EP13 Using Tech to Redefine Banking with the Renowned Steve Monaghan
01/20/23 • 29 min
HolyWally 👉 https://bit.ly/3h2hkWl
For decades, there has been talk of technology taking over the world in the next 5 or 10 years. However, one industry that has managed to defy that convention has been banking.
While many other industries have embraced technology and efficiency, banking remains steeped in tradition and heritage. To find out why, the renowned Steve Monaghan joins us for an in-depth analysis of how technological inventions could positively impact banking.
Over his illustrious career, Steve has led the development and implementation of revolutionary technologies in artificial intelligence, digital health technology, and more. Steve's experiences in banking include leading the innovation team at DBS and generating an impressive 2.2 billion yen in profit for Shinsei Bank in Japan, which was operating at a 6 billion yen loss before his involvement. He is currently an investor and board member at a plethora of industry-leading companies such as RAKBANK, HolyWally, and Pulse iD.
Technological gains are not realized overnight but with the small and steady accumulation of insights and knowledge over decades. Steve explains this dynamic as the cause behind uncertain timelines into the future. Technology may develop for years under the radar without much practical use and then suddenly explode in a matter of a few short years, such as is the case with AI, exemplified by ChatGPT.
With his vast experience advising industry-leading companies such as Intel, AiA, and Veritas Genetics, Steve offers rich insights into how the banking industry can adopt emerging technologies and new understandings of economics to benefit the consumer and investor alike.
Among many of the key points Steve discussed, a few that truly stood out were:
- How accelerating capital velocity could vitalize economies
- Using efficiency to tap into the power of economies of scale
- The philosophical shift of money and banking: From relationships to networks
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Find Steve online: http://www.stevemonaghan.net
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
HolyWally 👉 https://bit.ly/3h2hkWl
For decades, there has been talk of technology taking over the world in the next 5 or 10 years. However, one industry that has managed to defy that convention has been banking.
While many other industries have embraced technology and efficiency, banking remains steeped in tradition and heritage. To find out why, the renowned Steve Monaghan joins us for an in-depth analysis of how technological inventions could positively impact banking.
Over his illustrious career, Steve has led the development and implementation of revolutionary technologies in artificial intelligence, digital health technology, and more. Steve's experiences in banking include leading the innovation team at DBS and generating an impressive 2.2 billion yen in profit for Shinsei Bank in Japan, which was operating at a 6 billion yen loss before his involvement. He is currently an investor and board member at a plethora of industry-leading companies such as RAKBANK, HolyWally, and Pulse iD.
Technological gains are not realized overnight but with the small and steady accumulation of insights and knowledge over decades. Steve explains this dynamic as the cause behind uncertain timelines into the future. Technology may develop for years under the radar without much practical use and then suddenly explode in a matter of a few short years, such as is the case with AI, exemplified by ChatGPT.
With his vast experience advising industry-leading companies such as Intel, AiA, and Veritas Genetics, Steve offers rich insights into how the banking industry can adopt emerging technologies and new understandings of economics to benefit the consumer and investor alike.
Among many of the key points Steve discussed, a few that truly stood out were:
- How accelerating capital velocity could vitalize economies
- Using efficiency to tap into the power of economies of scale
- The philosophical shift of money and banking: From relationships to networks
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Find Steve online: http://www.stevemonaghan.net
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
Previous Episode
EP12 FinTechs Solving Problems in The Real World | Oliver Rajic, Chief Growth Officer at PPRO
HolyWally 👉 https://bit.ly/3h2hkWl
Oliver Rajic led the pioneering technology firm Alpha FinTech in a wave of innovation that saw the company develop an industry-leading super app.
As the Chief Growth Officer at PPRO now, Oliver shares his insights into how the intersection of Web 3.0 and our financial system may create unique synergies that result in greater productivity across the board. He details how working with cloud services has allowed for incredible economies of scale to provide intricate personalization models that have highlighted customization on the customer end.
Oliver also shares his views on a few ways in which technology may be harnessed to produce solutions to seemingly unsolvable problems, such as:
- The evolution of the B2C fintech space driving growth at unprecedented levels
- How APIs make our incredibly interconnected world work
- How Software-as-a-Service will redefine the banking industry
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Find Oliver online: https://www.linkedin.com/in/oliverrajic/
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
Next Episode
EP 14, Part 1: Writing The Next Chapter Of Financial Services | J.K. Khalil, Mastercard
HolyWally 👉 https://bit.ly/3h2hkWl
In this episode of The Future of Financial Services Podcast, host Vuk is joined by J.K. Khalil, General Manager, MENA East at Mastercard. J.K. brings a wealth of experience in technology, FinTech, and strategy consulting to the show, along with a deep understanding of the MEA markets. The discussion centres around the future of financial services, the power of partnerships, and the role of AI in this industry and beyond.
In Part 1 of the episode:
- J.K. Khalil offers a unique perspective as an enabler of all other players in the industry, providing a bird's eye view of what's been happening and what's to come in the future.
- In this episode, they discuss the various ecosystem players and their views on the future of financial services, including retailers, fintechs, and tech enablers.
- They delve into the change that's been happening in the industry over the previous years, looking at how technology and innovation have transformed financial services.
- The power of partnerships is also discussed, with a focus on the importance of collaboration between traditional financial institutions and fintech startups.
- Finally, they touch on the role of AI in the industry and beyond, exploring its potential to revolutionize various aspects of our lives.
With J.K. Khalil's insights on the future of financial services, listeners can gain a better understanding of the current state of the industry and what we can expect to see in the years to come. The conversation provides a valuable perspective on the power of partnerships and the role of AI, highlighting the potential for collaboration and innovation in the financial services sector.
The Change Officer Podcast's Future of Financial Services Series is brought to you by HolyWally, the world’s first wallet-as-a-service platform. To find out how HolyWally can help you create a mobile wallet to increase your revenue and reduce your time to market, visit their website: https://www.holywally.com
Find J.K. online: https://www.linkedin.com/in/jkkhalil/
🎬 This episode is produced by Poddster, an end-to-end video podcast production company that helps businesses conceptualize, produce, manage, and grow podcasts for their brand. Click this link to book a free consultation with Poddster's team or rent a studio: poddster.com/book-free-consultation/
📹 Check out Poddster studio based in Dubai Media City: poddster.com/podcast-studio-dubai/
✨ They say that change is the only constant. If this is true, we want to know what is the change ahead. To get the answers, our hosts Ivan Zeljkovic and Vuk Zlatarov are talking to the change-makers themselves. We invite you to join us on the journey of getting the answer ✨
FOLLOW THE CHANGE OFFICER: www.thechangeofficer.com
Instagram - www.instagram.com/thechangeofficer
LinkedIn - https://www.linkedin.com/company/the-change-officer-podcast/
Twitter - twitter.com/changeofficer_
TikTok - www.tiktok.com/@thechangeofficer
If you like this episode you’ll love
Episode Comments
Generate a badge
Get a badge for your website that links back to this episode
<a href="https://goodpods.com/podcasts/the-change-officer-future-of-financial-services-321777/ep13-using-tech-to-redefine-banking-with-the-renowned-steve-monaghan-47162249"> <img src="https://storage.googleapis.com/goodpods-images-bucket/badges/generic-badge-1.svg" alt="listen to ep13 using tech to redefine banking with the renowned steve monaghan on goodpods" style="width: 225px" /> </a>
Copy