both are davi arrow let me start with a
simple question how many of you like to
travel you now go to the airport and you
have your euros you have to convert them
into dollars or pounds so you go to an
exchange Bureau and what’s the
expression I feel like crying look at
the rates you get right now I just
imagine if you are paying 5% transaction
cost on every time you travel what does
that mean it means that for every 20
trips you make you could have got one
more trip for free if there were no
charges there’s a big problem in
financial services today and it has been
in the past I’m going to talk to you
about the future of course I can’t
predict the future otherwise I would be
really rich well let me talk to you
about the factors that could affect the
future in finance and in money so this
is the expression I have when I talk to
my bank my insurance provider my broker
so let me ask you another question how
so they asked this question to a lot of
people in a lot of different countries
and the trust is the lowest in European
Union why is that there’s an example we
take in in finance business and startups
so imagine a boat full of bankers you
know drinking their wine enjoying
themselves and someone comes and ask
them good you’ve done really well but
where I have clients where are your
customers in financial services we’ve
seen a lot of issues we saw our 2007
broad welcome FinTech or financial
technology so what is fin tech so we
like buzzwords in the startup world so
if it’s to do with health we call it
health tech media media tech so this is
fin tech right so how is it different
technology yes it’s been in your banks
you’re doing online banking you’re doing
mobile banking you’re doing a lot of
stuff on your phones on your iPads
it’s the difference in the way you think
I know we have a lot of issues right now
with Facebook in our data with Amazon
and you know how they treat their staff
Google again with privacy but think
about these companies from Silicon
Valley why did they start they started
because they wanted to make a difference
they wanted to solve problems and this
is a different way of thinking than just
making money obviously every business
three things I want you to think about
when you think about FinTech it’s the
experience and satisfaction it’s how we
do stuff using automation and
specialization I’m here in Portugal I’m
spending money not a lot luckily
Portugal is cheap for me but I’m doing
in this on my card I have a revolute
card which is a fin tech startup my
pounds get converted into good rates
when I get euros and I’m happy I’m
saving on that 5% so I can come back to
Portugal
right if you think about frauds if you
think about credit card companies they
charge you 3% you’re trying to book an
airline ticket you have to pay 3% on top
because you’re paying by credit card why
because they say is the credit risk
there is fraud going to happen
and all of that but we can solve these
problems today using machine learning
and artificial intelligence so this is
my first trip to Portugal if I come to
Portugal and buy a Mercedes car it
should pop up as a fraud right my first
trip to Portugal I would typically not
do that and this can be found out by
computers I used to work for a company
called Nokia do people remember the
phone company and App Store was launched
and this pretty much took away the
business from us right because Apple
said we’re going to do something right
which is the operating system and work
with others to give the experience that
people want and this is the world of
api’s api’s is complicated but just
imagine you’re on Google Maps you’re
trying to go to destination and Google
says you could take an uber or my taxi
and this is the cost how did that happen
it’s using api’s a system talking to the
systems this is what we’re doing in
FinTech let’s take a step back we’ve
come a long way from you know take my
goat for your milk kind of thing right
we using digital currency we’re getting
into crypto the key thing here is the
pace of innovation has increased quite a
bot quite a lot so what we talk about
today is the fourth Industrial
Revolution the second information
technology revolution it’s a world where
it’s artificial intelligence big data
Internet of Things moving very very
rapidly AI everyone talks about it what
is it it’s computers thinking like
humans but what I want you to understand
is there’s a difference between what is
happening today a lot of it is machine
learning and others is artificial
intelligence so Arthur Samuel played
checkers with a computer and after eight
hours the computer beat
sangil’s so the machine learned a thing
it talked about simulations AI is
different Facebook did a project with
two robots and these two robots found
out that our way of communicating is
very inefficient so they came up with
their own language I don’t want to read
it it says balls have a ball to me bla
bla bla Facebook had to stop the project
if you think about AI there are a lot of
things get that can be done in FinTech
