Who's Who of Financial Services Asia 2013/14 by FST Media

The Who’s Who of fINANCIAL seRVICes GeNeRAL MANAGeR, edIToRIAL Angela Horvat

GeNeRAL MANAGeR, sALes John Todd

edIToRIAL dIReCToR

Contents

Natasha David

JouRNALIsTs & CoNTRIbuToRs Jessica Fell Derry N. Finkeldey Kimberley Gaskin Matthew Sainsbury

Andrew Birmingham Bill Todd

Revolutionising our way of life

The emergence of a new tech triumvirate is seeing battle lines drawn among Chief Digital, Marketing and Information Officers

sALes dIReCToR

ART dIReCToR Mark Maric

sub edIToRs

Anna Wong

ACCouNT MANAGeRs Devan Arumugam Jacp Fong Michelle Graves Linda Wee

Who’s Who CooRdINAToRs Vidya Gopinath Carly Pollifrone Gladys Tan

GeNeRAL eNQuIRIes info@fst.asia

PubLIsheR FST Media (Singapore office) 20 Cross Street #02-07/08 China Square Central Singapore 048422 Tel: +65 3157 6020 www.fst.asia FST Media (Sydney office) Suite 602 Level 6, 30 Alfred Street Milsons Point NSW 2061 Phone: +61 2 9376 3200 Fax: +61 2 9376 3453

CoLuMN: PIyush GuPTA, Ceo, dbs bANk

CoLuMN: susAN sTeVeNsoN, CouNTRy MANAGeR & Ceo, CIGNA hoNG koNG Big data – big service differentiator

CIRCLe of TRusT

exeCuTIVe RouNdTAbLe

Safeguarding against globalised fraud. A private audience with Nick Leeson – the man who brought down Barings Bank

CoLuMN: Wee ee CheoNG, dePuTy ChAIRMAN & Ceo, uNITed oVeRseAs bANk GRouP

The future is tied to the rise of Asia

Emerging trends in data analytics to harness the customer experience

Transforming the way we bank

Asia’s most influential technology chiefs are gathered for a portrait of the Who’s Who of Financial Services

CoLuMN: hAN kWee JuAN, Ceo, CITIbANk sINGAPoRe

CoLuMN: MIChAeL fooNG, ChIef sTRATeGy & TRANsfoRMATIoN offICeR, MAybANk GRouP Pushing the innovation boundaries

A Nexus of foRCes

The convergence of information, mobile communications, the cloud and social media is driving a fundamental power shift

exeCuTIVe RouNdTAbLe

The Who’s Who of fINANCIAL seRVICes

exeCuTIVe RouNdTAbLe

From strategy to execution – leading the charge for effective customer communications

100

dIReCToRy LIsTINGs

A concise catalogue of Asia’s leading product, service and solution providers w ho ’ s w ho o f fs i

www.fst.asia

Where the Market Meets

Financial Services Technology Media where the market meets

Foreword It gives me great pleasure to bring you the third annual edition of the industry-leading publication, The Who’s Who of Financial Services Asia. Innovation is synonymous with leadership, and FST Media prides itself on once again presenting the definitive guide of the leaders who are shaping the industry. Our team of journalists have interviewed the region’s top financial services executives whose mandate is the relentless pursuit of business-enabled innovation. When asked what technologies they are keeping a close watch on, Asia’s top financial executives cited the latest developments in mobility, cloud, social media and the need for 24/7 engagement with customers via the medium of their choice. This was echoed by Gartner’s in-depth look at the ‘nexus of forces’ – the convergence of information, mobile, the cloud and social media − which is driving a fundamental shift in the power relationships between financial institutions and their customers. Big data is also rising on the agenda for most of our CIOs, however this is only part of the equation. Connecting, communicating and collaborating with customers will be far more important than merely collecting information from a wide variety of sources. While big data offers a rich opportunity to enable these goals, it was collectively noted among our interviewed CIOs that information must be overlaid with business intelligence to provide critical insights for business decision-making. Indeed, knowledge is power. The evolution of the financial services industry has always been inextricably tied to the transformation of the customer. The average customer is becoming more sophisticated, more savvy. This trend will become even more pressing with the rise of Gen Y as they embark on financial maturity and demand more solutions tailored to their needs. The emergence of this generation is paralleled by the entry of a new breed of technology executives who are more versatile, with a focus on the role data and real-time analytics play in understanding the new customer. Chief digital and marketing officers are fast becoming hailed as the next technology chiefs along with CIOs. While this new tech triumvirate is seeing battle lines drawn among the top technology chiefs, one opinion was shared among all our executives: the skills needed for success are leadership, communication and the ability to influence others. On behalf of the FST Media team I would like to thank you, our readers of this important publication, for your continued patronage. I also extend my gratitude to those executives who agreed to be interviewed, our columnists, analysts and other contributors who shared their perspectives on the future trends shaping the region. Natasha David Editorial Director FST Media

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Revolutionising our way of life by Piyush GuPta

at Dbs, our innovation efforts are anchored around three big ideas: firstly, straight-through processing (stP) with increased focus on digitisation; secondly, convenience of access and interaction with Dbs; finally, analytics and the use of big data.

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The pace of change that is upon us is extremely daunting. The world in which we live, work and bank today is continuously changing. Consumers today are far more demanding, and our ability to access information and make choices has changed dramatically, while new technologies are revolutionising our way of life. The demise of well-known brands such as Kodak and Borders is a cautionary tale that underscores the importance of keeping up with technology and innovating to meet everchanging customer needs. While DBS is South-East Asia’s largest bank, with banking becoming increasingly commoditised, we recognise that we can only be a bank apart if we put customers at the centre of all that we do. At DBS, our innovation efforts are anchored around three big ideas: firstly, straightthrough processing (STP) with increased focus on digitisation; secondly, convenience of access and interaction with DBS; finally, analytics and the use of big data. As our experience has shown, the solutions to these areas of innovation are often multifaceted and use more than an idea. However, if successful, they make us more responsive, competitive and result in improved customer satisfaction. In Hong Kong, our second-largest market, our customers can now apply for an unsecured loan online and obtain instant approval. This groundbreaking initiative is an industry-first in Hong Kong. This is made possible because we built an online straightthrough platform which can interface in realtime with the Hong Kong credit bureau. The DBS customer centre in Singapore handles over five million calls each year. In August 2012, we rolled out interaction analytics at our customer centre, the first bank in Singapore to do so. The use of interaction analytics took the DBS customer centre to the next level in improving customer satisfaction, operational efficiency, and cost management effectiveness. Using speech analytics technology, DBS can effectively identify the type of calls that require longer handling time such as loan enquiries. Once these topics are flagged, the

