Digital First Magazine – November 2022 – 10 Most Innovative Companies in Europe – 2022

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November 2022 Vol - 3 Issue - 13

Most Innovative companies in Europe

Head of Advisory Board

Dr. Manoj Varghese, Ph.D

Managing Editor

Sarath Shyam

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Dr. John Andrews

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Emma James

Andrew Scott

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Stanly Lui Roshni Rajagopal

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The Tech Continent

From Berlin and London to Stockholm and Prague, European cities are breeding highly innovative tech companies that attract international investments. While the VC investment globally is down 53 percent, this year’s funding for European industrial tech is rising. Industrial tech startups have raised USD 4.8 bn — already almost as much as was raised in 2021 (USD 4.9 bn), a boom year for investment generally. By the end of the year, investment is predicted to rise 28 percent on last year, states a report published by early-stage European VC Speedinvest and intelligence platform Dealroom. By far, Germany has attracted the most funding this year. In fact, Germany’s 26 percent GDP comes from the industrial sector.

London, established as a European leader in fostering a conducive environment for unicorns to emerge, is also not far behind. Even in the wake of Brexit, record-breaking inflation rates, the war in Ukraine, and critical supply chain issues, the city

has outperformed much of the world regarding startup investment, outstripping China, India, and France in fostering innovative new companies. Throughout the opening five months of 2022, over 950 UK tech startups have raised £12.4 bn compared to the £12 bn raised in 2020.

From one unicorn in 2012, Europe has produced 132 unicorns in the last decade. In this issue, we celebrate the success of European organisations that have put innovation at the heart of operations. We have identified the 10 Most Innovative Companies in Europe - 2022 with the ability to execute an efficient and consistent idea with an overarching strategy. On the cover, we feature the Dossenheim-baed German organisation NEXUS / CHILI, founded in 1997, which has done some pioneering work in the teleradiology and telemedicine domain and continues to do so.

Enjoy Reading.

Sarath Shyam

IN MY VIEW

EXPERT’S OPINION

How is Artificial Intelligence Transforming Humanity in Every Dimension

Mark Minevich, Chief Digital AI Strategist and Co-Chair, AI for the Planet

Risk Assessment is a Vertical, and a Consumer Product

Jeff LoCastro, Founder and CEO, Neener Analytics, USA

Role of AI in Digital Marketing

Anand Subramanian, Vice President, India, Theorem

Antonio Grasso, Founder & CEO, Digital Business Innovation Srl

Brian Vieaux, President & COO, FinLocker

Tracy Reinhold, Chief Security Officer,

Ts Saiful Bakhtiar Osman, Head of IT – APAC, ASCENT Group

How is Artificial Intelligence Transforming Humanity in Every Dimension

Mark Minevich, Chief Digital AI Strategist and Co-Chair, AI for the Planet

What is the definition of leadership for you? As a leader, should one create more followers or leaders?

I believe that a leader should create more leaders, not followers. A leader is someone who inspires and motivates others to achieve their goals. A leader also has the vision and foresight to see the potential in people and help them to realize their own leadership potential. Creating more leaders ensures that there are more people working towards making the world a better place. Creating more followers does not necessarily create positive change, and can even lead to negative outcomes if those followers are not inspired or motivated to achieve anything.

Technology is evolving at an accelerating pace and is becoming more sophisticated and integrated into our everyday lives

Mark Minevich is a highly regarded and trusted Digital Cognitive AI Strategist, Artificial Intelligence expert, Global Social Innovation and Technology Executive, UN Advisor, Leading Author and Columnist, Private Investor/Venture Capitalist, and the principal founder and President of Going Global Ventures. He is an award-winning technology executive and has published two books and over 40 articles on AI, Industry 4.0, IoT.

Mark is newly appointed Chairman of the Executive committee of AI for Good Foundation. Mark is a Chief Digital Strategist at the International Research Centre for AI, under the auspices of UNESCO. Mark is Sr. Advisor to Boston Consulting Group Boston Consulting Group. Currently, he serves as the strategic advisor and Global ambassador to the CEO and Chairman of New York based Amelia/ IPsoft Inc. Mark collaborates and advises large global enterprises both in the US and Japan (Hitachi). Mark is Advisory Partner to Canadian Growth Investments and Business Advisor to Infosec Global.

MARK MINEVICH

Share your experiential learning in this life journey.

One of the most important things I’ve learned in my journey is the power of networking. Building a strong network of supportive people is essential for any entrepreneur. These people can provide advice, mentorship, resources, and opportunities. They can also be a sounding board for new ideas and help you navigate through difficult times. If you take anything away from my journey, let it be the importance of networking. It really is the key to success.

Technology is evolving at an accelerating pace and is becoming more sophisticated and integrated into our everyday lives. We are seeing a trend towards climate-friendly and sustainable technologies, as well as a move towards more personalized and bespoke solutions as a result of the inception of Web 3. Concretely, we are seeing steady development

Having recorded experience as a technology executive and UN advisor, how would you describe global technology trends and innovation?

in the fields of carbon capture, climate risk analysis and management, as well as distributed ledger technologies.

How have artificial intelligence and technology practices changed in the last decade?

There has been a shift from general-purpose AI technology that can be used for a variety of tasks, to more specific and targeted AI applications. This is in part due to the increasing amounts of data that are available, as well as

the development of new methods for training and deploying AI models. We are also seeing a move away from rule-based systems towards more data-driven approaches, which is enabled by the increased compute power and storage capacity that are now available.

With AI innovation across industries, organizations can better understand all aspects of business strategy, risk, and ethics. How can they make informed decisions about AI applications by assisting them with the deployment of AI?

There are a number of ways in which organizations can make informed decisions about AI applications. Firstly, they need to ensure that they have a clear understanding of their own business goals and objectives. They also need to understand the state of the art in AI technology and how it can be applied to their specific domain. Additionally, they need to consider the ethical implications of AI and make sure that their AI applications are aligned with their values. Finally, they need to think about the risks associated with AI and put in place measures to mitigate these risks. After taking all of these factors into consideration, organizations can then start to deploy AI applications.

How do you foresee AI technology trends impacting the global business landscape?

We are in the midst of one of the worst recessions in history, and AI is playing a major role in helping organizations to survive and thrive during these challenging times. AI is being used to automate tasks, improve decisionmaking, and drive efficiencies across the board. We are also seeing a move towards using AI

Web3 technologies are the next generation of internet technologies that are based on the principles of decentralization, trustlessness, and security

for predictive maintenance and forecasting, as well as for managing supply chains and logistics. In the future, AI will become increasingly ubiquitous and integrated into all aspects of business. For example, we will see AI-powered chatbots and digital assistants becoming the norm, and businesses will need to adopt AI in order to remain competitive. Personalization of the customer experience will also become more important, and AI will play a key role in enabling this.

How do you leverage your AI knowledge and innovation efforts to expand capabilities and positively impact social innovation and climate change?

I am very passionate about using AI for good and I believe that it has the potential to make a positive impact on social innovation and climate change. I am currently involved in a number of initiatives that are aimed at using AI to help solve some of the world’s most

My advice to the younger generation that is aspiring to become business leaders and entrepreneurs in the future is to always be learning

pressing problems. For example, The AI For Planet Foundation is a non-profit organization, which is using AI to help tackle the global climate crisis. Currently, we are working on defining AI-driven solutions that can aid in the transition to a low-carbon economy. Artificial intelligence has a tremendous number of use cases in climate change, including environmental monitoring, carbon trading, and renewable energy. For example, smart grids that use AI can help to optimize

energy usage and reduce wastage, while also increasing the integration of renewable energy sources. Additionally, AI can be used to develop new materials and processes that are more environmentally friendly.

What challenges have you faced in your business journey? Do you think luck or hard work is more important?

For years, I approached my assessments, reviews, and pitches with great bluntness. I would tell my investors and business partners plainly, “This is how it is — period.” However, I have since learned that the world is more complex than that. We need to deliver things in a way that doesn’t cause unnecessary stress but helps to set confidence and expectations. That being said, I believe that hard work is a major key to success. It’s not just about working hard though; it’s about working smart. You have to be efficient and utilize your time in the best way possible.

You are a strong advocate of companies investing in the Metaverse. How can enterprises increase their chances of success in the Metaverse and position themselves as leaders in this emerging market?

The Metaverse is a virtual world that is created by the convergence of multiple online communities and 3D environments. It is a natural extension of the internet and will eventually become the dominant platform for all human activity. Enterprises need to start investing in the Metaverse now if they want to be leaders in this emerging market. There are a number of ways in which they can do this. Firstly, they need to create a presence in the Metaverse and start experimenting with

different applications, such as virtual reality, augmented reality, and 3D commerce. Secondly, they need to build a strong team of experts who are knowledgeable about the Metaverse and the technology behind it. Finally, they need to create partnerships with other companies that are active in the Metaverse. These partnerships will be essential for driving innovation and growth in the Metaverse.

Web3 technologies are necessary for enterprises to stay ahead of the curve. How can they use Web3 to gain a competitive edge?

Web3 technologies are the next generation of internet technologies that are based on the principles of decentralization, trustlessness, and security.

