April 4th, 2019, New York, Yale Fintech Forum 2019, joint held by Yale University，Columbia University，MIT and CB International Bank (CBiBank.com) concluded with constructive ideas and foreseeing opinions on Fintech industry development.
Yale Fintech 2019 Forum gathered 30 leaders from Yale University, Columbia University, banking and investment party as M&T Bank, Royal Business Bank and CB International Bank and JP Morgan， giving a whole picture of Fintech industry from different perspectives including retail banks, community banks and academians. Apart from keynotes, 3 panel discussions were also conducted to dig into the topics of Fintech Future, Fintech Regulations & Risk Control and Opportunities.
Mr. Walter Young, Chief Market Risk Officer at M&T Bank, addressed that Fintech contributes a lot on labor and time consuming in banking. It enables to solve the clients analyzing tasks within one day which demands involvement of hundreds of employees for months.
Founder at Royal Business Bank, pointed out that risk is the top priority regarding to employing any technology according to requirements. “Even though there is no special policy on Fintech, Federal Reserve has been following the developing of Fintech and paying close attention on its influence. “Responded by Mr. Mayank Rastogi, Senior Examiner at Federal Reserve Bank of New York.
Mr. Sean Zhao, Senior Associate at JP Morgan, shared the same view:”Without fintech, it’s impossible to deal with the enormous data analysis workload just by manpower. For instance, it needs to take into account of thousands of variants to check a credit card applicant, only when fintech is enrolled can this be handled.”
Upon Walter Young and Sean Zhao’s comments, Mr. Sam Su, Chairman of the Board of CBiBank, shared his view that the Fintech is never only talking about technology or finance, but new opportunities and reducing financial risk in a technical way. He indicated that Fintech dramatically changed the financial industry. Technology helped the financial institutes track their customers records much easier. Fintech helped the traditional financial system do better AML and KYC with lower cost and more accuracy. Additionally, Fintech provides technology to help risk professionals at banks to support stress testing, especially for small business owners.
Yale Fintech Forum 2019 concluded with consensus that no matter tech helps Fin or Fin helps Tech, a better day of financial innovation is coming. Fintech is dramatically reshaping human economic life, opening access to markets, investment, and credit; inventing new ways to solve age-old financial problems with reduced fees.
CBiBank is a new licensed International Financial Entity at Puerto Rico, US, aiming to bring more convenient and safer new financial services so as to help more and more small business owners to get better financial products and to do better businesses.