Ghela Boskovich on RegTech, diversity and the future of banks.

Published March 15, 2019

Another fascinating guest joins us round the mike in our latest emerging tech podcast on Regtech. Ghela Boskovich is an Incl Tech Culturalist, a Fintech finance entrepreneur and Femtech founder. She is passionate about diversity in all its forms and spends a lot of her time looking at how technology impacts business culture and all the implications that follow from that.  It was an absolute pleasure to sit down with her.

“I am interested in looking at tech from a problem-solving perspective. How can it push us into lateral thinking rather than analytical thinking? You need a lot of diverse perspectives to grow that lateral thinking approach. “

Here are  just a few insights from our chat with G. Take a listen to the podcast to get a full 15 minutes of thought-provoking, future thinking  insight from an important voice in our midst. Listen to podcast.

Q: What is Regtech and why is it important?

Regtech is really about enabling a regulator to have oversight of a system that has hyper risk. And the financial service is a highly regulated industry. Regtech enables them to do it better; to actually have real time insight into what’s going on,  from capital requirements, to anti-money laundering, to cross border payments, to fraud prevention. It also has insight into ethical practices as established by the industry over the years. Regtech is enabling institutions and firms to deliver their products and services in a really compliant way that meets the Regulator’s requirements and their own internal standards and allows them to do it with an oversight that doesn’t require so much manual intervention. It also means they can set the process and let it run and any indication of an anomaly can be responded to as swiftly as possible.

Q: There’s been an explosion of digital banks in the last couple of years – could you help us to understand what is driving this explosion in the banking space?

Regulation has opened up the market and one of the biggest challenges is around legacy tech that is not dextrous or flexible enough to meet today’s user demands. The traditional banking model is no longer valid – there is no place for paper there is no place for assets and commodities as we understand it – everything is turning truly digital and wealth is now about intellectual property and creating new markets where you can share ideas that have value and actually trading those ideas. So esoteric things can be securitised and traded.  There is a hyper-fragmentation of traditional markets. It’s not just about crypto assets – we’re talking about very different types of things that can be tokenised. When you are starting to have these ideas and concepts of securitised intelligence… that requires something very different from a traditional bank…

Q: Your tip for disruption – what’s the next big thing?

I think the next big thing is tokenising intellectual property and watching identities start to serve as the new capital wealth. So pretty soon we will be our own wealth generators just by the data that we create. We should be able to start commercialising that. So we’ll be our own banks… I can generate my own value. So it’s about you. You are the new business model.

Q: Your passion is Femtech global can you talk a bit about that.

I was in a commission to report on women in the industry and I was appalled and shocked by what a struggle it was to get 450 names – because I know so many more who are actively contributing to the change and evolution of this industry. So finding ways to highlight those women is how Femtech came about. It continues to be about bridging that particular gender gap and educating people on the business imperatives around having a diverse workforce and in diversity in all shapes and forms and sizes – from gender, race, ethnicity, to education background, experience… all of which allow us to make better decisions in the long run. It’s been proved time and again that when you have homogeneity of a group then you have a reduction in quality of decision-making and problem solving by significant percentages. We must have debate, dissent and discussion around the table. It is in our best interest to embrace and seek out differences in our personal lives and in business.

Listen to the podcast here and if there is anyone you’d like to nominate (including yourself) to join us to talk about emerging technology drop us an email.