The panel is moderated by Lex Sokolin, Chief Cryptoeconomist Officer at Consensys. Emma Lovett, Markets DLT – Credit Lead at JP Morgan, Matthew James, Head of Special Projects of Fasanara Capital, Jose Luis Perán, Head of delivery for financial services at VASS, and Jason H. Jang, Group Chief Information Officer at Centurion Invest all provide their valuable insights in the discussion.
The EBC panelists envision a future where blockchain and crypto revolutionize financial services, enabling seamless transactions, lending, and repayment. They emphasize the potential of this technology to empower individuals with control over their own data.
More EBC insights on the future of DeFi and cryptos:
- What Is DeFi’s Future?
- Crypto Funding in 2023: VC Perspectives and Advice for Startups
- The Future of Crypto Market-making: What’s the Role of Regulations and AI?
What’s Wrong With the “Old” Financial Services?
Jose thinks that the current financial services are not wrong, there’s just room for improvement. The industry is becoming more digital and he believes blockchain can help financial companies and customers to have something faster, cheaper, and better!
However, Lex points out that it’s different to work on Web3 native financial projects than to integrate emerging technology back into a gigantic venue that’s doing huge volumes and has already established process flows. Emma agrees by saying that not only the technology needs to be considered, but regulations also need to be taken into account. There’s a need to revise the whole current system, but it has to be done bit by bit.
How Can We Improve the “Old” Financial Services?
Jason argues that blockchain and cryptocurrency can facilitate fast and easy cross-border transactions. While blockchain can improve traditional finance in certain ways, it cannot replace it entirely. He thinks the focus should be on improving UI/UX and building user-friendly interfaces.
Matthew thinks that tokenization can benefit funds in the long term, but the complexity of the system should be understood first. The short-term goal is to address accessibility and cost efficiency. The ultimate goal is to bring a globalized approach to financial services while respecting what has already been built and doing so in the most effective way.
What Can We Expect in the Future of Financial Services?
At the end of the discussion, Lex compares the future of financial services to transportation options. Just as we have a variety of transportation methods, we will have different financial services to choose from in the future. But even though new ways are emerging, it doesn’t mean that the traditional methods are obsolete. In his opinion, this is why the financial industry is exciting, with different players working on different things, and tackling problems from different angles.
“These are all simultaneous lanes in the same way that you can find a horse today and go on a horse ride. Or you can get in a car that eats up gasoline. You can get into a fully electric car. You can simply get on Zoom. All of those sorts of transportation methods are available to you, it doesn’t mean one doesn’t work.”
– Lex Sokolin, Chief Cryptoeconomist Officer at Consensys