Fintech and Beyond: More than a Technology shift | KAI REN | TEDxTianshanPark

I have two kids five years old and three

I have two kids five years old and three just like all other kids the kids always

just like all other kids the kids always

just like all other kids the kids always want to play the pretending being in the

want to play the pretending being in the

want to play the pretending being in the adult world they pretend being that

adult world they pretend being that

adult world they pretend being that daddy mommy doctors and teachers they

daddy mommy doctors and teachers they

daddy mommy doctors and teachers they pretending doing the shopping teaching

pretending doing the shopping teaching

pretending doing the shopping teaching and cooking and in one day my daughter

and cooking and in one day my daughter

and cooking and in one day my daughter wants to pretend to the grocery shopping

wants to pretend to the grocery shopping

wants to pretend to the grocery shopping with me so he came to me saying daddy

with me so he came to me saying daddy

with me so he came to me saying daddy can’t play with me I said okay so I give

can’t play with me I said okay so I give

can’t play with me I said okay so I give her a toy wallet and put some fake money

her a toy wallet and put some fake money

her a toy wallet and put some fake money in it just like those fake money we’re

in it just like those fake money we’re

in it just like those fake money we’re using the Monopoly game my daughter look

using the Monopoly game my daughter look

using the Monopoly game my daughter look at the wallet and asked me one question

at the wallet and asked me one question

at the wallet and asked me one question she said daddy where’s my card I was so

she said daddy where’s my card I was so

she said daddy where’s my card I was so surprised at a time when I heard the

surprised at a time when I heard the

surprised at a time when I heard the question because I suddenly realized in

question because I suddenly realized in

question because I suddenly realized in her world she rarely see us using paper

her world she rarely see us using paper

her world she rarely see us using paper cash to buy stuff anymore

cash to buy stuff anymore

cash to buy stuff anymore she always see we swipe the plastic card

she always see we swipe the plastic card

she always see we swipe the plastic card the credit card to produce the purchase

the credit card to produce the purchase

the credit card to produce the purchase so in her world she thinks the plastic

so in her world she thinks the plastic

so in her world she thinks the plastic card is more important than paper two

card is more important than paper two

card is more important than paper two years later when my son grew up and he

years later when my son grew up and he

years later when my son grew up and he wants to join the same game with his

wants to join the same game with his

wants to join the same game with his sister

sister

sister so guess what when we do the grocery

so guess what when we do the grocery

so guess what when we do the grocery shopping he picked up his toy phone

shopping he picked up his toy phone

shopping he picked up his toy phone because in his world he think everything

because in his world he think everything

because in his world he think everything can be delivered to the front door by

can be delivered to the front door by

can be delivered to the front door by the fingertips you don’t need to go out

the fingertips you don’t need to go out

the fingertips you don’t need to go out door at all and I believe he must learn

door at all and I believe he must learn

door at all and I believe he must learn that from my wife that’s my guess okay

that from my wife that’s my guess okay

that from my wife that’s my guess okay so what does this story tells us this

so what does this story tells us this

so what does this story tells us this story tells the technology has changed

story tells the technology has changed

story tells the technology has changed and the technology shift is not just a

and the technology shift is not just a

and the technology shift is not just a technology shift it changes our behavior

technology shift it changes our behavior

technology shift it changes our behavior for us who has gone through all of these

for us who has gone through all of these

for us who has gone through all of these progresses it may be just a behavior

progresses it may be just a behavior

progresses it may be just a behavior change but for our next generation for

change but for our next generation for

change but for our next generation for the young generation it is a whole

the young generation it is a whole

the young generation it is a whole living

living

living style change so from their mind from

style change so from their mind from

style change so from their mind from their eyes looking at the same thing

their eyes looking at the same thing

their eyes looking at the same thing they may look at the stuff in the

they may look at the stuff in the

they may look at the stuff in the different angle from our understanding

different angle from our understanding

different angle from our understanding for example they no longer know what is

for example they no longer know what is

for example they no longer know what is a cache they don’t think we need to go

a cache they don’t think we need to go

a cache they don’t think we need to go outside to do the purchase and I would

outside to do the purchase and I would

outside to do the purchase and I would say if I would have the third kit well

say if I would have the third kit well

say if I would have the third kit well first of all my wife needs to agree if I

first of all my wife needs to agree if I

first of all my wife needs to agree if I would have this third kit and if he or

would have this third kit and if he or

would have this third kit and if he or she may just do the purchase by scan the

she may just do the purchase by scan the

she may just do the purchase by scan the face and this technology is coming in so

