The Digital Revolu on Transforming Banking through Technology 10 Inuential Leaders Dening the Future of Digital Banking in 2024 Mario Benedict Head of EMEA Digital Channels and Connectivity J.P . Morgan Shaping the Future of Finance: Mario Benedict Driving Technological Strides Breaking Boundaries How Digital Banking is Reshaping the Financial Landscape VOL 04 I ISSUE 16 I 2024 Digital banking is changing banking fundamentally, but only banks that can innovate and adapt will survive. Editor's Note s we navigate through the year 2024, the A landscape of digital banking is being shaped by a cadre of visionary leaders. These individuals are the architects of a future where banking is seamless, secure, and tailored to the unique needs of every customer. These leaders are leveraging cutting-edge technologies such as artificial intelligence, blockchain, and big data analytics to redefine the way we bank. They are not just digitizing traditional banking services but are creating innovative solutions that are transforming the banking experience. In digital banking, customer-centricity is the mantra. The leaders of this revolution understand that the future of banking lies in creating personalized experiences that resonate with customers. They are harnessing the power of data to gain insights into customer behavior and preferences and are using these insights to deliver services that are not just convenient but also highly relevant. These leaders are championing the cause of financial inclusion. They are leveraging digital platforms to reach the unbanked and underbanked populations, providing them with access to financial services and helping to bridge the financial divide. Security is another key area of focus for these leaders. In a world where cyber threats are a constant concern, they are investing heavily in cybersecurity measures to ensure that customers can bank with confidence. Through the latest edition of 10 Influential Leaders Defining the Future of Digital Banking in 2024 , their relentless pursuit of innovation, customer-centricity, financial inclusion, and security is setting the stage for a future where digital banking is the norm rather than the exception. Leaders Navigating the Digital Banking Revolution Prince Bolton 20 C O V E R S T O R Y A R T I C L E S 08 28 16 24 The Digital Revolu on Transforming Banking through Technology Breaking Boundaries How Digital Banking is Reshaping the Financial Landscape Dr. Larisa Yarovaya Innova ng for a Sustainable Digital Banking Ecosystem Vid Hribar Building Value through Blockchain and Partnerships in the Banking Industry Shaping the Future of Finance: Mario Benedict Driving Technological Strides C O N T E N T S CONTENT Deputy Editor Anish Miller Managing Editor Prince Bolton DESIGN Visualizer Dave Bates Art & Design Director Davis Mar n Associate Designer Jameson Carl SALES Senior Sales Manager Wilson T., Hunter D. Customer Success Manager Taylor A. Sales Execu ves Tim, Smith TECHNICAL Technical Head Peter Hayden Technical Consultant Victor Collins April, 2024 Copyright © 2024 CIOLOOK, All rights reserved. The content and images used in this magazine should not be reproduced or transmi ed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from CIOLOOK. Reprint rights remain solely with CIOLOOK. FOLLOW US ON www.facebook.com/ciolook www.twi er.com/ciolook WE ARE ALSO AVAILABLE ON Email info@ciolook.com For Subscrip on www.ciolook.com CONTACT US ON Pooja M Bansal Editor-in-Chief sales@ciolook.com SME-SMO Research Analyst Eric Smith SEO Execu ve Alen Spencer Brief Company Name Gina Cass-Gottlieb Chair Gina is a Chair of the Australian Competition and Consumer Commission, promoting competition and fair trading in markets. George Estrada Principal Enterprise Strategist - Nonprofits George is a technology and business leader embracing every aspect of the customer journey to optimize the customer experience. He accomplishes this by building, managing, and leading the development and delivery of innovative technology- based solutions. Amazon Web Services (AWS) aws.amazon.com ACCC www.accc.gov.au Fiona Deroo Global Head of Product Launch Commercialization and Consumer Payments Sales Fiona is an International Treasury Sales professional with a proven track record and whose expertise in global working capital management, leadership quality and interpersonal skills qualify her for a career in a majority of International fields. Bank of America Merrill Lynch www.bofaml.com Larisa Yarovaya Associate Professor of Finance and Director of Centre for Digital Finance With a profound expertise in international finance and Fintech, Larisa has contributed significantly to the academic landscape, authoring over 70 papers and co-editing the book "Cryptocurrency and Blockchain Technology". Southampton Business School, University of Southampton, UK www.southampton.ac. uk/business-school Mario Benedict Head of EMEA Digital Channels and Connectivity Mario is the Head of EMEA Digital Channels and Connectivity of J.P.Morgan, a leader in financial services, offering solutions to clients in more than 100 countries with one of the most comprehensive global product platforms available. J.P. Morgan www.jpmorgan.com Featured Person Vid Hribar Blockchain Hub (Strategic Partnerships & Ecosystems) Vid is a passionate generalist who embarked on a journey from studying law to discovering his true passion in the world of banking, fintech, and emerging technologies. As a believer in Web3 and decentralized solutions, he is driven to explore their transformative power. Rob Garlick Head of Innovation, Technology & the Future of Work Rob is Head of Innovation at Citi since 2006, with UK, EMEA, US and Global management roles. A Qualified Executive Coach with MSc in Behavioural Change. Mentoring L&D, Recruitment, Product Management, Sales Capital Raising, Fund Management, Investment Analyst and Charity. Citi www.citigroup.com Raiffeisen Bank International AG www.rbinternational.com Nick Carter GM Digital | Bendigo & Adelaide Bank Nick is a Proven Senior Banking Executive with over 5 years at this level, and 10 year at senior management level across multiple divisions of the Group, in all banking disciplines, Bendigo and Adelaide Bank www.bendigoadelaide.com.au Ville Sointu Head of Solutions & Strategy, MFS Ville is a Senior specialist in financial technology. Member of ECB Market Advisory Group for the Digital Euro and Co-host of Fintech Daydreaming podcast. Ericsson www.ericsson.com Wasim Mushtaq Interim COO Wasim partners with global banks to execute large-scale transformation, and advise innovative start-ups to launch new products and services. His career in financial services has focused on leading operational teams and delivering strategic change across banking sectors. Centre for Finance, Innovation and Technology (CFIT) Shaping the Future of Finance: Mario Benedict Driving Technological Strides C O V E R S T O R Y We strive to provide progressive experiences for all of our clients, enabling the channel or interfaces of their choice depending on their Payment needs, capabilities and platform architecture. Mario Benedict Head of EMEA Digital Channels and Connectivity J.P . Morgan B usinesses need to develop and lead with strategies that eventually result in transcending organizational progress. While navigating the complexities within, the leaders who possess a keen understanding of both technological innovations and the intricacies of financial ecosystems stand as reliable personalities. Frequently, when a company endeavors to streamline its payment processes while ensuring strict regulatory compliance, it becomes imperative to have a leader capable of effectively balancing these dual priorities. Mario Benedict exemplifies this blend of expertise, serving the dual priorities for companies striving to streamline payments while ensuring regulatory compliance. Being a seasoned professional with a wealth of experience in digital channels and connectivity, he brings a depth of knowledge and strategic insight to every endeavor. With extensive experience in digital channels and connectivity within the financial sector, Mario is adept at optimizing financial operations, reducing costs and mitigating risks associated with global transactions. His leadership is marked by a deep commitment to innovation and client-centricity, shaping the digital transformation strategies of leading financial institutions. As the Head of EMEA Digital Channels and Connectivity at J.P. Morgan Payments , Mario leads a team dedicated to revolutionizing the digital banking experience. Under his guidance, forward-thinking initiatives empower clients to navigate global payment complexities seamlessly. Mario’s strategic vision and wealth of knowledge continue to set new benchmarks for innovation and client satisfaction in the digital banking landscape. Meeting Every Need J.P. Morgan Payments exemplifies reliability and innovation in the bustling world of global finance. With a comprehensive suite of services spanning treasury, trade, cards, and merchant solutions, they empower clients to transact seamlessly across borders in over 120 currencies. Mario encapsulates their ethos, stating, “ We’re dedicated to meeting clients wherever they are on their digital journey .” At the core of J.P. Morgan Payments lies the Digital Channels and Connectivity team, a force driving digital transformation. Tasked with delivering a holistic digital experience, they ensure clients can effortlessly manage their business and working capital in the growing global economy. Mario emphasizes their commitment, affirming, “ Our mission is to provide an end-to-end digital experience .” This team oversees a spectrum of channels and solutions within the Payments realm, from portals to APIs catering to diverse client needs and preferences. “ We strive to offer progressive experiences ,” Mario notes. Their offerings extend beyond conventional interfaces embracing machine-to-machine connectivity and embedded solutions seamlessly integrating with client ecosystems. Mario highlights their versatility, stating, “ We enable clients to choose the channel or interface that suits their payment needs and platform architecture .” In a world shaped by digital dynamics, J.P. Morgan Payments and its Digital Channels and Connectivity team remain steadfast in their commitment to facilitating seamless, secure and progressive payment experiences for all. Investing in the Future A staggering $12 billion annual investment in technology ensures J.P. Morgan stays at the