Banking on Altruism

Banking on Altruism

Fear is Fake Collateral, Rugged Individualism is Bankers’ Mythology

In his May 2013 TEDxHayward Talk entitled Adjacencies Revealed, Urban Logic’s founder shared thinking that developed in dialogue with Dr. James Doty and Dr. Daniel Martin of Stanford’s Center for Compassion and Altruism Research (C-CARE) that could build stronger banks and bank customer user experiences.

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, an Adjunct Professor at Stanford University's Department of Civil and Environmental Engineering, a Distinguished Scholar at Stanford mediaX and a former CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979). Bruce has been licensed to practice law in California (2006), New York (1980) and Pennsylvania (1980).

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TEDxNewWallStreet – Re-imagining Banking built in and for the Information Age
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TEDxNewWallStreet – Re-imagining Banking built in and for the Information Age

2008 – 2012 had seen a stubborn recession, shattering personal wealth and global confidence in the largest banks.  The Occupy Wall Street Protests in New York and London pressed for reforms to the banking system, by legislative, regulatory and judicial means.

By March 2012,  Silicon Valley had been pursuing its agenda of revolutionizing the banking system through innovations for nearly a decade.  Square did for in store local purchasing what PayPal did for online shopping, moving billions in credit card payments out of the hands of bankers and into the hands of “payments processors.”  Kiva created a disruptive microfinance finance, uncontrolled by and side-steppng at scale the administrative overhead of large sprawling nonprofit organizations.  Kickstarter anticipated the JOBS Act‘s embrace of crowdfunding small businesses, using elegant design storytelling to pre-sell products that have yet to be built.

Silicon Valley is well known for changing paradigms that concentrated power in entertainment, telecommunications and automotive industries.

Thus, on March 11, 2012, Urban Logic decided to convene TEDxNewWallStreet as a day-long exploration of what it might look like for Silicon Valley to be the New Wall Street, and ask how it might be fairer, safer, cheaper and see and show its impacts with greater transparency.

Moving opaque, dysfunctional, predatory banking into the digital age isn’t progress.

Fixing banking to become highly-transparent and impacts-aaware, that’s progress.

Our TEDxNewWallStreet speakers were amazing, and let the audience at the Computer History Museum, and on YouTube understand how bankers and bank technologists in Silicon Valley are changing the paradigm, again:

 

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, an Adjunct Professor at Stanford University's Department of Civil and Environmental Engineering, a Distinguished Scholar at Stanford mediaX and a former CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979). Bruce has been licensed to practice law in California (2006), New York (1980) and Pennsylvania (1980).

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