Dr. Jimmie Lenz the Keynote Speaker at the NC Bankers Association Management Forum

Dr. Jimmie Lenz, the Lafitte Director of Master of Engineering in Financial Technology, was the keynote speaker at the 2024 Management Forum hosted by the NC Bankers Association. His presentation, “Navigating the Risks of New Technologies and Competitive Changes,” presented how innovation has been the hallmark of finance as early as 1950.

In 1950, the Diners Club Card, a restaurant charge card, changed customer’s access to credit and their convenience when dining. This idea would go on create the credit and debit card payments business, as well as other electronic payment platforms. In 1967, the first Automatic Teller Machine (ATM) was installed, allowing customers to withdraw cash from the bank 24 hours a day. ATMs became a widespread phenomenon that have persisted for decades. Soon after ATMs were introduced, Nasdaq used a computerized system to trade securities, creating the world’s first electronic exchange in 1971. It brought users transparency and access to the securities that were listed on the exchange. These inventions were not driven by the financial services companies at the time, but those who welcomed innovation.

In addition to addressing the innovation of online banking and digital assets, Dr. Lenz addresses how risk management should be addressed. Risk management is not about saying no for those who are not creative but finding a way to say “yes.”

There is no replacement for innovation in the financial sector according to Dr. Lenz. Innovation will continue to define the financial sector for years to come.