September Philippines she loved my 8

September Philippines she loved my 8 does anyone still remember what I needed

does anyone still remember what I needed

does anyone still remember what I needed to say this is the date where a million

to say this is the date where a million

to say this is the date where a million brother which was the third largest time

brother which was the third largest time

brother which was the third largest time father 11 bankruptcy protection it was a

father 11 bankruptcy protection it was a

father 11 bankruptcy protection it was a big event in the financial crisis do we

big event in the financial crisis do we

big event in the financial crisis do we support that date it was the Labor Day

support that date it was the Labor Day

support that date it was the Labor Day long weekend in United States so some

long weekend in United States so some

long weekend in United States so some people may know the labor living in

people may know the labor living in

people may know the labor living in United States is the first month it was

United States is the first month it was

United States is the first month it was a Labor Day weekend and I was in a party

a Labor Day weekend and I was in a party

a Labor Day weekend and I was in a party with my friends so in the afternoon I

with my friends so in the afternoon I

with my friends so in the afternoon I will receive a call from my manager and

will receive a call from my manager and

will receive a call from my manager and he said hi is wrong a report which tells

he said hi is wrong a report which tells

he said hi is wrong a report which tells me all of the realistic exposures to all

me all of the realistic exposures to all

me all of the realistic exposures to all the transactions settled an anon settled

the transactions settled an anon settled

the transactions settled an anon settled with counterparty and Lehman Brothers

with counterparty and Lehman Brothers

with counterparty and Lehman Brothers and its abilities I don’t believe at

and its abilities I don’t believe at

and its abilities I don’t believe at that time the people in the park is new

that time the people in the park is new

that time the people in the park is new the Lehman Brothers would advise any

the Lehman Brothers would advise any

the Lehman Brothers would advise any later however people do the lease

later however people do the lease

later however people do the lease company may have some problems so I

company may have some problems so I

company may have some problems so I hadn’t said I had to set away from the

hadn’t said I had to set away from the

hadn’t said I had to set away from the party and it’s not about me only it took

party and it’s not about me only it took

party and it’s not about me only it took me 10 hours trying to figure out all of

me 10 hours trying to figure out all of

me 10 hours trying to figure out all of the risk exposure of the

the risk exposure of the

the risk exposure of the transactions in my business line and the

transactions in my business line and the

transactions in my business line and the next morning when I went into the office

next morning when I went into the office

next morning when I went into the office I realized that Ali was not the only

I realized that Ali was not the only

I realized that Ali was not the only person who’s got to the call and I was

person who’s got to the call and I was

person who’s got to the call and I was one of the hundreds of people who

one of the hundreds of people who

one of the hundreds of people who receive a signal for to run the similar

receive a signal for to run the similar

receive a signal for to run the similar report together a totally soldier of the

report together a totally soldier of the

report together a totally soldier of the risk for the Lehman Brothers up and I

risk for the Lehman Brothers up and I

risk for the Lehman Brothers up and I think about that it took hundreds of

think about that it took hundreds of

think about that it took hundreds of people at least ten hours trying to

people at least ten hours trying to

people at least ten hours trying to figure out what particular event and in

figure out what particular event and in

figure out what particular event and in one of the impact of that event to your

one of the impact of that event to your

one of the impact of that event to your portfolio and it’s to your investment

portfolio and it’s to your investment

portfolio and it’s to your investment now it’s almost 10 years since then

now it’s almost 10 years since then

now it’s almost 10 years since then almost 10 years financial marketing has

almost 10 years financial marketing has

almost 10 years financial marketing has changed every moments we have the big

changed every moments we have the big

changed every moments we have the big event every minute from the mental

event every minute from the mental

event every minute from the mental health of the North Korea from the new

health of the North Korea from the new

health of the North Korea from the new nuclear weapon concern between the u.s.