They have the potential to radically change the way in which enterprises operate and give them a competitive edge. Enterprises can use Web3 technologies to build decentralized applications (DApps) that are more secure and efficient than traditional centralized applications. Additionally, they can use Web3 to create new business models that are not possible with centralized systems. For example, they can use blockchain technology to

Being the son of a sewing machine mechanic who was born in a small village in Belarus, I am immensely proud of my dad and everything he has accomplished

create decentralized marketplaces where buyers and sellers can trade without the need for a central authority. This will allow them to cut out the middleman and save on costs.

Tell us something about your passion and what drives your passion?

The impact of digital innovation and artificial intelligence on society, business, and government

is a passion of mine. I strongly believe that these technologies can be used to improve our world and make it a better place for all. Specifically, I am passionate about using AI for good, and have been involved in several initiatives to use AI for social good. I am also passionate about digital government, and feel that digital technologies can help government to be more efficient, effective, and responsive to the needs of citizens.

No more rat race. I literally wake up every day with a smile on my face. I find that doing what I want and being in control of my own life makes me a lot happier. Imagine deciding to go anywhere and doing whatever you want as long as you create value. Who wants to shlepp when you could enjoy life to the fullest. I figured out that art of living a fulfilling life

is trying things that are way outside of their comfort zone and enjoying it.

I believe that it is important to be a tiger, not a rat. I think that too often, people get caught up in the rat race and forget what is really important in life. Being a tiger means being focused and driven, and always striving to be the best that you can be. It also means being aware of the bigger picture and making sure that your actions are in line with your

Do you believe in being in the rat race or being a tiger?

values and goals. Being a rat means being afraid to take risks, and always playing it safe. It also means being focused on the wrong things, like money and status, instead of what really matters in life.

What has been your inspiration? Tell us about your desires and goal. Being the son of a sewing machine mechanic who was born in a small village in Belarus, I am immensely proud of my dad and everything he has accomplished. He is my inspiration because he always fought for what he believed in and never gave up on his dreams. Thanks to him, I have been able to experience the benefits of the American dream. I hope to continue his legacy by inspiring others to never give up on their dreams and to always fight for what they believe in.

Mention your achievements in professional and personal lives; state the awards & accolades received to date that define your accomplishments. I was recently named as one of the 20 Most Followed AI Influencers of 2021 by Engati, and now serve as the newly appointed Chairman of the Executive committee of AI for Good Foundation. I am also a Knowledge Partner and Co-Chair of the Steering Committee for the AI for the Planet Alliance collaboration with UNDP, UNESCO and BCG. Forbes named me as one of the Leaders to Watch in 2017, and I have received the Albert Einstein Award for Outstanding Achievement and the World Trade Leadership Award from the World Trade Centers and World Trade Center’s Association.

Tell us about the network of professionals and partners you have created. Can you shed some light on a few initiatives or techniques you are incorporating?

Currently, I am Co-Chair of the Steering Committee for the AI for the Planet Alliance, Chair of the Executive Committee for the AI for Good Foundation – in collaboration with UNDP, UNESCO and BCG as a Knowledge Partner based in Paris, as well as Senior Advisor to Boston Consulting Group and BCG Gamma. Through these various positions, I have been able to create a strong network of professionals and partners who are all working towards using AI for good – meaning creating social and economic value while also protecting our environment. We are working towards developing a set of best practices for AI applications in the environmental sector, creating an online platform that will allow businesses and organizations to find AI solutions for climate change, working with businesses and organizations to develop AI pilots that focus on climate change, conducting research on the impact of AI on the environment and climate change, and educating the public about AI and its potential to help address climate change.

What are the different verticals that you have worked with so far? How do you stay abreast of the periodic technological and industry changes in a constantly evolving world?

I have worked with a wide range of businesses and organizations across a variety of industries, including the telecommunications, automotive, aerospace, defense, healthcare, banking, and insurance sectors. I have also worked with governments and NGOs. I stay abreast of

the latest industry changes by attending conferences and events, reading industry publications, and following thought leaders on social media. In addition, I am a member of several professional organizations, such as the World Economic Forum, the G20 and B20, GFCC, US Council on Competitiveness, which enable me to stay up-to-date on the latest industry trends.

As a successful business leader, what would your advice be to youngsters aspiring to become business leaders and entrepreneurs in the future?

My advice to the younger generation that is aspiring to become business leaders and entrepreneurs in the future is to always be learning. Technology is changing at an exponential rate and it is important to stay up-to-date on the latest trends. Additionally, it is important to be adaptable and agile in order to succeed in today’s rapidly changing world. Finally, it is important to have a strong network of professionals and partners who can offer advice and support.

What projects or goals are you working on or leading currently?

I am currently working on a number of initiatives, including the AI for the Planet Alliance and the AI for Good Foundation. I am also working on a book on Preparing for a Human Centric Digitally Driven Future, which focuses on the importance of people and values in the digital age.

Any other thoughts that you would like to share with our readers?

I recently had an interview with CDO magazine, in which I suggested several key action items for businesses. First of all, companies must shift from automation of their existing processes to digitizing their operations. In addition, companies shouldn’t just adopt new technologies – they need to focus on the customer experience via personalization, mobile interactions, and data-driven marketing. Lastly, companies should invest into sensor tech and the Internet of Things to obtain real-time insights.

Companies must shift from automation of their existing processes to digitizing their operations

COVER STORY

nexus / chili

The medical software industry market has been expanding exponentially. Even with the onset of the unforgiving pandemic, while most industries took a hit, the medical software market did not experience any negative repercussions. As it happens, healthcare institutions increasingly turned to

harness the power of emerging technologies to better facilitate diagnosis, patient information management, and treatment. Cut to 2022, implementing advanced medical software within the healthcare domain is proving to be a game changer.

NEXUS / CHILI, founded in 1997, has done some pioneering work in the teleradiology and telemedicine domain and continues to do so.

The CHILI headquarter in Dossenheim/Heidelberg, Germany

NEXUS / CHILI PROVIDES A COMPREHENSIVE SUITE OF INTEGRATED RIS/ PACS SOLUTIONS WITH STRONG COMPETENCE AND PRESENCE IN TELERADIOLOGY AND E-HEALTH

“NEXUS / CHILI started as a Teleradiology and PACS company and recognised very early that medical images are of interest not only in radiology. Our collective experience and solutions for radiology have been extended into E-Health in general. Not only transferring, reporting, and archiving medical images, but solutions for the exchange of medical data between healthcare enterprises, in general,

became very important pillars of our portfolio,” informs Dr. Uwe Engelmann, CEO of NEXUS / CHILI.

Taking a deep dive into the story behind the company’s inception, Dr. Engelmann tells us how the company started as the commercial successor of the scientific MEDICUS project of the German Cancer Research Center, funded by the prestigious German Telekom.

The CHILI team at work

A team of experts designed and implemented a teleradiology system installed in thirteen German hospitals to exchange radiological images between them. The hospitals used the software daily and requested the team at CHILI to take ownership and provide support and further developments.

Meeting and Exceeding Customer Requirements

Achieving customer delight is the key ingredient for success, and having secured that, commercial software under the brand name of CHILI was developed 25 years ago. The start-up company, with three founders and

The CEOs of CHILI: Dr. Uwe Engelmann and Dr. Heiko Muench

two employees, was one of the first technology transfer projects at the German Cancer Research Center. And it was through this determination and dedication, that the organisation has a strong workforce of 100 experts today, based in Dossenheim/Heidelberg, Germany and two further branches in Frankfurt and Munich.

NEXUS / CHILI provides a comprehensive suite of integrated RIS/PACS solutions with strong competence and presence in teleradiology and E-Health. Dr. Engelmann adds, “NEXUS / CHILI is a strong company in the NEXUS group as the competence centre for medical images and E-Health. Together we

Project work

have the most complete portfolio for hospitals and healthcare in general in Europe.”

The CHILI software is modular and highly configurable. Several customers’ needs can be met without changing the software itself. Described by Dr. Engelmann in a more simplified manner, the software is like a set of LEGO Blocks. The same modules can be used from small teleradiology solutions to large distributed RIS/PACS-Solutions for a hospital network. Thus, the software can grow

The first mobile CHILI 2001more than 20 years ago

The support team

with the needs of the customer. Additionally, the requirements of customers are carefully collected and evaluated for continuous development for the software release.

NEXUS / CHILI has carved quite the niche in this domain and is one of the leading healthcare companies with the most complete healthcare portfolio in Europe. The organisation proffers solutions connected with medical images and is deeply integrated with the solutions of its group partners. The portal solutions are used

to manage medical data in the context of hospital stays and in the delivery of lab results, women’s healthcare, the exchange of patient data concerning rehabilitation measures, and so on.

In Tune with Market Trends

Dr. Engelmann explains that the portals market is currently the most relevant in Germany’s healthcare industry. This sector’s market growth has been accelerated by the funding of the German Ministry of Health by the Germany Hospital Future Law (Krankenhauszukunftsgesetz, KHZG). He says, “Our NEXUS group is in a perfect position with the NEXUS / Portal which is connected with many other NEXUS solutions such as HIS, lab, pathology, women’s health or rehabilitation software.” The company is catering to the strong demand for portals, including medical images, for doctors and medical staff and patients. So five years ago, key stakeholders worked on providing input and taking the company steps toward the future. It was concluded that the organisation becomes a larger entity equipped to cover the entire healthcare market. This resulted in the organisation becoming the competence centre for medical imaging and E-Health of the NEXUS group.

