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Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 3 - Digital Transformation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-3-digital-transformation","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-3-digital-transformation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
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Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

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\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n
Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

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\n
\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

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\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n
Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

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Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n
\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n
\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

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In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

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Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

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\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

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This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

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You have to re-imagine how money can be managed and moved because there's going to be more change in the next five years in financial services than in the past 30.<\/p>Dan Schulman, CEO of PayPal<\/cite><\/blockquote>\n\n\n\n

In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

Silicon Valley is the global hub of innovation, where tech giants and early-stage companies are shaping the future. The immersive program for CommBank\u2019s executives included company visits to Google and expert talks at SVIC to provide the executives with a deeper understanding of innovation culture and engagement with the startup space.<\/p>\n\n\n\n

You have to re-imagine how money can be managed and moved because there's going to be more change in the next five years in financial services than in the past 30.<\/p>Dan Schulman, CEO of PayPal<\/cite><\/blockquote>\n\n\n\n

In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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Latest

\n

Becoming Innovators for the Digital World<\/strong><\/h2>\n\n\n\n

Silicon Valley is the global hub of innovation, where tech giants and early-stage companies are shaping the future. The immersive program for CommBank\u2019s executives included company visits to Google and expert talks at SVIC to provide the executives with a deeper understanding of innovation culture and engagement with the startup space.<\/p>\n\n\n\n

You have to re-imagine how money can be managed and moved because there's going to be more change in the next five years in financial services than in the past 30.<\/p>Dan Schulman, CEO of PayPal<\/cite><\/blockquote>\n\n\n\n

In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

\n

Our program offered CommBank\u2019s executives the opportunity to immerse themselves in the global hub of innovation and connect with digital experts at Google, Token and SVIC.<\/p>\n\n\n\n

Becoming Innovators for the Digital World<\/strong><\/h2>\n\n\n\n

Silicon Valley is the global hub of innovation, where tech giants and early-stage companies are shaping the future. The immersive program for CommBank\u2019s executives included company visits to Google and expert talks at SVIC to provide the executives with a deeper understanding of innovation culture and engagement with the startup space.<\/p>\n\n\n\n

You have to re-imagine how money can be managed and moved because there's going to be more change in the next five years in financial services than in the past 30.<\/p>Dan Schulman, CEO of PayPal<\/cite><\/blockquote>\n\n\n\n

In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

\"Image<\/figure>\n\n\n\n

Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

\"<\/figure>\n\n\n\n

Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

Heading into the future<\/strong><\/h2>\n\n\n\n

During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

Wide Application<\/h4>\n\n\n\n

Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

Simplicity is Key<\/h4>\n\n\n\n

Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

\u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

Focus on User Experience<\/h4>\n\n\n\n

An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

\u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

Digital identities<\/h2>\n\n\n\n

Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

\u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

Merging the online and offline worlds<\/h2>\n\n\n\n

The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

A marathon, not a sprint<\/h2>\n\n\n\n

When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

\u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

Putting theory into practice<\/h2>\n\n\n\n

Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


\n\n\n\n

Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

Search

Latest

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  1. Corporate innovation and startup engagement<\/li>
  2. The transformation of payments infrastructure<\/li>
  3. The future of banking and digital currencies<\/li><\/ol>\n\n\n\n

    Our program offered CommBank\u2019s executives the opportunity to immerse themselves in the global hub of innovation and connect with digital experts at Google, Token and SVIC.<\/p>\n\n\n\n

    Becoming Innovators for the Digital World<\/strong><\/h2>\n\n\n\n

    Silicon Valley is the global hub of innovation, where tech giants and early-stage companies are shaping the future. The immersive program for CommBank\u2019s executives included company visits to Google and expert talks at SVIC to provide the executives with a deeper understanding of innovation culture and engagement with the startup space.<\/p>\n\n\n\n

    You have to re-imagine how money can be managed and moved because there's going to be more change in the next five years in financial services than in the past 30.<\/p>Dan Schulman, CEO of PayPal<\/cite><\/blockquote>\n\n\n\n

