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Celent Analyst and Insight Day

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2 March 2016
Eiichiro Yanagawa

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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