analytics solution goes one step further to pinpoint recurring key phrases across these calls. The bank then uses this information to determine the underlying causes of problems such as unclear communications, process issues or knowledge gaps. By identifying the reasons for repeat contact from the same customer, DBS can tailor responses to better address customers’ needs resulting in improved first-contact resolution and reduced call volume. As a result of this initiative, we have seen an eight per cent improvement in average talk and hold time. “Failure demand” calls have been reduced by 149,000. Compliments have also increased 56 per cent from a year ago, and complaints have gone down by 18 per cent in the same period. In Singapore, DBS customers conduct 25 million transactions a month at more than 1,100 ATMs. DBS ATMs have one of the highest utilisation rates in the world. To ensure customers can access funds around the clock, we wanted an intelligent solution that would allow us to accurately forecast ATM activity, as well as execute an optimisation plan to reload our machines. The goal was to stock each ATM with just enough cash to avoid running out – with as few trips as possible. DBS partnered with SAS to develop and implement an innovative solution that seamlessly integrates disparate operating concepts from manufacturing and logistics industries as well as operationsresearch techniques such as forecasting, optimisation and queuing theory to improve cash loading in one of the world’s busiest ATM networks. Through this process innovation, we have reduced incidents of ATM running out of cash by 80 per cent, shaved 30,000 hours from customer wait time, and reduced the number of trips required to reload the network by 20 per cent. To set ourselves apart from the competition, a relentless focus on innovation is key. We will continue our efforts on this to deliver greater productivity and customer efficiencies. Piyush Gupta is Chief Executive Officer of DBS Bank.

PAYMENT SOLUTIONS 8 of the 10 largest world banks rely on TIBCO to run profitable and agile businesses.

www.tibco.com

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Big data – big service differentiator BY sUsAN sTEVENsoN

To benchmark our achievement we assess customer satisfaction at key touchpoints using a tough measure of whether customers would be willing to recommend us to their family, friends and colleagues.

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Since Cigna Hong Kong first opened its doors for business in 1933, our team has been committed to improving Hongkongers’ health, well-being and sense of security. The key to our approach is to develop a better understanding of customers’ characteristics, insurance needs and buying behaviour in order to tailor solutions for them. Our 4Rs approach of targeting “the right customer with the right product at the right time through the right channel” means we have the customer central in every decision we make. Beyond satisfying our customers, this also benefits our business partners. It also means we develop deep relationships with our customers – frequently with multiple relationships for them and their families. To benchmark our achievement we assess customer satisfaction at key touchpoints using a tough measure of whether customers would be willing to recommend us to their family, friends and colleagues. The metric, known as Net Promoter Score, drives critical decisions for our business and helps shape strategies and our employee behaviours. There are also two enablers that empower us to be a customer-centric company. Knowing that data privacy is a top-of-mind concern for our customers, we set a very high standard in data security control to ensure full compliance with all data privacy regulations and maintain full security of customer information. With stringent data security process and protocols backed by advanced technology, Cigna maintains the highest levels of data security and highest global standards. We were the first insurer with a dedicated telemarketing channel in Hong Kong to obtain international best practice standard for Information Security Management Systems (ISO27001) as well as Payment Card Industry Data Security Standard (PCI-DSS) which is the highest standard for credit card payment. That, in addition to our other policies and controls, ensures customers can trust our data privacy and security and also benefit from

more relevant products and services to serve them better. Secondly, Customer Value Management (CVM) has become a key differentiator for us. We use it to drive innovation and provide best value for customers. CVM ensures we leverage a wide array of data, including internal, syndicated and synthetic, turning information into insights through segmentation and tactical models. With the emergence of big data, we at Cigna see the future of CVM as being the strategic integration and leveraging of enterprise data and big data to derive best solutions to take our customer relationship management to the next level. As almost 70 per cent of Hong Kong consumers regularly use the internet and 60 per cent of us now carry smartphones; social media such as Weibo and Facebook have become very popular. This trend has created huge amounts of data and customer insights for marketers savvy enough to capitalise upon them. Investing in the right tools and technologies to capture and organise the wide variety of data will not only benefit our customers but also ensure our sustained future growth. Something our customers and Hong Kong consumers are seeking are ways to make their lives less complex and empower them to make the best choices. Take Amazon, for example. While we may not always buy books, DVDs or CDs from the site, most of us love seeing recommendations that are based on careful evaluations of the past purchase histories. We see that as a great challenge and opportunity for us to help our customers. At Cigna, we never forget that customers are the sole reason we exist and why we are where we are today. We are going to continue to drive customer-centricity by keeping our focus on our customers and find still more exciting ways to innovate on their behalf. Susan Stevenson is Country Manager and Chief Executive Officer of Cigna Hong Kong.

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The future is tied to the rise of Asia BY wEE EE ChEoNG

Asia’s long-term prospects are positive and are backed by increasing intra-regional business flows and a rising middle class which is driving consumption and economic growth.

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At UOB, we focus on the long-term. This is reflected in our mindset and our approach. We believe in balancing growth with stability to build a sustainable customer franchise in Asia. We do this through a disciplined focus on key drivers in our business, preserving balance sheet strength and investing in people and infrastructure in a region where we see long-term potential. Prudence and determination have served us well in growing our business organically. Through a series of well-timed acquisitions, we have also created a fully owned pan-Asian network of over 500 branches and offices that cannot be replicated quickly or easily. While Singapore remains our home base, our future is tied to the rise of Asia. Our business has grown from its home base to include subsidiaries in China, Indonesia, Malaysia and Thailand. We have invested the time and the capital and resources to understand the dynamics on the ground and to build a solid foundation for future growth. With our regional network in place, our priority is to harness its potential through building an integrated platform. We are moving beyond a collection of banks to a holistic regional entity where we operate seamlessly across the region, supported by an effective local presence in each market. We aim to deliver a consistently strong and distinct UOB experience for all of our customers wherever it is that they bank with us. Technology plays a key role in this vision. Our journey to deliver seamless crossborder solutions accelerated five years ago with a S$500 million investment in an IT transformation project. The project’s purpose is to deliver borderless banking for our customers to support business growth effectively across the region. Our IT and operations functions were integrated to help drive process efficiencies through technology. We completed a tierfour IT shared services centre in Singapore to support our four banking subsidiaries in Malaysia, China, Indonesia and Thailand and our overseas subsidiaries in 12 other countries globally.

This was a critical step as the centre helps us to standardise and centralise many of the daily operational processes. A highly robust and resilient tier-four IT shared services centre also allows us to create scale and stability in harnessing our IT investments and management practices. We have achieved early success in several areas. For example, by streamlining and consolidating our credit card processes across our network, we now have 50 per cent costsavings from our IT production cost per card. Our customers from any of our subsidiaries can now use any UOB ATM in our network to do their banking without being charged an overseas transaction fee. By the end of 2013, we will have completed the refresh and standardisation of our core banking applications. We are also progressing well in creating regional centres of excellence and streamlining of workflows through technology. Ultimately, we believe all these efforts help us deliver greater efficiencies, speedto-market, enhanced risk management and, importantly, seamless service to customers wherever they bank with UOB. UOB is reaping the results of taking a long-term perspective – staying committed and building our regional platform through various economic cycles. Asia’s long-term prospects are positive and are backed by increasing intra-regional business flows and a rising middle class which is driving consumption and economic growth. Our steady approach puts us in the position to seize the opportunities these trends offer as we have taken the time to understand the dynamics of the region and to build a solid foundation from which to support our customers. We are in the right place, at the right time, with the right resources to tap into rising intra-regional business and consumer affluence. We look forward to seeing our regional franchise deliver greater value in the coming years. Wee Ee Cheong is Deputy Chairman and Chief Executive Officer of United Overseas Bank Group.

