This morning, we're bringing you highlights from @joymacknight's Inside Leadership interview with @BankofAmerica's Vice Chair, Cathy Bessant.
"There are 1.5m jobs in cyber alone that are unfilled today," says Bessant. "Our job is to train people for the skills we need today and in the future. Technology can be learned. We don't need more workers, we need the right skills."
On how to attract great technologist talent to #TransactionBanking, Bessant says that "if you solve a transaction banking problem, you're solving a problem for a lot of users. People love solving problems at scale."
"Empathy is un underplayed skill. It's the most important skill of the future," says Bessant. "Problem solving and creativity are the superpowers of the future. Every time we're responding to an RFP, we're not problem solving."
"Resiliency is a table stake for a digital world," says Bessant. "'Digital/security/resilience by design' is essential for a world at stress. We need to think about the public infrastructure for the world in which we do business."
"Cash is not gone," says Bessant. "We need to think about how we provide cash when the infrastructure that supports the system is down, in times of stress."
"Cyber is so interesting," says Bessant. "We cannot get lost in inherent risk. It's infinite. In some boardrooms they get lost in that. We need to focus on having the best tech and the best team."
“The bad news is I’m a central banker and we don’t tend to speak for less than 45 mins. The good news is I’ll be about 25 mins today,” jokes Sir Jon Cunliffe of @bankofengland.
“As the use of cash has diminished, commercial bank digital money has come to dominate transactions in the UK,” says Sir Jon Cunliffe of @bankofengland. “But we will continue to issue cash as long as there is any demand for it.”
“Tokenisation and smart contracts offer many benefits,” says Sir Jon Cunliffe of @bankofengland. “This has major implications for us. We’re ultimately responsible for ensuring that each of the monies circulating is robust and uniform.”
“As the world around us and the way we pay for things becomes more digitalised, the case for a digital pound in the future continues to grow," says Andrew Bailey, governor of the @BankOfEngland.
“While cash is here to stay, a digital pound issued and backed by the @BankOfEngland could be a new way to pay that’s trusted, accessible and easy to use,” chancellor @Jeremy_Hunt said.
“CBDCs could equip central banks with new tools to significantly help soften the impact of forthcoming financial crises, given they would provide a real-time view of risks and currency outflows,” @techmjh, our Chief Product Officer said.
Our CPO, @techmjh recently spoke to Lauren Mills at @IPEnews in an article, ‘Private markets: Is tokenisation a good idea?’
He says, “blockchain will have massive transformational impact across the whole of financial services.”
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Martin adds, “tokenisation reduces the need for intermediaries and time-consuming manual processes. With a correctly set-up token, you can also see the beneficial owners of the underlying assets, reducing the cost of compliance and anti-money laundering procedures.”
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“Over the next few years, trust will be a huge factor that determines the adoption rate of tokenisation within asset management. Investors will need certainty that fund managers can link the token to the real economic rights of the underlying asset,” says @techmjh.
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"It makes sense for us to lead with custody," says Butler. "We see it as foundational - execution is next. Clients come to us for trust, innovation, and client experience. Interoperability is key."