World leaders, executives, academics, influencers and celebrities gathered for the 50th annual World Economic Forum (WEF) last week in the Swiss ski resort of Davos.
While the climate crisis, Greta Thunberg and US president Donald Trump were at the centre of the forum, fintech and financial inclusion were also on the agenda.
Mr Green commented there are “seismic shifts happening in the financial services industry,” with advancing technology changing the way we live, conduct business and interact with each other.
He has pushed for political and business leaders to back the shift, by committing time, energy and resources for research and development.
“The vast majority of this change is being driven by financial technology or ‘fintech,’” he said.
“Mobile banking and investment apps, peer-to-peer lending, cryptocurrencies like bitcoin, robo-advisers and crowdfunding are all part of this fundamental shake-up of the space.
“With a slowing global economy, it is an opportunity the world cannot afford to miss.”
According to Mr Green, there are three reasons fintech should be supported – the first being it can speed up global financial inclusion.
“It can provide access to financial services for millions of people who live in remote areas and/or who might normally not be able to use financial services because of historical biases of traditional financial companies,” he said.
“Helping individuals, firms and organisations successfully manage, save and invest can only result in better, stronger and more stable communities for us all.”
He added fintechs offer companies the “opportunity to be agile, to diversify, to cut costs and to meet regulatory requirements all whilst improving the client experience,” helping them to thrive during times of change and disruption.
The final reason, Mr Green commented, is “the revolution is happening with or without them”.
“As consumers, we increasingly want our financial services needs to be dealt with online and on mobile devices. We demand personal service and instant access anywhere and at any time,” he noted.
“This trend is only set to grow as we are all increasingly dependent on tech.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.
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