C o - SponSo r e d a r t i C le

BankPlus Delivers Instant Issuance to Customers at 50 Branches BankPlus customers were facing a lengthy process between applying for Visa cheque cards and receiving them via traditional mail delivery. As a result, the cards were rarely used within the first few weeks after a new account was opened. Existing customers were also affected by the delays in receiving replacements for lost, damaged or stolen cards. According to Dave McLeod, Executive Vice President and Chief Technology Officer, the challenge for BankPlus was to find the best solution to get a cheque card into a customer’s hand as soon as a new account was opened. The bank wanted to offer a state-of-the–art, personalised solution that customers would appreciate. Choosing the right card issuance technology was crucial to the decision to move forward. “We wanted the new, flat card printing technology that was coming to the market,” said Cheney Spence, card services manager and physical security officer at BankPlus.

Choosing the Right Technology Partner Following a review of instant issuance systems, BankPlus selected Datacard’s CardWizard instant issuance software and associated card printers based on the features offered by the solution. CardWizard software was both easy to implement and compatible with the bank’s card management infrastructure. The bank also felt that CardWizard offered the best security features. Datacard offered a complete support plan to provide resources for a three-branch pilot, including training and technical assistance for each branch installation.

From Pilot to 50-Branch Rollout Following the success of the pilot, BankPlus now offers instant issuance at 50 of its busiest branches. The strong partnership between BankPlus and Datacard is yielding significant benefits for the bank and its customers. The CardWizard software’s intuitive design and Datacard Group’s experience in launching instant issuance programs have resulted in a secure, reliable instant issuance solution. Both customer and merchant response to the flat debit cards has been overwhelmingly positive.

Significant Cost Reduction With instant issuance, the bank no longer issues temporary ATMonly cards to new customers. Postage and handling expenses associated with mailing new cheque cards and PIN mailers have been eliminated. Cheque processing expenses have also been reduced because new customers can perform signaturebased transactions immediately after leaving the branches, instead of waiting to receive their cheque cards in the mail. The CardWizard software gives BankPlus complete control over the card replacement process for lost, stolen and damaged cards, eliminating special handling expenses associated with express card orders.

Enhanced Customer Experience The CardWizard software has provided an exciting opportunity for BankPlus to differentiate its brand, as well as gain a competitive advantage over other financial services organisations. Datacard Group has delivered an innovative solution that has enhanced the bank’s customer experience. BankPlus is now able to combine personal, in-branch customer education with instant issuance to encourage immediate card usage. This means new customers transitioning from other banks avoid the lengthy wait of receiving their BankPlus debit cards by mail, as well as eliminating security concerns about cards or PINs being lost or stolen in the mail. Finally, the bank has reduced the risk of customer attrition by issuing replacement cheque cards quickly and conveniently in the branch. For further information please contact: Monica Lim Director, Instant Issuance asiapacific@datacard.com

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Transforming the way we bank BY hAN KwEE JUAN

we are now in the next wave of mobile banking innovation with contactless payments, targeted push alerts and offers, on-demand real-time information updates and instant delivery of e-vouchers via our contactless posters.

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We live in a fast-paced world where technology and the digital space have changed our lives – from the way we learn, entertain and shop, to how we connect, communicate and do business. In an age where speed and convenience are priorities, it is imperative that banks look at how digitisation can play an integral part in their operations and enhance customisation and delivery of products and services. The battle to deepen customer mindshare and loyalty can add value to a customer’s life and empower them to get things done faster and more intuitively. We believe this is an evolutionary process where we need to deepen our engagement with our customers by integrating and leveraging their physical and virtual experiences. The principle is straightforward – give customers the opportunity to do what they need to do in the fastest, most efficient and convenient way. The key is simplicity; developing easy-to-use products and services that add value and fit customers’ preferences. We started in 2008 with our Smart Banking initiative to design digital customer-centric solutions intuitive to behaviour and needs. Our Smart Banking branches empower customers to do self-service banking, including browsing products and services via interactive touchscreens, speaking to bank officers via ‘face-to-face’ phone banking and using iPads and Apple terminals. Smart Banking branches are bringing in new clients up to five times faster than traditional branches and 85 per cent of transactions now take place outside the branch. The future of banking is one where our customers no longer have to wait in line or be limited by opening hours. The latest piece in our Smart Banking strategy, Citibank Express, was developed with this in mind. The Citibank Express terminal is the branch of the future, available 24/7. It was designed to give customers access to practically all services. It can accept cheques, issue cashier’s orders, scan documents and issue ATM, debit and credit cards. Our customers can self-serve to open savings, term deposits and foreign currency accounts and apply for loans. Customers can speak to an officer via live

video conference, receive tailored offers and promotions and customise their home page using widgets for their favourite transactions – similar to smartphone apps. Cutting-edge technology allows biometric identification and seamless transactions to be continued across platforms. Customers can start the account opening process on our mobile or online platforms and complete the process and receive the ATM card at a Citibank Express terminal in minutes. The Citibank Express terminal has multi-faceted digital capabilities which can be rolled out in phases according to our customers’ needs, changes in behaviour and regulatory requirements. The power of choice and flexibility offered by Citibank Express complements the other digital revolution – the mobile phone. The proliferation of mobile devices, in particular the smartphone, has transformed the way we communicate. Mobile banking has grown to be the ideal conduit for the delivery of targeted content, personalisation and convergence of information at levels not seen on a desktop or a branch. We are now in the next wave of mobile banking innovation with contactless payments, targeted push alerts and offers, on-demand real-time information updates and instant delivery of e-vouchers via our contactless posters. Last year, we enabled the instant activation and deactivation of credit cards for enhanced security and allowed customers to pay credit card bills via SMS. The innovations enable customers to perform transactional banking anytime and help us deepen our interactions with our customers. It has allowed us to have dedicated time with customers at our branches to conduct insightful wealth management discussions. Digitisation has also given us the ability to create new service experiences at branches. Developing innovative solutions is critical in driving business outcomes. Technology is a great enabler. However, it is what we do with it and how we use it to make lives easier, that will matter most. Han Kwee Juan is Chief Executive Officer of Citibank Singapore.