Forging Strong Vendor-Customer Partnerships

With a gamut of healthcare software options available across the globe today, efficiency and speed are two vital elements in ensuring superior customer satisfaction. In two and a half decades of impeccable service, NEXUS / CHILI has worked

with a broad spectrum of satisfied clients. The first nationwide networks for the distribution of radiological images were established with CHILI software more than 15 years ago in Chile, Brazil, and Columbia. The organisation established the largest telemedicine network in Germany, TKmed, with more than a thousand communication partners. “Huge teleradiology networks are using our software to support hospitals without radiologists on-site during the night and weekend shifts. Our largest customer reports radiological images of over one hundred hospitals with a team of about 50 radiologists,” proudly reveals Dr. Engelmann.

Driving Employee Engagement

He firmly believes that the organisation’s market presence today can be attributed not only to its bespoke products and services but also to its expert team members. Professional and social employee engagement is encouraged to help drive productivity and creativity within NEXUS / CHILI. The organisation supports employee engagement by making work exciting and conducting social events such as hiking, canoeing, or rock climbing. The entire team also participates in local sports competitions, like running, skating, and rowing. Also, barbecues

NEXUS/CHILI HAS CARVED QUITE THE NICHE IN THIS DOMAIN AND IS ONE OF THE LEADING HEALTHCARE COMPANIES WITH THE MOST COMPLETE HEALTHCARE PORTFOLIO IN EUROPE

Portal development

are held where the whole family is invited and are part of the social company life. Dr. Engelmann adds, “Innovation is stimulated by projects where we explore new avenues with scientific projects funded by regional organisations or by the German Ministry of Research with partners from other industries or the medical domain.”

Into the Future

Continually setting higher standards across Germany and the industry itself, NEXUS / CHILI has successfully joined forces with partners

RIS-Support

in North and South America. In Asia, the organisation recently started a new cooperation with a renowned healthcare company in Indonesia. This country, with over 270 MIO inhabitants, is currently in the process of implementing digitisation in healthcare. This demands RIS/PACS solutions that can easily be adapted to the local’s needs. These densely populated regions lack experienced radiologists creating a massive opportunity for experts to deliver solutions in teleradiology and E-Health. NEXUS / CHILI intends to spearhead this movement. Dr. Engelmann concludes, “We will continue to listen carefully to the needs of our customers and will provide solutions for their needs. We will not develop something in the ivory tower. Instead, we will provide what the market, medical doctors, medical staff, and patients need. Improving healthcare is our ultimate goal.”

Daily teamwork

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LEADERS’S INSIGHTS

Changing the Shape of Tech in Business

Antonio Grasso, Founder & CEO, Digital Business Innovation Srl

FounderandCEOofItalianstartupDigitalBusinessInnovationSrl,Antonioisregardedasoneofthetop digital transformation influencers and researchers on artificial intelligence, cybersecurity, the Internet of Things, blockchain, and sustainability. He is an enterprise and public sector consultant. He collaborates with large multinationals and public institutions as an advisor, b2b influencer, author, and software innovator. Currently, he is involved in two projects by the European Commission: the Next Generation Internet and the AI4EU – Artificial Intelligence for Europe as an external expert and ambassador. Antonio is an Accredited and Qualified Global Mentor for Startups and Scaleups by the World Business Angels Investment Forum. In 2021 he joinedThe Society of Professional Journalists as a professional member. His ethical vision regarding digital transformation has seen him active on numerous social channels, all dedicated to spreading knowledge, most notably to developing countries. Antonio aims to help spread the concept of digital transformation, and he actively engages on social media to bring the latest content on new, emerging technologies and their uses to secure a better future. Antonio Grasso has over 37 years of experience handling numerous projects in the field of information technology for both enterprise and public sectors. He believes that digital transformation is a digital evolution process that involves many aspects, and technology is only a component of the puzzle. For him, the biggest hurdle is cultural change, and a strategic approach to face this epochal change is paramount.

As an entrepreneur, what are some of the battles you had to win to become successful?

Aside from the financial battle, the business model aligned with today’s market needs was complex to predict. I thought about exposing myself as a person with my skills rather than highlighting the company logo. It worked.

When did you realize that business and tech was your passion?

When I was a teenager, I was enchanted by technology’s mechanisms. I opened everything to find out what was inside, closed it again, and resold it to other friends in exchange for other instruments or toys. Later it was a natural evolution.

What led you to pursue a career in AI and IoT? Is it something that always fascinated you, or was it an acquired taste?

I started as a software developer in 1983 and wrote ERP software for local clients. My whole

working life has been immersed in software. Then with the arrival of the new probabilistic algorithms of artificial intelligence, I embraced the evolution. The Internet of Things has always been present in my working life because I have been programming devices for many years, which is part of my passion for technology.

Which moment in your life would you consider a sign that you have arrived as a top professional in the industry?

That time hasn’t come for me yet. Like many I live the concept expressed by many that “the race for excellence has no finish line”

Being an enterprise and public sector consultant, how do you find welltailored solutions for each client?

I always put people at the organization’s center, try to understand the specific requirements of each assignment, and then adapt my professional action to optimize the delicate

The Internet of Things has always been present in my working life because I have been programming devices for many years, which is part of my passion for technology

mechanisms that govern all organizations, whether private or public.

What is your role as an external consultant on your projects with the European Commission: the Next Generation Internet and the AI4EU –Artificial Intelligence for Europe?

For AI4EU I am an external expert and a mentor. I participate in independent evaluations of projects that should be funded by the European Commission as an external expert, but I also do mentorship actions for companies benefiting from European funds. In addition, thanks to my extensive presence on social media, I am also an ambassador of the NGI initiative to make the objectives and specific characteristics of the project known in Europe.

You have visited many countries to spread knowledge about digital transformation. What, according to you, was one of the most memorable events in your travels?

I can’t make a ranking because I consider them all memorable events from my point of view. But if I had to choose one, I would say that one of the events in South Africa was the one that most caught my attention thanks to the great power of positive contamination that I felt during the trip and the keynote.

Starting a new business isn’t easy, and sustaining it is the hardest part of being your own boss. How did you cope during the pandemic and what is one takeaway you’d like to share with budding entrepreneurs today?

I consider myself a lucky entrepreneur because during the pandemic, thanks to the business

model of my business, I was able to work almost the same as before. For those starting now, I believe that underestimating online channels is a big mistake and putting your skills first is the right thing to do. People matter more than brands.

What forced you to start your own company?

More than being forced by something, I was driven by an unstoppable desire to put myself, my skills, and the desire to share them with those who have the same passions as me. This allowed me to gain reputation for myself and my new business

Digital transformation is not a point of arrival but an evolutionary path toward the postdigital era that involves all aspects of an organization. Now, we are getting used to digital as we did with electricity and TV at that time. Then we got used to these innovations, and today we can no longer live without them. I believe that the same thing will happen in a few years with digital. It will become so widespread and essential to us that, as with electricity, we will only notice its absence and no longer its presence.

Can you tell us your opinion about the digital transformation we see today?

Do you think it is the future is now?

I consider myself a lucky entrepreneur because during the pandemic, thanks to the business model of my business, I was able to work almost the same as before

Redesigning

Approach to Sustainable Hygiene

Consumers across the globe have already begun to change their behaviour and approach to increasing hygiene concerns. The pandemic was one massive catalyst that propelled every individual’s and business’s perspective toward cleanliness and hygiene. While the Covid19 crisis forced us to change our behaviour as consumers in the hygiene aspect, we still find ourselves returning to our old ways, discarding our masks and sanitisers, thereby damaging our ecosystem and exposing ourselves to health risks. Moreover, traditional manual cleaning and disinfection practices across most high-touch surfaces

are often suboptimal. While we may advance in this digital era by leveraging emerging technologies and automating most processes, functioning in high-contact areas is still largely unavoidable without being exposed to viruses/bacteria and other pathogens.

Promoting better hygiene standards, sustainability, and versatility while making significant contributions to the advancing technologies, SAL Systems, headed by Jonathan O’Connell, is perfectly poised in this sector with its innovative products. Bridging the gap within the existing hygiene protocols, the company is one of the first to introduce smart ways to efficiently manage

PROMOTING BETTER HYGIENE STANDARDS, SUSTAINABILITY, AND VERSATILITY WHILE MAKING SIGNIFICANT CONTRIBUTIONS TO THE ADVANCING TECHNOLOGIES, SAL SYSTEMS, HEADED BY JONATHAN O’CONNELL, IS PERFECTLY POISED IN THIS SECTOR WITH ITS INNOVATIVE PRODUCTS

hygiene in specific high-traffic areas. The team of experts at SAL Systems designed and developed two flagship products, Credi-Clean TM and Snap-Clean TM. “Credi-Clean TM is specifically designed for a credit card terminal whether it is a drive-through, self-help kiosk, mom-and-pop stores, mass retailer or selfhelp checkouts,” explains Jonathan.

