior to joining Huawei in 2016, Bill was a CIO and CTO for a Blockchain Strategy and Technology company in the US, and a Principal Advisor for a CIO Advisory Consulting firm. Bill has spent most of his 25 year career with IBM, KPMG, and Wells Fargo Bank, stationed in Europe, Americas, and Asia Pacific regions working holding various senior management roles such as CIO, CTO, Principal Technology Architect and Executive Architect. Bill holds multiple industry and professional certifications focused on full-scale enterprise architecture and technology in the Financial Services Industry.