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Innotribe at Sibos Osaka: Hyper-Economies

28 Sep

I blogged about the overall Innotribe Program at Sibos here. That post is kept up-to-date with the latest announcements and program changes. The Innotribe program is also available here on the Sibos website.

This blog post shares some more details about the Hyper-Economies session. The session Hyper-Economies will take place on Tuesday 30 Oct 2012 from 12:30 till 14:30 in the Innotribe Space (the special tent in the middle of the conference centre).

We live in a hyper-connected world. The speed of change is increasing exponentially. Information has become abundant, versus scarce in the past, and change is happening in real-time.

This session will focus on the major cultural tectonic shifts that are underpinning and driving the hyper-connected economy and are the under-stream of deep organizational changes. We are witnessing the birth of
new economies based on hyper-connected organizations, exposure of core competence through APIs, horizontal sourcing versus vertical integration, Peer-To-Peer (P2P) sharing of data and Open Source developments, that lead to a new practice for value creation.

We have brought together an eclectic set of igniters (our name for “speakers”) to have a healthy interactive debate on the challenges and opportunities these changes represent for our financial industry.

Mark Pesce

Mark Pesce is Founder of Future Street Consulting, based in Sydney. He is currently publishing a book on the topic, titled “The Next Billion Seconds”. Mark was already with during the Innotribe Bangkok event in April of this year.

Every company should assess whether it is reducing frictions, or whether it is introducing frictions. This friction (less)-rule not only applies to organizations and functions but also to people and events.

But be aware, there are some “irreducible” frictions. Mark Pesce identifies 6 of them, all starting with a “T”. Here is how Mark Pesce describes the 6 “Ts”:

No matter how ‘smooth’ and frictionless hyper-connected commerce becomes, certain frictions in the business world will persist.  These represent both speed humps and opportunities.  The businesses of the 21st century will find leverage and differentiation by identifying and exploiting them.


  1. Time – If it were done when it were done, they’re well done quickly;
  2. Territory – you can’t be everywhere at once;
  3. Talent – some people are naturally better at it than others;
  4. Trust – is rarely immediately conferred, instead growing from a continuing relationship, and must exist for commerce to succeed;
  5. Tongue – language barriers persist until we all speak Globish.
  6. Tension – frictions in teams between humans

The topics that Mark addresses are very relevant to the evolution towards Banks-as-a-Platform and the Cambrian Explosion of Everything.

Michel Bauwens

Michel Bauwens is in my opinion the absolute “guru” for the P2P Economy, the thinking behind the Commons and the role of Open Source in software and other collaborative approaches.

He is the founder of the Peer-to-Peer Foundation and works in collaboration with a global group of researchers in the exploration of peer production, governance, and property. Michel currently lives in Chiang Mai, Thailand, has taught at Payap University and Dhurakij Pandit University’s International College. He is a founding member of the Commons Strategies Group.

The Hyper-Connected economy leads to new models of co-operation, and value production in highly connected P2P networks. Michel describes this as “Commons-Oriented Peer Production”

To get a deeper understanding of Michel’s work, check-out this fantastic report “The Synthetic Overview of the Collaborative Economy” (link to PDF file)


Allevo’s presence at Sibos will be under the signs of Innovation and Open Source.

Their project FinTP gravitates around the bold idea of developing an open source application for financial transactions processing and a creative community around it.

FinTP is an open distributed application for processing financial transactions and it is based on the 7 years practice proven solution Allevo has successfully deployed at its customers.

Covering the entire life cycle of financial transactions, FinTP intends to create a widespread financial transactions processing platform, an alternative for an industry common solution. The hope is this will evolve into a new standardization layer – a single financial dialect comprehensible for any party involved from individuals, SMSs, to corporates and financial institutions.

We believe this represents in fact the acceptance of the commoditization of the payments processing arena.

The format from this session will be a facilitated conversation. Like in Bangkok, we will help the audience identifying friction points in their value chains, and assess how the concepts of the Hyper-Economies, P2P and Collaborative Economy, and Open Source can give rise to a rich eco-system of parties building added value on top of Open Source platforms in financial services.

The session Hyper-Economies will take place on Tuesday 30 Oct 2012 from 12:30 till 14:30 in the Innotribe Space (the special tent in the middle of the conference centre)

This session is a meta-story for the session “Future of Organizations”, that follows right after this Hyper-Economies session.

By @petervan of the Innotribe Team.