    In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

    This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

    Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

    \"Image<\/figure>\n\n\n\n

    Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

    Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

    Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

    In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

    If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

    In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

    During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

    Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

    Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

    Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

    Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

    A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

    However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

    Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

    If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

    The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

    During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

    \"<\/figure>\n\n\n\n

    Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

    Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

    Heading into the future<\/strong><\/h2>\n\n\n\n

    During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

    Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


    \n\n\n\n

    Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

    Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

    Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

    But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

    The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

    This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

    Wide Application<\/h4>\n\n\n\n

    Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

    This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

    Simplicity is Key<\/h4>\n\n\n\n

    Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

    Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

    A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

    During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

    Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

    \nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

    \u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

    Focus on User Experience<\/h4>\n\n\n\n

    An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

    Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

    These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

    \u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

    Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

    The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

    Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

    Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

    Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

    As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

    Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


    \n\n\n\n

    Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

    Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

    The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

    Digital identities<\/h2>\n\n\n\n

    Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

    Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

    Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

    At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

    \u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

    The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

    Merging the online and offline worlds<\/h2>\n\n\n\n

    The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

    Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

    During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

    \nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

    A marathon, not a sprint<\/h2>\n\n\n\n

    When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

    On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

    \u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

    Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

    Putting theory into practice<\/h2>\n\n\n\n

    Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

    An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


    \n\n\n\n

    Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

    Search

    Latest

    \n

    The bank\u2019s latest annual report summarized its mission as \u201cBecoming a simpler, better bank\u201d. To help CommBank achieve this and best position itself for the digital future, Silicon Valley Innovation Center (SVIC) designed a custom immersion program in Silicon Valley<\/a> for over 20 Commonwealth Bank executives centered around three key concepts:<\/p>\n\n\n\n

    1. Corporate innovation and startup engagement<\/li>
    2. The transformation of payments infrastructure<\/li>
    3. The future of banking and digital currencies<\/li><\/ol>\n\n\n\n

      Our program offered CommBank\u2019s executives the opportunity to immerse themselves in the global hub of innovation and connect with digital experts at Google, Token and SVIC.<\/p>\n\n\n\n

      Becoming Innovators for the Digital World<\/strong><\/h2>\n\n\n\n

      Silicon Valley is the global hub of innovation, where tech giants and early-stage companies are shaping the future. The immersive program for CommBank\u2019s executives included company visits to Google and expert talks at SVIC to provide the executives with a deeper understanding of innovation culture and engagement with the startup space.<\/p>\n\n\n\n

      You have to re-imagine how money can be managed and moved because there's going to be more change in the next five years in financial services than in the past 30.<\/p>Dan Schulman, CEO of PayPal<\/cite><\/blockquote>\n\n\n\n

      In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

      This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

      Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n\n\n\n

      \"Image<\/figure>\n\n\n\n

      Executives from Commonwealth Bank of Australia hear about startup engagement during a full-day immersion program in Silicon Valley.<\/p>\n\n\n\n

      Key takeaways from Google and SVIC:<\/strong> the age of disruption is transforming the world at lightning speed and a company\u2019s ability to innovate and adapt to change has become a key driver for success. Changing organizational culture and partnering with startups are pathways for established financial institutions to become innovators in their industry, resist disruption and prepare for the future.<\/p>\n\n\n\n

      Digital Banking on the future of money<\/strong><\/h2>\n\n\n\n

      In recent years, the finance sector has seen fintechs rapidly capture market share. What explains their fast growth and the way they\u2019ve earned users\u2019 trust? In essence, these young companies have been able to satisfy the needs of consumers for convenient, accessible services<\/a> through mobile-based business models and easy-to-use apps. For established financial institutions, it is now a priority to innovate around the entire customer lifecycle and leverage AI and machine-learning to offer simpler, faster operations.<\/p>\n\n\n\n

      If banks can\u2019t offer something more valuable than Amazon Prime, then we\u2019re probably in the wrong business.<\/p>Bradley Leimer, Former Head of Innovation\/Fintech Strategy at Santander US<\/cite><\/blockquote>\n\n\n\n