Creating Future-proof Offerings

CREDI-CLEAN

TM is a versatile cleaning device fitted with integrated distance sensors, allowing this unit to automatically detect the intensity and time needed to disinfect the given area. The product is equipped with a magnetic strip and runs on a standard 12V power supply, making it a highly versatile offering. It can run in mass retail stores, touchscreen kiosks, and across a million interaction points in the world. The devices promise an easy-to-use UI where both devices have a safety function with sensors, a red and green light to indicate when the device is disinfecting, and when the disinfected area is safe for interaction.

These highly intelligent and novel devices leverage a UVC disinfectant system for different

uses. Even though UVC has been used in labs and refrigeration units for a long time, this technology has not seen the light of day in daily life and is only operated within closed rooms by experts with hazmat suits.

Investing Time and Knowledge for Better Outcomes

Before going to market, the team at SAL Systems ran a risk test for IEC (International Electrotechnical Commission) and passed it on their tenth try! Despite the test being increasingly onerous, it was through the team’s sheer perseverance that Credi-Clean TM today is one of the first technological offerings in the world to pass the test using UVC germicidal in the public domain without a physical barrier or trained individuals.

The technology is so safe that the disinfection process can be carried out next to a mother and her child at a grocery store without any training or barriers.

The organisation spent the first year and a half dedicated to testing the product. “For 1st year and a half, we did not sell a single product; we only tested it. So, we built one, installed it, and stood in the back and watched customers and shoppers use it. I listened to their feedback on what changes were needed and conducted interviews to better understand the customer’s needs. We did 12 design revisions before finally putting it on the shelf. We installed hundreds of units, tested them, and watched them until we reached the

perfect point. We did not hurry and just make a million units and go to market,” reveals Jonathan. He further adds, “We have invested in the world’s strongest testing procedures to ensure the product we deliver has all the certification necessary to take it to market.

We have done testing to the highest IEC standards, which certify the product to not only be safe to consumers but also prove the efficacy that it does what it claims it will do.

We have not cut any corners in the design and laboratory testing of the product. So, when a franchise signs up with us, they know they can confidently go to market with a product with a long shelf-life while exceeding the customer’s expectations.”

Forging Strong Partnerships

What is more interesting about these offerings is a Franchise/licensee can effortlessly implement the offering, almost like a businessin-a-box concept where the website and technical presentations are already in place with provision for assistance and training of the workforce. Jonathan tells us, “The way we proceed is we start with the licensing. Once

the agreement is signed, within 2 months, we will have the product demos in their country, branded websites up and running, and email addresses ready. We assist with all of the marketing material personally and virtually.” When partnering with a franchise anywhere across the world, the franchise, at their discretion, can sign up distribution within the particular region and employ labour for the

same. So not only does SAL Systems provide its customers with the finished product, but it also empowers the franchise to carry out their own manufacturing of the product. The organisation provides its franchisees with the required blueprints, designs, and project files. The franchise can build their products as per their specifications and can carry the label of having made it within their country. “We help licensees build their own design in their country. It stimulates their local economy and helps us become sustainable as we are not directing resources toward transporting the devices. Everything I have done with my designs, especially the boxes used for product transportation, is reusable instead of recyclable. I worked very hard on these designs to work along the principle of sustainability,” says Jonathan.

Through its network and franchises, SAL Systems worked with much well-renowned clientele. The company recently worked with a 24-hour veterinary practice where SAL Systems compared their manual cleaning regime to Credi-Clean TM. Jonathan informs,

“After having the devices installed for a month, we did laboratory testing comparing the hygiene of Credi-Clean TM to the hygiene of cleaning with a sanitiser bottle and a rag. The lab testing proved we were better than manual cleaning and the delighted client gave a testimonial appreciating the product and its offerings. There was no wastage and consumable costs.”

Having carved a niche in this domain, SAL Systems has licensees in North America, Canada, Australia, Chile, South America, the

UK, and Ireland. The company recently signed on the entire middle-east sector, which includes Oman, Qatar, the Kingdom of Saudi, UAE, and so on. Each one of the franchises/licensees is trading under SAL Systems company. Positively impacting the environment that we live in, Jonathan tells us the immediate plans the company has in the pipeline, “We are currently signing up licensees globally and giving them the blueprints to manufacture the product in their region. As we manufacture more products, the unit cost will come down, the manufacturing costs will lower, and the entry into the market will be more affordable. In the long run, we will make a difference by dramatically reducing their wastage and the consumables used on manual sterilisation/hygiene.”

NOT ONLY DOES SAL SYSTEMS PROVIDE ITS CUSTOMERS WITH THE FINISHED PRODUCT, BUT IT ALSO EMPOWERS THE FRANCHISE TO CARRY OUT THEIR OWN MANUFACTURING OF THE PRODUCT

Heading to a Cleaner and Greener Environment

Taking on a futuristic approach to creating a more sustainable environment and securing our children’s future, Jonathan shares with us two projects he is working on that will be launched in the coming years. Jonathan is working on the concept of radiating energy onto the fruit and vegetables within the agricultural department before the farmers’ pack, ship, and export the fruits and vegetables.

The technology can be harnessed to kill any fungi and viruses present on the fruit and extend its lifespan. This will be a part of the franchise offering that the franchise may also sell and use. Another project

Jonathan holds dear to his heart is clearing the river waters of the Umgeni and Ganges rivers through technology.

Jonathan helps us better understand the difference he wants to bring about. He explains how the rivers are riddled with bacteria and E.coli, making it very unsafe for people to swim or drink water. Even the animals are getting sick. This same technology by SAL Systems can be extended to deploy within flowing waters where it can kill bacteria and parasites, thereby increasing the water’s visibility. In principle, what that will do is it will assist the sun to better penetrate and oxygenate the water, thereby bringing down the parasite count and making the water safer for the people and animals.

Jonathan concludes, “That is a few years away, but we have already carried out some pilots in Capetown in South Africa on very small streams. Rivers like Ganges and the Umgeni are my goal.”

Powerful protection designed for PC gamers

MOST INNOVATIVE COMPANIES IN EUROPE 2022

Amboss Badi

Website: Headquartered: Berlin, Germany

https://www.amboss.com/

Key Person: Madjid Salimi, Co-Founder and Co-CEO

About the Company: AMBOSS is a medical technology company that has fundamentally changed the way medical know-how is acquired and utilized at the point of care.

Website: Headquartered: Barcelona, Spain

https://badi.com/

Key Person: Carlos Pierre, Founder and CEO

About the Company: Badi is a Barcelona-based platform that uses machine learning to match tenants, roommates and landlords based on their preferences, personalities, and interests.

CoachHub GmbH

Website: Headquartered: Berlin, Germany

https://www.coachhub.com/

Key Person: Yannis Niebelschuetz, Founder & CEO

About the Company: CoachHub is the leading global talent development platform that enables organizations to create a personalized, measurable and scalable coaching program for the entire workforce, regardless of department and seniority level.

Mambu

Netomnia

Website: Headquartered: Tewkesbury, England

https://www.netomnia.com/

Key Person: Jeremy Chelot, CEO

About the Company: Netomnia is the fastest-growing network operator specializing in connecting homes and businesses to ultrafast full fiber broadband.

https://mambu.com/

Website: Headquartered: Amsterdam, Netherlands

Key Person: Eugene Danilkis, Founder and CEO

About the Company: Mambu is a SaaS, cloud-native, API-driven banking and financial services platform designed to power financial innovation, to bring solutions to market faster, drive down cost barriers and allow ecosystems to expand.

NEXUS / CHILI GmbH

Website: Headquartered: Dossenheim, Germany

https://nexus-chili.com/

Key Person: Dr. Uwe Engelmann, Founding Managing Partner

About the Company: The NEXUS / CHILI GmbH, based in Dossenheim near Heidelberg, develops software for PACS and teleradiology and supplies them to their customers ready to use. The company’s clients are medical surgeries, small, medium-sized and big hospitals as well as university clinics.

ONEJOON GmbH

Website: Headquartered: Bovenden, Germany

Key Person: Simon Schurr, Vice President, Sales & Marketing and Product Management

About the Company: ONEJOON is the technology and market leader for oxidation ovens and carbonization furnaces used in the production of carbon fiber. It has developed a very strong position in the markets for cathode and anode material production for lithium-ion batteries as well.

Rapyd

Sophos

Website: Headquartered: Oxfordshire, UK

https://www.sophos.com/

Key Person: Kris Hagerman, CEO

About the Company: Sophos develops network security and threat management products to protect organizations against malicious acts.

https://www.onejoon.de/en/ https://www.voi.com/

https://www.rapyd.net/

Website: Headquartered: London, England

Key Person: Arik Shtilman, CEO

About the Company: Rapyd is a payments platform that inserts fintech services into any app and simplifies the complex offering of local payment methods.

VOI Technology

Website: Headquartered: Stockholm, Sweden

Key Person: Fredrik Hjelm, Co-Founder & CEO

About the Company: By offering a radically new approach to urban mobility, VOI Technology revolutionises the way people move around, for greener cities and healthier communities, fueled by passion.

