2 Takeaways From The 2019 Annual Meetings By The International Monetary Fund (IMF) And The World Bank

Last week, the IMF and The World Bank held their conference-style event in Washington D.C. These Annual Meetings bring together central bankers, ministers of finance and development, private sector executives and academics to discuss global issues such as global economy, international development, and the world’s financial markets.

Here are my 2 takeaways from the 2019 Annual Meetings focused on technology and cybersecurity including my related articles:

  1. TECHNOLOGICAL ADVANCEMENTS AND JOBS
    •  Impacts of Technology
      • Technology can help IMF membership countries to reach their development goals
      • Technology can create financial inclusion which:
        • reduces inequality
        • reduces poverty
        • increases overall growth
      • Technology can help remove inefficiencies in traditional financial systems
      • Technology needs an environment to flourish in innovation
      • Technology has to be:
        • Citizen-Centric
        • Goal-Orientated Innovation
        • Able to address cybersecurity
        • A key contributor to financial inclusion
      • Big Tech should abide by the same rules as Big Banks because they have:
        • Technology
        • Global reach
        • Established customer networks
        • Vast amounts of customer data
        • Access to capital
        • Brand recognition
    • Role of Central Banks in the Digital Age
      • Ensure systematic integrity
      • Reduce cost of services
      • Test crypto currencies as it relates to fiat currencies
      • Track crypto currencies in macroeconomics
    • Crypto for Transactions will Spread more Rapidly when:
      • Data protection laws are in place
      • Data empowerment is encouraged
      • Trust is needed for widespread adoption
  2. PARTNERSHIPS
    • Technology usage for finance is being tested by IMF internally
    • Technology needs partnerships at both private and public sectors for infrastructure needs such as electricity, internet access and internet speed
    • Technology should open standards
    • Technology interoperability is needed for cross-border and cross-currencies

Bonus: IMF’s conducted its own startup-style pitch event

For the 2019 Spring Meetings, here are my 2 takeaways.

For the 2018 Spring Meetings, here are my 2 takeaways.

Related Articles:

  1. SPICE FOR BUSINESS TRANSFORMATION
  2. 5 QUESTIONS TO ASK ABOUT STRATEGY
  3. 5 QUESTIONS TO ASK ABOUT POLITICS
  4. 5 QUESTIONS TO ASK ABOUT INNOVATION
  5. 5 QUESTIONS TO ASK ABOUT CULTURE
  6. 5 QUESTIONS TO ASK ABOUT EXECUTION
  7. 5 QUESTIONS TO ASK ABOUT BIG DATA

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What Is The Role Of Culture When It Comes To Transforming A Country?

In the video below, I asked Nadia Calviño, Minister of Economy and Business of Spain the importance of culture of countries when it comes to effective change.

In my view, when we think about transforming countries, we have to look at it from the three Es. These are:

  1. Education – Does the country’s education system teach the latest technologies?
  2. Ecosystem – Does the country’s ecosystem fosters technolgical change?
  3. Evoke – Does the country’s leadership evoke positive emotions for technological changes?

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Where Does Security Architecture Fit Or Not Fit With Enterprise Architecture (EA)?

In the video below on CxO Talk, I asked Edna Conway, CISO of Cisco about how architectures fit into each other.

In my view, Security Architecture is a subset of Enterprise Architecture. However, since security is important at all levels, a Security Architecture gets deep into and can work in parallel with Enterprise Architecture. At the user level, perhaps we should know the threats that are out there.

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Are There Tools, Worksheets, Anything Else Available For Cities To Become Smart Even Though They Aren’t Part Of Mastercard’s Initiative?

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5 Questions To Ask About Decisions

We make decisions every day. Sometimes these decisions can be simple or can be complex. Sometimes these decisions can be made individually or are made as part of a group. Sometimes these decisions can be insignificant or can have huge consequences. Sometimes these decisions can be good or can be bad. According to estimates, an average adult makes 35,000 remotely conscious decisions every single day!

In the context of an organization, our decisions can range from hiring/firing people, creating/retiring processes, adding/removing product features, escalating/deescalating service requests, buying/building/retiring technologies and many more. When it comes to deciding if your organization is going to go on Business and Digital Transformation journeys highly depend on who framed that question and what contexts were they looking at to pose such a question. Contrary to popular belief, Business and Digital Transformation is not for everyone.

To understand if your organization is equipped to begin and thrive in its Business and Digital Transformation journeys then you have to make a concerted effort to understand if going on these journeys was qualitatively assessed or just someone’s intuition. You have to take into account if your organization’s Strategy, Politics, Innovation, Culture, and Execution are in-line with your journeys. You have to make your people, processes, products, services, and technologies reflect these journeys. You have to make sure you have the right structure and roles in place to be successful in these journeys. Lastly, you have to make sure that everyone and everything is on the same page by having a common mission that not only attracts but motivates the organization.

Ask the following self-assessment questions to determine if your organization is ready for Business and Digital Transformation journeys:

 TodayTomorrow
1.Who is directly responsible for Business and Digital Transformation?Who should be directly responsible for Business and Digital Transformation?
2.What are the specific goals/criteria you want to achieve through Business and Digital Transformation? What is the alternative if you don’t do this?What should be the specific goals/criteria you want to achieve through Business and Digital Transformation? What should be the alternative if you don’t do this?
3.Where do Business and Digital Transformation start and end in your organization? Executive? Middle Management? Front-line Employees?Where should Business and Digital Transformation start and end in your organization? Executive? Middle Management? Front-line Employees?
4.When is Business and Digital Transformation an asset vs. liability?When should Business and Digital Transformation an asset vs. liability?
5.Why Business and Digital Transformation?Why should you do Business and Digital Transformation?

As you ponder the above questions, it is prudent to think of Business and Digital Transformation as holistic journeys that are also connected to each other. You have to make sure how Business and Digital Transformation is understood and how perceptions about it can create obstacles. You have to be aware of patterns that you can take advantage of and what patterns you shouldn’t even consider. Use common analogies to discuss/share Business and Digital Transformation and have firm value propositions (backed by data) to illustrate the point of doing (or not doing) all of this.

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