Contextual Intelligence & the Future of Money

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(image from Michell Zappa with permission)

One of the most rewarding professional experiences I have had so far is being a speaker at Swift’s banking industry conference Sibos.  Every year Swift coordinates the premier conference on The Future of Money. They have been doing this since 1978 with 300 participants.

Today in Singapore there are over 7000 people from 140 countries discussing crypto-currency, financial technology called #fintech, and the future of banking. A small group of innovators inside of Swift called Innotribe are working to bring the most provocative voices in innovation to center stage providing fresh air to an industry that is moving towards a refreshed relevance. People will always need banking, they will not always need banks.

I am writing this post on the future of money to celebrate people I’ve been lucky enough to meet through Peter Vander Auwera @petervan  who is the primary concept designer for the Innotribe portion of Sibos.  This year’s platform was incredibly dynamic.

Here are people shaping the future of money that you should know:

Andrew Keen is one of the world’s best-known and controversial commentators on the digital revolution.He is the author of three books: Cult of the AmateurDigital Vertigo and his current international hit The Internet Is Not The Answer which the London Sunday Times acclaimed as a “powerful, frightening read” and the Washington Post called “an enormously useful primer for those of us concerned that online life isn’t as shiny as our digital avatars would like us to believe”.

Haydn Shaughnessy is an expert on disruption and platform requirements for competitive adaptation. A very important white paper written for Sibos most recently is a must read: The Platform for Disruption How China’s FinTech Will Change How the World Thinks About Banking.

Michell Zappa is a futurist and emerging technology expert. His company research Envisioning has written a robust anthology of the technological future of money.  While it takes several sleep cycles to comprehend it is an important read for anyone in the api landscape.

Chris Skinner author of The Digital Bank is working very hard across the globe to help bridge the digital divide in the banking industry. He specializes in helping traditional banks become better enabled for globalization and millennial participation. This seems a useful place to also add the 25 most innovative banks.

Christine Duhaime founder of Digital Finance Institute and Sam Maule of Carlisle & Gallagher Consulting Group have become rigorous in their focus on women in the financial technology landscape. There will be a billion women entering the workforce within the next decade and the entire economic landscape will change.

Ben Bledsoe reminds us that no story of money can be complete without mention of crypto-currency. This all began with The Rise & Rise of Bitcoin.

Michael Bauwens is a key driver for the collaborative economy and has been creating open source information even before open source became a meme.

There are two resources that are vital to your understanding of the transition from the need to have → toward the need to share → toward the need to give.

Here is a synthesis of the collaborative economy.

Here is a talk Michael gives on scenarios in the collaborative economy:

 

I met  Peter Vander Auwera on twitter in 2011. We decided there was synergy and made a point to meet IRL (in real life). That meeting changed the trajectory of my voice and professional career. I mention this as the final name I want to highlight from my experience with Innotribe is Peter Hinssen; expert on social networks and author of The Network Always Wins.

Building a culture of experimentation means implementing an attitude toward risk that will be necessary if we are to survive in a world in which strategy becomes fluid.

Cheers to Sibos Singapore! Cheers to Innotribe!

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(Innotribe speaker alumni Michel Bauwens, Jennifer Sertl, Mark Pesce, and Guibert Englebienne)

The future of money still depends on brave and curious people making meaningful connections.

Onward,
Jennifer Sertl

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You will know me by my lists

 

Leadership Lessons from Sibos: Discernment, Connectivity, Proximity

Sibos is an annual conference organized by Swift  for the financial industry. This year’s conference was held in Boston at the Boston Convention and Exhibition Center (BCEC). In attendance where over 7,000 decision makers from over 212 countries debating the future of money in particular global finance, crypto-currencies, payments, securities and trade issues.  While much of the conference was geared to financial institutions and multinational corporations, there were messages and lessons discussed that can help all leaders across sectors be better prepared and should be scaled. All leaders will navigate sea-change better by strengthening discernment, building strong networks, and ensuring a more robust toggle between local and global.

KrisLovejoy(photo of Kristin Lovejoy GM, IBM Security Services Division courtesy of JoAnn Healy of Swift)

“People focus on protection when we really need them to focus on detection” says Kristin Lovejoy at the Cyber Security Panel.

Attacks are inevitable and there are significant things that can be done to support “digital hygiene.” Many individuals may feel that protecting themselves against cyber crime is a loosing battle or that the elephant is too big to eat. That may lend itself to learned helplessness or a sense that these are “not my issues.” Lovejoy believes cyber war is an issue that impacts governments, organizations and individuals and the onus is on everyone to help in this battle. Citing a hand washing study done at the University of Colorado which reported that hand washing as a habit increased student vitality and reduced absenteeism, Lovejoy believes that there are similar habits regarding digital care that increase security. Simple examples include ensuring every device has a security code that changes frequently and enabling two step authentication.  Everyone has a role to have good habits in protecting personal systems at the micro and corporate systems at the macro. Along with these habits is the skill to detect. Sense and gut feel increasingly have a role to play as fundamental core competencies. When asked the mission critical business skill she seeks to hire, without hesitation the answer “discernment.” She continues, “we talk a lot about intellect and at the end of the day it is discernment that makes the biggest difference on my team.

