Note from the Publisher: Former UBS blockchain guru Oliver Bussman talks about what he sees as the future of blockchain’s disruptive power, and where it presently stands with tech site ZDNET. Nothing new here really, but what’s more interesting is that blockchain is going more into the mainstream tech lexicon.
“Banking and financial services are under threat from a combination of technology innovations, a difficult economic environment, and changing consumer expectations.
During a recent CXOTALK conversation with banking technology leader, Oliver Bussmann, we explored the dynamics underlying these challenges to financial services. Oliver was Group CIO for UBS, the largest private bank in the world with $1.74 trillion under management. At UBS, he was known as the firm’s “blockchain guru.”
My conversation with Oliver explores issues such as the challenges posed by FinTech startups, why blockchain matters, the CIO role, and advice to startups that want to work with established financial services companies.
Why blockchain matters
Michael Krigsman: Now, some of the technologies you mentioned, but we all hear about blockchain. And, of course, that’s not the only technology that’s changing banking and financial services. But, tell us about blockchain, for those of us who don’t know, just give us a very brief introduction. What is blockchain, and why is it so important?
Oliver Bussmann: Yeah, for me, it’s a great experience in discovering the blockchain technology in an early stage. Remember, Michael, we’ve been through the mobile enterprise maybe 6-7 years ago, that consumer advisors in the mobile space came up, and then at that time, SAP realized that it would have a significant play in the enterprise too. So you learn over time to discover those megatrends and see in an early-stage the potential, and then put the best team on that: a small team to explore, to understand, and then become a leader in those trends. I can say that from my time at SAP, very successful, and mobile advisors tapped the early stages, and also applications….”