forefront of practical solutions employing agile methodologies to meet evolving client needs. Mario states, “ We prioritize meeting clients where they are now and preparing them for the path ahead .” Collaboration with the Digital Experience Design team ensures a user-centric focus in all client interactions. By actively incorporating client feedback, they continuously refine and enhance the omnichannel experience. Mario highlights, “ We strive to provide a seamless omnichannel interaction for our clients .” Furthermore, partnerships with FinTechs and Third- Party Providers enrich their offerings with cutting-edge solutions. Mario stresses the importance of shared expertise, noting, “ Collaboration allows us to embed innovative solutions into our digital banking offerings .” Achieving Unity Through Communication J.P. Morgan Payments stands as a global leader seamlessly blending worldwide reach with local expertise to support clients in scaling and innovating strategically. Mario highlights the significance of this balance, stating, “ Our core global platforms ensure a unified experience with locally relevant solutions .” Navigating cross-border payments and regulatory intricacies is simplified through the collaboration of treasury and payments experts worldwide. Mario emphasizes their role, noting, “ Clients can more easily navigate complexities no matter where they’re transacting .” Central to fostering collaboration is the clear articulation and alignment of strategy with organizational goals. Mario underscores that defining and communicating objectives ensures a unified approach. Leadership plays a pivotal role in modeling collaborative behavior and incorporating diverse perspectives into decision-making processes. Mario stresses the importance of this inclusive approach, We actively utilize client feedback to identify opportunities for improvement to provide a seamless omnichannel interaction for our clients. noting that representatives from different regions are involved in ensuring diverse perspectives. Open communication channels further reinforce collaboration. Regular group meetings facilitate idea exchange and serve as a platform to recognize and celebrate achievements fostering unity among team members. Mario highlights this, stating, “ Regular meetings facilitate collaboration and provide a forum to acknowledge achievements .” The Pillars of Success In the Digital Banking landscape, J.P. Morgan Payments adheres to core principles that guide decision-making ensuring a seamless experience for clients. As the leaders at J.P. Morgan Payments, Mario emphasizes their commitment to client-centricity, stating, “ We’re dedicated to meeting and exceeding our clients’ expectations .” Key principles driving decision-making include: Ÿ Client-Centricity : The Digital Channels & Connectivity team serves as the primary interface for clients striving to enhance their end-to-end experience. Mario underscores the importance of incorporating client feedback into decision-making processes ensuring alignment with evolving digital banking needs. Ÿ Talent Development : The team comprises diverse talent from apprentices to seasoned leaders essential for meeting clients’ digital needs. Mario highlights the significance of a skilled, diverse and adaptable workforce for long-term success. Ÿ Strategic Adaptability : A culture of continuous learning and innovation enables the team to anticipate and respond effectively to digital banking’s dynamic landscape. Mario stresses the importance of making decisions that enhance market offerings, stating, “ We must adapt to emerging opportunities and challenges .” Ÿ Agile Leadership : Implementing agile frameworks fosters collaboration and flexibility enabling J.P. Morgan Payments to thrive amidst regulatory changes. Mario emphasizes the importance of agility, stating, “ Agile frameworks are essential for keeping up with the everchanging dynamics of digital banking .” J.P. Morgan Payments remains at the forefront of digital banking by adhering to these core principles while delivering innovative solutions and exceptional client experiences. Unlocking Future Cash Flow It comes as no surprise that artificial intelligence and machine learning are playing an increasingly indispensable role in today’s society. This will inevitably develop into AI-powered cash forecasting tools, which will help treasurers unveil inconspicuous patterns and trends, thereby enabling them to better forecast and manage their future cash flows. Embracing this technological leap, Mario aims to incorporate AI advancements into more products, enhancing client service. Mario emphasizes their commitment to innovation, stating, “ This is just the tip of the iceberg for us, as we continue to work towards incorporating this exciting development into more of our products to better service our clients .” Beyond treasury, automation driven by customer experience and real-time data is on the rise. APIs serve as the catalyst for this transformation pulling vital information and enhancing experiences across various sectors. Mario underscores the versatility of APIs, noting, “ They unite customization and transparency with security and control .” In parallel, blockchain technology, particularly programmable payments promise