C o - SponSo r e d a r t i Cle

Core banking transformation – a smart approach Banks’ business strategies for revenue growth, customer acquisition, retention and operational efficiency are driving core banking transformation programs. But how can you avoid the pitfalls of modernisation? Modernising core banking platforms is a key priority for banks throughout the world, driven by the rise of the digital customer and omni-channel strategies. While banks in emerging countries face fewer initial technological challenges of modernising their legacy systems compared to established markets that often require a complete overhaul and replacement of archaic technologies, clearly all banks are similarly challenged by a lack of resources to make these projects happen as efficiently and effectively as possible. Mobilising the internal workforce to accommodate a project as significant as a core transformation, then ensuring that the mobilised workforce is implementing the correct functionality against the business requirements is a major issue for financial services organisations throughout Asia Pacific. Rick Woodham, Head of Business Solutions at FIS says: “We use an analogy that a bank replacing its core system is like a doctor performing open heart surgery without any anesthetic on a patient who is fully awake during the procedure. It is not a project that banks can afford to take lightly, so keeping execution problems to a minimum is essential.”

What to expect

Get it right the first time

How to succeed

Vision is the key for creating forward momentum with core modernisation projects, and in many cases this is the first obstacle for banks. Any bank looking to embark on a core modernisation project needs to understand that its project is going to be different to the experience of any other bank. Without the entire business being focused and committed to executing their unique requirements and goals, the project can fail before it begins. From years of assisting clients with these scoping challenges, Brian Birt, General Manager, Financial Solutions, ASEAN, Japan & Korea, offers his clients the advice: “Banks have to dedicate adequate time to ensure they are clear on the goals and the outcomes they wish to have from any banking implementation.” He adds, “If clients do not have clarity on their goals or cannot achieve business sign-off on desired outcomes, they are in trouble right from the start.” Projects succeed when the bank and its partners are able to step back and look at the goals and the project holistically. No organisation will have all the answers. For a successful implementation, banks need a trusted advisor and partner that can recommend solutions which address issues outside their core competencies.

Engaging with the right partners from the outset is crucial to a successful core transformation project. As these are large and extremely complex projects, no single organisation can solve all the issues. Hence, a partner that is willing to step back and look at the goals holistically, even if it involves assets and requirements that are not the core competencies of the partner, will be invaluable to the project. Ultimately, it is important to work with a partner that seeks to understand the goals of the bank and is fully engaged to ensure the bank achieves its outcomes, develops strong differentiators and becomes more competitive in the market.

Banks should be prepared for a few hard truths when it comes to a core banking modernisation project: • Projects of this magnitude run the risk of delays and budget overruns − projects with the size and scale of core modernisation, which impact almost every part of the business, will invariably encounter some unexpected obstacles and interruptions that can cause delays in the project schedule. A mature project governance process is mandatory to managing these complex projects. • Implement a realistic project schedule − while small delays can be expected, if project scope creep accumulates in a migration project, costs will increase exponentially. Banks need to set a realistic schedule for the project that can be managed with precision. The realistic schedule must cater for both the implementation of the technology and the impact of business change to the bank. • Do not try and do everything at once − a recommended approach is to parcel the project into smaller, more easily executed sub-projects and focus on ‘quick wins’ with defined ROI before progressing to the ‘nice-to-have’ functionality.

To find out how we can help you transform your core system, contact us at ap.marketing@fisglobal.com. Visit us at www.fisglobal.com for more information. w ho ’ s w ho o f fs i

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Pushing the innovation boundaries BY MiChAEL fooNG

A first mover advantage does give you a certain edge, but that edge can easily be eroded when we consider the speed at which technology evolves.

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Maybank has always been proud of its innovative heritage. Over our 50 years of history, we have brought many firsts to Malaysia, especially in retail banking. To begin with, in 1978, our Kuala Lumpur main branch was the first Malaysian bank to computerise its savings and current account services. This allowed our customers to transact with their accounts in almost real time. In 1981, we were the first Malaysian bank to set up Automatic Teller Machines (ATMs). Today, I do not think we could even imagine living in a Malaysia without ATMs! The first ATM was set up in our Ampang branch in Kuala Lumpur. We later expanded this in 1986 when we introduced the nationâ&#x20AC;&#x2122;s first integrated and largest ATM network, linking KwongYik Bank, Mayban Finance and Maybank in Malaysia and Singapore creating a network of 296 ATMs. In 1992, MaybankAutophone was launched. This made us the first local bank to provide banking convenience through a computerised telephone service. And of course, in the year 2000, we launched Maybank2u.com. Needless to say, it was the first Internet based banking services channel in Malaysia. Today, with more than 6 million online customers, we have the largest digital bank franchise in Malaysia. In more recent years, we have continued our innovative journey by offering online mobile banking services in 2006. We even went so far as to launch a first-in-the-world, contactless mobile payments using near field communications (NFC) with our partners Nokia, Maxis, Touch n Go and Visa, in 2009. In 2010, we were the first local bank to offer a comprehensive online suite of conventional trade finance products through TradeConnex. Obviously there are many more examples of how, over the years, we have taken technology, and pushed the boundaries of how we serve our customers better. However, as with technology, being the first does not guarantee that you will remain the leader for long. A first mover advantage does give you a certain edge, but that edge can easily be eroded when we consider the speed at which technology evolves. More importantly than the evolution of technology

however, is the evolution of our customers. Our customers today are demanding for products and services that we could not imagine providing several short years ago. Customers today demand immediate access to information, immediate responses, from wherever they are and from whatever time of the day. They demand that we do more for them in their daily lives, and if we are unable to do that, they are more than willing to move on to the next service provider who can. Added to this complexity is the geographic landscape that we operate in, especially here in ASEAN. We have customers across the region with varying degrees of sophistication. Different customers demand different things from their bank. So, how do we keep up? The only answer to keeping abreast and staying ahead of all these demands is to keep innovating. Whilst ultimately the customer is at the centre of everything we do, our innovation cannot stop at just innovating on technology. We have to be innovative in all aspects of what we do. We must be innovative with our products and services, in how we work and operate, innovative in our human capital, innovative in our social responsibility and our environment. In Maybank, we believe innovation is not the responsibility of a select few, sitting in a dark basement somewhere, cooking up new ideas. We believe innovation is the responsibility of everyone in Maybank. Our greatest source of innovation is our people, more then 46,000 across the Maybank Group globally. They will find rich sources of innovation within themselves, around them and well beyond our company borders. All we have to do is facilitate ideas, nurture them, and someday bring them to fruition. What we have learnt too is that there are no guarantees when it comes to innovation. Not all ideas will work. But that is where we must instil the culture of not being afraid to try. Of course we have a business to run, and all that we do must be guided by clear outcomes. However, within acceptable limits, we must be prepared to push the boundaries, to fail. Michael Foong is Chief Strategy and Transformation Officer of Maybank Group.