chat board how much did I spend on
restaurants in Portugal not a lot but
how much is it and it can tell me we
talked about frauds and threats I call
my bank they are like what’s your
mother’s maiden name
what is your pet’s name where were you
born these things can be found out but
visual identification your fingerprints
can’t and this is the next point which
we can leverage in FinTech so AI in
FinTech can do a lot and change our
lives for the good this is a point where
a lot of you might be hating me so I’m a
fan of crypto I don’t believe there are
any currencies so I’m sorry for that I
hope you make a lot of money I don’t
touch that so what are the things that
can change life imagine you’re at work
and your boss is saying hey find me that
contract from ABC supplier you go on
your machine trying to find that
document you’re not sure is it the final
copy is it the one I send to the client
the customer whatever this can be
changed by blockchain one source of
truth think about your insurance policy
if I have insurance in my mobile phone
it gets stolen and Portugal what if I
get a report from police that is
automatically taken up by the system so
if there is if my phone is lost if there
is a police record then pay me so the
insurance company pays me so this is the
smart contract world payments so this is
a diagram of payments from a US bank to
a Japanese bank lot of intermediaries a
lot of cost but imagine we’re in a
digital world I know your account number
why can’t I just transfer the money
quickly and clip
is helping to change that but there is a
big issue there is a bubble so I did say
again 99 2000 and again people might
hate me for that I’m gonna skip this
example but FinTech so any concerns with
FinTech yes valuation right lot of money
is being thrown at FinTech but this will
sort itself out it has happened in the
past it will happen in the future how
much innovation can happen someone you
do remember that innovation can happen
all the time
you do something you can improve it you
can improve it again think about a
science fiction movie where the ending
is a happy ending so every time robots
killing humans robots fighting we’re
running out of oxygen we go into space a
spaceship crashing right it’s never good
but I’m more optimistic about the future
any of the sectors that you think about
in financial services and this can
happen with you know FinTech an area
that I work in I have a start-up
obrigado é boy sorts futher Oh [Applause]
simple question how many of you like to
travel you now go to the airport and you
have your euros you have to convert them
into dollars or pounds so you go to an
exchange Bureau and what’s the
expression I feel like crying look at
the rates you get right now I just
imagine if you are paying 5% transaction
cost on every time you travel what does
that mean it means that for every 20
trips you make you could have got one
more trip for free if there were no
charges there’s a big problem in
financial services today and it has been
in the past I’m going to talk to you
about the future of course I can’t
predict the future otherwise I would be
really rich well let me talk to you
about the factors that could affect the
future in finance and in money so this
is the expression I have when I talk to
my bank my insurance provider my broker
so let me ask you another question how
so they asked this question to a lot of
people in a lot of different countries
and the trust is the lowest in European
Union why is that there’s an example we
take in in finance business and startups
so imagine a boat full of bankers you
know drinking their wine enjoying
themselves and someone comes and ask
them good you’ve done really well but
where I have clients where are your
customers in financial services we’ve
seen a lot of issues we saw our 2007
broad welcome FinTech or financial
technology so what is fin tech so we
like buzzwords in the startup world so
if it’s to do with health we call it
health tech media media tech so this is
fin tech right so how is it different
technology yes it’s been in your banks
you’re doing online banking you’re doing
mobile banking you’re doing a lot of
stuff on your phones on your iPads
it’s the difference in the way you think
I know we have a lot of issues right now
with Facebook in our data with Amazon
and you know how they treat their staff
Google again with privacy but think
about these companies from Silicon
Valley why did they start they started
because they wanted to make a difference
they wanted to solve problems and this
is a different way of thinking than just
making money obviously every business
three things I want you to think about
when you think about FinTech it’s the
experience and satisfaction it’s how we
do stuff using automation and
specialization I’m here in Portugal I’m
spending money not a lot luckily
Portugal is cheap for me but I’m doing
in this on my card I have a revolute
card which is a fin tech startup my
pounds get converted into good rates
