President Donald Trump has landed at the Swiss mountain resort of Davos for the 50th annual World Economic Forum (WEF).
A number of world leaders, CEOs, academics, influencers and celebrities are all gathered in the Alpine town for the WEF taking place from Tuesday to Friday.
As well as President Trump, guests include environmental campaigner Greta Thunberg, outgoing Bank of England governor Mark Carney, former UK Prime Minister Tony Blair and Sanna Marin, the Prime Minister of Finland.
On its landmark half-century year, the World Economic Forum 2020 has the chance to advocate and boost the transformation of business, knows as the ‘Fourth Industrial Revolution’, and will enable President Trump to push U.S. economic growth and recent trade deals with China and Mexico, key elements to his re-election campaign.
In my view, it’s imperative that delegates meeting in Davos this week make a robust commitment to fintech in 2020.
This is a focal time in history during which continual advancements in technology are fundamentally changing how we live, do business and interact with each other.
We are experiencing monumental shifts within the financial services industry, a sector the trade and commerce world is profoundly dependent on.
The sweeping majority of this change is fuelled by financial technology, or fintech. Mobile banking and investment apps, cryptocurrencies such as Bitcoin, robo-advisors, peer-to-peer lending and crowdfunding are all key elements to the transformation of the space.
As such, it’s imperative that the momentum and energy of this evolution are channelled by the delegates at the World Economic Forum in Davos.
They need to show their commitment to fintech by utilising their time, energy and resources to expand their research and development into financial technology for three main reasons.
First, fintech is beneficial to society. It can accelerate the pace of global financial inclusion. Fintech can facilitate access to financial services for millions of people living in remote areas and who may not usually be able to access financial services due to historical preconceptions of traditional financial firms. Assisting people, companies and organisations to effectively manage, save and invest will only lead to stronger and more stable communities for everyone.
Second, fintech provides firms the opportunity to diversify, reduce costs and meet regulatory requirements, all whilst enhancing the client experience. This will help companies to thrive and grow during times of change and disruption.
Third, the fintech revolution is happening, regardless. More and more people expect their financial services to be handled online and/or on-the-go on their mobile devices. Personal service and instant access anywhere, anytime, is now the norm. As our tech dependence increases, this trend will grow further.
Consequently, Davos 2020 is the ideal opportunity to bring together the best political and business leaders to fire up the potential of the fintech revolution and all the positives it entails.
Nigel Green is founder and CEO of deVere Group. One of the world’s largest independent financial advisory organizations, de Vere does business in 100 countries and has more than $12 billion under advisement.
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