The WEALTHTECH Book

Welcoming the 2058 Class of the “Galactic Academy of Wealth Management”

By David Gyori

CEO, Banking Reports Ltd

This is the exact speech of Mr Kelvin Helius – president of the famous “Galactic Academy of Wealth Management” – welcoming the 2058 class of students.

Dear Students, dear distinguished human and robotic scholars of wealth management, let me please warmly welcome you to the famous “Galactic Academy of Wealth Management”, the number one school and think-tank of Wealth Management Technology in our beloved galaxy.

Your distinguished class, the class of 2058, is different and highly significant. This is the class starting its ambitious and challenging studies in wealth management exactly 50 years after the beginning of the GCTFS, the Great Crisis of Traditional Financial Services. The fearful GCTFS erupted back on planet Earth in the late year of 2008.

Looking back to 2008, now, 50 years later we have to conclude with a high degree of certainty that that was the point of transformation, the igniting force of the great digital revolution in finance. The 2008 crisis first awakened forces such as FinTech – the thousands of digital start-ups challenging the pre-crisis status quo of long outdated mammoths in all branches of financial services. Later, FinTech evolved into more specific and specialized categories of digital financial services, sub-areas such as WealthTech, InsurTech, RegTech, RiskTech, ComplianceTech, PayTech, IdentityTech, TradeTech and more have emerged. This ...