The AlphaCode Club is an interesting SA experiment bringing together traditional financial services heavyweights in the insurance and banking sectors and allowing them to interact with potential FinTech “disruptors”. While there remains debate around how willing the South African market is to allow disruption into traditionally hyper-dominant industries, they are contributing to a culture of entrepreneurship and innovation in the country.
Earlier this year, the AlphaCode team recorded an interesting session with Chris Skinner who talks about how the world of money is changing.
In this talk, he points out that we are seeing money being digitised. Now mobile is booming, the whole mechanism of money and customer interaction is being revolutionised. Add to this Facebook credits and other virtual currencies, and you soon realise it’s not about money but it’s about value. Value management in all its forms – money, knowledge, ideas, time, goods, services, trade – is the critical focus for tomorrow’s institutions. And, as value becomes exchanged in all forms of virtual and physical form, money becomes meaningless.
An interesting and easy-to-understand presentation on disruption in the world of finance: