Roman Chwyl, Global Head of Financial Services for the Google Cloud Platform was a featured keynote speaker at the Markets Media’s 9th annual Canadian Trading and Investment Summit. Roman gave a talk about the current dangers and opportunities in financial services and discussed key issues facing the financial services industry and the Google approach to meeting these head on. Issues included the extremely high costs of infrastructure, meeting regulatory requirements, the difficulties of retaining talented financial analysts, and appealing to the Millennial customer demographic.
The Google approach to meeting these challenges was to marshal the firm’s huge technology resources and infrastructure and apply them on a massive scale to drive down costs. This was a most important point — to creatively apply this new large scale technology to drive out cost. Existing technology may be cost effectively re-oriented and re-applied to the financial services sector.
In regulatory, huge datasets may be efficiently processed using existing, scalable cloud resources. Talent retention may be increased by reducing mundane tasks via increased levels of automation and provision of machine learning tools. Creating an enticing work environment is also key. Appeal to millennials through mobile channels, learn from the gaming industry and offer chatty apps.
There are real issues, but new technological innovations also provide real opportunities.
In my view, great advances are being made that can generate new business and at the same time drive out costs. However, the devil is in the details. To take full advantage of these opportunities will require real talent, dedication, a willingness to change, and acceptance that there will be some disappointments along the way.