Nominated: Most Important Futures Work

30 Dec

I’m very excited to report my film, Fly Me to the Moon, which was created to show the results of my research at Sibos has been nominated for a Most Important Futures Work by the Association of Professional Futurists (disclaimer: I am a member of the APF). This is a huge honor and as you can see by the competition is very high with Nassim Tableb’s Black Swan, Malcolm Gladwell’s Outliers and Jane McGonigal’s online game, Evoke. You can click through to see the other nominations. You can watch the video below, which was proudly shot and produced in West Hollywood, California, USA.

Heather Schlegel, SWIFT Americas Innovation for Innotribe
(cross posted at

“Essence of Innotribe” presentation

16 Nov


I’ve just finished my opening keynote at the Finance Tech Forum in Hong-Kong, and wanted to share my presentation.

Before I do that though, I thought it requires a little bit of introduction.

The subject of the keynote Was “Technology shifts and innovation opportunities in financial services”. I’ve been thinking about it for quite some months now, and gradually what emerged is a very wide picture and summary of the technology topics of Innotribe@Sibos 2010 in Amsterdam and 2011 in Toronto.

Plus, to put everything in perspective, I used the “New Normal” concept of Peter Hinssen, and elaborated on it.

So – by this token I also wanted to thank all the numerous contributors and speakers to these events. I hope you will recognize your hand in this.

All comments very welcome.

So, after this short intro, here is the link to my Prezi presentation.


Innotribe @Sibos 2011 – New Economies summary

14 Nov

With the New Economies session, Innotribe chose to explore what we call “the value track”. These are topics that are not technology related, and have nothing to do with SEPA, regultation, etc…
Actually, the common thread throughout these sessions turned out to be the re-invention of value

Greg Rader – Blogger, focusing on the influence of technology on economic behavior – introduced a model or a matrix of our economic behaviors. He obsserved that our economic behaviors tend to vary systematically, depending on the closeness of the relationship between two parties and the degree to which the values exchanged have been refined.
 – How to account for the value? who benefits? who profits?
 – For example: what is the exact value of my eBay reputation?
The way you would describe and express value depends on which economy you are in, and based on the level of trust (relatedness between producer and user, going from anonymous stranger to friends & family) and the level of refinement of the services provided (going from an unrefined, raw tweet to a highly customized refined consultancy report).

This results in 4 quadrants:
New Economies matrix

Today, obviously, the transactional economy prevails, but boundaries are blurring between work, life, and family. Thus, our economic behavior is shifting, and the boundaries between these four quadrants are starting to blur as well.

Reflecting on this matrix, Jerry Michalski revealed many more ways to define value: “abundance versus scarcity” for example, is a well known principle, mainly used in the Transaction Economy.
But not all value can be expressed in money, there are things money can’t buy, right? So, he left us with this fantastic quote:

“Wealth is what you have when you loose all your money” 

Building on that thought, Dan Robles – chief innovation office at social flights – said “all money is value but not all value is money” so we need to expand our awareness of what value is, far beyond what can be articulated by money. Dan said there is 4o trillion dollars of “intangible” value in social networks, it’s (just) a matter of making that value visible.
He said “we don’t know what we know”, there is a big omission of a knowledge inventory. What if we would allocate a quality and a quantity attribute to our pieces of information, our knowledge? That would define our knowledge as assets, and a whole Knowledge Economy could emerge! 

Doc Searls – Editor of the Linux Journal Co-author to the cluetrain manifesto – explained us his vision of the Intention Economy. He also refered to Clay Shirky’s book “Here comes everybody
The way companies treat their customers, even today, is appalling! They think they know you so well, they think they know your intentions. But they don’t!
This thinking pattern shows in the language they use, the way companies talk about their customers: “capture”, “lock in”, “own”, etc.. and is even amplified by, and over the internet.
Doc calls this the “Calf-Cow relationship”, where the customer is (over)dependant on the company. He pleads for a VRM (Vendor Relationship Management) that would put the customer back into the driver’s seat, actively managing his relations with various companies, and choosing which of his personal data is shared with which counterparty and to what purpose!