nuclear weapon concern between the u.s.

nuclear weapon concern between the u.s. and North Korea from the private

and North Korea from the private

and North Korea from the private movement of the commodities like oil and

movement of the commodities like oil and

movement of the commodities like oil and from the upcoming hurricane and so what

from the upcoming hurricane and so what

from the upcoming hurricane and so what we need to figure out is for every

we need to figure out is for every

we need to figure out is for every single event

single event

single event what is our investment and do we still

what is our investment and do we still

what is our investment and do we still need 10 hours to run analysis no not at

need 10 hours to run analysis no not at

need 10 hours to run analysis no not at all

all

all with intelligence with the definitive

with intelligence with the definitive

with intelligence with the definitive now we only need a few seconds or it

now we only need a few seconds or it

now we only need a few seconds or it will be one second we should know what’s

will be one second we should know what’s

will be one second we should know what’s the impact of of each of these events

the impact of of each of these events

the impact of of each of these events for example if we want to know what is

for example if we want to know what is

for example if we want to know what is the market impacted by the middle of the

the market impacted by the middle of the

the market impacted by the middle of the North Korea usually after the classroom

North Korea usually after the classroom

North Korea usually after the classroom to the citizen which is powered by

to the citizen which is powered by

to the citizen which is powered by artificial intelligence

artificial intelligence

artificial intelligence you’ll ask the question what will happen

you’ll ask the question what will happen

you’ll ask the question what will happen if we have this event and it will tell

if we have this event and it will tell

if we have this event and it will tell you in the release in five to ten years

you in the release in five to ten years

you in the release in five to ten years how many times we have the missile test

how many times we have the missile test

how many times we have the missile test by North Korea and in what is very

by North Korea and in what is very

by North Korea and in what is very little intelligence market what is it

little intelligence market what is it

little intelligence market what is it average size what is the impact range of

average size what is the impact range of

average size what is the impact range of this and a new world that a fool

this and a new world that a fool

this and a new world that a fool understandable quantitative report just

understandable quantitative report just

understandable quantitative report just any Japanese so this is how big change

any Japanese so this is how big change

any Japanese so this is how big change that a Philly pennant has already

that a Philly pennant has already

that a Philly pennant has already included us so not only in the behavior

included us so not only in the behavior

included us so not only in the behavior I talked about but it also any other

I talked about but it also any other

I talked about but it also any other business change it completely call we

business change it completely call we

business change it completely call we running our business and how we

running our business and how we

running our business and how we understand every single event what’s the

understand every single event what’s the

understand every single event what’s the impact to us so I talk about two

impact to us so I talk about two

impact to us so I talk about two examples from the personal life we know

examples from the personal life we know

examples from the personal life we know that the feeling I have to change our

that the feeling I have to change our

that the feeling I have to change our behavior from business we know that

behavior from business we know that

behavior from business we know that Finnick had to change our business model

Finnick had to change our business model

Finnick had to change our business model what’s more important it is how we

what’s more important it is how we

what’s more important it is how we should accept this whole change what

should accept this whole change what

should accept this whole change what should we prepare for the default is

should we prepare for the default is

should we prepare for the default is near zero so I think the third most

near zero so I think the third most

near zero so I think the third most important thing is we should have a

important thing is we should have a

important thing is we should have a mindset change we need to have a mindset

mindset change we need to have a mindset

mindset change we need to have a mindset change to understand that we are already