Schurr, Vice President, Sales & Marketing and Product Management

Simon

Germany-based ONEJOON GmbH is a leading manufacturer of turnkey high-temperature industrial kilns and furnaces. The company is backed by 125 years of experience in manufacturing customized hightemperature industrial furnaces, which are used for the heat treatment of a wide variety of materials and whose range of application is in the most diverse industries.

Moreover, ONEJOON’s innovative strength to continuously discover new market segments and market niches enables the company to offer high-quality and innovative products and processes that inspire its customers. Hence,

WITH A RECORD

OVER 1000

PLANTS, ONEJOON PROVIDES

MOST DIVERSE PROCESSES IN THE TEMPERATURE RANGE FROM 100 °C TO 3,000 °C WORLDWIDE.

when it comes to manufacturing completely new furnaces and kiln systems, ONEJOON becomes the first and ultimate choice among customers.

Company Timeline: From Ruhstrat to Eisenmann to ONEJOON

ONEJOON GmbH began its journey in 1896 under the name Ruhstrat GmbH. Its Founders, Adolf and Ernst Ruhstrat, the brother duo, developed the first resistance-heated hightemperature furnace in cooperation with the later Nobel Prize winner Prof. Walther Nernst and Prof. Gustav Tammann from the University of Göttingen. This furnace could

THE

reach temperatures of up to 3,000 °C. Just two years later, Ruhstrat received commercial orders to develop and construct customized high-temperature industrial furnaces. From then on, the company underwent a series of transformations, with some wins and losses.

In 2011, Ruhstrat GmbH was fully taken over by Eisenmann AG, based in Böblingen, due to a split-up of individual business units.

After that, the development and manufacturing of high-temperature industrial furnace systems were done under the company name Eisenmann Thermal Solutions, whose areas of application lie in a wide variety of industries. However, in 2019, the Eisenmann Group and individual business areas, including Thermal Solutions, got into financial difficulties and ultimately into insolvency proceedings.

In January 2020, the South Korean company ONEJOON Co. Ltd. acquired Eisenmann Thermal Solutions and renamed the company ONEJOON GmbH. The parent company ONEJOON Co., Ltd., is a mechanical engineering company based in Suwon, South Korea, whose primary market is the production of high-temperature furnace systems, including the required material handling and process technology for the treatment of cathode and anode material in lithium-ion batteries.

A Wide Range of Offerings

With a record of successfully delivering over 1000 furnace plants, ONEJOON provides the most diverse processes in the temperature range from 100 °C to 3,000 °C worldwide. In addition to the optimal mapping of the thermal processes, the efficient integration of the furnaces into the production process is kept at a top priority. Currently, ONEJOON’s team of expert engineers is developing solutions for demanding thermal processes to get the best properties out of highperformance and lightweight materials.

While commenting on what gives the company an edge over its competitors, Simon Schurr (Vice President, Business Unit Advanced

Materials & Processes and Marketing) reveals, “ONEJOON’s key assets are our vast process know-how that is reflected in our own department ‘process technology’ and in our TestCenters in Korea and Germany where we have Pusher Kilns, Roller Hearth Kilns, Rotary Kilns and a lot of different special atmosphere kilns.” Likewise, through continuous investment in R&D projects, brainpower, and education, ONEJOON has emerged as a global player in the market.

Over the years, ONEJOON has made great strides in the electric mobility and energy transition sectors. Its kilns and process equipment are globally used to manufacture battery powder. Moreover, ONEJOON is also building a large number of systems for advanced materials that are used in the hydrogen industries. In light of these efforts, ONEJOON surpassed its order intake target by over 90% in 2021.

Offering Best-Matched Systems, Quick Start-up Processes, & Educational Support to Customers

The team of ONEJOON selects the kiln system that best matches the customers’ processes.

The company also assists clients in the smooth and quick start-up of their new manufacturing equipment. In addition, ONEJOON offers longterm production support for more than 3 months if necessary. Within this period, ONEJOON’s supervisors and specialists share their knowledge and insights with the client team.

Using Social Media Platforms for Professional Networking

In recent years, supported by the COVID-19 pandemic, ONEJOON has strongly focused on its online channels. “We have emphasized not only on our website but also started extending our professional network through various social media platforms. These are backed by a culture of long-term cooperation not only with our customers but also first and foremost with our suppliers and partners,” shares Simon. Altogether, these initiatives continue to keep ONEJOON connected to its core markets.

Motto Driven Innovations

Back in the day, “You could invent something new every day” was quoted by the company’s

founder, Ernst Ruhstrat. Keeping this motto as an integral part of its corporate philosophy till today, ONEJOON continues to play to its innovative strengths to provide exceptional industrial furnace systems and the associated process technology to customers.

“Our employees are passionate, innovative, and committed to developing and building thermal plants according to individual customer requirements,” shares Simon with pride. Moreover, every engineer is given the opportunity and support to develop individual strengths and interests that help in driving long-term success for the company.

Planning Ahead

In the upcoming years, the energy transition will remain the strongest driver of growth for ONEJOON. The leading thermal processing equipment manufacturing company is also planning to launch an exciting range of brand new and innovative kilns and furnaces that will assist in driving the global energy transition.

LEADERS’S INSIGHTS

Creating Awareness about Financial Fitness

Brian Vieaux, President & COO, FinLocker

BrianVieauxhas30yearsofexperienceinbanklendingandmortgage,coveringbusiness strategy, business development, sales and marketing, compliance, quality control, and risk management.Inbuildingbusinesschannelswithinbothlargeandmedium-sizedcompanies, Brianhasgainedsignificantexperienceinallareasofmanagement,includingsalesproduction management, human resources, administration, operations, risk management, and training and development. Prior to joining FinLocker in 2022 as the company’s President and Chief Operating Officer, Brian was SVP Third Party Originations, Wholesale & Correspondent Lending at Flagstar Bank, SVP at Aurora Bank, SVP at Indymac Bank, and National Sales Director at CitiMortgage. Brian began his mortgage banking career in 1991 with Source One Mortgage Services Corporation. An alumnus of Michigan State University, Brian is a former Mortgage Bankers Association’s Residential Board of Governors member and was cochair of the MBA’s Wholesale Executive Forum. In 2005, he attained the Mortgage Bankers Association industry designation of Certified Mortgage Banker (CMB).

What are some of the perks of a financial fitness platform? How does FinLocker guide clients with their mortgages?

Similar to other financial fitness platforms available to consumers, FinLocker provides credit-building, budgeting, goal-setting, and money-management tools to help them achieve their financial goals. FinLocker is unique because it offers additional tools and resources to help homebuyers overcome the common barriers of mortgage eligibility – low credit score, poor credit history, high debt-to-income ratio, and insufficient savings for their down payment and closing costs. The tools are driven by proprietary digital technology that perpetually analyzes their consumer-permissioned financial data in the platform to show them what they need to do to become eligible for a mortgage. The platform then guides homebuyers with personalized journeys to achieve mortgage readiness.

FinLocker enables mortgage lenders, banks, and credit unions to spread financial fitness to prospective homebuyers much earlier in their

homeownership journey. Our clients can privatelabel their FinLocker and give their branded app to their consumers to enable the platform to nurture their consumers toward mortgage readiness, freeing mortgage originators to focus on providing personalized service to mortgageready consumers. The app has additional tools that provide homeowners with their home equity and value. Homeowners can continue to use their lender’s branded app to monitor their credit and manage their finances to sustain homeownership.

How do you spread financial awareness among people?

Financial education is often not taught in schools and colleges in the United States. Students are graduating with student loan debt without the skills to budget their paychecks to pay bills and living expenses while saving money to achieve future financial milestones, such as buying a car or obtaining a mortgage.

FinLocker provides educational resources that supplement the financial tools to address this

Students are graduating with student loan debt without the skills to budget their paychecks to pay bills and living expenses while saving money to achieve future financial milestones, such as buying a car or obtaining a mortgage

imbalance. Additionally, the mortgage process is often intimidating to many first-time homebuyers. FinLocker removes the mystique by explaining the mortgage process and introducing the terms and jargon they’ll be hearing along the way.

Many people worldwide continue to have easily transitioned into using online banking, Google Pay, and the like. As a veteran in the field of FinTech, do you think that soon paper currency will be obsolete?

We don’t believe that paper currency will become obsolete. There are still low-to-moderate income, underbanked and unbanked segments in society who rely on paper currency.

According to a recent report from the Board of Governors of the Federal Reserve System, 81% of adult Americans are fully banked, 13% are underbanked, and 6% are

unbanked. Despite the prevalence of online banking and payment apps, the percentage of unbanked Americans has only dropped by 1.75% in 6 years. However, whenever you drill down into these surveys, adults with less than a high school degree, Black Americans, and Hispanics are disproportionally unbanked and underbanked.

Until financial education is taught at all grade levels in U.S. schools, these consumers won’t learn the benefits of banking and responsibly using credit, so they will continue to live in a cash-based society, unable to access core banking services and the opportunities to build credit to qualify for a car loan or mortgage.

Report:

https://www.federalreserve.gov/publications/ files/2021-report-economic-well-being-ushouseholds-202205.pdf

Do you like working in the FinTech industry? if yes, how did you realise your love for FinTech?

