Contrarian views #Sibos2020

#ourtribe experts Louise Maynard-Atem, Innovation Lead, Experian, Theodora Lau, Founder, Unconventional Ventures and led by Leda Glyptis. The purpose was to take a critical view about the current wisdom informing transformational thinking and provide a framework to question where we go next in terms of digital. This super-session unpacked who and what will be driving digital transformation in 12 or 18 months from now. 

Louise kicked off by sharing the meme that COVID19 has done more for driving digital change than anything else in the past 20 years, which according to Google trends is when the phrase “Digital Transformation” gained popularity. There is still divided opinions if digital will create or destroy jobs in the short term and will the balance be more employment on the other side. Louise asked the question, “what have we actually done in 20-years?”, as we have done more in the past six months. It can be argued that 20 years put down the foundations but why in reality has it been so slow to realise transformation. Louise suggested that we have focussed on accessible markets, easy digital projects and easy changes and not embraced digital transformation as imagined, “transformational” We have made lots of motion but little action in creating change for the majority. Our focus has been deeply short-term, finding what is burning and putting that fire out. We have not taken a holistic approach, preferring point solutions to solve burning fire issues and not worked out how to prevent fire. Louise said we had not taken it seriously and COVID19 has forced us to not only speed up but to question what we are doing. The global pandemic has exposed fully our lack of belief. Competition as the market norm has been slow at creating any real change; a true global humanitarian crisis has introduced urgency that market competition, budget constraints, shareholder returns and short-termism could not. She finished with a challenge for us “what is the role of finance in the future.” Point automation is not the answer. 

Theo picked up where Louise left off. Technology is not the equaliser, and it is not natural. We were sold a lie as tech does not solve human issues. We need humans to apply technology to solve societies problems. Tech loves short term and is fantastic at telling us what to do next, but cannot address what you should do with your life or how to create value for citizens. COVID has exposed our lack of commitment to real change but also enabled further wealth disparity. The reality is that digital transformation is not putting food on the table for those in need, it is not helping those without an income to pay bills, and it is not getting people out of debt. Irrespective of the market, structures, politics, we have not been clear to ourselves what financial services do to address real problems. We are too quick to say we are doing stuff and look busy doing “transformation.” Here is the crunch, 20 years on and trillions spent, the conditions for most humans using financial services has got worse. COVID has exposed we are not all equal and that those top few % are fine, but we cannot pretend that it is helping those in need. The democratisation of tech was a lie, and the gap is more significant today. Theo asked; are we targeting the right audience or the easy one, do we believe in a more equitable future, what should we stand for?

These are difficult messages and ones we shy away from because we don’t feel empowered. 

Louise picked up the baton reflecting where does innovation go next, questioning how our intentions may be good, but is that sufficient? She observed how we have a preference to solve problems for people like us, finding it difficult to look beyond our context. Those in innovation in banks are not poor, homeless, jobless and not in need of cleaver tech but in need of human touch, care and support. “We solve problems we think are big for a bottom line, COVID shows they were not the problems we as an industry should have focused on”

Theo reflected on what innovation is for, how should it support the diversity of race, gender and thinking. Is innovation to make more engagement in people like me, or to solve real issues with society. Finance is a mechanism for creating value and better humanity; we appear to have lost humans in a rush to transformation out people from roles and save money. We are not transforming but digitising processes. Technology for better would be, help out of debt, help make difficult choices and enable low income to not suffer higher costs. 

Leda asked Louise and Theo to reflect on how we compartmentalise to justify what looks like good intentions, and what should we change tomorrow?

Louse pointed out that roadblocks and obstacles in ordinary times became no more than a pothole or speed bump, but how do we maintain this tomorrow, next week, next year. We have shown what is possible, but will we revert to form?

Theo asked who is responsible for connecting real human plight and what matters to the innovation and automation changes that we focus on. Knowing that digitisation is not the problem after 20 years, who is setting out to uncover the story of the people, the individuals and why this person needs to interact with the bank. Humans deal with humans on exceptions, but there are more people with financial problems than not, so where is transformation. Theo challenged us all to search out what I can do to solve a family problem?

Leda closed by saying that next year at Sibos 2021, planned in Singapore we should review and see did we learn anything from COVID19, did it create transformation or is it too hard?

Thank you, Theo, Louise and Leda. Certainly contrarian views on digital transformation to the mainstream, and you have shown we cannot ignore it. 

the official write up from the session .... https://www.sibos.com/conference/hub/articles/sibos-2020-resident-blogger-leda-glyptis-who-do-you-learn