"Suits in the Garage" Can technology restore trust in the financial sector?

Thursday 10 March 2016, 18.00 – 19.30

LT1 (Lecture Theatre First Floor), Imperial Business School, South Kensington Campus,
London SW7 2AZ – directions

Current Blockchain technology is seen as the next major revolution identified to be as disruptive as the internet and about to shake-up the business world.

The financial services sector is a frontrunner in testing the Blockchains’ potential. Both, start-up entrepreneurs; large financial institutions, and technology companies are searching for killer-applications that leverage Blockchain technology. We can how  cryptocurrencies to smart contracts, identity management, international payments and securities trading could all be rebuilt on Blockchain technology. A recent research report from Oliver Wyman and Santander predicts 15 – 20 billion dollars’ worth of potential cost savings annually on the table  from 2022. But capital is not the only feature benefitting. Blockchain has the potential to restore the most valuable asset in financial services: Trust. Trust between banks and trust in the banks.

Blockchain is no longer the realm of techies and cryptographers. The world of business has seen its potential benefits. The suits have entered the garage. Recently, the worlds’ largest financial services companies joined forces in the R3CEV consortium to explore Blockchain potential. According to PwC there are about 300 Fintech start-ups working on Blockchain for financial services. Different operating models are emerging: some banks are developing in-house expertise, in consortia or by partnering with expert start-ups.

Join us in this session to discuss which ones are likely to be  most successful?

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About the panel:

Bjorn Cumps, Professor Digital Banking, Vlerick Business School

At Vlerick, Bjorn is heading the Centre for Financial Services. His main expertise is digital banking, Fintech and digital transformation in financial services. Bjorn is also part of the Competence Centre Operations and Technology Management, where he further develops the track on Enterprise Architecture.

Bjorn Cumps holds a Masters Degree in Commercial Engineering and is Doctor in Applied Economics (K.U Leuven) in the field of Management and ICT. After obtaining his PhD, he held positions as Internal Advisor and Branch Manager at KBC Group and KBC Bank. At KBC Group, he participated in both local and international projects and programmes on market infrastructures, operational excellence and enterprise architecture. He was also part of the core team of people responsible for the development of the new banking branch business model.

Nicolas Cary, Co-founder, Blockchain

Blockchain is the world’s leading Bitcoin software company. Blockchain build innovative software that makes using Bitcoin safe, easy, and secure for consumers and enterprises in over 120 countries. Blockchain is the provider of three category-leading products. The block explorer is the most widely used search engine for verifying transactions and accessing data about the Bitcoin blockchain. Next, the web and mobile wallets have more users than the rest of the ecosystem combined. Finally, API is the bedrock of the industry powering exchanges, merchant processors, ATMs and beyond. The brand is notably recognized as the most known and trusted in the Bitcoin community.

Blockchain have raised over $30M in capital from top tier investors including Lightspeed Venture Partners, Wicklow Capital, and Sir Richard Branson.

Huy Nguyen Trieu, Author, Disruptive Finance

Huy is a Managing Director for an international bank, and a former CEO of a tech start-up. He has been working in the financial services industry for 10 years, was previously the founder of Ukibi, a VC-funded start-up in New York, and is passionate about the technology revolution that is transforming finance. He writes the Disruptive Finance blog, and likes to mentor entrepreneurs who are inventing Finance 2.0.

In particular, he likes to assist engineers and tech start-ups who need advice in business, marketing or fundraising – having been an engineer himself lacking in these competences. In addition, he has an extensive knowledge of banks, insurers and pension funds thanks to his interactions with these organisations at senior level. Before banking, he raised $15m as CEO of a tech company, and developed it into a 50-strong company with offices in New York and Paris.

He is a graduate of MIT (US), Ecole Polytechnique and Ecole des Ponts et Chaussees and, has been recognised as one of the “10 Influencers in London Fintech you need to know” by BoardStudios.

Viv Diwakar, Co-founder, Impala UK

Viv has been working in the online marketing and analytics space for over 10 years. A technologist and engineer, he has worked in both small start-ups and global FTSE 100 companies, and is able to align the needs of business with ICT. In his last role prior to undertaking his MBA at Imperial College Business School, he was heading the global systems operations and service delivery team at Experian Hitwise. Viv is passionate about the potential for blockchain smart contracts to revolutionise the manner in which transactional activities can be automated with verification and validation occurring automatically. Viv also holds a BSc in Computer Science from the University of Melbourne.

Impala UK is a socially oriented for-profit organisation aimed at eliminating information asymmetry in low-trust, cash-based crop markets, with the result that previously unbanked small-hold farmers can now get a fairer pricing during transactions, and transaction histories can be used to compile customer profiles which can be used by banks to offer basic banking services.

This event is now closed.

This event is part of the Best Practice 8-part series. The series is organised by The Entrepreneurship Hub at Imperial College Business School and is supported by the Higher Education Innovation Fund (HEIF).