Tech Guru Warns Bankers: «Better Adapt or Be Obsolete»
Technology guru Scott Bales pulled no punches with a group of Swiss finance professionals in Zurich.
Scott Bales, a banker turned technology preacher, predicted a grim future for bankers in the alpine nation if they don't face the threat posed by tech-savvy challengers from other industries.
As recently as 35 years ago, Switzerland was home to over 600 banks but now hosts in the region of 150. Asked to predict how many banks he could see surviving the ubiquitous digital onslaught in the next two decades, Bales' answer – just 12 – was met with awkward silence.
Survival of Smartest
The Singapore-based Bales was speaking at a event hosted by derivatives firm Leonteq. He bills himself a futurist, innovation and digital strategist, and is the author of the best-selling book, «Mobile Ready». He established MetLife's innovation lab in Asia, worked for Amazon and began his career at ANZ bank.
Bales cited the example of Piyush Gupta and how the DBS Chief Executive had spent several years learning to code while transforming his bank into a digital leader, when asked what he thinks banks and financial services firms should be doing to survive.
