Last week, the iiFinTech Awards ceremony hosted industry visionaries and financiers who ranked in Institutional Investor’s 2016 Tech 50, Fintech Finance 35 and Trading Technology 40, including our very own CEO Donal Byrne. Supporting his win were Corvil team members Raymond Russell, Dan Kennedy, Votya Karas, Michael Beaver, Tim McGovern, and myself!
Our host for the night was Tyler Mathison, co-anchor of CNBC’s “Power Lunch” and “Nightly Business Report,” who made for a particularly entertaining evening. The event also welcomed key winners to speak on the current state (and evolution) of the financial industry while offering their own unique insights and solutions.
Catherine Bessant, COO and CTO of Bank of America, Corp and the top winner of the Tech 50 award (recognizing the visionaries, innovators, and leaders in FinTech), was invited on stage to share her thoughts and experiences. From her perspective, FinTech leaders should focus on expanding the base of FinTech talent, recognize that technology has the power to be used for good (or not), and never forget that FinTech companies exist first and foremost to serve clients.
Raymond Tierny III, Global Head of Trading Solutions of Bloomberg, who was the top recipient of the Trading Tech 40, was recently appointed by Michael Bloomberg to be a “change agent” for their Technology Solutions. Raymond spoke to over 200 clients about their priorities and found that issues around transparency and integration were common themes. He proposed that technology data analytics is the key to providing that transparency and integration.
He also emphasized the importance of trust and teamwork, and the motivation behind Bloomberg’s “one team, new dream” mantra. In addition, he stressed that diversity in the workplace is what fosters innovation.
For the FinTech Finance 35 Award, which awards financiers who fund fintech innovation, John Korngold, Head of Global Financial Services Sector at General Atlantic was the top winner. From John’s perspective, fintech momentum is accelerating and the advantage is going to the market players that are able to differentiate long term solutions from point solutions or widgets. He also stated that FinTech fills a void created by the need to comply with numerous regulatory requirements. Although FinTech has already lowered costs and enabled more convenience than ever before, the industry is still in an embryonic state, as 85% of global cash payments are still done manually.
Other commonly raised topics and concerns from others who attended the event were: the need to expand the fintech talent base with diverse, innovative resources; the fast pace of expansion as FinTech is used to reach people throughout the globe with decades-old technology; and the need to use technology analytics to provide transparency and integration as technology and financial services converge. From what I gathered across all underlying themes of the night, the $20 billion FinTech industry is still in its early stages, but rapidly expanding to eventually touch the lives of nearly every person and company doing business.
Where does Corvil fit into all of this? We are uniquely positioned to enable FinTech firms to compete in the “technology arms race”, as we have always understood the value of extracting business and IT operational intelligence from network data to provide intelligence, transparency, and security.
Tim McGovern, Voyta Karas, Dan Kennedy, Donal Byrne, Marie Byrne and Mike Beaver at iiFintech Symposium and Awards.
And to top it all off, the Corvil table proved to be extremely competitive! Not only did we win two fund-raiser raffle ticket prizes, but we also won the prize for being the table that recognized and tweeted the most songs played during the event!