when I get euros and I’m happy I’m
saving on that 5% so I can come back to
Portugal
right if you think about frauds if you
think about credit card companies they
charge you 3% you’re trying to book an
airline ticket you have to pay 3% on top
because you’re paying by credit card why
because they say is the credit risk
there is fraud going to happen
and all of that but we can solve these
problems today using machine learning
and artificial intelligence so this is
my first trip to Portugal if I come to
Portugal and buy a Mercedes car it
should pop up as a fraud right my first
trip to Portugal I would typically not
do that and this can be found out by
computers I used to work for a company
called Nokia do people remember the
phone company and App Store was launched
and this pretty much took away the
business from us right because Apple
said we’re going to do something right
which is the operating system and work
with others to give the experience that
people want and this is the world of
api’s api’s is complicated but just
imagine you’re on Google Maps you’re
trying to go to destination and Google
says you could take an uber or my taxi
and this is the cost how did that happen
it’s using api’s a system talking to the
systems this is what we’re doing in
FinTech let’s take a step back we’ve
come a long way from you know take my
goat for your milk kind of thing right
we using digital currency we’re getting
into crypto the key thing here is the
pace of innovation has increased quite a
bot quite a lot so what we talk about
today is the fourth Industrial
Revolution the second information
technology revolution it’s a world where
it’s artificial intelligence big data
Internet of Things moving very very
rapidly AI everyone talks about it what
is it it’s computers thinking like
humans but what I want you to understand
is there’s a difference between what is
happening today a lot of it is machine
learning and others is artificial
intelligence so Arthur Samuel played
checkers with a computer and after eight
hours the computer beat
sangil’s so the machine learned a thing
it talked about simulations AI is
different Facebook did a project with
two robots and these two robots found
out that our way of communicating is
very inefficient so they came up with
their own language I don’t want to read
it it says balls have a ball to me bla
bla bla Facebook had to stop the project
if you think about AI there are a lot of
things get that can be done in FinTech
chat board how much did I spend on
restaurants in Portugal not a lot but
how much is it and it can tell me we
talked about frauds and threats I call
my bank they are like what’s your
mother’s maiden name
what is your pet’s name where were you
born these things can be found out but
visual identification your fingerprints
can’t and this is the next point which
we can leverage in FinTech so AI in
FinTech can do a lot and change our
lives for the good this is a point where
a lot of you might be hating me so I’m a
fan of crypto I don’t believe there are
any currencies so I’m sorry for that I
hope you make a lot of money I don’t
touch that so what are the things that
can change life imagine you’re at work
and your boss is saying hey find me that
contract from ABC supplier you go on
your machine trying to find that
document you’re not sure is it the final
copy is it the one I send to the client
the customer whatever this can be
changed by blockchain one source of
truth think about your insurance policy
if I have insurance in my mobile phone
it gets stolen and Portugal what if I
get a report from police that is
automatically taken up by the system so
if there is if my phone is lost if there
is a police record then pay me so the
insurance company pays me so this is the
smart contract world payments so this is
a diagram of payments from a US bank to
a Japanese bank lot of intermediaries a
lot of cost but imagine we’re in a
digital world I know your account number
why can’t I just transfer the money
quickly and clip
is helping to change that but there is a
big issue there is a bubble so I did say
again 99 2000 and again people might
hate me for that I’m gonna skip this
example but FinTech so any concerns with
FinTech yes valuation right lot of money
is being thrown at FinTech but this will
sort itself out it has happened in the
past it will happen in the future how
much innovation can happen someone you
do remember that innovation can happen
all the time
you do something you can improve it you
can improve it again think about a
science fiction movie where the ending
is a happy ending so every time robots
killing humans robots fighting we’re
running out of oxygen we go into space a
spaceship crashing right it’s never good
but I’m more optimistic about the future
any of the sectors that you think about
in financial services and this can
happen with you know FinTech an area
that I work in I have a start-up
obrigado é boy sorts futher Oh [Applause]
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