Your InFinance Publication

FINSIA’s InFinance keeps you up-to-date and in-the-know. 

A former Barack Obama advisor is FINSIA Summit 2019 keynote speaker

by Lewis Panther | 13 Jun 2019
A former advisor to Barack Obama, neo-bank founder and author whose work has been praised by China’s President Xi is the keynote international speaker at FINSIA Summit 2019.

New York-based Moven co-founder Brett King will be returning to his Melbourne roots in September to speak about ways to keep customers happy - as the only way to keep them.

The author, whose work has led to him being in demand around the globe as a speaker and advisor, is the first big name to the event entitled The Age of the Customer.

His books about the transformation of financial services - including Bank 2.0, Breaking Banks, Augmented and Bank 4.0 - have been on Amazon bestsellers lists.

Augmented was even cited by China's President Xi Jinping as recommended reading on AI.

Head of Events Rachael Corby said: “We are really pleased to announce Brett as the key note speaker for this year’s event. His credentials look as long as a Google algorithm. I’m sure he will enthral everyone who attends with his passionate views on the way forward for banking.

“Not only has he set up his own neo-bank, been an advisor to the White House and quoted by China’s President Xi, he’s also made time to write a clutch of bestsellers about the banking.

“He is still also involved in the cutting edge of the industry here in Australia where he recently become an advisor to another fintech Xinja. So we are really excited that he will be speaking alongside many more industry leaders in the spring.

“Rethinking financial services in an era of technology, automation, globalisation and rapidly changing customer expectations, which is the theme of our Summit, really does suit him down to the ground.”

The futurist is very much in the Bill Gates and Jack Ma camp when it comes to financial services.

He believes banks can only survive if they become part of a new digital ecosystem and recently declared that credit cards would be phased out before 2030.

He said: “Credit cards will disappear over the next decade but the function of providing credit will still be provided by banks. You do not need plastic cards with 16 digits.

A phone message will provide details on existing balance, available credit, cost of using that credit and real-time overdraft.

“You will not need to apply for credit because, based on previous behaviour, the bank will know how much credit you can afford to use.

Brett - whose own company Moven can predict a user's need for credit 90 days out with 90 per cent accuracy - also predicts mortgages will become almost instant. His concept would have seemed like something out of a sci-fi movie just a few years ago.

He added: “Finance options will appear on smartphone, on your glasses, or from a smart speaker when you walk into a listed home. You will get an offer for a home loan from banks that are bidding for your business based on key data they have about you.

“The big shift is that you are getting help when and where you need it. You are not having to visit a bank branch and jump through hoops.

“I currently see changes in leadership in Australian banks. But I don't see cultural shifts within their banks. The big concern is that the culture on how to make money is not changing

“More than half of fintech is being driven by frustrated bankers who could not change the culture of their former employer. Banking cannot stay in the 19th century when their customers are embracing these changes.”

*Pre-sale half-price tickets are still available with $400 off for members for the event which is sure to be a sell-out.


Share this