I love it! FinTech is a fast-paced and ever-evolving industry. I observed various FinTechcompanies and products during my 28 years in mortgage

When it comes to home buying, what advice would you give a first-time buyer?

We want to empower borrowers to use their own financial data to achieve financial fitness and readiness so they can present themselves to their lender with their identity, credit, assets, employment, and income verified inside their app

A first-time buyer can begin to self-determine if they can qualify for a mortgage by first reviewing their credit score and credit report. If they have been paying bills on time, have not maxed out their credit cards, and have a good credit score, they should qualify based on their credit health. Next, they should research the cost of homes in their preferred neighborhoods so they can input an average sales price into an online mortgage calculator. The calculator will help them to determine the amount they will need for their down payment and closing costs and if they can afford the monthly mortgage payment. Before they begin touring homes, they should meet with a mortgage loan officer to learn about eligibility requirements for mortgage and down payment programs. When they get pre-qualified, the loan officer will inform them of the current interest rate that they can qualify to receive. Of course, if a first-time buyer connects with a mortgage lender who provides FinLocker, this process will be much easier.

Undeniably, we live in a capitalistic world today. What is something you swear by when it comes to making money? Or, what’s the best way to save and invest?

origination. What attracted me to move to FinLocker was to be part of a solution to spread financial fitness among all consumers within an industry with whom I still have many contacts.

I’m not a gambler or an active investor, so I’ve found success in my life by aligning my work, which is where I make my money, with things I’m passionate about. Many successful start-ups have a passionate founder or leader. I recommend aligning your passion with your work so it won’t feel like work, and

the passion will drive your energy to your job, which should equate to your ability to earn more.

Please share one of the highlights of your FinTech professional career. I’m still relatively early in my fintech career. Among the highlights is learning and understanding how fintech can help improve people’s lives, like financial literacy, financial fitness, and preparing for a home purchase.

Being the COO of FinLocker, what strategies do you use to keep employees motivated?

Our strategy is around transparency, trying to remove siloed thinking and be more communicative and collaborative. However, it starts with the recruiting process; be mindful of hiring new team members who align and share your passion for the company’s mission.

How is FinLocker different from other financial institutions/companies? What would you say is your company’s USP? FinLocker offers the next generation in customer relationship-based performance marketing to empower mortgage originators, lenders, servicers, banks, and credit unions, to provide personalized financial solutions and experiences for their customers.

FinLocker has partnered with Fannie Mae, TransUnion, Microsoft, and consumer housing advocacy groups to help all first-time homebuyers on their journey to achieve homeownership. FinLocker is Day 1 Certainty approved by Fannie Mae for direct source asset verification and has partnered with Argyle for employment and income verification.

I recommend aligning your passion with your work so it won’t feel like work, and the passion will drive your energy to your job, which should equate to your ability to earn more

Financial institutions can private-label their instance of FinLocker with their brand, so their consumers can stay within the platform for their entire homeownership journey. The consumer really doesn’t need to use another app on the market. FinLocker provides all the essential tools to build and monitor their credit health, manage their financial accounts, budget and save for their down payment and pay down debt. It has a home affordability calculator, online property search, and a secure way to transfer their financial data and documents to their mortgage loan officer when they are ready to apply for a mortgage.

FinLocker provides a unique USP for each business category. For example, the platform enables mortgage lenders and originators to connect with homebuyers at the top of the sales funnel and provides a high-tech, hightouch solution to manage a larger pipeline of homebuyers and recover homebuyers initially turned down for a mortgage. The tools in the FinLocker platform prepare homebuyers for a mortgage and homeownership and enable them to initiate a mortgage application directly from the app with their lender once they have achieved mortgage readiness. This service contributes to an increased lead to loan rate for mortgage lenders and originators.

Once homebuyers become homeowners, they continue to use their sponsoring mortgage lender’s or mortgage servicer’s private-labeled FinLocker to monitor their credit, manage their finances, and monitor their home equity and net worth. FinLocker provides a valuable engagement platform that enables financial institutions to create customers for life and cross-sell additional financial products via the app.

How do you plan to drive growth within your company? What’s next for FinLocker?

FinLocker is a B2B2C platform, so scaling happens in two ways. The first way to scale is to increase the number of users of the FinLocker platform by adding more businesses that will distribute the FinLocker platform to their consumers. We have a robust pipeline within the mortgage vertical, specifically large mortgage lenders who are in the implementation stage with our product and will begin distributing their private-labeled FinLocker to their customers and prospects over the next 90 days. Onboarding these businesses will significantly ramp up our user base in terms of consumers using the FinLocker platform.

Secondly, we look at the FinLocker app as a holistic consumer financial experience, so we’re continually reviewing how to add tools and features into the app to solve consumer problems, which also adds value to a lender providing the app to their consumers. So while we focus today on mortgages, we’re looking at other areas to help solve problems. As I mentioned in response to an earlier question, millions of consumers who are either unbanked or underbanked need help to create a credit profile or expand their credit profile to improve their credit score. That’s not just a mortgage use case. That broadly applies to consumers to benefit them for related financial services like buying auto and home insurance that are somewhat priced based on a consumer’s credit score. We want to empower borrowers to use their own financial data to achieve financial fitness and readiness so they can present themselves to their lender with their identity, credit, assets, employment, and income verified inside their app.

EXPERT’S OPINION

Risk Assessment is a Vertical, and a Consumer Product

Jeff LoCastro, Founder and CEO, Neener Analytics, USA

Irecently saw a graphic in my LinkedIn feed. I don’t recall by whom it was posted, but it had thousands of comments. So, I assumed it was popular. But it has one fatal flaw. Can you see it? I’m not debating the companies representing the verticals; I’m talking about the aggregation of the verticals themselves. What’s missing?

What’s missing is the only vertical that provides value and purpose to the others. Certainly, the verticals above include the 10’s of millions of people who are active in them, but what about the 100’s of millions who are not?

Jeff was a member of the initial executive team of the inventors of the online social network: Classmates.com and was one of the first to extract innovative insights from social network data; innovation beyond simple demographics and advertising and became a pioneer in the monetization of social network ‘membership.’ While the marketplace focused on ‘transactional” features, Jeff was one of the first to connect affinity and behavior to understand non-linear correlations. Based on his ability to extract unique insights, Jeff pioneered the first ever effective CPA (cost-per-action) model which became the basis of all future social analytics models, as well as the foundation for all social media monetization.

What’s missing? RISK ASSSESSMENT.

Not only is understanding the risk of the engagement central to just about everything financial, but it is also central for the consumer in understanding their own risk. And when the consumer understands their own risk, that becomes the foundation for them in building, what we call, their Financial Brand.

Yes, it’s a Consumer Product (if you’re doing it right)

Traditionally, risk assessment is something that goes on behind the scenes, in the backroom, out of sight; the “secret society” that are the financial gatekeepers. We don’t see it that way. We see risk assessment as a Consumer Product; something that the consumer drives because it is based on who

they are as unique individual human beings (human data) and how the simple act of being a human can manifest in predictable financial outcomes. They create the data, they own the data, they share the data . . . because they are the data.

Do the math

56% of the US population is thin-file, Nofile, and Credit Challenged 88% of LATAM’s are also risk invisible 89% Globally

There’s almost 8B people in the world 66%* of Millennials (Gen Y) are not building a financial footprint. Those numbers are even higher for Gen Z

On any given day, ≈1% of the global population are engaging in a transaction

that either 1) their personal financial risk is the deciding factor, or 2) understanding and leveraging their own authentic financial risk would offer them more opportunity.

Think about it

Over 70,000,000 people each day are trying to transact where Risk is the central feature. Given the numbers above, how many of them break into a nervous sweat every time they hit “submit” or hand someone their application or whatever? Or how many are choosing NOT to engage in the financial marketplace because they are just tired of the personal or public embarrassment of being “rejected?” That is, how many have just walked away from it all? (see Gen Y and Gen Z above).

Why is it important?

How many of you who are reading this can give me one example (just one) of how, for example, getting a checking account improved your life? I don’t mean made it convenient (or whatever), but fundamentally improved it; that a checking account increased your standard of living. Conversely, I know every one of you can give me +100 examples of meaningful, observable, and structural improvement in your life when your engagement risk was authentically understood.

Yes, Risk Assessment is a vertical because @ Neener we have made it a Consumer Product that can be leveraged by the consumer by sharing it with a Lender . . . with 1-click. And it’s the only vertical around which all others rotate and the only one that gives value and purpose to the others.

When the consumer understands their own risk, that becomes the foundation for them in building, what we call, their Financial Brand

LEADERS’S INSIGHTS

Bridging the Gap Between Digital and Physical Security for Enterprise Resilience

Tracy Reinhold, Chief Security Officer, Everbridge

Tracy Reinhold, CSO at Everbridge is responsible for advancing Everbridge’s enterpriselevel security strategy, as well as working closely with customers and partners to optimize their organizational approach to managing and responding to critical events. Reinhold has served in executive leadership roles in security and incident management for some of the world’s largest brands. As CSO at Fannie Mae, Reinhold was responsible for designing and managing the company’s enterprise resilience strategy. Prior to Fannie Mae, Reinhold served as VP of Global Investigations at Walmart. He created and led a team of global investigators in the United States, Asia, Africa, South America and the UK. Prior to his commercial roles in security, Reinhold served as a Special Agent with the Federal Bureau of Investigation for twenty-two years. He was a member of the Senior Executive Service, served as Associate Executive Assistant Director for National Security, and led the FBI’s intelligence division.

