Liveblogging the 2019 Nordic Innovation Conference (11): “Future of Money–will banking become global?”

Rex Hughes (moderator) Co-Founder, Create33 FINx

Tom Alberg -Founder, Madrona Venture Group; Casper von Koskull, CEO Nordea

  1. FinTech; can Seattle be a fintech center?
  2. Koskull, moved from Stockholm to Finland to be in Euro union; Stockholm not on Euro; Fintech hubs in Copenhagen, Stockholm, Oslo; per capita, most unicorns (counting in Estonia) in Fintech; “talent is a key; there’s a war for talent”
  3. Alberg, a few years ago, Seattle not on fintech top100 list; really then represented traditional banking centers
  4. Yet Seattle, while #2 leading tech center after Silicon Valley, yet a leader in cloud computing and lots of payment networks, e.g. Starbucks
  5. Alberg: 120 companies with software engineering units in Seattle; JPMorgan Chase starting a fintech security center
  6. Alberg grew up in Ballard, high school here (where Nordic Museum is located); venture capitalist background his Swedish grandfather, who came through Ellis Island, became entrepreneur; oriented to risk; died in 1930s and family lost holdings in Great Depression
  7. Day 1″ and “Customer Obsessed” two tech key concepts
  8.  Koskull: technology change is hard, yet cultural transformation is more difficult; starts with leadership
  9. Alberg: Innovation; Customer Focus; Long-term thinking, all needed to become leading company. Traditional companies don’t have good records for surviving disruptive change (ex: Kodak, Barnes & Noble, IBM); banks face this challenge. Who will be able to become leaders in fintech? Not just global banks.
  10. Audience Q: how will AI affect Nordea Bank? Koskull: key for regulation, for example, money-laundering regulation duties, only possible with AI; customer side, facts and data will help us relate better to customer needs, example: fact-based decision on robot-saving aid application–people used it most who’d never saved before, unlike the bank’s previous “gut feeling”
  11. Alberg: AI can customize things better, personalization, with AI; will provide read access to information and data

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