AI’s Role in the Future of Financial Services

Bill Genovese, CIO Advisory Partner at Kyndryl

Episode Summary

In this episode, Markus Zirn and Bill Genovese explore the financial services industry through the lens of automation. Drawing from Bill's extensive industry experience, they discuss the challenges and opportunities inherent in adopting new technologies within a complex and heavily regulated environment. They delve into the transformative potential of technology, emphasizing the crucial need to adapt strategies in response to shifting consumer demands and evolving industry trends. Bill's invaluable insights shed light on how automation is not only reshaping the financial services sector but also driving innovation to new heights.

  • Episode Key Takeaways

    Episode Key Takeaways

    • Culture trumps strategy: Foster a corporate culture that prioritizes adaptability and innovation over sticking strictly to traditional strategies. This shift enables companies to effectively navigate industry disruptions and swiftly respond to evolving challenges.

    • Adopt API monetization strategies: Align your API strategy with business objectives. Assess whether opening APIs enhances user base or generates revenue. Ensure regulatory compliance and adoption potential align with market expectations.

    • The need for a mobile-first strategy: Prioritizing mobile and internet-first service development will help you stay relevant. This meets the rising demand for mobile access and seamless user experiences in a competitive market.

    • Navigate legacy system challenges with partnerships: To overcome the friction between legacy systems and the need for open APIs, collaborate with technology partners. Look for solutions like code refactoring or API runbook conversions to bridge the gap between outdated mainframes and modern API requirements, facilitating smoother integration.

  • About Bill Genovese

    About Bill Genovese

    Bill Genovese is a CIO Advisory Partner at Kyndryl. Over the course of his career, he has amassed an impressive track record of growing revenues, delivering next-generation digital solutions, and optimizing operations. As a clearly known and acknowledged innovator, he has focused on what's coming next in terms of emerging technology application and adoption such as Quantum Computing, AI, Blockchain, and Next Generation Analytics and Computing. Bill has worked with well known organizations such as IBM, Huawei, eHome Holdings Inc., and Crosslake Technologies.

  • Top Quotes

    Top Quotes

    “There's a famous quote by Peter Drucker centered around culture. And this very much touches the essence of mindset and financial services in the IT industry because of a number of industry verticals. And that quote is ‘Culture eats strategy for breakfast.’ So I've kind of spun that on its heels a bit in the sense that says, if your industry strategy does not address culture, then all you're eating is breakfast. You're leaving out lunch and dinner as well. So that's very important in terms of mindset and automation, integration and digital transformation, especially in a heavily regulated industry such as financial services.” 

    “The traditional house of the bank is being nipped on one flank by the big tech players. On the other side by fintech players, but what's the common way into that house, where both of them, attacking the traditional industry? It's through the internet browser and the endpoint, mobile.  So your services need to be internet and mobile-first, in my view. You know, if you're not, then you may as well prepare to get packed up and close shop. That extreme.”