Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Finance and banking sessions forAfricaONEShawbrook BankThe Institute of Internal AuditorsWolters KluwerCrown Prince CourtUAE Financial Markets Association
Featured inBloombergThe Wall Street JournalThe Telegraph
The host's verdict
The highlight of the day was the presentation by Matthew Griffin.
Ekow Baah Bansah, Standard Chartered
Standard Chartered Bank invited Matthew to keynote its first ever Fintech Festival in Ghana, where he spoke alongside Ken Ofori-Atta, Ghana's Minister of Finance, to an audience of fintech entrepreneurs from across Africa, Ghanaian government representatives and local organisations. His keynote, The Future of Banking, Money, and Payments, set out both the obvious and non-obvious future of financial services.
He began with the forces accelerating global disruption, then opened up new business models and ideas: crypto mining cars and cities, and a demonstration of how a simple Web 3.0 smart fridge could disrupt global banking, which he was later told was one of the highlights of the session.
"Talking about the future of money is the wrong conversation to have, when really we should be talking about the future of value instead."Matthew Griffin, Ghana, December 2022
After unpacking the industry's broken business model, the rise of Bank 4.0 and fintechs, he showed how gaming companies such as Epic could use Decentralised Finance (DeFi) to disrupt not only the industry's incumbents but also Big Tech's ambitions in the sector.
On money, he stressed the importance of asking the right questions, showed how fiat currencies could be disrupted, and argued that the real conversation is not about the future of money but the future of value. On payments, he pushed the audience to explore ideas that make them uncomfortable, such as paying with moves, play or time, as companies including Ikea and Nike already do.
Afterwards he held a lengthy round table with Standard Chartered's CEO and leadership team, covering the future of the bank's business model and physical branches, its investment methodologies and its approach to ESG.
311 Intelligence
What this means for your leadership team
Value matters more than money.
The keynote argued that the real conversation is the future of value, not the future of money. A team that only studies currencies may miss where customers find worth. Fiat currencies can be disrupted, so the question to ask is what customers actually value.
New entrants can attack from outside.
Matthew showed how gaming companies such as Epic could use Decentralised Finance (DeFi) to challenge incumbents and Big Tech. Decentralised finance is rebuilding lending and trading as code, and regulators are moving in. Rivals may come from sectors your bank does not yet watch.
Payments and branches face pressure.
Instant payments are becoming the default way money moves, and the session pushed leaders to explore paying with moves, play or time. Branchless digital banks are passing traditional banks on customer numbers in emerging markets. Banks that shut branches as customers go digital risk leaving access gaps.
Three questions for your next leadership meeting
Are we planning around the future of money or the future of value?
Which outside company could use DeFi to enter our market?
Which payment idea makes us uncomfortable, and why not test it?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
What does this session mean for organisations in financial services?
It means looking past currency to value, and past today's rivals to new entrants. Matthew set out a broken industry business model, the rise of Bank 4.0 and fintechs, and DeFi threats from gaming companies. Leaders should test their model against all three.
How does Decentralised Finance relate to the keynote?
Matthew showed how gaming companies such as Epic could use DeFi to disrupt incumbents and Big Tech. Decentralised finance is rebuilding lending and trading as code, and regulators are moving in. It is a trend to explore.
How do real time payments relate to the keynote?
The payments section pushed leaders to think beyond cards and cash. Instant payments are becoming the default way money moves, from India's UPI to Brazil's Pix. That makes new ways to pay easier to imagine and to build.
How can 311 brief our leadership team on this?
Through a private executive briefing or leadership workshop, tailored to your sector, in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
The forces accelerating global disruption, explained.
The codex sets out the forces accelerating global disruption and how close we are to disrupting whole industries in a day, the question every bank facing DeFi, fintechs and Big Tech now has to answer.
