David Gyori: A Global Force Pushing for Fintech Literacy in Banking

‍David Gyori is a master of the art of finessing Fintech. His mission? To supply top-notch Fintech training to bankers. It's a mission that echoes in the cavernous halls of global finance and has become the focal point of his illustrious career.

With a resume that reads like a who's who of the finance and technology sectors, David currently helms the London-based Banking Reports. His journey across nearly 50 countries over the past seven years has equipped bankers with the knowledge and skills required to navigate the modern world of finance. This Hungarian-born thought leader is a Top 50 Global Influencer on Financial Technology and Digital Banking.

David’s influence doesn’t stop at Banking Reports. He wears a panoply of hats. A Founding Member of The World FinTech Association, located in Seoul, he also has the distinct honor of representing the UK. His key roles as Head of the Peer to Peer Lending Committee and the Representative of the UK entail significant responsibility within the global Fintech Community. “These key roles are important to me and provide me with serious responsibility within the global FinTech Community,” he notes.

A regular guest author for Finance Magnates in Tel Aviv and Judge of the European FinTech Awards in Amsterdam, David also holds faculty membership at The Retail Banking Academy in London. His services are sought after by the Asian Banker Group as their International Resource Director, where he uses his expertise to contribute to their prestigious awards program.

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The Story

David’s path to the forefront of Fintech began at the tender age of 21 when he founded Xallis Consulting. The company provided market research and consulting services to banks in the Central and Eastern European region. With a diploma from Budapest Corvinus University in his pocket and the desire to make a difference, David took on over 150 market research and consulting projects.

Fast forward to 2014, David founded Banking Reports, initially providing written reports on the future of banking and innovation. His journey with Banking Reports took an interesting turn after he received advice from Stanley Epstein, a leading expert on payment innovations. Epstein suggested David turn his written reports into training programs. And thus, Banking Reports became a provider of written reports to a renowned global trainer, establishing its presence in over 60 countries.

Today, Banking Reports is expanding its influence yet again. Over the past two years, its client base has been eager for deeper dives into the world of finance. “Now the new primary activity has evolved into being advisory services to boards and CEOs of leading Banks all around the world," he says.

The Future of Banking

David's enthusiasm is palpable as he discusses the ever-evolving landscape of the banking industry. "There are hundreds of exciting trends, emerging trends, exponential trends, going on in banking. It takes days, weeks, months to explain—and while I explain, new trends are emerging!" he exclaims, a spark in his eyes. But of all the trends he could spotlight, David narrows his focus on one particular one that holds the promise of a seismic shift in the world of banking: Augmented and Virtual Reality (AR and VR).

"Currently, the primary banking channel globally is the smartphone. However, in 10 years, the primary channel of banking will be something new—augmented reality and virtual reality, AR and VR," David predicts. He stresses the importance of being ahead of the curve, urging, "Think it through and think through how you, how your bank, how your company can win this new era."

David is also frank about the challenges traditional banks face. He notes that the first major challenge lies in strategizing innovation, a topic that forms the intellectual foundation of his training programs and advisory services. David advises, "You can only innovate relatively successfully, or very successfully, if you get the basics right. If your bank is well-funded, well-equipped, well-organized, well-staffed, on an operational level, on the level of daily operations."

Balancing the need for operational efficiency and the drive for innovation, he acknowledges, is no mean feat, yet it is essential. "Of course, very often we have to do both: improve operations and put serious resources into innovations. However, good day-to-day operations are the basis of excellent innovation.”.

When it comes to his training programs, they embody the dynamism of the banking industry's future. His programs cover everything from the future of banking and payments to banking innovation strategies, and how to get fintech right as a bank. He is as much a learner as he is a teacher. "Actually, the more banks I work with, the more countries I work in, the more bankers around the world I meet, the more I learn," he admits. For David, every word, every advisory service, every training program is an opportunity to learn, to improve his knowledge, and to bring more case studies and best practices to his audience.

His mantra for peer-to-peer lending is a pithy one: "risk, risk, risk, risk, risk!" He clarifies a common misconception that technology can eliminate or reduce risks from financial services. "Fintech people generally, I mean 95 percent of fintech people, seriously underestimate lending risks," he says. While technology is an enabler, it doesn’t eliminate the financial risks associated with lending. David puts it best: "Lending is easy—getting the money back is hard!"

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AI: Hyped or Overhyped?

