Author: Christoffer Hernæs

Bitcoin is dead – long live bitcoin
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Bitcoin is dead – long live bitcoin

It has been a while since the bitcoin community claimed that bitcoin was the one currency that would replace fiat currencies. For many people, the idea behind bitcoin was to decentralize the traditional financial system, favoring a fully decentralized one. However, it’s quickly became very unlikely that the world will ever switch from using government-issued money to using bitcoin. The last two years has been all about the blockchain. Now, bitcoin is gaining momentum as a potential new asset class.

by Christoffer Hernæs••4
Det digitale klasseskillet i fremtidens arbeidsmarked
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Det digitale klasseskillet i fremtidens arbeidsmarked

Alt som kan digitaliseres vil digitaliseres og smart bruk av teknologi kommer til å gjennomsyre alle funksjoner i samfunnet. Denne utviklingen er eksponentiell av natur, og det er nødvendig å tilvenne seg stadig raskere endringstakt. Det som anses som innovativt i dag er morgendagens hygienefaktor, og dagens unge er ikke automatisk morgendagens digitale vinnere. Digitalisering er ingen engangshendelse, men en kontinuerlig prosess. Det samme gjelder for kompetansebehovet i en digital verden.

by Christoffer Hernæs••0
How technology is changing asset management
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How technology is changing asset management

There is nowhere to hide in the changing landscape of financial services, and asset management is no exception. With the rise of robo advisors and intelligent automation, asset managers and financial advisors are potentially facing the same fate as the retail stock brokers. According to a survey conducted by the CFA Institute, the majority of respondents, which included more than 3,000 chartered financial analysts around the world, view asset management as the industry most at risk from disruption.

by Christoffer Hernæs••0
The end of the console market as we know it
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The end of the console market as we know it

Ever since the first generations of game consoles, the concept of console wars has been prevalent by both fanboys and industry analysts. The first occurrence of console wars was Intellivision vs. Atari VCS in the early 1980s, but the concept gained public attention during the rivalry between Sega and Nintendo in the 90s with catchphrases like Genesis does what Nintendon’t. For every generation of consoles this has been repeated in cycles. Now, this pattern seems to come to an end.

by Christoffer Hernæs••0
Open banking: A key turning point in the digital banking revolution?
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Open banking: A key turning point in the digital banking revolution?

The landscape for financial services is changing, and the jury is still out as to how the endgame is going to play out. One of the concepts shaping this future is open banking. For this topic I have chosen to invite Chris Skinner from the Financial Services Club, Brett King of Moven, Matthias Kröner of Fidor and Pascal Bouvier, venture partner at Santander to join the discussion. Tune in to this free webinar on Brighttalk December 7th to hear some of the worlds leading experts on digital banking discuss what they are saying, doing, and planning when it comes to open banking.

by Christoffer Hernæs••1
Open banking: Getting the business model right
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Open banking: Getting the business model right

APIS are at the heart of open banking. If executed correctly propose to increase innovation, foster collaboration, extend customer reach and lower costs compared to existing legacy systems. A key concept in the open banking paradigm is to use open source technologies to enable third-party developers to build financial applications on top of the banks’ exisiting infrastructure. To succeed with an open banking strategy without rendering oneself obsolete, finding the right business model is imperative.

by Christoffer Hernæs••0
Open banking: The nature of digital ecosystems
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Open banking: The nature of digital ecosystems

The banking industry is facing many of the same perils as the telco and media industry has been though in the latter years, and the primary challengers are the same ones that have been feasting at the media and telco’s profit margins for more than a decade. These are the four horsemen of the incumbents apocalypse (Google, Apple, Facebook and Amazon). While they are vastly different in many ways, they all share the traits of a succesful digital ecosystem.

by Christoffer Hernæs••4
How did we end up here?
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How did we end up here?

Like many other Europeans I woke up today to the shocking news of Donald Trump winning the presidential election. As a browsed through every news resource I could come across on my phone hoping that someone had gotten this wrong the media coverage was eerily similarity to what followed the Brexit referendum back in June. What just happened? Why didn’t we see this coming? How did we let this happen?

by Christoffer Hernæs••1
A talk with ThoughtMachine on VaultOS and the future of core banking
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A talk with ThoughtMachine on VaultOS and the future of core banking

Core banking is considered for many as the gordian knot in the digitization of banking. As a result, a vast majority of fintech companies are innovating around the core, leaving legacy IT to the banks. However, some entrepreneurs are audacious enough to attempt to renew core banking from scratch. I had the pleasure of meeting Tristan Fletcher of ThoughtMachine in London earlier this fall, and used the occasion to ask him a couple of questions of which problems ThoughtMachine is attempting to solve with VaultOS.

by Christoffer Hernæs••2
Intelligent automation and the future of finance
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Intelligent automation and the future of finance

Artificial Intelligence (AI) is likely to provide opportunities to deliver smarter solutions for end users and transform the banks processing capabilities. Last week, UBS invited leaders and experts from the financial industry, fintechs, academia and regulators come together to discuss the future of Intelligent Automation and start to build a common understanding of what a successful approach would look like. I had the pleasure of attending this event and we explored the most relevant issues covering where, when and how this will happen.

by Christoffer Hernæs••3
Open banking: An introduction
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Open banking: An introduction

The landscape for financial services is changing, and the jury is still out on how the endgame is going to play out. One of the concepts shaping this future is open banking. This development emerge out of the payment area where a perfect storm of shifting customer behavior, regulatory changes, the threat from digital ecosystems such as Google, Apple, Facebook and Amazon, and the quest for new business models are driving banks toward the open banking paradigm.

by Christoffer Hernæs••5
How AI will reshape everyday banking
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How AI will reshape everyday banking

The greatest fear for banks in the changing landscape of financial services is to lose grasp of the customer relationship and become utility commodity providers, or “dumb pipes”. This fear is strengthen by changes in consumer behavior and expectations, regulatory changes such as PSD2, new business models and new technology. Artificial intelligence is one of the technological paradigms that is set to transform financial services in the years to come.

by Christoffer Hernæs••2
The potential benefits of artificial intelligence in the compliance function
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The potential benefits of artificial intelligence in the compliance function

Artificial intelligence is one of the technological paradigms that is set to transform financial services in the years to come. This includes every aspect of the bank, ranging from customer interaction through chatbots, process automation and risk and credit assessment just to name a few. However, the compliance function is one of the areas where AI will have a profound impact on banking.

by Christoffer Hernæs••2
We have reached the second half of the chessboard
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We have reached the second half of the chessboard

We should expect to see technology having a huge impact on every aspect of society in the years to come from everything to artificial intelligence, widespread adoption of blockchain technology, gene editing and human augmentations just to name a few areas. This will shape customer behavior, business models and required skill sets and leadership in a new business environment where speed and agility are the primary competitive advantages.

by Christoffer Hernæs••4