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b a n k i n g & i nsu r a nc e // a n a lys is

Nexus Of

forces The convergence of information, mobile communications, the cloud and social media is driving a fundamental shift in the power relationships between financial institutions and their customers. By Derry Finkeldey

Financial institutions â&#x20AC;&#x201C; whether a bank, securities firm or insurer â&#x20AC;&#x201C; have been traditionally viewed as controlling the terms and conditions under which they do business. Moreover, this control of their business has been predominantly exercised in one-to-one transactions passed in a single direction along the value chain. But this is all set to change. The pervasive use of smartphones and tablets, the economies of scale offered by the cloud, big data analytics, and collaboration via social networking are now empowering individual customers in their relationships with financial institutions like never before. w ho â&#x20AC;&#x2122; s w ho o f fs i

a n a lys is // b a n k i n g & insu r a n c e

Connecting, communicating and collaborating with people will be far more important than merely collecting data.

This confluence of technological, social and cultural factors has created a ‘nexus of forces’. Not only is this nexus accelerating a shift in buying and selling power from the financial institution to the individual, it is also dramatically increasing the power of networked groups of individuals or corporate entities to influence, and even decide, where, when, how, why and even whether financial decisions are made and transactions take place. Over the last decade, mainstream public and business adoption of the internet and related technologies has shifted the balance of power more in favour of the customer. Customers – individually and as part of networked communities – have become directly involved in many different aspects of the financial value chain, including marketing, product design, price and product comparison, product distribution, information collection, analysis and distribution and other value-added services. Success in the future will be determined largely by an organisation’s ability to build, manipulate and leverage its value network. Connecting, communicating and collaborating with people will be far more important than merely collecting data.

The value network

The inevitable conclusion is that financial services firms have to act. Financial services firms need to re-engineer business models and technology strategies originally optimised to address the needs of value chains in favour of the requirements of value networks. Value networks comprise four components: 1. Sets of customers; 2. Services that enable usage and interaction between the customers; 3. Entities that provide the services; 4. Terms and conditions of using the services to conduct business. A bank or insurance company will no longer focus primarily on the value created between the individual institution and a particular entity. Instead, the value networks, of which the financial institution is only one part, will emphasise the value created by direct network interactions among all participants within and between networks.

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By contrast, in the traditional and stillpervasive value chain model, technology development is predominantly intended to reduce the cost of a given product – for example, through process automation – or to increase acceptance of the product and its price through functional enhancement. The challenge for financial services institutions is that this nexus of forces has also enabled a broad range of disruptors with the potential to break apart the traditional financial services value chains and create new value networks. This places tremendous pressure on existing operating models. Those financial institutions that can build, manipulate and leverage value networks will dominate.

changing perspectives

The problem for most organisations is that the full benefit of these changes, or simply recognising their value, will require a fundamental shift in culture. It will also mean the adoption of new and unfamiliar behavioural and social tools. In reality, most financial institutions are deeply reluctant to adopt more open networked models. They prefer closed relationship structures including transaction marketplaces such as securities exchanges, proprietary or quasi-proprietary communication and data networks like Bloomberg and SWIFT, plus industry-specific platforms such as the CLS and Visa Europe. Banks continue to see these structures as a means of maintaining market control. Although this view was almost certainly true in the past, it is no longer viable in the democratised, disintermediated, networked world that is rapidly being created by the nexus of forces. Financial institutions need to view the development of value networks as a way of gaining new customers in new ways. Financial institutions also need to rethink how they evaluate their market position, historically considered in terms of absolute numbers of customer relationships or other direct relationships. The new, larger, more-open networks include not only customers connecting directly to a particular institution, but also the individuals and organisations

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they are connected to, including friends, family, corporations, data, application and service providers. This broader set of relationships translates into a greater value proposition for a financial institution prepared to tap into its power.

The technologist’s perspective

CIOs must recognise that future business models will involve more than just an individual customer’s use of unconnected – or ‘not networked’ – technologies and services. Success as part of a value network centres on having a strategic vision for external customer and partner engagement, for example, via mobile financial services. CIOs must be prepared to answer some fundamental questions: What is the technology strategy for developing and maintaining customer relationships; business partnerships in fostering open innovation; proactive invention; collaboration; and performance-oriented adaptability? This requires a rethink about required and available skills and resources, as well as how to use technology to enable core business model capabilities. They will need to:

Eye on Asia IT spend in Asia’s financial institutions will grow significantly over the next three years, against a backdrop of significant change. The financial services industry is the biggest spender on IT products and services in Asia Pacific at around 20 per cent of the total Asia Pacific IT market in 2013. Financial institutions also have a greater IT budget as percentage of revenue than other industries. The banking and securities sector in Asia Pacific will spend US$67.3 billion on technology products and services in 2013, up 7.3 per cent over 2012, and this is forecast to reach US$84.6 billion in 2016. The key trends Gartner sees as significant in the Asia Pacific financial services IT market include:

Combine different types of financial and nonfinancial technologies and services into an amplified customer value proposition, information and communication capabilities, and even software and hardware components Consider alternative business models that make the most of utility-oriented or ondemand/metered usage Introduce trust services focused on explicit codes of conduct, identity and risk management and privacy protection Develop digital identity management Introduce networking services for customers and partners, supported by information and analytics tools Introduce broader content services Facilitate social networking services in the context of financial transactions Provide more accessibility and open content Consider other partner-based revenue sharing opportunities Develop or interconnect with multiproduct/ multiservice marketplace exchanges Create context-sensitive messaging that facilitates reviews, recommendations, rankings and other customer commentary

Mobile and social banking: Banks are leading the charge here. While multichannel enablement is important, the mobile channel offers the most opportunities in Asia because of the wider accessibility of mobile devices and the popularity of social platforms. For example, India’s ICICI Bank plans to allow its customers to access their bank accounts, among other services, via social media platform, Facebook. Extending the channel: Asian banks and insurers are investing creatively to extend their customer reach in channels that suit the varying market conditions, with mobile being the one constant. Among emerging and smaller players, this expansion is via the branch or channel network, as in the case of correspondent banking among unbanked populations, the ‘bancassurance’ (Bank Insurance) model and use of nontraditional channels.

This broader set of relationships translates into a great value proposition for a financial institution prepared to tap into its power.

In China, insurance is being sold in online market places; in emerging Asian markets, microfinance offerings are an important consideration. There is particular interest in how technology can support microinsurance or develop small-value offerings from a low cost base. Islamic banking and Takaful (Islamic insurance): Asia Pacific banks and insurers are introducing these products, which require specialised systems or customisation of core systems. To put the Islamic banking opportunity into perspective, the estimated Islamic population in Asia Pacific is more than 1 billion, compared with about 300 million in the Middle East and North Africa combined. Regulation: As regulation increases, emerging markets especially are grappling with new requirements of participating in the increasingly global financial markets.

