8NOVEMBER 2019A Better Value PropositionOver the last 30 years, the world has become increasingly computerized. We've traveled through the discovery and subsequent commercialization of the internet, the birth of and increasing ubiquity of mobile phones, the rise of virtual social platforms and services, the rise of big data, and the subsequent shift from typing to real-time video and chatbot interactions. Today, we're in the beginning of the rise of rich curated media tailored to the individual. As we navigate this new paradigm, it's more important than ever before to remember it's not just about cool technology--it's about people and communities. There is no use for technology without you and me. With the constant revolving door of emerging technologies, questions By Steve Ellis, EVP, Head-Innovation Group, Wells Fargo Banks and Fintechs--are continually asked about the impact on each of us. Many of these questions have a negative or downward feel to them: Are we're losing our personal connections? Are we becoming more isolated from others? Are we giving away or losing our humanity? Are we becoming more `robotic'? Are we becoming subservient to the digits, the ones and the zeros? My response: Hardly. While the world is more `techie' than ever, connections to others continue to evolve, and in many ways, enable more personal interactions. To say it another way, it is not about the virtual world versus the physical world--it is both together. Many basic transactions that used to be done with paper or `sneakerware' can now be done digitally. Faster, more efficient, safer (yes without a doubt safer! The numbers speak loudly about safety). But how about advice and counsel? Thinking through long-term options? Robust discussions? Shaping ideas? While technology can assist, shaping inventions and guiding us forward is about human creativity and ingenuity. Digital and people together, not separate. We see this playing out in the financial services-oriented businesses. Fintechs--financial services and emerging technology-based companies--are people with creative ideas providing new value for consumers and businesses. Fintechs are playing a crucial role in this revolution. Small and IN MYOPINION
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