Celent Analyst and Insight Day

Celent analysts and their insights gathered in Tokyo.

The informative conference presentations were followed by a heated discussion with the thought leaders in the financial industry, on the role of the financial services in the future, which should make a big leap forward both locally and globally.

At the conference, the fifteen hottest topics were covered in the three sessions.

 

Session I
Innovation: Countdown to Now

Firms no longer have the luxury of relying on the past or dismissing the seemingly impossible that is being offered in the present—did we ever really think hoverboards, drones, and driverless cars would be a part of our daily lexicon? But how does a financial institution make the transition to be an innovative enterprise? We’ve taken a close look at what Celent research has discovered to be emerging as best practices in financial services innovation – and examine how incumbents are modifying their traditional business practices to respond to the opportunities and threats presented.

  • Organizing for Innovation
    Mike Fitzgerald, Senior Analyst, Insurance, Celent
    Stephen Greer, Analyst, Banking, Celent
  • Holistic Digital
    Dan Latimore, Senior Vice President, Banking, Celent
  • Extreme Digital
    Craig Beattie, Senior Analyst, Insurance, Celent
  • Convergence in Wealth and Asset Management: Quest for $100 Trillion
    Jay Wolstenholme, Senior Analyst, Securities & Investments, Celent

 

Session II
FinTech: The Fork in the Road

The decisions you make today are vital to your firm’s well being tomorrow. Many of those outlandish ideas being bandied about today contain the seeds of where the industry is heading tomorrow. The challenge is which ones are worthy of your limited time and resources. We’ve examined some of today’s trendiest technologies and discuss which ones we think have staying power and which ones are a futuristic fantasy.

  • Insurance Fintech
    Jamie Macgregor, Senior Vice President, Insurance, Celent
  • The Internet of Things, Telematics, Driverless Cars: First an Opportunity, Then a Threat
    Donald Light, Research Director, Insurance, Celent
  • Practical Uses of Emerging Technology in Retail Banking (from Authentication to Helping Customers Live Better Financial Lives)
    Stephen Greer, Analyst, Banking, Celent
  • AI/Machine Learning in Insurance
    Mike Fitzgerald, Senior Analyst, Insurance, Celent
  • AI/Machine Learning in Securities
    David Easthope, Senior Vice President, Securities & Investments, Celent
  • Robo Advisory
    Will Trout, Senior Advisor, Wealth Management, Celent

 

Session III
The Blockchain: Passing Fad or the Next Big Thing?

It seems everywhere you look, there is another mention of the Blockchain, and it appears to be offering a glimpse into the future. Is it a viable, commercial platform or not. We’ve explored how this cutting edge technology is being utilized across Financial Services. We’ve taken an in-depth look at where it is, where we think it’s going and if it’s worth your time and money. We’ve studied how others are utilizing this futuristic tool and what you need to be thinking and doing in order to ensure you won’t be passed over.

  • The Future of Blockchain and Payments
    Zilvinas Bareisis,
  • Blockchain in Banking
    Patty Hines, Senior Analyst, Banking, Celent
    Jim O'Neill, Senior Analyst, Banking, Celent
  • Blockchain in Insurance
    Jamie Macgregor, Senior Vice President, Insurance, Celent
  • Blockchain and Smart Contracts in Securities
    Brad Bailey, Research Director, Securities & Investments, Celent
  • Distributing Risk with Digital Assets
    David Easthope, Senior Vice President, Securities & Investments, Celent

 

Afterwards we interviewed the thought leaders individually, where we continuously focused on the financial industry in the future.

  • What we should do…
    – Investment and Creation of business opportunities
    – Elimination of mismatch between supply and demand
    – Implementation of new technology in the context of new architecture
  • What we shouldn’t…
    – Reproduction of legacy
    – Competition for market share
    – Monopolization of business and technology

 

To become what we envisage, the financial service industry should share and collaborate with other industries. As long as it remains a monopolistic industry, it won’t be able to catch up with changes rapid development of technology is bringing about.

In this FinTech era, consumers have high expectations for far better services.
It seems that the competitors are not your industry peers but outsiders.
They could be YouTube, Ritz-Carlton, Google or Amazon.com. They all know potential customers’ needs and provide their services based on them. Social network services, which are non-exclusive and user-friendly, also could be another rival.

Whether we can meet the expectations or not will be the key.

Stay tuned for forthcoming Celent reports.

 

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Eiichiro Yanagawa About Eiichiro Yanagawa

Eiichiro Yanagawa is a senior analyst with Celent's Asian Financial Services group and is based in the firm’s Tokyo office. His research focuses on IT strategy issues in the Japanese and Asian banking and financial industries. His recent research has included core banking systems, ATMs, anti-money laundering technology, electronic trading, document management, IT spending trends, and business process outsourcing. Eiichiro's consulting experience includes development of bank IT strategies, thin client / desktop virtualization to support business continuity, evaluation of data centers for hosting core systems, and vendor selection of AML, risk management, and other technologies.

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