Critical Event Management (CEM) is the ability to address business interruptions and return to revenue quickly

As the Chief Security Officer at Everbridge, what is your main responsibility?

As the CSO, I am responsible for the overall security strategy at Everbridge. This includes both internally as well as helping our customers realize the value of technology in security.

What is critical event management? Do you think it is a must for every company?

Critical Event Management (CEM) is the ability to address business interruptions and return to revenue quickly. This is done through the gathering of intelligence, the visualization of threat or impact information, the automation of the response to enhance recovery, and finally, the ability to return to business as usual. This process is critically important for all organizations.

From being employed at the FBI and Walmart to joining Everbridge, what has your professional journey been like?

Can you share some of the important milestones?

The most significant portion of my career was in public service, first in the Marine Corps and then with the FBI. I learned early that the sense of mission meant a lot to me and this is why I am now at Everbridge, as our mission is to keep people safe and businesses running.

Why did you leave the FBI after 22 years of service?

I retired from the FBI after 22 years, having had a very successful career and then took my learnings to the private sector in an attempt to add value in the private sector like I had in the public sector.

Technology accelerates our ability to identify, assess, and respond to risks and threats. This results in a safer, more resilient business

Each company has a different type of exposure to digital and physical threats and risks. How do you create an effective strategy to safeguard your clients?

The appropriate strategy is to take a holistic approach which is threat and risk agonistic. That is to say, have a solution that is valuable across the board and not tied to a specific risk or threat. The idea is to be able to recover from a business disruption regardless of the cause of the disruption.

What excites you about your job?

As I mentioned before, the ability to protect people and help organizations recover quickly really excites me. What we do at Everbridge matters and the mission is more important than the individual.

We’ve come a long way from ARPANET. Today, we face the most threats via the internet and have been combating them with AI and cybersecurity. How does Everbridge use technologies to harness the most effective security plan?

Technology is an enabler of security and allows organizations to address security risks at a much faster rate. Technology accelerates our ability to identify, assess, and respond to

risks and threats. This results in a safer, more resilient business.

Tell us something interesting about yourself. What do you do in your free time, or how do you like to spend your holiday?

I design and build furniture in my spare time. I find that to be a great way to relax and recharge during my downtime.

Being an expert in all things security, what are some tips that we can use personally to protect ourselves from attacks, both digital and physical?

I consider myself a student of security as opposed to an expert. We are constantly learning and leveraging new technologies and techniques as they relate to security. The most important things people can do to protect themselves is to be present in the moment. Understand that what you do matters to people who are working at cross purposes to the mission of your organization. The same concept also applies to physical security when you are traveling. Be aware of your surroundings, do not take unnecessary risks, and take the advice of your security teams in all matters relating to both physical and digital security.

LEADERS’S INSIGHTS

Delivering the Facts in Technology Today

Ts Saiful Bakhtiar Osman, Head of IT – APAC, ASCENT Group

Ts. Saiful currently serves as the Head of IT– APAC, for ASCENTGroup, a Singapore-based, Global Independent Fund Administrator company. He is responsible for providing advisory, technology, solutions, security, and ITprojects delivery for all ASCENT’s offices across the Asia Pacific. He was listed as the World CIO 200, by the Global CIO Forum, for the years 2020 and 2021,asarecognitionofhisachievementintheindustry.HewasalsorankedastheTop75CIO for ASEAN (CIO75), in 2021 by the International Data Group (IDG), as well as CIO50 ASEAN for theyears2019and2020.AsanITprofessionalwithanMBA,hehas22yearsofexperienceinIT Management,StrategicPlanning,ITSecurity,DigitalTransformation,ProjectManagement,Risk Management and Business Continuity. He holds the ISACA’s CISM and CRISC certifications, PRINCE2 Project Management, SCRUM Master (Agile Project Management), ITIL Practitioner and Intermediate (v2 & v3), Microsoft’s MCSA, IATA’s Aviation Cyber Security and IBM’s Lotus Notes Specialist. He is also actively participating in IT events and summits as a Speaker, Panelist or Moderator, both locally and across borders, such as India, Singapore, Philippines, Indonesia, the Kingdom of Saudi Arabia, Bahrain, and the United Arab Emirates.This is his way of giving back to the industry by sharing his knowledge and experience. Apart from the above, he currently serves as a Mentor to a technology start-up company, ArmourZero and a regular columnist for the ‘When Expert Meets Expert (WeMe)’ technology blog.

With the new generations of users who are well versed with gadgets and technology, we should see an increase in the demands and different sets of customer behaviour towards the financial industry

Technology has made the world have a paradigm shift. Owing to this tech revolution, so has the financial world been subject to it. Do you think that this is the right way forward and why?

Definitely, the financial world should evolve together with the rapid progress of technology. Customers now demand more innovation in financial products and to have more control over their financials over multiple-channel solutions. People are moving away from the traditional over-the-counter banking services model and have the autonomy of doing all their required transactions over the internet and mobile devices.

Furthermore, with the new generations of users who are well versed with gadgets and technology, we should see an increase in the demands and

different sets of customer behaviour towards the financial industry.

This is the way forward and all banking institutions should keep up if they want to stay relevant. With the emergence of Digital Banking, it would be a direct threat to their survival if they still choose to remain stagnant with the traditional banking business model.

With 21 years of experience in IT, how has the world of fintech changed in recent years?

The world of Fintech has changed so much in recent years. In Malaysia, the change has been accelerated these few years with support from the Central Bank’s Regulation, the Government’s initiatives, and the issuance of Digital Banking licenses in the country.

Nowadays, people are so used to payment apps, mobile banking, Peer-to-Peer (P2P) lending apps, investment apps and even crypto apps. Shopping has never been so easy with this emerging technology, and you can even order food or order your rides to move from one place to another. Who would have thought that you could easily open an account just by tilting your head to the left and right to verify your profile?

Guess what, nobody even writes cheques anymore. Why need to go through the hassle when

you could easily transfer your money via QR Code, instant transfer, and same-day processing of payments? The evolution of Fintech has made all this possible.

As the head of IT at the Ascent group, there is sure to be no dull moment. Can you share some interesting moments of your career?

Indeed. Since our company, ASCENT Group is running 100% on AZURE Cloud, we have gone

the extra mile by having a regional Business Continuity Process which is instantaneous and with almost zero downtime. Should any disaster hit or anything happens to our business which resides in the AZURE Singapore Region, all our staff can immediately shift all their access to the Corporate BCP site hosted in AZURE Japan Region. This is to ensure a seamless business transition and our commitment to continue serving our Premier Clients and Customers.

On top of that, we recently migrated our subscription-based international Fund Accounting system and have it hosted in our own AZURE Cloud. This was carried out with the aim of better control and protecting all financial data.

You have many accolades and awards for your contributions to the field. Which award brought you the most pride in your efforts?

My most memorable award would be the Top CIO 50 for ASEAN (CIO50) award which I received from the International Data Group (IDG, now known as Foundry) in the year 2019. This was the first inaugural CIO50 Award introduced by IDG for Southeast Asia, and I was honoured to be listed as one of the pioneer recipients of this award. It was also the recognition of all the IT innovations that I had implemented during my tenure at the Malaysian Aviation Commission, an economic regulator for the Aviation industry in Malaysia.

The world of tech is expanding each day and is always on ‘auto-update.’ How do you keep up with the latest advancements and innovations?

Continuous learning is a must. I have always encouraged my Staff to attend seminars on these new technologies and I also welcome vendors and technology companies to approach us and share about their latest products or new technologies.

We need to keep abreast with the latest development in innovations and technology and being part of international IT circles like the Global CIO Forum and CyberEdBoard has allowed me access to this valuable information.

You are also able to learn from others’ experiences of walking down that path so that you would be able to avoid similar hiccups in your project implementation. This international-

Why need to go through the hassle when you could easily transfer your money via QR Code, instant transfer, and same-day processing of payments? The evolution of Fintech has made all this possible

level collaboration and intelligence sharing would better prepare you to make a sound decision or determine the direction in which new technology is to be invested.

At Ascent, as the Head of IT, how do you create bespoke solutions for clients?

In ASCENT, we always involve the Business Users from the beginning and collaborate with IT in coming out with the best solution for business, for clients or for operational efficiency. We also have very dynamic Business Heads who are

really committed and consistent on what is to be achieved. This strong collaboration has so far been fruitful and there were no cases of Shadow IT in our environment.

The way your business runs, and the operations are different from one company to another.

To create bespoke solutions for clients, input from businesses is essential as they are the ones managing the clients at the frontline and they would also be the ones to carry out the finished product when it is ready. One of the key results of this strategic brainstorming is our eKYC system

(Know Your Customer). It was so good that the Management decided to commercialize this eKYC as part of our ready package to the Clients.

