Joseph Hooley, CEO of State Street Corp., believes the financial services industry is entering a period of “radical transformation” in part because of changing customer demands. In lending, equity financing, digital payments, accounting, portfolio management, and more, consumers nowadays are more likely to pull out their smartphone to make a payment or check a balance, rather than pull out their checkbook or consult a bank teller.
“It’s clear that the future of our industry will be defined by those who lead the digital transformation,” says Hooley, adding that his company is well-positioned to change the landscape itself.
The opportunities are also drawing tech entrepreneurs who are challenging established institutions by building products that bring more transparency and consumer advocacy to the world of finance. A good example is Covrd, which helps people who depend on jobs within the booming sharing economy to get paid faster.
Covrd founder (and VDC Global Entrepreneur-in-Residence) Vivekdeep Gupta said: “Today, most of the problems like poor customer service can be solved by intelligent use of technology and this is one of the reasons that many entrepreneurs are attracted to this segment.”
Leaders such as Robert Reynolds, CEO of Putnam Investments, see opportunity:
“The financial services sector needs to rethink a few fundamental assumptions about the way it does business. Forging strong partnerships with startups and universities to cultivate the next generation of talent and technology will pay dividends for decades to come.”
On November 2nd, join these leaders to discuss “From Disruption to Collaboration: Innovation in FinTech and Building an Ecosystem to Support It.” The panel will be moderated by Shirley Leung of the Boston Globe. UMass Boston Chancellor J. Keith Motley will deliver opening remarks. The panelists are:
John Fawcett, Founder at Quantopian;
Vivekdeep Gupta, Founder at Covrd;
Joseph Hooley, Chairman and CEO of State Street Corporation; and
Robert Reynolds, President and CEO at Putnam Investments.
This event is sponsored by the Massachusetts Competitiveness Partnership, a group of the state’s most powerful business executives, the UMass Boston Venture Development Center and the College of Management Financial Services Forum.
It’s a must attend event for entrepreneurs and students interested in careers in the industry. Contact us if you’d like an invitation.