Key Insights
The True Essence of Innovation
Jimmy Dinh emphasizes that genuine innovation goes beyond mere ideation. It’s not just about brainstorming or “blue sky strategy.” The real value in innovation lies in its execution and commercialization. Many organizations fall into the trap of treating innovation as mere “slideware” or a narrative. However, the true test of innovation is its practical application, its ability to hit the market, and its impact on the end-users.
Defining Innovation in Financial Services
For Jimmy, innovation is about creating new products and services that add significant value and have never been done before. In the financial services sector, this means being client-centric and constantly seeking ways to improve. Whether it’s incremental or disruptive, innovation should always aim to better the lives of people. The financial industry, being traditionally conservative, offers ample opportunities for such transformative changes.
The Rise of AI in Financial Services
As we move forward, Artificial Intelligence (AI) is emerging as the next big technological innovation, especially in the financial sector. Jimmy is bullish about the potential of AI, comparing its transformative power to that of mobile devices in the 2000s and cloud services a few years later. However, with the hype surrounding AI, it’s crucial to separate the signal from the noise and focus on applications that genuinely benefit clients and the broader ecosystem.
Episode Highlights
The Evolution of Cross-Border Payments
Jimmy Dinh reflects on the challenges of cross-border payments a decade ago. He recalls the cumbersome process of sending money internationally, where clients had to physically visit a bank branch, endure a lengthy procedure, and face uncertainties regarding the transfer’s completion.
“Ten years ago, if I wanted to send money to Pakistan or to India, to the Philippines or to Vietnam… you actually had to walk into a branch… it would cost you about 30 to $70, and you really didn’t know when the money would arrive.”
The Impact of AI on Financial Services
Jimmy discusses the transformative potential of Artificial Intelligence (AI) in various industries, particularly in financial services. He believes that AI is the next big technological platform, akin to mobile devices in the 2000s and cloud services shortly after.
“In the two 2000s, it was mobile and smartphones. Five years later, it was cloud and APIs. I think we’re at the next inflection point now, sitting here in 2023 where AI is that next technology platform.”
The Intersection of Technology and Business
Jimmy shares his early fascination with both the technical aspects of semiconductors and the business side of technology. His experiences in Silicon Valley exposed him to the entrepreneurial spirit, which influenced his career trajectory and approach to innovation.
“During school, I did a few internships in Silicon Valley as well. Saw the entrepreneurial spirit around, building, disrupting, creating new things for people and for clients and for partners.”
The Essence of True Innovation
Jimmy emphasizes the importance of execution in the innovation process. He believes that while ideas are crucial, the real value of innovation is realized when these ideas are executed, tested in the market, and iterated upon.
“I think ideas are great. New ideas are great. The value creation piece of innovation, the where you actually create innovations, is actually in the execution.”
