• Paolo Sironi @thepsironi

    Bestselling author and international keynote speaker about innovation.

    IBM Industry Academy member.

    Link between FINance and TECHnology, forging strategic banking innovation with insights, vision and constructive criticism nurtured by hundreds of yearly C-level meetings globally.

     

    Thought Leader at IBM Watson Financial Services, formerly Risk Manager and FinTech entrepreneur.

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    Financial Market Transparency

    Essay on Theory and Principles

    The history of capitalism is about growth, but the rude awakening of the Global Financial Crisis was a moment of reckoning that highlighted the flaws in our understanding of financial markets. Unbearable accumulated costs hidden by efficiently inefficient price mechanisms caused the collapse and may do so again. Meanwhile, environmental externalities caused by expectations of continuous growth are exceeding planetary limits. Solutions based on self-serving industry supplied forecasts don’t reconcile with economic reality and increase global instability. Only transparency creates a consequentialist ethic that changes our behaviour and reconciles short-term personal needs with long-term development goals to solve these problems. FMT’s breakthrough is in recognising homo sapiens as both rational and irrational while facing uncertainty. This biological approach overcomes both restrictive neoclassical hypothesis of rationality and behavioural finance’s incomplete attempts to nudge investors. FMT proposes novel micro foundations that describe the biological nature of financial markets to increase antifragility. Readers will make better decisions under uncertainty that profit us all.

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    Robo-Advisors, Goal Based Investing, Gamification

    Personalise personal finance!

    Innovation in financial technology has only begun to disrupt the wealth management industry, and is leading to a tectonic shift whereby investors and tech-savvy financial advisors can become the new price-makers in the global democratisation of banking. FinTech Innovation delves deeply beyond simply describing the disruption examining, in detail, the underlying processes to illuminate exactly what is happening and why its happening so that you can engage with and thrive in the new marketplace. Through a behind-the-scenes look at Robo-Advisors and their part in the turnkey, low-cost personalisation of Goal Based Investing, this cutting-edge guide opens a tangible path for using technology to gain a competitive advantage, establish your value as a human advisor and "rewire" investors' minds to positively engage with investing. This authoritative guide pulls back the curtain to reveal:

    • What Robo-Advisors are today and how they will evolve.
    • How human financial advisors can optimise their businesses in response to regulations, customer demand and technology.
    • What gamification has to do with investing, and why it can produce better investors.
    • Where you need to rethink what you know about investing and let technology do the work.
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    Which is the product or solution that justify the fees?

    A new business model for regulatory transparenxy

    In the face of new regulatory changes and the rise of Fintech the industry is on the verge of a sea change in financial advice. The onus is now firmly on financial institutions to not only adapt to the #transformation but to stay relevant and #profitable at a time of unprecedented change.

     

    "Value-Generation for Investors" provides a #roadmap for the reader: we lay out a model which places the goals and preferences of #investors (on-boarding) at the centre of the value-generation mechanism, enriching the creation of financial #products which create charges and costs (in-boarding).

     

    The analysis of #MiFIDII regulation only serves as a canvas to showcase how international best practices, grounded in goal-based investing and probabilistic scenarios, create a new compliant framework to evade the pitfalls of progressively commoditised investment solutions, and avoid disruption to their business by harnessing the "human element" and achieve sustained innovation with digital.

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    Maximise the probability of reaching your goals

    Heart and soul of Goal Based Investing!

    What truly matters to long-term investors is the probability to achieve their PERSONAL FINANCIAL GOALS through their life cycle (targets of total return or retirement income). PSO provides the principles and quantitative framework to feature the probability of achieving multi-period financial goals as the objective function, within a scenario-based and risk-constrained optimisation exercise. The adoption of Goal Based Investing principles leads to a change in perspective from MPT (Markowitz and Black-Litterman), based on the author's research and experience in Risk and Wealth Management.

