As financial leaders, we are privileged and challenged to live in the most exciting times in the history of the financial services industry. With disruptive technologies entering the market place, the industry is changing at a phenomenal rate and this was highlighted time and again throughout the 5th Earnix Pricing and Innovation Summit that was held last week in London.
Today, there is less discussion about generic ‘trends’ in the industry, but rather how to deal with five mega-trends that are gaining momentum at an alarming rate:
- Social & mobile (SOMO)
- The internet of things (IoT)
- Peer-2-peer finance
- The sharing economy
- And blockchain technologies
The opportunities and threats that these mega trends are creating are evident in every Fintech startup map and financial industry leaders need to respond to them. All maps are now naming hundreds of disruptors that are creating new technologies and services, but more importantly – shaping the customer experience and bringing expectations to a new level.
So, it was very appropriate that at this year’s Summit the theme was “the customer centric future”. In this new reality, it seems like customers and the way they are shaping our businesses are the only beacon of light that has remained constant.
Summit speakers described the great passion and investments their organizations are putting into customer experience and engagement. They emphasized the need to keep customers at the center of our organizations and discussed practical ways to do so.
And if this wasn’t enough for us to sink our teeth into, speakers also addressed the acute opportunity to use analytics to gain customer insights. All of these mega trends are creating an unprecedented surge of data that we have the choice to either leverage, reject or get buried beneath. Knowing how important analytics is for business growth, financial leaders hailing from all over the world spent two intensive days at the Earnix Summit discussing and sharing how to address business problems through analytics.
Speakers described that their analytical progress has not been a one-time effort but rather a journey spread over multiple years, requiring both strategic direction and tactical changes. They also emphasized that most analytical work, requires the immense but important task of bridging the gap between the analytical work being done and the business people in their organizations. For example, one speaker and the head of an analytics department mentioned that he has to continually discuss his successful analytical cases and the value they bring with his business counterparts. He has taken on the unofficial role of “evangelist”, because de-facto it is a big part of the work any manager of an analytics department does.
This year’s filled-to-capacity Summit, featured the following keynote speakers:
- Neil Hiltz, Head of Financial Services, Global Vertical Strategy at Facebook
- Chris Skinner, Author and CEO at The Finanser
- Frank Fallon, Head of Financial Services AWS Globally at Amazon,
as well as renowned speakers from various financial services companies such as Capital One, Intesa Sanpaolo, Jyske Bank, AIG Insurance, Simply Business and Generali. The Summit once again offered distinct banking and insurance tracks, in addition to the Earnix Best Practices and Roundtable sessions. Built into the two day event, were networking opportunities that delegates could leverage to engage in discussions with Summit speakers, the Earnix team and with each other.
Delegates left London after the Summit with pragmatic ideas on how to advance their analytics science and their organizations. They also took home a clear perspective on how to:
- best apply analytics
- build customer centric strategies
- create a better customer dialog
- personalize services
- align organizations with innovation
- make the best out of their data and data science resources to move their businesses forward.
We enjoyed welcoming new and returning guests to this year’s Summit and have already started planning the 6th Earnix Summit for next fall in London. Looking forward to seeing you there!