David’s desire for realism is perhaps most clear in his balanced take on AI. “AI is overhyped,” he says bluntly, not only in terms of the perceived dangers but also its potential benefits.

He likens AI to a tool like a knife: "Yes, it can be dangerous, but most of the time, overwhelmingly, it will be used for the right purpose.”. He carries this pragmatic mindset when addressing the misperceptions about AI's capabilities. "ChatGPT is not artificial general intelligence. It is basically narrow artificial intelligence: it acts, it fakes, it pretends to be artificial general intelligence in some aspects."

What about the dangers to the labour market? David tells the story of computers to make his point, saying, "Computers used to be people, now computers are machines. Is everyone unemployed? No! Labor market consequences are there, but they are overestimated."

Realism and Optimism

David balances a realistic view of the challenges and complexities in the fintech sector with an optimistic belief in the potential of innovation and strategic planning.

In discussing the status of the fintech ecosystem in the UK, David expresses a blend of admiration and concern. He firmly holds the UK to be "the best of the best of the best in fintech." However, the impact of Brexit, which he calls a "strategically self-destructive decision," is unmistakably affecting the sector's progress.

"The UK is really really the best of the best, but Brexit made everything more difficult." This reflection is marked by a blend of pragmatism and foresight. His interesting look into divorce statistics on the day of the Brexit referendum results revealed to him that 3% of divorced couples remarry. David is confident: "I am 100% convinced that the UK will eventually basically rejoin the European Union."

This confidence in his pragmatic yet positive perspective shines through in all he shares. When I ask him about his work on judging panels for innovation awards, David’s answer is buoyant. "Whatever innovation your bank is doing is worth an award, and actually delivering innovation in a strictly compliant complex and risk averse environment is a victory in itself."

There's a sense of inclusivity in David's approach to innovation. He believes that most innovations banks deliver globally can win an award. "It can be an efficiency innovation, it can be a sustaining innovation, or it can be a disruptive innovation. Innovation, apply for awards, and you will see results. You will be a winner."

David’s suggestion? The Asian Banker group's awards programs. He praises their extensive analysis, events, experts, and organization. The exuberance he shows for these awards programs, and for their CEO, Mr. Emmanuel Daniel, encapsulates his enthusiasm for recognising and celebrating innovation within the banking sector.

Lifelong Learning

David has a strong ability to immerse himself in different environments and extract valuable insights— whether it’s discussing the future of payments at Seamless North Africa 2023, from which David just got back,, or through his interactions with leading individuals in the global banking sector. The essence of learning for David is threefold: it’s in his interactions with people, his online reading, and traditional books. His ultimate goal is to share these insights with his clients.

He has high regard for the content produced by opinion leaders like Paulo Sironi, Brett King, Chris Skinner, Jim Maru, Mateo Rizzi, and the information shared on Finextra. (You can read Machinelab's interviews with Brett King and Chris Skinner here and here, respectively.) David's book recommendations reveal his belief in the value of learning from experts' experiences and in-depth research.

David is about to embark on a 10-day training stint in Oman, a testament to the global demand for his expertise. "Every word, every advisory service, every training program is also an opportunity to learn for me, to improve my knowledge, to bring more case studies, to bring more best practices," he says. His commitment to continuous learning, combined with his practical and forward-looking advice, make him a beacon of guidance in the ever-changing world of banking and financial technology.

Founding Wisdom

When it comes to advice for founders, David stresses the importance of long-term strategic planning. "Disruption is expensive—it needs a serious amount of funding, and many years," he advises, pointing out that meaningful disruption often takes 7 to 10 years before first profit. He encourages founders to be realistic with investors about time frames, not promising fast results, but instead presenting a sustainable plan with a horizon of at least 15 years.

David’s pragmatism guides him through the complexities of the industry, while his optimism illuminates the transformative potential of innovation. His commitment to continuous learning embodies the relentless curiosity needed in this ever-evolving landscape, and his emphasis on long-term planning illustrates a seasoned understanding of disruption’s inherent demands.

David's dedication to recognizing and celebrating innovation is as much a testament to his enthusiasm as it is to his belief in the power of creative thinking and problem-solving. It is this spirit, a celebration of the human potential within a sector often reduced to mere algorithms and transactions, that truly sets him apart.

And in that way, David embodies the adage that 'the best way to predict the future is to create it.' Through his work and insights, he is doing just that—shaping a future where finance and technology intersect seamlessly for the benefit of all.❖

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Images courtesy of: David Gyori

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