Swift has an internal innovation lab called Innotribe, which is a group of individuals who travel globally to collect innovative thinkers to bring to Sibos to help bridge the gap between protection and innovation. Two speakers in particular made it very clear that competitive advantage today requires individuals build robust relationships across business sectors. Peter Hinssen,“if you understand networks, you will understand the future.” Things are more relational and less hierarchical. There is too much to know and individuals can no longer be single point sources. Those who will have the best sense of reality are those who live and foster relationships in robust networks. So many people like to be with individuals that are similar in lifestyle and expression. Yet, navigating complexity requires people to be more interested in what they have to learn from one another than what it is that they have in common. Similarly Ann Badillo urges that rather than think of a network as a community, think of it “as a rainforest.” She says,“we need to go beyond building networks to building eco-systems.” This requires a much more robust inclusive design around friends, clients, customers, shareholders.

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Sustainable innovation and entrepreneurial growth come from ecosystems, not mere assets. Ecosystems are environments designed from the bottom-up to foster serendipitous interactions. The ecosystems are nurtured by several key cultural traits: connectivity, diversity of ideas and talents, deep levels of trust, motivations that rise above short-term zero-sum calculation, and cultural norms that encourage dreaming, risk-taking, and paying it forward.

Penny Hembrow, VP of Global Banking at CGI Group, Inc. was an exhibitor at Sibos. When asked about today’s competitive advantage and navigating complexity, she gave a large smile and let out a sigh, “At the end of the day we must never forget that consulting at its best no matter what you do is about problem solving.”  One of the biggest challenges we have right now is how to be globally minded yet serve our local communities. We have to toggle all the time between global and local. We might have large global networks, but at the end of the day most transactions are really made in person face to face. Even though it might be difficult, one has to find a way to have one foot planted in the macro and one planted in office in the life of the person you are serving. Hembrow refers to this as “the art of proximity – bringing global relevance at a macro level to the front door of the person you are serving.”

Regardless of changes in technology and changes in the economy, navigating change comes down to discipline and choice. We must not be lazy and keep good hygiene for whatever craft we are in. We must not only sharpen our intellect but also sharpen our wisdom. We must invest in nurturing and fostering a cross section of relationships across the business ecosystem. And we must never forget no matter how vast our global community intimacy still is our golden lever.

Onward in the sea-change . . .

Jennifer

Contextual Intelligence & The Future of Work

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Your competitive advantage is not where you work or what you do.

Your competitive advantage is the accuracy in which you scan the macro environment and the way you interpret and articulate those observations.

Labor Day is a moment to pause and acknowledge all the the hard work that has built our nation and a celebration of economic vitality.

The best prize that life has to offer is the chance to work hard at work worth doing ~ President Theodore Roosevelt


I feel very lucky to have found my vocation ins building bridges between strategic intent and personal development. There has never been a better time than right now to integrate strategy, leadership and soul.

I often say, “you will know me by my links.” Here are my favorite to provide contextual intelligence for #TheFutureofWork.

Scanning the macro,
Jennifer

1) Perhaps the most important attribute we can take into the future is resilience. Andrew Zolli offers a framework that can be used both for life at home and at work:If You Want to Build Resilience, Kill the Complexity.

2) Many talk about the importance of learning and reading to stay current and sharp. Yet, I often look at people’s schedules and rarely have they built in time for processing information. How are we going to get better, stronger, smarter without built in capacity for learning? My friend Cameron Norman aka @cdnorman keeps us honest by asking How Serious Are We About Learning?

3) Our environment has much more impact on us than we’d like to accept. It is very important that you choose an environment where you own natural tendencies can thrive. John Hagel @jhagel from Deloitte is in the thick of corporate culture. Tracking and following the Shift Index is an important part of your staying current.

4) Data can be beautiful and informative. The Institute for the Future @iftf has created an elegant framework for leadership development. They don’t call it leadership development, but I do. It is time that each employee assume they are leaders and also that they are in charge of their own person development. “Global connectivity, smart machines, and new media are just some of the drivers reshaping how we think about work, what constitutes work, and the skills we will need to be productive contributors in the future.”

5) We cannot have work without an economy. It is a slippery slope when discussions of the economy often lead to politics. I am on the line here and this is as far as I’ll go. Bravely I want to make sure you are aware of Jeremy Rifkin@JeremyRifkin. His latest work is about zero marginal cost and how the collaborative economy is taking capitalism on. Our ability to compete is our ability to know the landscape. Rifkin is creating ripples that make take years for effect; however, important that you are in this conversation: The Fall of Capitalism and the Internet of Things.

6) By 2025, over 75% of the workforce will be comprised of millennials, a group many refer to as the Facebook generation. This group is much more dynamic than employee pools of the past. Because of lifestyle choices and the need for mobility, the employment group is much more likely to select projects to ensure elements of freedom: 8 Reasons Why Your Next Job Will Be A Project.

7) And if this freelance thing is not your cup o’ tea, I suggest you drink it longer to acquire the taste: The Freelance Surge is the Industrial Revolution of our Time.

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Given we are moving more and more toward freelance economy, it is even more important that we have self knowledge in what we care about, how we create value, and who we want to work with. I love this modern twist on Jim Collin’s Hedge Hog.

8) Skill trumps distance. With the amazing file share and video technology people can truly be global. Perhaps the most significant trend is the rise of the multinational employee: The Rise of Micro-Multinantional.

9) Because the smartest person in the room is the room, it is important that your curate and cultivate great relationships with individuals who you learn and grow with by design. Global collaboration is catching wildfire: The Future of Talent Lies In Clusters.

10) Einstein tells us, “The secret to creativity is knowing how to hide your sources.” There is one source, however, that I cannot keep a secret. Friend Ross Dawson@rossdawson is a visual architect that has given us the future of work in an icon that can teach, inform, frighten and inspire. YES, it really has this many dynamic parts.

Thanks for coming this far. You indeed will be rewarded.

Jennifer

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 The Bangles – Manic Monday