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It is important to recognise your organisation may be most effective as a facilitator of these capabilities in the broader network, rather than as the sole provider in a single value chain. The value network allows for participation based on appropriate business models and some institutions may derive more value by allowing third-party partners to provide some services. Insurers are more likely to focus on just one of these forces, particularly mobile. However, financial institutions in general need to focus on the intersection between all four of these forces to sustain competitive advantage over the next few years.

The nexus of forces at work

The nexus of forces concept has sweeping implications for virtually every area of business, with financial services no exception. The intersection of cloud, mobility, social and information is driving change and allowing future-thinking institutions to capitalise on these advancements for competitive advantage. Information innovation is one example where the nexus is opening up opportunities that were not possible in the past, especially in areas such as new product development leveraging mobile, more powerful data analysis and fraud management using unstructured data and real-time action, as information is combined with core business processing systems. Not all financial institutions have stood still. Many banks have made good progress pursuing an integrated strategy for leveraging the nexus of forces. For example, using apps that combine third-party cloud-based data services, social platforms and mobile capability to provide a contextualised customer experience. However, customer interactions reveal only a few innovative insurers have built strategies, to date, which identify business opportunities as a result of the nexus of forces and how they can use this to differentiate in areas such as product innovation,

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risk management, customer interaction or operations. Companies can establish new business processes, which use information for improved decisions, process automation and corporate intelligence – for example, including market, competitive, customer, risk, and operational. All of this will help fulfil enterprise agility, therefore helping insurers stay competitive and shift with emerging market conditions during the next ten years. At the most basic level, these converging developments are driving a comprehensive change in the way individuals understand and define mediums of exchange, stores of value and units of account. Businesses that fail to recognise this fundamental change, or refuse to adapt to it, risk being disintermediated by more innovative and adaptable competitors, effectively losing customers, employees, clients and business partners to these more nimble counterparts.

Democracy hits the bottom line

All four of the factors identified in the nexus of forces are working separately and synergistically to drive the democratisation of money, to drive fundamental changes in the nature of valuation and exchange. New forms of money and activities can be monetised in different ways as a result of the nexus. But it is at the nexus – where information, mobile communications, the cloud and social commons converge, interact and reinforce one another – that the most fundamental changes in the future of money are occurring. Innovation in information collection, analysis and representation is giving individuals greater power than ever before to make financial decisions that are in their own best interests. These innovations also allow businesses to be better informed about, and more responsive to, customer behaviour beyond mere alphanumeric text assessments. Mobile devices are ensuring they can make those decisions and act on them at the time and place of their choosing.

The cloud is giving all types of organisations the computing capabilities previously available only to large enterprises. Social commons are bringing individuals together in communities of interest that promise to level the playing field. The changes in individual behaviours and expectations driven by the nexus of forces and by economic, political and cultural factors, mean businesses and governments must immediately begin developing new strategies to address the democratisation of money. All stakeholders involved in business transactions – from customers and clients to employees and business partners – will expect to conduct these transactions using the means of exchange of their choice. They will have access to massive amounts of information, ubiquitous mobile communications and limitless resources of the cloud and social commons, all of which are combining to shift the balance of economic power away from traditional businesses and towards the individual consumer.

new business models

New businesses and new business models will inevitably emerge to take advantage of this profound shift in economic transactions. If traditional businesses are not prepared to accept or make payments in the mode of the individual’s choice – whether that is game points or alternative currencies – other more innovative businesses certainly will be. These innovative players will gain significant competitive advantage and customer engagement as a result. For most businesses, the transition to a democratised economy will not be simple or easy, requiring an enterprise-wide, strategic realignment that takes into account all four of the nexus forces. However, for many businesses it may mean their survival or, at least, their ongoing viability.

Derry Finkeldey is a principal analyst and specialises in vertical industry technology trends at research and advisory firm Gartner.

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ways the

world

how will changing industry conditions shape the future and what are the potential opportunities? Gartner’s Derry Finkeldey shares her seven predictions for the banking and insurance industry with Who’s Who readers.

The financial services industry is feeling the brunt of a rapidly changing landscape. Social, cultural and technological factors are combining to produce a time of great stress and change. The upheaval won’t settle anytime soon. Over the next few years these factors will have a profound impact on banking and insurance.

By 2015, non-traditional money will lead to 125 million more people participating in the global economy. Worldwide, approximately 2.5 billion adults do not have individual or joint accounts with formal financial institutions. This absence of financial inclusion – the failure to provide financial services to low-income groups at an affordable cost – represents a huge social problem for governments and an untapped market opportunity. New forms of money let the poor better monetise limited resources to improve purchasing power, resource liquidity and local economic development. In emerging markets, these may include previously non-marketable activities such as domestic chores through a time bank, or non-transferable assets such as unused mobile telephone minutes by way of direct transfer. Non-traditional money creation and exchange have the potential to increase financial inclusion by 125 million people – 5 per cent of the global population – by 2015. Banks should pursue the new market

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opportunities with the unbanked market segment and stop relying on traditional money as the only way to improve financial inclusion.

By 2014, only 10 per cent of core banking replacement programs will meet cost estimates and objectives. Core banking replacement programs are well underway in Asia Pacific. But in most instances, business-case content for core banking replacement is either devoid of any meaningful metrics to measure success or is overly ambitious without justification. The main reason for this is a lack of accountability, which leads to expectations that follow-up will not be encouraged or required. Banks need to build core banking replacement business cases that possess measurable goals and objectives aligned with bank strategy.

By 2014, at least 10 per cent of global insurers will have designated a Chief Digital Officer (CDO). Gartner’s definition of digitalisation has two components: one is technically-oriented, focusing on digital transactions. The other is business-oriented; that is, the digital experience. Insurers often fail to embrace digitalisation holistically, mistakenly interpreting the term as simply meaning more Internet sales or more self-service. The nexus of forces is driving the insurance industry to new and radically different

business scenarios. As a result, insurance CIOs have the opportunity to take a leading role in shaping digitalisation strategies. One element of the organisational alignment in insurance will, in some cases, be the establishment of a new CDO to serve as a change agent, leading and coordinating the digital aspects of the corporate strategy and the stakeholder digital experience.

By 2016, 30 per cent of retail banking customers will have socially integrated products or services. Consumer use of social media has become mainstream. By 2016, the number of users is expected to surpass 1.5 billion, an increase of 57 per cent from 2011. Banks have already begun to respond to this phenomenon, creating a broad range of social presences. Some, such as Germany’s Fidor Bank, have created reputation and customer communication strategies that rely largely on their social presence. Others, such as the India-based multinational ICICI Bank and Poland’s Alior Bank, have begun to deliver access to online banking transactions. Meanwhile, banks such as the Commonwealth Bank of Australia have created areas on their websites where customer feedback on products and services can be crowdsourced. Consumers will be involved in every phase of the product or service life cycle. They will expect banks to use crowdsourcing as part of their

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will

change

product development and deployment processes and will expect to be included in those processes.