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    FinTech Innovation

    CHINESE EDITION

    《金融科技创新》本书通过互联网金融、社会化媒体、大数据分析、数字技术等,将财富管理行业向更高效的、以客户为中心的咨询流程转变。目标导向即通过新的金融、机器、网络技术来满足客户的个性化需求。
    智能投顾(Robo-advisor)和金融科技创新(FinTech)最近成了全球热点。市场的力量正在改变银行和融资顾问原有的商业模式,向由机器人技术驱动的商业模式转化。理财经理正站在数字化浪潮的震荡中, 几百年来根深蒂固的行业格局逐渐从方方面面开始发生改变。
    本书揭示了促成创新思维的各种力量, 密切审视了财富管理行业发生的革命, 尤其是数字化咨询、 个性化投资和能够洞察客户行为的认知分析方法。本书的目标是改善金融顾问和客户之间的投资体验, 让他们得以用更为直观的、 目标导向的投资话语进行交流 。不管是金融科技公司还是从事数字化的机构, 谁能利用智能投顾进行目标导向的投资, 谁就最有希望超越对手。
    个人投资者、 金融顾问、 投资组合经理、 技术和数字化经理、 银行业高管和金融科技企业家都可以从这本书中得到对财富管理行业转型的深刻见解, 从而理解新技术和定量金融之间的联系, 并适应更加严格的市场监管和更高的信用标准。

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    Co-author FinTech Book

    A front-line industry insider's look at the financial technology explosion.

    The FINTECH Book is your primary guide to the financial technology revolution, and the disruption, innovation and opportunity therein. Written by prominent industry experts and startup entrepreneurs in the global fintech investment space, this book aggregates diverse industry expertise into a single informative volume to provide entrepreneurs, bankers and investors with the answers they need to capitalize on this lucrative market.

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    Co-author WealthTech Book

    A front-line industry insider's look at digital wealth management.

    The WEALTHTECH Book is your primary guide to digital wealth management. Written by a panoply of experts in asset and wealth management, this book aggregates enriching views about world wide transformation of investment practices and financial advice transformation.

  • media and interviews

    bringing ideas on video

    How to Generate Revenues with Fintech and Knowledge Digitisation

    Keynote at Finastra event

    Here is one of my best IBM keynotes.

    Financial Market Transparency

    Book launch during World Economic Forum 2019

    My fourth and latest book explores the biological underpinnings of financial markets and explores how to bolster the global economy’s immune system in today’s volatile times.

    Davos: innovazione di IBM

    Interview by Class CNBC

    World Economic Forum 2019: discussing innovation and launch of new book Financial Market Transparency.

    Financial Market Transparency

    Intervista sul Sole24Ore

    Transparency builds trusts against global uncertainty.

    Davos - World Economic Forum 2019.

    Financial Market Transparency

    Book presentation in Italian with English subtitles

    Banking innovation starts from re-thinking neoclassical theory and behavioural economics, learning from adaptive biology how homo sapiens make financial decision facing fundamental uncertainty over the irreversible time.

    Come il Fintech cambia la finanza

    Interview by LeFonti TV

    Modello di business, tecnologia e regolamentazione sono i tre motori dell'innovazione Fintech.

    How FinTech will reshape retirement

    Preparation for Retirement Symposium at Wharton

    How innovation in Technology, Finance and Regulation will reshape retirement to help families and augment the work of intermediaries.

    Hearing at Italian Parliament

    Parliamentary Hearing on Fintech - Commissione Ministero delle Finanze

    Italian Parliament hearing 🇮🇹 in Rome, discussing Fintech Innovation and long term strategies to transform the business model of a banking industry: Blockchain, Bitcoin, Robo-Advisors, Artificial Intelligence, MIFID2, Financial Education, Gamification

    FinTech Finance TV

    Interview at M2020

    Key takeaways from last few years of FiNTech Innovation and what changes can we predict for the next few years of the industry:

    - more Augmented Intelligence, - more Blockchain,

    - more InsurTech w/ connected insurance and wearables.

    Class CNBC - FinTech Innovation

    Book presentation and panel discussion

    Sharing content of Fintech Innovation during CNBC program dedicated to FinTech, with insights on Italian ecosystem.

    🇮🇹 language

    FinTech lessons learned

    IBM at M2020 Europe

    The 3 lessons learned for successful FinTech Innovation:

    - Sustaining innovation is more important than disruptive innovation.

    - Digital is PULL technology, investing is PUSH economy.

    - Bundling banking services is more important than unbundling.

    Investment Management in Transparency age

    Interview by The Trading Show

    It's more important to optimise investors' decisions, attempting to achieve personal goals, than investment portfolios themselves. The principles are explained in this 3 min. video which discusses the history of modern finance from: a period of Symmetry (Markowitz), through Asymmetry (Black-Litterman), to Transparency (Goal Based Investing).

    Knowledge Digitisation

    Keynote IES 2017 Hong Kong

    Banks are transforming from transactional businesses to service oriented organisations. This r-evolution of business models and revenues requires #FinTech innovation based on Knowledge Digitization (Cognitive Augmented Intelligence) to face disruption successfully and achieve sustaining growth.