      In the case of CommBank, an overview of its mobile and tech tools would indicate that they are ahead of the digital finance curve. The bank\u2019s mobile app offers an integrated chatbot that understands 85,000 different ways of asking questions and helps customers complete 282 banking tasks. Still, companies today not only need to prepare for the business landscape of the next five years (in which apps will be a given and chatbots increasingly ubiquitous), but implement digital innovation strategies that will give them a competitive advantage and help resist disruption in the long term.<\/p>\n\n\n\n

      During their visit to Silicon Valley, the CommBank group wanted to learn more about innovation in payments and, in particular, the potential uses of cryptocurrency. A session with fintech Token - an experience the executives described as \u201ceye-opening\u201d - was the perfect context to satisfy their curiosity and learn about cutting-edge applications for digital banking.<\/p>\n\n\n\n

      Founded in 2015 with the mission of \u201cdoing for value what the World Wide Web did for information,\u201d Token has developed an open platform for banks to interact in a global finance ecosystem and a single application programming interface, or API, to access all banks. By enhancing the access and sharing of data and helping banks meet compliance requirements more efficiently, open-banking platforms and APIs<\/a> can significantly enhance the delivery of financial services for both retail and business consumers.<\/p>\n\n\n\n

      Hearing from Token not only brought the CommBank team up to speed on the developments and potential of these tools, but also gave them the chance to gain insights on two growing trends where fintechs are leading the way: instant payments and peer-to-peer transactions with cryptocurrency and blockchain technology.<\/p>\n\n\n\n

      Emerging (crypto)currencies in finance<\/strong><\/h3>\n\n\n\n

      Cryptocurrencies have been described as a money revolution<\/a> and are based on the highly disruptive blockchain technology. Blockchain, by definition, is a decentralized ledger shared across a private or public network and at its core is the absence of third-party intermediaries. With a central premise in such direct opposition to the role of banks, it would seem a major competitor to established financial institutions and the traditional banking ecosystem.<\/p>\n\n\n\n

      A report<\/a> by the World Economic Forum has forecast that 10% of global GDP will be stored on blockchain by 2027.<\/p><\/blockquote>\n\n\n\n

      However, as CommBank learned during Token's presentation, banking incumbents who develop smart strategies to engage with blockchain may find valuable business models within the technology. Over a Q&A, the executives heard about profitable opportunities with cryptocurrency in foreign exchange and after the presentation were very keen to discuss these opportunities with clients they advise.<\/p>\n\n\n\n

      Blockchain applications for instant transactions<\/strong><\/h3>\n\n\n\n

      If there is one defining trait of the digital world, it is immediacy. And customers now expect the same in their banking services. As a result, payment systems around the world are increasingly being revamped to offer real-time payments through multiple channels, including mobile apps and digital wallets.<\/p>\n\n\n\n

      The technology on which these payment infrastructures could be based? Blockchain.<\/p>\n\n\n\n

      During the presentation, the Australian executives also gained insights into this trend and the use of cryptocurrencies as well as traditional currency to provide instant bank-to-bank payments, a potential application for CommBank to offer its own customers.<\/p>\n\n\n\n

      \"<\/figure>\n\n\n\n

      Executives from Commonwealth Bank hear about applications of blockchain and cryptocurrency from fintech Token.<\/p>\n\n\n\n

      Key takeaway from Token<\/strong>: blockchain applications like cryptocurrency are very new and there is space for banks to shape this growing ecosystem. Banks can integrate cryptocurrency to their operations and transform their payment infrastructure on blockchain technology to offer customers real-time transactions, a service with increasing adoption worldwide.<\/p>\n\n\n\n

      Heading into the future<\/strong><\/h2>\n\n\n\n

      During their custom immersion program in Silicon Valley, Commonwealth Bank of Australia executives learned about the future of banking and the crucial role innovation will play in the industry\u2019s future. At Google and SVIC, the group was able to dive into the culture of innovation and the way companies can engage with it through startups. A session with Token gave them a thorough overview of digital banking, the role of banks in the future and potential applications of blockchain and cryptocurrencies at finance institutions like their own.<\/p>\n\n\n\n