By 2015, 40 per cent of all in-person interactions between banks and their customers will be initiated or completed using tablet computers. Gartner research shows consumers already use tablets as often as they use other devices. Banks are continually looking for opportunities to increase the efficiency and effectiveness of their branch networks. Migrating customers from higher-cost touchpoints, such as the teller, to lowercost self-service points, such as automated teller machines (ATMs) and video-enabled terminals, will still constitute a key part of these strategies. However, Gartner’s research suggests the deployment of tablet computers to customer-facing staff in bank branches – combined with the increasing usage of such devices by consumers – will result in many customers opting for an “assisted tablet service” approach, rather than full-selfservice ATMs. Future integration of near field communication (NFC) technology into tablet computers will enable “process re-engineering” for a number of branch transactions. For example, customers with NFC-enabled digital devices will be able to share data and information with suitably equipped staff members.

By 2014, pay-as-you-drive insurance will rise to 10 per cent of overall annual auto insurance premiums. The use of telematics for both personal and commercial auto has been rising steadily during the past five years, especially in mature markets where competition is intense. Gartner has seen an increased number of telematics-related inquiries from customers, as well as announcements from local insurers around the globe, about partnerships they have made with telematics services and technology providers. Little public information is currently available on the revenue generated via pay-as-you-drive products compared with traditional auto insurance. However, the premium generated is minimal, because few providers offer these products. This is likely to change during the next three years. Insurers in emerging markets will also consider the use of telematics in both personal and commercial auto insurance. Pilot projects are likely to be announced in many countries where auto insurance is highly commoditised, such as China. Insurers offering telematics-enabled insurance will have more and better data on customer driving patterns and risks. This data can be aggregated and analysed to enable better understanding of driving behaviours, and thus better risk selection and pricing. This will give them the edge over their peers.

By 2015, 30 per cent of life insurance policies sold online will be complex. Gartner estimates less than 10 per cent of life insurance products sold directly to consumers over the phone or online are complex insurance products. This is because consumers shop for a lower cost and do not need extensive advice. Complex life insurance products historically require more personal interaction with the customer. They may have a savings component, require ongoing changes to investment alternatives, cover multiple individuals, have an adjusting death benefit, or have complex rules about how and when policy benefits can be used. To effectively match customer needs to product features, agents need tools that can assess client needs and then create recommendations or policy models that demonstrate how those needs can be met. These tools continue to mature and many can now be deployed online for real-time collaboration. Three different trends will lead to an increasing percentage of complex products being sold online: market saturation, growing product complexity and morestringent regulatory requirements. Gartner is not only expecting overall directto-consumer sales to grow over the next three years but also, the percentage of complex products sold this way will rise significantly, to account for approximately one-third of overall direct business.

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Circle of Trust The C-suite Power shift

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The emergence of a new tech triumvirate is seeing battle lines drawn among Chief Digital, Marketing and information officers. By Kimberley Gaskin and Matthew Sainsbury

Who says you need a background in IT to oversee a chief information officer? Certainly not a number of financial institutions – including major banks – who have redrawn their reporting lines and now have their IT chiefs reporting to executives with no technology credentials. It’s a trend that challenges the very fundamentals of what it means to be the head of technology and goes to the heart of how technology and business interact. The tension between business and IT has always existed, but it has never been so critical for financial services institutions to get IT involved in the larger business discussions. Technology has been identified as a clear opportunity for competitive advantage and the CIO, as head of technology, is increasingly being called upon to adopt a more innovative, strategic approach.

“Financial institutions that start to behave like technology companies with banking licenses will get ahead of others,” says Vikram Sud, Regional Head of Operations at Citi Asia Pacific. But can CIOs meet this new challenge? There are those that see the job as simply too big for one person. To this end, they argue the role needs to be reconfigured. This is what happened at National Australia Bank (NAB). The former CIO was redeployed to the newly created role of Executive General Manager for enterprise transformation, which involves driving NAB’s transformation agenda, including its NextGen program, enterprise architecture and enterprise project services. Meanwhile, NAB’s General Manager for application development and testing initially assumed the role of Group Business Services Chief Technology Officer, only to step into the role of CIO a few months later.

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The report notes CIOs have a higher regard for the value they bring to the business than reflected by their C-suite peers. “For example, while 60 per cent of CIOs strongly believe that they help enable fact-based decision making in relation to corporate strategy, just 35 per cent of their C-suite peers agree.”

Changing view of customers

The focus of the role remains on the operation of technology services, and both technology executives report to the bank’s head of enterprise services and transformation.

The innovation challenge no longer resides with one or two power bubble key senior executives, but is There are concerns CIOs may simply become – a reflection of the rate of change now a shared concern of all in irrelevant upon us. As such, they will be effectively senior management. replaced by the likes of the chief marketing

David Gledhill, Managing Director and head of Group Technology and operations, DBs

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officer and the chief digital officer. Certainly there are signs the CIO’s power as a chief is something of an illusion. A recent Ernst & Young report DNA of the CIO which surveyed 300 senior IT professionals around the world, including Asia, showed CIOs have less than a one-in-five chance of having a seat at the top table in their own company, with only 17 per cent of those surveyed already in the executive leadership team and just 43 per cent involved in executive decision making. “Many CIOs nowadays appear to be C-level in title only,” concludes Ernst & Young.

Industry technologists themselves see a partnership evolving between the chief marketing officer and the CIO, as both adapt to the fact that technology has moved beyond being a support function to a central part of the business strategy. Says Anne Weatherston, Group CIO at ANZ Banking Group: “The traditional sequence of defining the business strategy first, then asking how technology can support it, is being turned on its head. In this digital era, both business and technology strategies must be developed collaboratively, in tandem and as a partnership. In a technology-enabled industry like financial services, customers expect anytime, anywhere banking and a seamless experience across digital and traditional channels.” David Gledhill, Managing Director and Head of Group Technology and Operations at DBS, agrees: “The innovation challenge no longer resides with one or two key senior executives, but is now a shared concern of all in senior management.” Rajat Taneja, Regional Chief Information Officer, Zurich see them as complementary roles. “Chief digital and marketing officers are best positioned to understand customer interactions and behaviour in the new digital world, whereas technology executives provide the enabling platforms and solutions for addressing their needs.” He acknowledges it will not be as clear-cut as this, noting that both areas will need to work in partnership, developing the strategies and delivering on the strategies. Bank Danamon’s CIO Kanchan Nijasure believes teamwork is possible, but only if all sides are open to dialogue: “I see Chief Digital Officer (CDO) and Chief Marketing Officer (CMO) as complementing the role of CIO if the right kind of communication takes place between them. The increased complexity of the business environment and speed of

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change requires a collaborative approach between CDOs or CMOs and CIOs.” He warns: “But if that communication is not managed well, then it would be difficult for business organisations to meet the market challenges effectively.” Research group IDC also highlights the need for common input, noting it is just as important the CDO, and particularly the CMO, adapt and look to partner with the CIO. If CMOs fail to respond, their days could be numbered, warns IDC in its report 2013 Chief Marketing Officer Predictions: Today’s CMO Becomes Master of Data – “Even with their new partnership with the CIO, many CMOs will find that their positions are in jeopardy as they fail to produce a robust data analytics function – or even a game plan to get there.”