significant advancements. Mario highlights the benefits of programmable payments, stating, “ They enable advanced automation of treasury functions and streamline workflows .” Leveraging this technology, finance and treasury teams can optimize liquidity and execute settlements in real time even across borders. As J.P. Morgan Payments embraces these technological strides under Mario’s leadership, they remain committed to enhancing client experiences and optimizing processes through innovation and adaptability. Diverse Teams, Innovative Solutions At J.P. Morgan, innovation is incorporated into everything they do. Mario emphasizes their commitment, stating, “ Our approach to innovation is central to every solution we build .” A diverse team serves as the bedrock for fostering an innovative mindset ensuring fresh perspectives and creative solutions. Mario highlights, “ We take great care in hiring and maintaining a diverse team that provides the basis for fostering an innovative mindset .” Collaboration with FinTechs and partners keeps J.P. Morgan ahead of the payments curve, enabling them to anticipate and adapt to industry shifts. Co-creating with clients allows for the development of tailored solutions that align with their digital transformation journey. This agile approach facilitates the delivery of innovative solutions while obtaining immediate feedback for continuous improvement. Mario shares, “ With this approach, we are able to deliver innovative solutions on an agile methodology and obtain immediate ongoing feedback to iterate and improve .” We prioritize risk management, regulatory considerations and data security while staying ahead with innovative solutions. Anticipating and Adapting “ At J.P. Morgan, we excel in both anticipating and adapting to risk ,” says Mario. “ We prioritize risk management, regulatory considerations and data security while staying ahead with innovative solutions .” Leveraging global expertise, they protect clients throughout the payment lifecycle and offer solutions at the forefront of emerging technology. Renowned as a trusted innovator, J.P. Morgan ensures clients are equipped to navigate challenges while seizing opportunities in the ever-evolving financial landscape. The Next Frontier “ As we look forward, APIs will emerge as standalone channels ,” explains Mario. He highlights the importance of seamless integrations enabling real-time access to data and insights. Prioritizing scalable and flexible APIs with simple integration endpoints is crucial as transaction volumes rise. In the realm of AI and machine learning, J.P. Morgan leverages proprietary platforms to enhance cash flow forecasting. Mario emphasizes the significance of machine learning in identifying subtle patterns, stating, “ Machine learning models will uncover idiosyncratic patterns for our clients .” Blockchain remains a key player in delivering transformative opportunities for financial services. Mario accentuates the ongoing potential of blockchain technology highlighting its role in shaping the future of finance. As J.P. Morgan continues to innovate, they remain committed to harnessing the power of these emerging technologies to benefit their clients and stay ahead in the rapidly evolving financial landscape. J.P. Morgan's AI-powered cash forecasting tools will help treasurers unveil inconspicuous patterns and trends, thereby enabling them to better forecast and manage their future cash flows. D r L a r a Y a r o v a y a Dr. Lar a Yarovaya Dr. Lar a Yarovaya Innovating for a Sustainable Digital Banking Ecosystem Dr Larisa Yarovaya Associate Professor of Finance and Director of Centre for Digital Finance Southampton Business School, University of Southampton, UK www.ciolook.com |April 2024 | 16 I n 2018, a new chapter unfolded in the Department of Banking and Finance at Southampton Business School when Dr. Larisa Yarovaya stepped into her role at the Department of Banking and Finance. Taking charge with vigor, Dr. Yarovaya swiftly delved into curriculum development while taking up the leadership role at the Centre for Digital Finance. Since then, she has spearheaded numerous collaborative research projects within the digital finance domain resulting in the publication of over 70 articles in esteemed peer- reviewed journals. Dr. Yarovaya's contributions extend beyond academia. Her global recognition is evidenced by her inclusion in Stanford's top 2% Global Scientists list and her accumulated over 9,000 citations. Her work has been featured in prominent media outlets such as BBC, MarketWatch, Financial Times, CBC, Euronews, and Bloomberg. Moreover, she has shared her expertise on platforms like CNBC's series on ' Ethereum ' and ' Stablecoins .’ Among her proudest achievements is the establishment of the inaugural Cryptocurrency Research Conference in 2018, which has evolved into the premier annual academic event in this niche. Its success culminated in the recent 6th edition hosted at the International University of Monaco in 2023 fostering international collaboration and innovation in the field. Digital banking represents a captivating frontier within decentralized finance and Dr. Yarovaya has been at the forefront of this discourse. Her involvement in significant events like the FT Global Banking Summit, where she facilitated a masterclass on CBDCs, underlines her commitment to fostering invaluable exchanges with industry leaders and peers. Reflecting on her journey, Dr. Yarovaya is immensely grateful for the enriching collaborations and encounters that have shaped her trajectory in this dynamic field. She recognizes the collective efforts of passionate individuals who continue to drive meaningful progress and eagerly anticipates the future advancements that lie ahead. As the Associate Professor of Finance and Director of the Centre for Digital Finance at Southampton Business School, University of Southampton, UK, Dr. Yarovaya is stepping up the pace of innovation in Digital Banking and Finance. Protecting Consumers “ As the Director of the Centre for Digital Finance ,” says Dr. Yarovaya, “ my journey into a leadership role in digital banking has been driven by a passion for making scientific advancements accessible to a broader audience and maximizing the impact of research on society .” In her role, she emphasizes bridging the gap between academia, industry, policymakers, and global media fostering collaborations to push the frontier of digital banking research. Dr. Yarovaya acknowledges that navigating a traditionally male-dominated field like Fintech, Banking and Finance has presented challenges. However, she sees these challenges as opportunities to inspire and support female colleagues encouraging them to strive for success and fostering a supportive community. Initially, Dr. Yarovaya viewed the DeFi industry as a challenging landscape, akin to the Wild West, with a lack of transparency and integrity among players. However, her perspective has evolved over time. She notes a positive shift within the industry, marked by increased transparency among leaders. This transformation, she believes, is due in part to the efforts of regulators and media outlets prioritizing unbiased opinions from academic scholars grounded in scientific results. This shift towards transparency, not only benefits industry players but also serves to protect consumers. It enables the identification and support of honest participants contributing to the establishment of a more efficient global regulatory framework. Dr. Yarovaya firmly believes this change is crucial for the continued development of the digital banking sector fostering an environment that is accountable, secure and conducive to sustainable growth. Innovative Insights In her current role, Dr. Yarovaya strategically drives innovation and digital transformation in the banking sector through four key priorities. Firstly, she emphasizes championing Fintech literacy by overseeing a comprehensive rebranding of global Finance educational offerings resulting in the successful launch of the BS Finance and Financial Technology program. Secondly, she prioritizes consumer protection through www.ciolook.com | April 2024 | 17 targeted outreach activities, aiming to empower consumers in the digital financial landscape and foster trust. “ Third ,” Dr. Yarovaya states, “ I foster collaboration between industry, policymakers and academia to push regulatory frontiers and create an adaptive regulatory framework .” Lastly, she actively cultivates high-quality global partnerships in research and enterprise positioning the Centre for Digital Finance as a global leader in advancing knowledge and practices in the digital finance domain. These efforts collectively form the foundation for digital transformation. Additional initiatives, such as developing an MBA module on Blockchain Technology and Cryptocurrency Investments highlight her commitment to providing executives with insights into transformative technologies, further establishing the CDF as a global leader in the field. Striving for Change In fostering a culture of continuous learning and adaptation in the dynamic landscape of digital banking, Dr. Yarovaya draws from the rich institutional experience of the University of Southampton, where the Centre for Digital Finance (CDF) is based. Leveraging the university's legacy of pushing scientific frontiers and fostering a culture of learning, she continually challenges herself as a leader to expand beyond her academic expertise. Recently she has taken on the role of Chair of the Athena Swan Self-Assessment team at the Southampton Business School, focusing on creating an inclusive culture and empowering female graduates to excel in fields like finance and fintech. This experience enhances her understanding of cultural nuances and inclusion, contributing to her effectiveness as a leader at the CDF. “ Additionally ,” she says, “ my secondment position as Advocacy Manager in the university's Communication Department provides invaluable opportunities to engage directly with top media outlets and learn how academic expertise can benefit society .” This role strengthens her leadership and research skills by equipping her to navigate the rapid changes in digital banking and decentralized finance while fostering positive cultural shifts within her team and the industry at large. “As a research entity, we are privileged to collaborate with the banking sector while adhering to the regulations and security procedures of Higher Education Institutions.” www.ciolook.com |April 2024 | 18