      Commonwealth Bank came away with the tools and knowledge to become a simpler, better partner to its customers and a leader in the digital banking future.<\/p>\n\n\n\n


      \n\n\n\n

      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

      Find Out More<\/a><\/div>\n","post_title":"Commonwealth Bank of Australia Learns Digital Banking in Silicon Valley","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley","to_ping":"","pinged":"","post_modified":"2020-02-26 05:43:28","post_modified_gmt":"2020-02-26 13:43:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/commonwealth-bank-of-australia-learns-digital-banking-in-silicon-valley\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":549,"post_author":"1","post_date":"2019-03-19 19:59:00","post_date_gmt":"2019-03-20 02:59:00","post_content":"\n

      Today, 17.5 million units of bitcoin are in circulation, up from seventy thousand when the cryptocurrency first launched in 2009. This sizeable increase is testament to the speed at which blockchain, the technology underlying bitcoin, is becoming more widely used. Yet cryptocurrency is just the tip of the iceberg; today blockchain use cases are found not only in finance \u00a0but in a diverse range of industries including healthcare, government, and agriculture.<\/p>\n\n\n\n

      But for the moment many large corporations, including banks, are only experimenting with blockchain and cryptocurrencies. For the average consumer, meanwhile, cryptocurrencies like bitcoin are still too cumbersome to use on a daily basis, even though they have the potential to deliver many advantages over traditional fiat money. \u00a0<\/p>\n\n\n\n

      The situation we then have today is complex: blockchain is poised to disrupt many industries, but at the same time has not quite hit the mainstream.<\/p>\n\n\n\n

      This intriguing picture is at the heart of day 4 of Silicon Valley Innovation Center\u2019s Navigating Fintech Disruption executive immersion program. Through company meetings and workshops, we show executives how blockchain is being used today, the potential it holds for the future, and how they can themselves deploy it within their own enterprise.<\/p>\n\n\n\n

      Wide Application<\/h4>\n\n\n\n

      Day 4 begins at Stanford University for an interactive session with the Stanford Blockchain Collective. An interdisciplinary group, the Collective works on some of the most advanced blockchain and cryptocurrency research anywhere in the world.<\/p>\n\n\n\n

      This meeting brings executives the very latest information on how and where digital ledger technology is being used. Program participants learn about applications of blockchain not just in banking and finance; they also see inspiring use cases in industries such as energy, education, and environment. The session at Stanford shows executives just how different the world will look when blockchain and cryptocurrencies are applied widely across the economy.<\/p>\n\n\n\n

      Simplicity is Key<\/h4>\n\n\n\n

      Still, for all the disruptive potential blockchain possesses, it is in banking and finance where its biggest impact is felt. The original use case for blockchain - as tracking technology for cryptocurrency bitcoin - also remains its most well-known.<\/p>\n\n\n\n

      Yet even though bitcoin has spread rapidly and is now held in millions of wallets worldwide, it is still too complex for many consumers who typically use cash and credit or debit cards to make everyday purchases.<\/p>\n\n\n\n

      A number of startups in Silicon Valley are trying to change this pattern of behavior. Among them is Abra, whose mission is to simplify cryptocurrency and bring it to the mass market.<\/p>\n\n\n\n

      During a meeting at Abra on Day 4 of the program, participants gain unique insights into the cryptocurrency economy. They also learn how the majority of Abra\u2019s users see bitcoin and other virtual tokens as long-term assets to hold on to rather than as an everyday cash alternative.<\/p>\n\n\n\n

      Executives also hear Abra\u2019s vision for the future of cryptocurrency. Namely, following past periods of euphoria and volatility in price, we are now entering a more stable phase where larger investors will enter the market. This movement has the potential to drive up the values of currencies like bitcoin and ethereum in a big way.<\/p>\n\n\n\n

      \nhttps:\/\/youtu.be\/wyWNiMSsdbE\n<\/div><\/figure>\n\n\n\n

      \u201cAll this infrastructure is being built for institutional investors to come into cryptocurrency,\u201d says Bill Barhydt, the CEO and Founder of Abra.  \u201cAs institutional money makes its way into the crypto space, watch out. It\u2019s not going to take a lot because it\u2019s still a relatively new asset class.\u201d<\/p>\n\n\n\n

