Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Finance and banking sessions forAfricaONEShawbrook BankStandard Chartered BankThe Institute of Internal AuditorsWolters KluwerCrown Prince Court
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Azleen and the Securities Commission Malaysia invited Matthew to give the keynote at its annual SCxSC event, where financial services organisations, fintechs, investors and regulators from across Asia come together to share the latest breakthroughs and thinking in financial services.
His session, "Fintechs: Enablers or Disruptors?", examined the role fintechs have played, play today and will continue to play within the global financial services ecosystem, and whether we should think of them as disruptors or enablers in the new world order.
"While many fintechs think of themselves as disruptors, when all is said and done their legacy may very well be the culture change that they forced on the industry."Matthew Griffin, Malaysia, October 2021
Matthew's answer carried an irony. Many fintechs think of themselves as disruptors, but when all is said and done their legacy may be the culture change they forced on the industry. Incumbents with no previous motivation to change the status quo were suddenly faced with a "Flight or Fright" decision unlike anything they had experienced before.
He closed on the next turn of the cycle. Just as banking incumbents are looking over their shoulders at the fintechs camping on their lawns, fintechs are starting to look over their shoulders at new decentralised finance players, who play by an increasingly alien playbook. And so the cycle of disruption and transformation continues.
311 Intelligence
What this means for your leadership team
Fintechs changed behaviour, not just markets.
The keynote argues that the lasting effect of fintechs is the pressure they put on how the industry works. Leaders who judge fintechs only by market share miss this point. The real measure is how far incumbents have changed since they arrived.
Incumbents faced a forced choice.
Firms with no earlier motive to alter the status quo had to decide between flight and fright. That kind of decision is rare in a stable industry. Cross-industry competition shows the same pattern, as new rivals increasingly come from outside a sector.
The next challenger is already visible.
Fintechs now watch decentralised finance players, who work to a different playbook. Decentralised finance is rebuilding lending and trading as code, and regulators are moving in. Today's challengers can become tomorrow's incumbents.
Three questions for your next leadership meeting
Which of our competitors would we not have counted as rivals five years ago?
Did fintechs change how we work, or only how we market?
Who is our decentralised finance watch owner, and what do they report?
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?
Disruption does not stop once a challenger becomes established. Organisations should treat each new entrant as a possible catalyst for internal change, and keep watching for the next group of challengers.
How does decentralised finance relate to the keynote?
Matthew closed on the point that fintechs are now looking over their shoulders at decentralised finance players. The trend shows lending and trading rebuilt as code, with regulators moving in, so it is the next turn of the cycle.
How does cross-industry competition relate to the keynote?
Fintechs were outsiders that forced incumbents to react. The cross-industry competition trend shows companies moving into other sectors, so rivals increasingly come from outside an industry.
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.