    Hong Kong TVB Pearl - Money Magazine

    Interview on FinTech Inovation

    Presentation of bestseller FinTech Innovation, discussing Artificial Intelligence, the role of Robo-Advisors and the future of HK innovation hub.

    Regulation, Innovation and Reliability

    IBM Thought Leadership - #1

    Regulation and FinTech innovation are transforming banks from "distribution channels of products" into the "digital packaging of advice". IBM Thought Leader Paolo Sironi discusses how FinTech, Banks and IBM can work together to transform banks' business models intelligently.

    Robo-Advisors and Digital Wealth Managers

    IBM Thought Leadership - #2

    Robo-Advisors are transforming personal finance and forcing wealth managers to rethink the role of financial advisors. IBM Thought Leader Paolo Sironi discusses how FinTech innovation can augment advisors and final investors with cognitive gamification, and help them to make better investment decisions in a digital world.

    Creating a Model fo Customer Centricity

    IBM Thought Leadership - #3

    Personalization of financial services is a mantra in today's digital economy. IBM Thought Leader Paolo Sironi discusses how FinTech innovation can help wealth managers unlock client insights with cognitive analytics, and achieve true investment personalization with goal-based investing.

    FinTech Innovation: from Robo-Advisors to GBI and Gamification

    90" Book presentation

    Q&A: Can you tell us about your book? What is the link between Robo-Advisors, Goal Based Investing and Gamification? Who is reading your book?

    60" FinTech in Asia

    60" FinTech talks @thepsironi

    Takeaways from Finnovasia (Hong Kong) and World FinTech Forum (Seoul)

    60" Robo-Advisors Europe

    60" FinTech talks @thepsironi

    Takeaways from Robo-Investing Conference Europe @ Level39

    60" Wall Street and Silicon Valley

    60" FinTech talks @thepsironi

    Wall Street and Silicon Valley's conversations.

    My Robo-Advisor was an iPod.

    My chapter in The FinTech Book

    Animated cartoon about my contribution to The FinTech Book: Robo-Advisors are disruptive innovation, Goal Based Investing is sustaining innovation.

    Intelligent HQ

    Interview by Dinis Guarda

    My Thought Leadership in Wealth Management, Risk Management, Investment Analytics.

    Goal-based model portfolios with probabilistic scenarios

    PSO without formulae.

    Animated cartoon explaining how to create goal-based optimal portfolios with PSO.

    Guest Speaker at BrakingBank$ radio show

    Interview by Brett King

    My iPod is a Robo-Advisor! (min. 23' - 42')

    Goal Based Investing

    Interview by Risk.net

    Why GBI is the new way forward in wealth management.

    Probabilistic Scenario Optimisation

    Interview by Risk.net

    PSO is the quantitative heart and soul of Goal Based Investing.

    Probabilistic Scenario Optimisation

    Interview by Risk.net

    PSO is the quantitative heart and soul of Goal Based Investing.

  • Fintech Journal

    travel notes from around the world

  • my latest tweets

    Tweet @thepsironi

  • Globalist, Explorist, Discoverist

    Entrepreneurial thought leadership

    Fintech Thought Leader

    IBM Watson Financial Services

    IBM Industry Academy

    Paolo is an elected member of IBM Industry Academy, Watson Financial Services and represents IBM worldwide. In this capacity, he advises C-level financial institutions and mentors entrepreneurs on a host of issues related to business model transformation in the age of digital banking. He is also a visiting professor on Fintech at EBS University. Previously, he held senior roles in quantitative risk management and investment banking, and founded a startup that offered innovative investment analytics solutions to wealth management firms. Paolo’s fourth and latest book, Financial Markets Transparency, explores the biological underpinnings of financial markets and explores how to bolster the global economy’s immune system in today’s volatile times.

    Entrepreneur

    Startup Founder

    Managing Director

    Oct 2008 - Oct 2012

     

    Founder and Managing Director to grow a nascent joint venture (Sal. Oppenheim Bankhaus / Algorithmics) into an international business addressing portfolio and investment analytics.

    Risk Manager

    Market and Counterparty Credit Risk Management

    Feb 1997 - Oct 2008

     

    Head of Market Risk and Counterparty Risk modelling. Approved first internal model (Basel I) for capital adequacy. Reporting to regulators, top management and trading floors.
    (Banca Intesa Sanpaolo, previously Banca Commerciale Italiana)

    Research Assistant

    (Prof. Zimmermann)

    Jun 1996 - Feb 1997

     

    Working on a project assignment for statistical analysis on corporate date.

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