      Focus on User Experience<\/h4>\n\n\n\n

      An interactive session at HyperWallet, a global payouts platofrm, builds on the learnings at Abra. During a visit to the company, executives gain clarity on how institutions and corporations will implement more blockchain solutions in the future.<\/p>\n\n\n\n

      Namely, they will take advantage of blockchain as a service platforms provided by big tech firms such as a Amazon, IBM, and Google. It is through this virtual infrastructure that companies from all industries will be able to develop and test their own blockchain applications.<\/p>\n\n\n\n

      These platforms will simplify the user interface, thus allowing innovative blockchain solutions to flourish. Hyperwallet\u2019s own global payouts platform is rooted in this philosophy. It takes what is a complex process and transforms it into an elegant customer experience.<\/p>\n\n\n\n

      \u201cWe have to remember that consumers don\u2019t use these technologies directly,\u201d says Michael Ting, Digital Markets Vice President at Hyperwallet. \u201cWe use products and services that employ those technologies, and those products and services are run by companies and service providers.\u201d<\/p>\n\n\n\n

      Beyond Blockchain Cryptocurrencies<\/h4>\n\n\n\n

      The fourth meeting of the day was held with Tradespace, a startup operating a proprietary intellectual property analytics platform. This session is focused on future use cases of blockchain<\/a>, including for intellectual property rights management.<\/p>\n\n\n\n

      Experiments in this field have already been conducted, with singer Imogen Heap soon to launch a blockchain platform through which artists can release their work. Heap believes the digital ledger technology will help enforce copyright on creative work and bring performers greater revenue.  <\/p>\n\n\n\n

      Executives dive into this theme with Tradespace, learning through an interactive Q&A session how blockchain\u2019s immutable record-keeping architecture will impact not just creative work, but any industry where an intermediary between parties has traditionally been required  to verify transactions. This includes not just banking and finance, but other high-value industries such as real estate and law as well.<\/p>\n\n\n\n

      Experimentation Today, Rewards Tomorrow<\/h4>\n\n\n\n

      As participants discover on day 4 of the Navigating Fintech Disruption program, blockchain will appear in more and more industries. For now, cryptocurrency is still its most common use case. However, this is changing as experimentation moves to execution in leading areas such as logistics, supply chain, and finance.<\/p>\n\n\n\n

      Challenges undoubtedly remain, with much still to be done across industries and countries to agree upon a unified set of regulations and legal frameworks. Once those rules are in place, the companies working with blockchain now will be best-placed to take advantage of the technology when it becomes as ubiquitous as smartphones and the internet today.<\/p>\n\n\n\n


      \n\n\n\n

      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a fintech executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives will also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

      Find Out More<\/a><\/div>\n","post_title":"Navigating Fintech Disruption: Day 4 - Blockchain and Cryptocurrencies","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies","to_ping":"","pinged":"","post_modified":"2020-03-13 09:14:28","post_modified_gmt":"2020-03-13 16:14:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-4-blockchain-and-cryptocurrencies\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":567,"post_author":"1","post_date":"2019-01-21 10:01:00","post_date_gmt":"2019-01-21 18:01:00","post_content":"\n

      The third day of SVIC\u2019s Navigating Fintech Disruption program<\/a> is dedicated to two themes which are today at the top of every financial institution\u2019s agenda: cybersecurity and digital transformation. In this article we provide an overview of the day three schedule, which is designed to give financial services executives an insider's perspective on areas such as digital identity management, regtech and corporate transformation. This is achieved through sessions with digital leaders like Jumio and IdentityMind Global coupled with a personal meeting with Intuit, a company that has undergone a significant digital transformation since its days as a legacy software developer. The day is rounded off by workshops led by SVIC on design thinking and corporate innovation, where program participants are challenged to apply new approaches to problem solving and put what they have learned into practice to the benefit of their own organization.<\/p>\n\n\n\n

