Clifford Chance

For the opening session of our recent International Festival of Fintech, we were delighted to welcome John Hinshaw, Group Chief Operating Officer of HSBC, to discuss the growing impact of technology on financial services with Clifford Chance Partner, Stella Cramer.

During their insightful conversation, John shared his views on how technology will continue shaping financial services, including the potential impact of AI, quantum computing and digital assets. They also discussed how firms can navigate the evolving risk landscape, and the importance of customer centrality and having a "human-in-the-loop".

"…as you look to the future, technology will also create innovation, disruption and opportunity in every industry and that is accelerating now with AI and quantum and a lot of the other technologies that are out there."

John also spoke about the potential benefits for financial inclusion, as well as the evolving relationship between banks and fintechs, and his experience of certain regulators being keen to collaborate with institutions on the development of new technology.

Some of our key takeaways include:

• The future of every industry will be shaped by technological innovation and disruption, with AI and quantum computing being significant drivers of change.
• AI helps improve customer experience and operational efficiency.
• Quantum technology presents both opportunities for advanced encryption, as well as risks such as the potential to break traditional encryption methods.
• We are seeing regulators keen to collaborate with institutions on the development of new technology.
• The relationship between banks and fintechs is evolving from competition to partnership, with banks like HSBC leveraging fintech innovations to enhance services.

Speakers:

• John Hinshaw, Group Chief Operating Officer, HSBC
• Stella Cramer, Partner, APAC Head of our Tech Group, Clifford Chance