change to understand that we are already

change to understand that we are already in the middle of the fin attack the

in the middle of the fin attack the

in the middle of the fin attack the filling that is coming in a deploy and

filling that is coming in a deploy and

filling that is coming in a deploy and we should not repeat that is why we

we should not repeat that is why we

we should not repeat that is why we should accept this one so what do we do

should accept this one so what do we do

should accept this one so what do we do first we need to be adaptive and a lot

first we need to be adaptive and a lot

first we need to be adaptive and a lot of the people they are they become very

of the people they are they become very

of the people they are they become very skeptical they become very afraid when

skeptical they become very afraid when

skeptical they become very afraid when they see the new technology coming they

they see the new technology coming they

they see the new technology coming they attack technology change it is just like

attack technology change it is just like

attack technology change it is just like that any other technology changes in the

that any other technology changes in the

that any other technology changes in the history so it creates a challenge

history so it creates a challenge

history so it creates a challenge it also feeds us opportunities but for

it also feeds us opportunities but for

it also feeds us opportunities but for us we should embrace this change we

us we should embrace this change we

us we should embrace this change we should not be afraid of this change we

should not be afraid of this change we

should not be afraid of this change we should understand what computer is good

should understand what computer is good

should understand what computer is good at and what a human being is good at if

at and what a human being is good at if

at and what a human being is good at if you only think about that on effort in

you only think about that on effort in

you only think about that on effort in my area and a computer cannot compete

my area and a computer cannot compete

my area and a computer cannot compete with me cannot do better than me I think

with me cannot do better than me I think

with me cannot do better than me I think this is a dangerous salt what you really

this is a dangerous salt what you really

this is a dangerous salt what you really should think of is I’m good at myself

should think of is I’m good at myself

should think of is I’m good at myself but a computer can help me to do myself

but a computer can help me to do myself

but a computer can help me to do myself better faster more accurately so we

better faster more accurately so we

better faster more accurately so we should laugh

should laugh

should laugh either which is a language that Philip

either which is a language that Philip

either which is a language that Philip had to help us to make our life and our

had to help us to make our life and our

had to help us to make our life and our work better faster more accurately in

work better faster more accurately in

work better faster more accurately in that case you will be empowered by

that case you will be empowered by

that case you will be empowered by technology

technology

technology how do I connect knowledge to you to

how do I connect knowledge to you to

how do I connect knowledge to you to finish your work better and to save a

finish your work better and to save a

finish your work better and to save a lot of time so you can stand the other

lot of time so you can stand the other

lot of time so you can stand the other side so second in the moment is weekly

side so second in the moment is weekly

side so second in the moment is weekly creative compared to the technology the

creative compared to the technology the

creative compared to the technology the human being is good at is creativity and

human being is good at is creativity and

human being is good at is creativity and innovation for example when we look at

innovation for example when we look at

innovation for example when we look at the new stuff

the new stuff

the new stuff when we look at the new needs we should

when we look at the new needs we should

when we look at the new needs we should think about what can we do better to

think about what can we do better to

think about what can we do better to solve this one if I know what my client

solve this one if I know what my client

solve this one if I know what my client needs I probably will create a new

needs I probably will create a new

needs I probably will create a new structured product to help my clients to

structured product to help my clients to

structured product to help my clients to solve their needs but a computer cannot

solve their needs but a computer cannot

solve their needs but a computer cannot do that but computation only help you to

do that but computation only help you to

do that but computation only help you to quickly calculate the what is eternal

quickly calculate the what is eternal

quickly calculate the what is eternal one is a risk but it because it cannot

one is a risk but it because it cannot

one is a risk but it because it cannot create a new product for you you can

create a new product for you you can

create a new product for you you can think about that a Finn Academy in our

think about that a Finn Academy in our

think about that a Finn Academy in our in our world are on us technology is

in our world are on us technology is

in our world are on us technology is changing but it is the human being who

changing but it is the human being who

changing but it is the human being who creates the robo-advisor

creates the robo-advisor

creates the robo-advisor technology technology is changing but it

technology technology is changing but it

technology technology is changing but it is a human being who created the

is a human being who created the

is a human being who created the internet and including the mobile

internet and including the mobile

internet and including the mobile shopping it is not the computer itself

shopping it is not the computer itself

shopping it is not the computer itself it is still the human being to leverage

it is still the human being to leverage

it is still the human being to leverage the technology to create a new self so

the technology to create a new self so

the technology to create a new self so for us we need to be very creative

for us we need to be very creative

for us we need to be very creative we should not compete with a computer

we should not compete with a computer

we should not compete with a computer about the speed the power the

about the speed the power the

about the speed the power the calculation we should elaborate results

calculation we should elaborate results

calculation we should elaborate results and create a creative doing that

and create a creative doing that

and create a creative doing that something is a new way so that is what a

something is a new way so that is what a

something is a new way so that is what a human being good at and lastly we need

human being good at and lastly we need

human being good at and lastly we need to be proactive

to be proactive

to be proactive a lot of times the people is doing the

a lot of times the people is doing the

a lot of times the people is doing the reactive mode for example at the trader

reactive mode for example at the trader

reactive mode for example at the trader when my point tell me help me to trade

when my point tell me help me to trade

when my point tell me help me to trade this particular order by ourselves on

this particular order by ourselves on

this particular order by ourselves on some

some

some so we usually follow an instruction to

so we usually follow an instruction to

so we usually follow an instruction to do that however I didn’t say be the New

do that however I didn’t say be the New

do that however I didn’t say be the New Year of the Finn attack you should

Year of the Finn attack you should

Year of the Finn attack you should rather ask yourself why my client asked

rather ask yourself why my client asked

rather ask yourself why my client asked me that one why he or she wants to do

me that one why he or she wants to do

me that one why he or she wants to do this excuse you do I understand the

this excuse you do I understand the

this excuse you do I understand the fundamental need of my client if I

fundamental need of my client if I

fundamental need of my client if I understand the fundamental need of my

understand the fundamental need of my

understand the fundamental need of my client what else I couldn’t actually do

client what else I couldn’t actually do

client what else I couldn’t actually do should I suggest another way to help him

should I suggest another way to help him

should I suggest another way to help him or her to solve the fundamental problem

or her to solve the fundamental problem

or her to solve the fundamental problem maybe that’s the way we do thinking

maybe that’s the way we do thinking

maybe that’s the way we do thinking about we should not have to follow the

about we should not have to follow the

about we should not have to follow the instruction anymore we should create

instruction anymore we should create

instruction anymore we should create some new solutions to help our clients

some new solutions to help our clients

some new solutions to help our clients to solve their fundamental needs this

to solve their fundamental needs this

to solve their fundamental needs this means we need to be proactive so think

means we need to be proactive so think

means we need to be proactive so think about that three words be adaptive be

about that three words be adaptive be

about that three words be adaptive be creative and be proactive if we live

creative and be proactive if we live

creative and be proactive if we live with this three monitoring in the new

with this three monitoring in the new

with this three monitoring in the new era of the FinTech I think we will not

era of the FinTech I think we will not

era of the FinTech I think we will not worry about what a clinic a clinic at

worry about what a clinic a clinic at

worry about what a clinic a clinic at work impact us what Finnick have we will

work impact us what Finnick have we will

work impact us what Finnick have we will replace my job except we have to we have

replace my job except we have to we have

replace my job except we have to we have a bright future and more brighter future

a bright future and more brighter future

a bright future and more brighter future which we can use the technology to help

which we can use the technology to help

which we can use the technology to help us to do our job better not losing our

us to do our job better not losing our

us to do our job better not losing our job so everyone I want to tell you that

job so everyone I want to tell you that

job so everyone I want to tell you that the technology change is coming the

the technology change is coming the

the technology change is coming the paradigm shift is coming but don’t worry

paradigm shift is coming but don’t worry

paradigm shift is coming but don’t worry about that one we just need to know that

about that one we just need to know that

about that one we just need to know that behavior will change the business will

behavior will change the business will

behavior will change the business will change but more importantly your monitor

change but more importantly your monitor

change but more importantly your monitor should change to thank you