Art Brock – Meta currency project, designer of new targeted currencies – Talked about the secret DNA of markets and economies, the underlying dynamics out of which the Attention Economy, the Transaction Economy, etc.. emerge.  Art defined his work as “social engineering with incentives” using different ways of measuring and transacting new values, and making them visible (cfr. Dan Robles) and possible to interact around those values. With his alternative currencies Art intentionally aims to alter social dynamics. He sees currency as much more than money: currency is actually a flow of value, a description of what is valued, money is the symbol system of that value, and economy or markets the protocol for transacting those symbols.
For example if you want to change your Corporate Culture, your employee’s behavior will be affected by how you use intensives, how you measure performance,..  other examples are: resource sharing, loyalties programs, or even college degree as a reputation value.
Other, new models of wealth are necessary, and people are clambering for it, it’s bound to happen with banks or without…

Then Craig Burton – One of the fathers of the internet, founder of Novell – in his own remarkable style, made a clear statement: “baking your business model into an API is an economic imperative!” What that means is that you, as a company or a bank, need to figure out what the core competence of your business is, and make it accessible and programmatic to everybody else. Find out what it is exactly that you do, and then let others use that to their benefit. “What they do with it, is none of your business”, enter: the API economy
API = Application Programming Interface
(See also Antonio Benjamin’s announcement at the Future of Money session.)

The last, but certainly not the least speaker at this session was Umair Haque – author of New Capitalist Manifesto, Havas Media Lab – He was “Skype-ing” from Pakistan and explained us that he sees Pakistan as a Functional Economy, which is rather basic, and geared towards survival. But then, when he looked at India, he saw a different economy: the Aspirational Economy, where people aspire to be someone, or to have something; see what I own, see my status symbol, etc.. And that’s where we, western people are kind of stuck too.
Umair was pleading for a new kind of economy to emerge, a Meaningful Economy (or with a more difficult, Greek word: Eudaemonic Economy) which means living meaningfully well.
This implies that we change the way we measure and understand progress. Umair refered to China and India as countries who think about, or already measure non-economic variables.
Finally, upon Sean Park‘s question, Umair said that Western countries will have to revisit the way their GDP’s are being calculated, including some (if not all) of those non-economic variables that define or influence the progress of wealth at large in a country.

Have a look at the summary video:

Or view the full length video here (1h 17′)

Innotribe@Sibos 2011 – Corporate Culture summary

7 Nov

For the first time we tried some topics that where not technical, but rather phylosophical at Innotribe, or holistic as some would say. But that doesn’t mean that the issues discussed aren’t at the heart of the way we do business, on the contrary!
‘Corporate Culture’ was the first topic in that series, the others being ‘Banks for a Better World’, and ‘New Economies’. More on those in a later post…

There were 3 chapters in this session: Structure, Leadership, and Personal Behavior.

Mark Dowds (CEO, Brainpark) introduced us to two ‘disruptors of the peace’: Stowe Boyd and Harold Jarche, who explored the history of hierarchical structures in companies and how technology and media at large influence those Corporate Structures.
Mark started of with a quote from Winston Churchill saying “First we shape our buildings, then they shape us”, which got picked up by Stowe Boyd (Web Anthropologist and Edgling) who altered it into “Media shape us. We make our tools, and they shape us”.

Harold Jarche (Principal, Life in Perpetual Beta) then quickly described our society as ‘layered’, he sees four layers: Tribal – Institutional – Markets – Networks, which currently exist at the same time. He then asked the question if there is tension between those four layers, and whether that tension is positive or not?

Then Sean Park (Managing Director & Founder, Anthemis Group) talked us through a new, plausible model for a Corporate Organisation, referring to a TED talk from Geoffrey West on the scalability of cities. Sean’s business model aims to resemble more a city than an army, called “Anthemis” structure. In this model, the company is no longer at the centre of the world, but rather a part of a larger, inter-connected, resiliant structure, and the first rule for doing business is “do no harm”.

This led perfectly into ‘streetwiZe‘. In a short movie clip we were confronted with the  harsh reality of people that have to survive on the streets every day. They have developed something called ‘streetskills’, a set of skills that can be beneficial in our corporate world as well. There are lessons to be learned from those people, or as Jerry Michalski tweeted “we so underestimate the poor” (@jerrymichalski)

Laura Merling,(SVP Application Enablement Business Unit at Alcatel-Lucent) showed us a video to illustrate the fact that failure is essential for success.
The recipe consists of several ingredients, the first one being a clear and daunting mission like “Save the whales” sort of, or “Innovate the financial business”.
Another ingredient is the team: a bunch of different people, with different skills, chosen and selected with care.
Adding to the flavor is ‘Motivation’! Keep your people inspired and motivated in spite of the hurdles to work towards that daunting goal.
And finally: celebrate your successes!