How do you determine the right strategy for each client when it comes to financing?

I have this ‘BRAG Rule of Thumb’ when it comes to the financing of project prioritization. I am certain that every company has laid out a lot of projects in the pipeline. Hence, choosing the best would help you get the most out of your investments.

B: Brings value to the company and stakeholders. Please select the projects that would impact your bottom line, increase User Experience (UX) and be the most critical for business survival.

R: Right fit technology. Do not overspend unnecessarily and select the right technology with your budget, company size and operation needs. There is no one-size-fits-all kind of solution when it comes to technology.

A: Aligned to the Business Goals and Objectives. IT should be leveraged to increase the profitability of the business or to make Operations more efficient. IT should no longer be set up as merely a cost centre.

G: Good balance between People, Process, Technology and Compliance. We need to develop the user’s readiness whenever we introduce a new system because, without the combination of all key processes, your new project may end up as a white elephant project.

Who has inspired you the most in your professional life and why?

In my professional life, I have always looked up and owed it to my late Boss, Mr Izzanee Idris. In my eyes, he was a Mentor, a friend, and a great Boss. He was the one who groomed me to become an IT Management. His values, his good conduct, his integrity, and his crisis management skills had a great influence on me and helped me to become who I am today.

Cybersecurity is a major concern in this day and age. What are some of the pitfalls in the tech world? How can we protect our information?

Cybersecurity is indeed a critical factor that would keep the CIOs and the CISOs awake at night. The threats keep evolving and the threat actors are becoming more creative in coming out with ways to penetrate your organizations.

In my personal view, access to Cybersecurity

Technology is still quite expensive and it would be a disadvantage for startups or small to medium companies to be able to secure such protection with a limited budget

In my personal view, access to Cybersecurity Technology is still quite expensive and it would be a disadvantage for start-ups or small to medium companies to be able to secure such protection with a limited budget.

We need a cybersecurity solution that is comprehensive and affordable, and the emergence of Security-as-a-Service (SECaaS) solutions may provide an alternative to this scenario.

To protect our information, you need to go back to the foundation and reinforce your internal processes and system.

● Know what to protect: Take stock of all your information assets, and classify their importance and criticality. Then assign the strictest and strongest protection to the most critical data.

● Know who accesses your data: Clean up your list of users in the organization (housekeeping) and make sure only the right users be assigned to the right folders or data.

● Know where your data is being accessed: Go towards a Zero Trust setup, a local DMZ is no longer trusted and safe. Always be vigilant about where the traffics are coming from.

● Focus on Multi-factor Authentication: Working on a tight budget? Focus on what you can control to increase the complexity of the security.

What, according to you, has been the most useful innovation in the field of IT?

Do you think it is the future of IT?

I always root for the Internet of Things (IoT) and I do believe that IoT would still be relevant as the sought-after technology moving forward. The application of IoT is limitless. All this data that is being collected and transferred by the IoT devices, if used together with Analytics would become a powerful source of information which could be utilized for stock forecasting, market topology and

distributions, customer behaviour analysis, new product and market segmentation targets, just-intime production, etc.

In Aviation: It increases flight safety, by having sensors integrated into every component of an aeroplane. Should any equipment malfunction or the flight is having issues in midair, the ground crew will be alerted and ready with the rectification team at the next airport where the aeroplane would land.

In Smart Homes: Now you can manage your house better while you are away. Switching off the fan or TV, brewing the coffee up front before you reach home, activating the CCTV or alarm remotely for safety or even replenishing your fridge stocks by ordering online whenever there is a shortage.

In Smart Cities: If you put a simple sensor in anything, it becomes smart, connects to the network, and operates in the best interests of the urban population. Traffic management, water distribution, waste management, urban security, and environmental monitoring are some of the approaches we can leverage by using IoT.

In Smart Retail: This is what they have been implementing in some parts of China, where the customers can enter the Supermarket and take their groceries and exit without the need to queue at the cashier counter.

In Smart Farming: Technology has increased the efficiency of modern farming with the crops being monitored by drones, humidity sensors, and growth analyzers. It would also be more cost-effective, especially if you are running hundreds of acres of plantation with limited manpower to support it.

In Smart Grids: The Smart Grids are about managing energy consumption and similar resources in an effective and traceable way.

Role of AI in Digital Marketing

Anand Subramanian, Vice President, India, Theorem

Over the years, companies have adopted newer ways of marketing, moving away from the traditional methods of marketing. Advancements in Technology have been embraced by Digital marketers to help them achieve, if not over-achieve, the return on investment (ROI) on the marketing spend. Every Chief marketing officer (CMO) have their eye on key indicators around customer acquisition, customer retention and providing customer lifetime value. If these are the key performance indicators (KPIs), how does technology help Marketing Directors and CMOs achieve these KPIs.

Anand Subramanian is an IT Services industry veteran with over 29 years of experience having worked with large IT service companies like Tata Consultancy Services, Wipro Technologies, and Tata Interactive Systems. Prior to joining Theorem, Anand managed India Delivery as a Chief Delivery Officer for Ness Technologies India PVT Ltd. Starting his career as a Software Engineer and eventually pivoting into Delivery Management roles, Anand has been involved in various strategic initiatives including leading Innovation initiatives throughout his professional tenure. Anand has managed customers including large Fortune 500 companies in their digital transformation journey. He is passionate about utilizing technology to solve customer pain points and he believes that value-addition is one of the key tenets in any customer engagement.

Digital marketing is an expertise that revolves around building insights using data and analytics. With the advent of social media and engaging the online audience new kind of data has become available to Marketers. All this humongous data has to be processed to generate insights. This is where technology plays an important role on how to make the best use of this data. Specifically, applying Artificial Intelligence (AI) and Machine Learning (ML) on this data sets helps identify

behavioral patterns. Here are some insights that AI and ML algorithms help digital marketers

Customer acquisition: With the growth in the awareness amongst customers and with companies increasing digital marketing spend, customers have more choices than ever before. This becomes a challenge for businesses to remain competitive and continue to acquire more customers for their

revenue growth. This is where technology has a role to play and AI can contribute in the different steps of the customer acquisition workflow. From creating awareness, building interest and then converting a prospect to customer AI can help in each of the steps. Optimizing the company’s search engine ranking, understanding customer dropouts, providing seamless website and/or customer support experience, generating interest in the products, providing cross-sell/upsell

opportunities are the areas where AI can help businesses reduce the customer acquisition costs.

Customer Experience: When customers want to make an online purchase the buying process has to be seamless. Using AI-enabled chatbots and using conversational AI, the customers’ online buying experience can be improved considerably. Customizing and personalizing content can be easily achieved through the information captured by the BOTs as well as through the feedbacks or reviews captured post the purchase. The chances of customers coming back to a brand increases significantly when brands customize content based on the context which is where technology can help.

Personalized marketing: Based on customer’s buying behaviours, their interests, and spending habits, different kinds of digital marketing engagements can be enabled. This includes sending personalized messages, notifications, emails, relevant offers and recommendations on brands that the customer is more likely to shop. There are various parameters that will need to be considered before determining these offers. For e.g. considering age, demographics, location, gender will not provide accurate insights on customers’ interests and predict future buying behaviours

Product Recommendations: By using the data collected and implementing intelligent learning mechanisms a recommendation engine can help push products based on their behaviors. Since human cannot process huge amounts of data, this is where technology will play a role to push this information to customers.

Improve customer retention: Customer churn cannot be avoided, however, how do we reduce it. Using technology one can determine how frequently and why customers leave. Customers leave brand due to different reasons. Reasons can be numerous – demographics, feedbacks, customer satisfaction scores, amount

brands an opportunity to take remedial actions to retain these customers.

Customer lifetime value: Businesses have come to realize that determining the customer lifetime value is important in order to be successful. To put it in simpler terms, customer lifetime value is the money a customer is willing to spend on a brand. Indirectly, it also shows will a customer become a repeat customer. AI will help businesses determine this value and in turn determine their most valuable customer(s) and help determine ways of how to convert a low valued customer to a high-valued customer. Businesses can then plan their loyalty programs, incentivizing repeat customers using different techniques like more targeted/personalized customer messaging, multi-channel marketing, over invest in repeat and continued buyers, etc.

What to watch-out for: One thing that has been discussed quite often is the authenticity of the prescriptions made by AI tools. How can AI tools be free of biases? An AI bias occurs when the algorithms deliver biased results due to incorrect assumptions. It also depends on the data sets on which the ML is being trained. More often than not ML processes get trained on training data and depending on the data quality the machine delivers the results. Hence it is important to question the AI results without which AI could end up being counterproductive.

of time spent on customer support, etc. Analysing the online customer engagement using AI can help businesses determine their best marketing strategies, production capacity to meet customers’ demands. Once the reasons are identified, using different AI and ML algorithms one can identify when the customer is likely to leave. This will give

Conclusion: AI has become mainstream to large brands and businesses who integrate technology to their business growth. Breaking the different stages of marketing and identifying the relevance of AI in each of these stages will help businesses propel forward their growth.

With the growth in the awareness amongst customers and with companies increasing digital marketing spend, customers have more choices than ever before