Mike Bodson, DTCC President & CEO delivers opening remarks at the 2019 DTCC Fintech Symposium.
As I was preparing for our DTCC Fintech conference earlier this week, I couldn’t help but marvel at how ubiquitous cloud computing, artificial intelligence and robotics have become in such a short period of time. Today, as the technological engine continues to rev, the trifecta of digital platforms, a massive generational shift and data intelligence will dramatically shape the future of financial services.
The rapid pace of change across the industry is very evident in the move toward digital platforms and APIs, which are quickly becoming king. In this on-demand age, financial firms need to create an exceptional client experience that is digital, frictionless and convenient for all users. Digital platforms and APIs give clients the flexibility they’re demanding to conduct business their way rather than how we dictate. At DTCC, we’re excited to build on our legacy of leading digital transformation with our plans to launch an external API marketplace later this year for clients to access our products and services.
This new way of serving the industry is critical because in the coming years, millennials and Gen Z’ers will represent an ever-larger segment of the workforce. These groups have been immersed in technology from birth, and they consider ease of use a priority in their personal and professional lives. As a result, we need to make sure we’re delivering solutions in a way that meets their evolving needs.
This generational shift is impacting the industry in another way – namely, by spotlighting the importance of building a diverse workforce at all levels to better reflect the world around us. As CEO, I’m strongly committed to diversity and inclusion and closing the gender gap in technology at my firm. I believe this is essential for our long-term growth because we need unique viewpoints and perspectives to solve the increasingly complex, global challenges impacting our clients.
The third leg of the trifecta is managing data intelligence. At the heart of this issue is the importance of using technology, including applied machine learning and artificial intelligence, to help transform mountains of data into competitive insights and meaningful recommendations to drive business growth. Data is the lifeblood of any successful organization, and as all of us know well, firms that understand their data will know their clients best.
During this period of dramatic change, we have an extraordinary opportunity to adapt and embrace new technologies to build a safer, more efficient and secure post-trade ecosystem that will serve the best interests of all market participants.
If you’d like to hear more about these topics, click here to read my opening remarks from DTCC Fintech on April 30, 2019.