Dan Marovitz (Managing Director, Buzzumi) stated that “the past tends to persist”, what he meant by that is that the way we do things today, is probably the way things will be done tomorrow, in spite of new technologies or insights that would enable us to do things differently!
He used the USA electoral college to illustrate his point. He explained that the electoral college was a great solution to a problem back in the 19th century. However, society and technology have evolved significantly since then, still the president of the USA will be elected by this historical mechanism: the electoral commission.
His final point was that it takes “a decisive action and a choice”, or persistence and courage, to make change happen.

Then all of a sudden strange things happened: the lights dimmed, music started, and people started to dance..
It was in fact a little experiment to see what it would take for people to join, or follow a new or unusual behavior.
Tom LaForge and TA Mitchell asked us some questions to reflect on what had just happened, or not. From there, Tom (Global Director of Human and Cultural Insights, The Coca-Cola Company) explained that the innovative mindset requires us to do things, to behave in a way that initially was not requested from us. And that corporate structures should adapt to these new behaviors in order to benefit from the emerging activities.
“Be really good at what computers can’t do” was his last piece of advise.

TA Mitchell (Founding Partner and Director, Co Company Ltd.) investigated the kind of behavior that makes us successful in our careers, and how it used to be around four domains: Credibility – Energy – Reach – Impact and Influence. But now, with the internet at our fingertips, people can rapidly expand their reach, build their credibility and raise their impact.
This constantly and rapidly changing environment requires us to adopt a ‘learner mentality’, as opposed to a ‘learned mentality’.

Finally, to wrap it all up, Mark Dowds, made us close our eyes. Then he asked us to envision ourselves being 20 years older, looking back at our younger selfs. And, as we where this older, wiser person, what piece of advise would we give to our younger selfs?
After some thoughtful minutes, he wanted us to change seats, and close our eyes again. Returning to our present selfs, we were asked to thank the future person for his/her advise, and to take it at heart. In order to make this commitment even more tangible, Mark then asked us to pair with a stranger in the room, and to share our commitment to change, with that person.
To conclude the introspection, we were asked to write down and share these commitments on a piece of paper, and post it on a whiteboard in the room.
No doubt this was a powerful session!

Watch the full wrap-up video here (20 minutes):

Innotribe@Sibos 2011- Big Data session summary

24 Oct

Here’s the session outline (see video summary at the end of this post)

Petervan introduced the session saying that we have some of the worldwide biggest thinkers on the subject of Big Data as igniters to this session. And boy! he’s right.

Immeditely after, Sean Park (Founder, Anthemis Group) suggested that what we’ll talk about will seem pretty much like magic 🙂 He  proceeded to introduce a fictional character, Henry, born in 2004 that we followed through his life and the way Big Data technology impacts him. Some spooky things in there, such as that analytics will be able to predict his age of death.

Sean was followed by Michael Chui (Senior Fellow, McKinsey & Company) who shared the results of the McKinsey study on Big Data. Big data matters for financial institutions where the factory is the data center. One insight from Michael is that companies will need to prepare for Big Data by nurturing the right analytics skills.

Larry Ryan‘s (Chief Technologist Financial Service Industry, Hewlett Packard) main message is that we need a whole new set of technologies to deal with Big Data. He used Zenga as an example of how they understand their customer’s behavior using analytics.

Jeff Jonas (Chief Scientist, IBM Entity Analytics Group and an IBM Distinguished Engineer, IBM) introduced an interesting metaphor – puzzles – to explain Big Data and how analytics are linked to computer power.  He first made the audience actually works on some puzzles to understand this fully. It turns out, and it is counter-intuitive, that the more data you have the less computing power you need, as the data starts in fact aggregating (like a puzzle). Beautiful and playful demonstration.

Jeff was followed by Amir Halfon (Senior Director of Technology, Capital Markets Global Financial Services, Oracle) who provided some definitions about Big Data and shared his perspective as to how these apply to today’s challenges, particularly regulation. He then proceeded to explain how financial institutions can start their analytics today.

David Campbell (Technical Fellow, Microsoft Research) described the Big Data challenge in one sentence: turning signal into value. In numerous ways. And he warned that Big Data will become vital for many companies’ survival.

Francis Martin (Head of Business Intelligence, SWIFT), introduced one practical tool illustrating Big Data – the SWIFT Index, correlating SWIFT network traffic with economic activity and GDP. He showed (and actually made people work it on their own) how this can be used as an analytical and predictive tool.

We then had Michael Driscoll (CTO, Metamarketsgroup) who also provided some useful and pragmatic advice. His key points are: ” Data is sexy!” and “Stop throwing away customer data!”

