Hype cycles, graveyards and the reporters who watched them

Thanks, Carter, and thanks for the introduction.

It's very exciting to be here.

Um, yes, been around the industry a while.

Um, one of the things that I've seen over the years is how the joy of multilateralism, and we used to see a lot of talks with, uh, with the World Trade Organization in attendance and so on, seems to have morphed into bilateral ...

Protectionist is probably a harsh word, but those sort of nationalistic discussions, and that is all morphing into the more of the discussions that we're hearing, uh, at this conference about defense and how we prepare for that and so on.

What do you think, Joy?

I think that's a huge trend.

Obviously, it's one of the mega trends and one of the mega risks I think that are out there.

I also think, uh, for me, in my experience, I've been covering the financial services industry for a very long time, a couple decades.

But I think for me, one of the mega trends that has just been so fascinating is around technology, right? And you really just see this, the pace of change that's happened.

And I remember going to a briefing at Goldman Sachs with Marty Chavez, who at the time was CIO, CRO, um, who talked about how it, the, the cost of, due to cloud technology but then also s- open source technology, the cost of setting up a new startup was reduced by 90%.

And so you just saw this massive explosion in the fintech world and outside the fintech world, you know, of, you know, these, all this sort of like a thousand flowers are blooming, et cetera.

And I think it's interesting 'cause you need to think about how at the very beginning actually the banks weren't allowed to use the cloud technology because the regulators were very-

Mm

... uh, against it.

And it wasn't until, like, 2016 that the FCA, for example, started to allow banks to use cloud technology.

And again, the change in the banking industry has been insane.

And then on top of that, obviously you have blockchain, which made its appearance in 2015 at Sibos.

I remember that.

I remember going.

Yeah, I remember that.

Everybody was talking about it.

You had APIs, open banking.

Yeah.

Obviously now it's the advent of artificial intelligent and, or artificial intelligence and generative AI, which is just, again, having these massive ripple effects throughout the banking industry, obviously other industries as well.

Thanks, Carter, and thanks for the introduction.

It's very exciting to be here.

Um, yes, been around the industry a while.

Um, one of the things that I've seen over the years is how the joy of multilateralism, and we used to see a lot of talks with, uh, with the World Trade Organization in attendance and so on, seems to have morphed into bilateral ...

Protectionist is probably a harsh word, but those sort of nationalistic discussions, and that is all morphing into the more of the discussions that we're hearing, uh, at this conference about defense and how we prepare for that and so on.

What do you think, Joy?

I think that's a huge trend.

Obviously, it's one of the mega trends and one of the mega risks I think that are out there.

I also think, uh, for me, in my experience, I've been covering the financial services industry for a very long time, a couple decades.

But I think for me, one of the mega trends that has just been so fascinating is around technology, right? And you really just see this, the pace of change that's happened.

And I remember going to a briefing at Goldman Sachs with Marty Chavez, who at the time was CIO, CRO, um, who talked about how it, the, the cost of, due to cloud technology but then also s- open source technology, the cost of setting up a new startup was reduced by 90%.

And so you just saw this massive explosion in the fintech world and outside the fintech world, you know, of, you know, these, all this sort of like a thousand flowers are blooming, et cetera.

And I think it's interesting 'cause you need to think about how at the very beginning actually the banks weren't allowed to use the cloud technology because the regulators were very-

Mm

... uh, against it.

And it wasn't until, like, 2016 that the FCA, for example, started to allow banks to use cloud technology.

And again, the change in the banking industry has been insane.

And then on top of that, obviously you have blockchain, which made its appearance in 2015 at Sibos.

I remember that.

I remember going.

Yeah, I remember that.

Everybody was talking about it.

You had APIs, open banking.

Yeah.

Obviously now it's the advent of artificial intelligent and, or artificial intelligence and generative AI, which is just, again, having these massive ripple effects throughout the banking industry, obviously other industries as well.