Bestselling author Jason Dorsey at the 2016 AFT Spring Summit in Orlando, Fla., described millennial, the fastest growing generation in the workplace and marketplace in a powerful and energetic keynote.
“The entire banking industry of America has been built on the success of Baby Boomers,” Dorsey toll the AFT audience. However, today, “my generation is driving every innovation in fintech.”
Dorsey’s definitions of millennials and other segments shed light on the impact on today’s lifestyles and marketplace.
Suresh Ramamurthy Chairman/CTO of CBW bank and winner of American Banker’s Innovator of the Year award explained changes that will help transform financial institutions into banks of the future, at the 2016 AFT Spring Summit in Orlando, Fla.
Ramamurthy, an innovator with Google, entered the banking world wanting to bring the speed and vigor of the web to an industry languishing behind in innovation. After spending several years looking for a bank to acquire, he purchased the Citizens Bank of Weir, Kan. in 2009 and renamed it CBW Bank.
Nik Nayab, the head of product strategy at Chain, provided a primer on blockchain technology at the AFT Spring Summit at Orlando, Fla.
“The technology that enables the blockchain is very disruptive,” said Nayab. “It’s a new medium for assets.”
Big banks have been collaborating to develop blockchain technology, a public ledger of transactions run without a primary authority that could allow for the exchange of data, assets and currencies more efficiently and transparently.
Millennials, called the most disruptive generation in history, was the subject of a panel of human resource executives led by moderator Jack Milligan, Editor-In-Chief at Bank Director, at the AFT Spring Summit at Orlando, Fla.
The panel, consisting of Nathan Baumeister, Chief People Officer (aka Chief Patch Officer) at Kasasa, Sean Gordy HR Director at FIS, and Daniel Miller, Director of Talent Acquisitions, CSI, described the impact of millennials on the workforce.
The Census Bureau projected the millennial population, which totaled 74.8 million in 2014, would reach more than 75.3 million in 2015. If correct, that means they already outnumber the Baby Boomers – the next largest generation.
Kurt Helwig, president and CEO of the Electronic Funds Transfer Association (EFTA) and Kimberly Ford VP of Global Government and Public Affairs for First Data provided a regulatory update and discussed how government oversight can also disrupt business at the AFT Spring Summit at Orlando, Fla.
A major focus of their discussion centered on the Consumer Financial Protection Bureau, a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.
Scott Mills, President of William Mills Agency, moderated a core panel discussion on trends that focused focus on the use of open APIs and third-party integration.
On the panel: David Culbertson, President at CSI Technology Services Group; Mark Forbis, Vice President & CTO at Jack Henry & Associates; Michael Groothuis, VP Product Strategy at Fiserv; and Tom Ruppel, Vice President - Business Line Executive at FIS Integrated Banking Systems.
The emergence of self-service channels, such as the web and mobile banking, as well as transformative technologies like big data, electronic payments and remote deposit, have led the evolution of core processing.
One essential element of the progression was a shift from closed core systems to open architectures. Open architecture core banking systems give financial institutions the ability to keep pace with rapid technological changes and incorporate best-of-breed functions across the branch, online, mobile and ATM channels.
Ryan Caldwell Founder and CEO MX Technologies shared his entrepreneurial vision during a stirring CEO keynote discussion at the AFT Spring Summit at Orlando, Fla.
Ryan Caldwell founded MoneyDesktop in 2010 and has served as the company’s CEO since then. His enthusiasm for solving problems often compels him to work in tandem with employees in order to spread his motivational ideas throughout the company. Utah Business Quarterly highlighted him as one of the 10 Coolest Entrepreneurs and as one of its Top 40 Under 40. Signal Peak Ventures also named him one of the top 100 Venture Entrepreneurs.