Finally, as Petervan said, we had the cherry on the cake. Michael Ouliel (Founder and CEO, Ripples HLS Group) talked about some REALLY Big Data – quintillions of data. He awed everybody. These are the volumes processed daily by the intelligence services. He then logically concluded about the importance of using semantic tools and techniques to figure out and spot important data meanings.

Below is the video with the key points of each talk.

Innotribe@Sibos 2011 – Social Data session summary

21 Oct

As Matteo Rizzi kicked it off with a very concise and to the point mission statement for this session: “Turn social data into capital”.

The first igniter (as we call the contributors to Innotribe sessions) was Boxley Llewellyn (Director of Growth Initiatives – Financial Services Sector at IBM). He explained how the world is changing and how social data should be now considered as a priority, leading to this beautiful goal : ” every customer feels like the bank is designed just for them”

Daniel Marovitz  (Managing Director, Buzzumi) then took the audience on a totally different path. As he said: “what Innotribe is all about is coming at a problem from different angles, and the truth emerges”. So he took us on a quick history course of money and value, demonstrating that money is just an expression of emotion. He illustrated this with an example of how mackerels are being used as a currency in the US federal prison system (I’m sure this example will stick 🙂 ). He then  led to the conclusion that money and value is ultimately about information, and social data.

We then heard from Dion Hinchcliffe (Executive Vice President of Strategy, Dachis Group), who also described how the information around us and about us is exploding in terms of volume. So he asks us this questions: ” Is this actually valuable?”, “Is this manageable?”. While he demonstrated his opinion that, yes, it is valuable and manageable, he drew the attention to the fact that the problem is not information overload but filter failure – and how analytics can help in this filtering.

The session finished with Tom Coombes, (CEO, Cognito) who warned that “brand is not what you say about you, it is what people say about you”, and then provided some examples (including his own company) of analytical tools that can help make value from social data.

We also had  Darius Miranda (Vice President Social Business Strategist, WELLS FARGO) and  Pol Navarro (Head of Direct Channels and Innovation, Banco Sabadell) in the audience who provided additional perspectives from the experience in their banks. Chris Skinner (Chairman of the Financial Services Club), the Innotribe chroniqueur, helped steer the discussion to make it relevant to the bankers in the audience.

Here is the summary video, enjoy!

Innotribe@Sibos 2011 – Start-up competition summary

18 Oct

This year, for the first time, Innotribe organized its first start-up competition at Sibos.

The objective was really to reduce the gap between early stage financial industry related start-ups and our largest customers.
At the same time we would identify ideas that are suitable for the Innotribe Incubator.

Not everything went perfect, but it was great!
In less than 6 weeks, thanks to the great effort of Mike Sigal (a seasoned start-up man who helped us to put the initiative together) we had 200 applicants for the 100 K USD prize (divided between the 2 winners) and some 89 start-ups eligible for the contest.

When I said it was not perfect, reason is that we have a couple of arguable glitches whether or not a couple of the start-ups  (strangely enough, the two winners) were really “early stage” or not. However, looking at them from the banking point of view, they were small enough to be considered as such.

The best 10 were scored by a number of experienced mentors from the financial start-up eco-system, and some 27 senior bankers at Sibos judged “live” a 5 min pitch on stage.

The winners are GuardTime and TRUAXIS, and you can find all the 10 pitches below.

Stay tuned, for more competitions foreseen in 2012.

Here are the videos of the pitches:

1. Cellfony

2. ChangeIt

3. Duo Security

4. FaceCash

5. GuardTime

6. miiCard

7. SynerScope

8. TransferWise

9. TruAxis

10. Wave Accounting

The Future of Money at Sibos

12 Sep

Here’s a quick introduction of what I will be speaking about on the Future of Money panel (with a lot of great minds) at Sibos in Toronto. And yes, I do think there is a big role for banks in the future. Hope you can join us, if you’re interested in the topic.

Thursday 22 September 09:00 – 10:30 Conference room 3
New payment schemes are trying to enable peer-to-peer money transfers, dis-intermediating the banks. Money is no longer seen as the sole representation of value. New alternative currencies are being created. Facebook credits are now used by more than 250 million people. New payments schemes are being proposed at the infrastructure level of the internet. Currency is open-sourced. How can we create new systems of wealth generation and abundance? What does the future hold for banks and other financial institutions in the wake of massive peer-to-peer exchange? How do we (re)define the role of banks in this fast moving eco-system of new value providers?

Posted by Heather Schlegel (@heathervescent), cross posted at

2 Sep dw0c

The first Hugh MacLeod  @gapingvoid drawing to ignite you for Innotribe at Sibos. Watch for more on site!

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