      Digital identities<\/h2>\n\n\n\n

      Any company that today offers products or services online will eventually come up against the question: do you know who you are doing business with? This query is even more critical in industries like banking and financial services given the sensitivity of the data in play and the need to satisfy a growing body of regulation on fighting money laundering and fraud.<\/p>\n\n\n\n

      Most financial organizations already have infrastructure in place to tackle these issues. But these legacy systems are starting to creak under the strain of keeping up with the fast pace of digital. As the level of sophistication of what we can do with our money online grows, so do the threats to security and the likelihood of fraud.<\/p>\n\n\n\n

      Helping enterprises meet these challenges are fintech companies like IdentityMind. During day three of the Navigating Fintech Disruption program we introduce executives to IdentityMind so that they can learn more about how established financial services firms can innovate in the areas of cybersecurity and fraud prevention.<\/p>\n\n\n\n

      At the heart of IdentityMind\u2019s offering is digital identity verification delivered via a software-as-a-service platform which utilizes automation and machine learning. The platform draws upon a long list of resources including biometrics, social media and IP geolocation to verify the identity of a company\u2019s customers or users. Not only does this give a company confidence in who they are dealing with, it eliminates the need for costly manual oversight and reduces errors.<\/p>\n\n\n\n

      \u201cExisting solutions today, legacy-based systems, they result in high false positives which results in higher costs, more time, more effort spent on reviewing those alerts,\u201d says Faisal Nisar, director of product at IdentityMind. \u201cLegacy-based solutions do not work in today\u2019s environment,\u201d<\/p>\n\n\n\n

      The session at IdentityMind gives executives on the Navigating Fintech Disruption Program first-hand knowledge on the latest problems and solutions emerging today in cybersecurity.<\/p>\n\n\n\n

      Merging the online and offline worlds<\/h2>\n\n\n\n

      The extent of the challenge when it comes to tackling fraud is well illustrated by a 2018 report on the subject from research advisory firm Javelin. According to the firm\u2019s findings, 16.7 million Americans were victims of identity fraud in 2017, a record high. The majority of the illicit activity took place on the web, with fraudsters increasingly targeting online channels with ever-more complex and stealthy schemes.<\/p>\n\n\n\n

      Jumio is among the fintechs building the tools to combat this growing problem. Its AI-powered system uses ID scans, real-time selfies and document reading to determine if users are who they say they are. Use cases of Jumio\u2019s platform include fraud detection, know-your-customer compliance and user onboarding.<\/p>\n\n\n\n

      During the third day of the Navigating Fintech Disruption program participants hear from Jumio on the state of fraud detection today and learn about the solutions offered by the company in the real-time identity verification space.<\/p>\n\n\n\n

      \nhttps:\/\/youtu.be\/iHUhgo6-qCA\n<\/div><\/figure>\n\n\n\n

      A marathon, not a sprint<\/h2>\n\n\n\n

      When it comes to digitizing the operations of a bank or financial institution, being aware of the existence of tools like those offered by IdentityMind and Jumio is a good first step. But the real work begins when it comes to trying to integrate such innovative technologies into existing systems or use them to replace existing systems entirely.<\/p>\n\n\n\n

      On day three of Navigating Fintech Disruption we educate executives in how to approach this task through a meeting with Intuit. A company that specializes in financial, accounting and tax applications, Intuit was once a provider of desktop software. Today it is a mobile-first, cloud-based platform and service provider.<\/p>\n\n\n\n

      \u201cIt took intestinal fortitude. We had to reshape our portfolio, we divested businesses that we loved including the original product that started the company, Quicken, and we leaned into the cloud,\u201d is how Intuit CEO Brad Smith describes the digital transformation journey the company has been on since 2010.<\/p>\n\n\n\n

      Navigating Fintech Disruption program participants have the chance to hear the insider\u2019s perspective on the Intuit story. They study Intuit\u2019s successes and missteps and are able to use those learnings to build a blueprint for their own organization\u2019s digital transformation.<\/p>\n\n\n\n

