Forinvest opens its doors with notable attendance and a journey from the 'digital tsunami' to the transformation of banking

Professionals, investors and the general public

Participating in the opening day were the president of CaixaBank, José Ignacio Goirigolzarri, the CEO of Ibercaja, Víctor Iglesias, and the Digital Chief Officer of Telefónica, Chema Alonso.

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The sixteenth edition of Forinvest has gotten off to a strong start, with notable public attendance and the launch of more than a hundred presentations, conferences and work tables proposed in its program throughout these two days and around a program that transcends what is traditionally is understood as a financial-economic forum. Good proof of this has been today's program. Yes yesterday, in Finance Night, geostrategy sneaked into the main presentation, today what has come to be called 'digital tsunami' has permeated a large part of the reflections of the different forums, from the most purely economic ones to those of the insurance sector and, logically, the innovator 'Innovation & Tech Forum Digital District', this year promoted by the Alicante digital 'hub'.

 

And precisely in this forum it started Forinvest 2023 all the way, with the presence of the technological and current 'guru' Digital Chief Officer of Telefónica, Chema Alonso, which has reviewed some of the most disruptive technologies that are already present among us. In this sense, Alonso announced the full consolidation of the web3 era, which he defined as “a massive accumulation of technology” and that “it will transform our lifestyle due to the emergence of technologies around blockchain, massive data storage, 5G, Wifi6, augmented reality and especially artificial intelligence.” In this regard, Alonso explained that we are in the midst of a “digital tsunami” and stressed the explosion of the application of artificial intelligence “in all areas of our lives, from customer service, to the generation of algorithms that make us more hooked on Social Networks and the generation of synthetic people who can even impersonate our identity.”

 

Alonso, received from the hands of Maria José Puigcerver, director of Forinvest, a recognition for his entire career as the best public figure in the innovation sector, highlighting his management of young talent in technology, the continued defense and dissemination of innovation he carries out in all areas. This Forum, in addition, today also received the presence of the well-known Valencian 'youtuber' Natcher, who participated in a round table on the future of the audiovisual industry.

 

The technological revolution of the so-called Web3 and the application of new digital technologies such as artificial intelligence also in sectors such as banking and insurance star in the opening day of Forinvest

 

Banking transformation and profitability

 

Regarding the banking system, Forinvest has welcomed today two real heavyweights of the Spanish financial system, such as the president of CaixaBank, Juan Ignacio Goirigolzarri, and the CEO of Ibercaja, Victor Iglesias. At lunch today, Goirigolzarri, in a public discussion with Noah of the Tower (El Mundo), has drawn a current scenario of “uncertainty” due to the changes caused by the pandemic and the war of Ukraine, which has accelerated “two forces that were already underway such as the climate transition and digitalization” and has shown its concern about the paradigm shift in the concept of globalization in the interest of greater protectionism. Despite everything, the president of CaixaBank has been optimistic about the economic prospects in our country due to "the positive evolution in changes in GDP and the labor market", although "we continue to be concerned about inflation." Not so much, in this sense, the high interest rates since, in his opinion, “an environment of 4% indicates a normalization of these so that profitability returns to the banking system. “They are not abnormally tall guys.” On the evolution of the economy of the Valencia, Goirigolzarri recognized that the region “is growing above the national average, around 1%, with good news regarding employment, consumption and, especially, exports, which have grown more than 9%. ”.

 

In turn, the CEO of Ibercaja, Víctor Iglesias, explained the current banking scenario, “more concentrated around five large entities and which has seen a reduction in jobs and offices, on the one hand, and on the other hand with a greater commitment to digitalization.” In this sense, Iglesias addressed that the great challenges of the sector involve “increasing profitability on equity after a time of low rates, the application of technological innovations such as artificial intelligence and excellence in global service towards a more digital consumer.” .

 

Insurance goes digital

 

For its part, the insurance and brokerage sector – one of Forinvest's main focuses – has also embarked on an irreversible path towards digitalization, as evidenced in the traditional Insurance Forum. In it, the CEO's of Mapfre Iberia and Zurich Spain, José Manuel Inchausti and Vicente Cancio respectively participated in a Debate Table with the CEO of Union Alcoyana and the presidents of ADECOSE and AUNNA in which they analyzed the new era that is opening up for the insurance sector with digitalization, “with unlimited opportunities, for example, with the possibility of hyperpersonalizing insurance offers to our clients, with correct use of each one's data from them". In addition, they pointed out that digitalization should not come into conflict between insurers and mediators but that they "can even help our clients overcome the digital divide."