Interop London: Bank sees connections between industry players a ‘magic opportunity’ for the future, says CDDO Derek White.
The fundamental need for organisations is how fast they can recreate and innovate themselves, according to Derek White, CDDO at Barclays.
Speaking at Interop London, the CDDO added that "the winners of the future are those that can create and innovate their future" with these new trends being "more about mind set".
He said: "The world has changed. The way we innovate our future is shifting from a closed world to an open ecosystem."
The UK adult spends on average 531 minutes a day on digital services, with White pointing out that this number is "more time than sleeping" and telling the industry that "we need to embrace [digital technologies] or stand by and be disrupted."
White said ‘connections’ is where Barclays sees a magic opportunity to bring together governments, academia and other sectors.
Connecting businesses with start-ups will also "change the system", along with the way things are done today.
He said: "The cultural change that happens just by connecting the start-ups is phenomenal.
"If you do not translate tech into a new experience, it does not mean anything."
Start-ups core needs uncovered
The bank identified 50 core human and business needs for entrepreneurs, with the core four being "starting, funding, grow and connect".
Starting the business is a stepping-stone that many entrepreneurs need to overcome, and it is at this stage of the business that start-ups need to stand out.
The funding need is essential to keep businesses running. White said: "Crowd funding has opened up the funding landscape."
As for grow and connect, entrepreneurs need to expand their business and innovate – a lot of which is also enabled by networking with other people and companies.
White said: "We focus on helping start-ups to grow their businesses and introduce them to relevant networks."
Tech opens Pandora’s endless box of change
For the CDDO, embracing the digital world is the key to survive in the ever more competitive enterprise landscape.
White added: "Tech is changing all aspects of our life; the way we sleep, interact, and so on. It is also changing life expectancy. For example, a child today is expected to live from 105 years to 200 years."
In the future, hands free technology will open doors to new business streams and experiences. White said: "Mobile phones have changed the way we interact in everything we do. Before we had to leave the premises to do something, then the internet happened.
"We got to the mobile era, and very soon we will be heading to a world where it is all going to be hands free computing."
White concluded the Interop session by warning the audience to "watch this space" as the company is investing in its start-up accelerator program with the next incubator to open in New York on July 15.