What a bank needs to become is a platform company. The opportunity with technology is drive efficiency into a bank. How do you drive more automation,
creation of digital products and services, having cloud computing capability ultimately? The other big opportunity for a bank is to create digital platforms, better serve customers, provide an experience that is friction-less, create ecosystems of capability, which is really a growth opportunity. So the equation is really two-fold: one it’s efficiency, the other it’s growth. Some of the highest valued companies in the world are platform-based companies: Facebook, Google, Amazon, Alibaba. How do you create digital platforms that other people can plug into to interact
with your company? There are thousands of fintech companies around the world and the key for any bank is to actually find these companies and create a match. We have four innovation labs around the world and the mission of those labs is to connect fintech companies to our company to prove that the technology will actually help us solve a business problem. We have a fintech company that we found through one of our hackathons and that is deploying artificial intelligence
capability to help our customers with financial planning. That is a great example of using Artificial Intelligence in a customer-facing way. We have opened up our source code for one of our investment banking platforms, to allow our customers to connect their trading platforms to us in an easier fashion. It’s all around how you open up your platform safely and securely to create new digita products and services. The interesting component of blockchain is really the underlying general ledger technology that really drives blockchain. That is verification of legal contracting
using code. In our lifetime you will see that underlying
technology used at scale.