      Putting theory into practice<\/h2>\n\n\n\n

      Day three of Navigating Fintech Disruption executive immersion program joins digital transformation theory with practice. Through meetings with IdentityMind and Jumio, executives on the program see how emerging technologies like artificial intelligence are being deployed to build platforms which can ensure security and eliminate fraud. These two challenges are among the toughest facing the banking and finance industry and yet are essential to get right to ensure the smooth functioning of the digital finance ecosystem for consumers and businesses alike.<\/p>\n\n\n\n

      An in-person meeting with Intuit and workshops on design thinking and corporate innovation with SVIC seek to empower program participants to translate what they learn while in Silicon Valley into actionable steps for realizing digital transformation at their own organizations. These sessions ensure executives leave the program with concrete takeaways which they can apply immediately to advance innovation at home and keep pace with the fast-moving world of fintech.<\/p>\n\n\n\n


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      Silicon Valley Innovation Center<\/strong><\/a>\u00a0helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a\u00a0fintech\u00a0executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives will benefit greatly from visiting the innovation hub and\u00a0interacting with startups<\/strong>\u00a0like the ones mentioned in this article. Through this immersive experience, executives will also gain\u00a0deep insights<\/strong>\u00a0into how\u00a0partnering with Silicon Valley startups<\/strong>\u00a0can be a\u00a0game-changer<\/strong>\u00a0for their businesses.<\/p>\n\n\n\n

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      As Australia\u2019s leading provider of integrated financial services, Commonwealth Bank is aware of the urgency for digitizing and improving customer engagement. Founded in 1911 and with close to 50,000 employees in 15 countries, CommBank understands that the way to resist disruption and continue to grow is through continuous innovation in customer service and operations.<\/p>\n\n\n\n

      The bank\u2019s latest annual report summarized its mission as \u201cBecoming a simpler, better bank\u201d. To help CommBank achieve this and best position itself for the digital future, Silicon Valley Innovation Center (SVIC) designed a custom immersion program in Silicon Valley<\/a> for over 20 Commonwealth Bank executives centered around three key concepts:<\/p>\n\n\n\n

      1. Corporate innovation and startup engagement<\/li>
      2. The transformation of payments infrastructure<\/li>
      3. The future of banking and digital currencies<\/li><\/ol>\n\n\n\n

        Our program offered CommBank\u2019s executives the opportunity to immerse themselves in the global hub of innovation and connect with digital experts at Google, Token and SVIC.<\/p>\n\n\n\n

        Becoming Innovators for the Digital World<\/strong><\/h2>\n\n\n\n

        Silicon Valley is the global hub of innovation, where tech giants and early-stage companies are shaping the future. The immersive program for CommBank\u2019s executives included company visits to Google and expert talks at SVIC to provide the executives with a deeper understanding of innovation culture and engagement with the startup space.<\/p>\n\n\n\n

        You have to re-imagine how money can be managed and moved because there's going to be more change in the next five years in financial services than in the past 30.<\/p>Dan Schulman, CEO of PayPal<\/cite><\/blockquote>\n\n\n\n

        In its 2018 annual report, Commonwealth Bank highlighted the importance of having a culture that is customer-oriented, values risk management and supports an inclusive, diverse workforce. A company visit to Google aligned well with these aspirations. During a presentation by one of the tech giant\u2019s engineering managers on \u201cSecrets of Innovation\u201d, the Australian executives were able to learn more about the culture of innovation that has helped Google develop the products and services used by millions of customers around the world every day.<\/p>\n\n\n\n

        This session also provided the perfect setting for CommBank\u2019s executives to hear about the emerging trends that may lead future waves of disruption, such as self-driving vehicles, cloud computing, cyber-security and cyber-insurance.<\/p>\n\n\n\n

        Later, CommBank met with SVIC\u2019s Innovation and Corporate Accelerator Director to hear about the future of business and engaging with the Silicon Valley ecosystem. The Australian group was very interested in collaborations between established companies and startups, and the talk shed light on the IPO process and investments in early-stage companies.<\/p>\n