Who’s the boss?

Partnerships are all very well, yet where do the various roles begin and end? “There is clearly an interesting dynamic at play here,” says Chartis CIO Dave Grubman. “You have a material overlap between disciplines that historically have been distinct – marketing, distribution and technology. My personal view is there will be some dissonance between these roles for some years to come.” The question is whether they will overlap to the point that one of them disappears. While Rakesh Vengayil, Chief Operating Officer at BNP Paribas, believes each role has its own significance and importance, he notes that organisations are becoming increasingly leaner and costs are being optimised. “In such a scenario, it is not uncommon to see these roles getting combined.” He views this as something of a positive: “Such optimisations provide individuals with the right attitude and aspirations to gain expertise in fields that were traditionally not their domains.” Nevertheless, a number of market observers see the CMO and the CDO as infinitely more relevant in the current environment. The idea is that one or both of these roles might even usurp the CIOs top dog position when it comes to IT. Gartner predicts that by 2017, CMOs will be spending more on IT than CIOs. Notes Julie Bale, Group Executive, Technology & Operations, at Australia’s BOQ: “Personally I see the role of the CIO as having the

potential of being replaced by the CMO, and we are starting to see this happen in some organisations. The role that I do see as a more prominent IT executive role will be the chief technology officer. The scope of this role will be primarily around the foundational architectural decision making, complementing the role of CMO, where they are responsible for the user/customer experience aspects.” However, Andy Rowsell-Jones, Gartner CIO Research Analyst, questions the extent to which the CMO will take charge of IT. “There is some question about what will happen in financial services simply because IT is such an integral part of the product,” he says. “If you were a retailer or a manufacturer of beer or cars it might be a different story because it is very consumer-facing.” He points out that one of the issues facing CMOs in financial services is regulation, which will prevent them from accessing too much of the IT budget. Furthermore, the technology that runs banks is so integral to the banking products that the CIO’s role will remain safe. “I am not suggesting the CMO does not have a role in the banks because they do, but it is not quite as dominant as you see in other industries. IT is so critical to the product, it has been

around for so long, and it is a highly regulated industry,” says Rowsell-Jones.

digital enhancements

But what of the CDO? It may appear more of a threat to the traditional CIO position. Says Citi’s Sud: “In firms where technology folks cannot morph quickly and collaborate with the business, we will see chief digital officers driving the agenda and building large teams to deliver the promise.” According to Russell MacDonald, Managing Director of RMArecruit, a financial services recruitment agency with operations in Australia and Singapore, the interest in technology recruitment is indeed all in the digital space now, with “the emphasis on the digital environment, and consumer-driven change.” More particularly, his group’s clients are looking for business analysts with a strong digital understanding and appreciating the issues surrounding digital security. “Business intelligence is all tied into data and management, or big data, and being able to get a handle on all that information that is out there and converting it into data the business can use is critical.” Ho Sin Kheong, CIO at RHB Bank, looks at the issue another way. He points out

Key attributes for CIO role Leadership skills Communication and influencing skills

79%

42%

Analytical approach and organisational skills

77%

32%

Project and change management skills

74%

35%

Technological skills and know-how on IT trends

64%

40%

Knowledge on design and execution of business strategy

64%

35%

Financial management skills

31%

Deeper insight into the industry or key geographical markets for your business

Source: Ernst & Young

81%

37%

29%

Importance

51% 48%

Need for improvement

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with emphasis on digital channels to the customer, a remit to digitise all aspects of a business. Perhaps the key difference between a CIO and CDO is the more overtly interdisciplinary nature of the CDO role and, it is fair to say, a clearer mandate to drive revenues from the CDO office.”

Building skills

This is the most exciting aspect of a career in technology – the need to continually reinvent and invest in yourself.

Mike McCarthy, head of Global infrastructure services, Asia Pacific, RBs

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that the person in the position of CDO will normally be someone who is both businessoriented, tech savvy and who possesses a strong digital acumen, saying “they can be considered as ‘techno-preneurs’ whose main responsibility and purpose is to come up with online strategies to drive the business of the organisation.” Ho says this does not directly impact the other IT executives’ role and responsibilities which are more about looking after the IT systems. However, he adds: “On the other hand, the role of a CDO can also be considered a progression of a CIO who is required these days to be more businessoriented and not just a technical person.” Mike McCarthy, Head of Global Infrastructure Services, Asia Pacific, RBS, agrees: “I view the CDO role as the continued evolution of the CIO role, not something entirely new. IT is all about the applications, and the CDO role is usually styled as a marketing executive

At the end of the day, it is clear technology chiefs interested in retaining their positions need to broaden their skills base. No longer is technical knowhow enough − nor is business acumen, for that matter. Says McCarthy: “In technology’s dim dark past, a technology leader was expected to be a technical expert,” explaining, “as IT came to be seen as a value creating enabler, C-suite tech executives needed to develop business savvy as well. “Now we are entering a phase where C-suite players need all the previous skills plus an ability to deliver specific services from a portfolio of providers at competitive price points, with flexible levels of service, all the while maintaining an independent and vigilant eye on digital security.” Adds McCarthy, “This is the most exciting aspect of a career in technology – the need to continually reinvent and invest in yourself.” Most would agree, however, that having the business knowhow has never been more critical. “The CTOs of today definitely have to develop their business acumen,” says Ho. “IT is so tightly integrated with the business. These days people look at IT not just as an enabler but as a driver also.” ANZ’s Weatherston agrees: “Obtaining strategic business experience is essential as increasingly the role of the CIO is to design and influence new technology-based business propositions.” But that also means knowing the business you operate in, says Usha Sekhar, Head of IT at AXA Singapore. “Only then can a technology chief be effective. When someone is new to the industry, it is important to spend the initial period learning about the business, operations and key issues. With a good understanding of the business process and needs, a technology chief can introduce the right level of automation that benefits the business.”

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Talking the talk

There are other skills that aspiring technology chiefs should invest in for the future. Many observers cite people skills as essential with communication being key. Says RHB Bank’s Ho: “Interpersonal skills are just as important as a CIO will need to be able to communicate and relate with all the myriad parties that he or she has to work with.” As Gurmail Parmar, Chief Information Officer, Asia-Pacific, BNY Mellon, puts it: “You must also be able to speak to your business colleagues in their language.” Stanley Chan at Bank of America Merrill Lynch agrees, highlighting “outstanding communication, collaboration, engagement and mediation skills to facilitate efficient and effective knowledge sharing”. Adds Joe Cunningham, Global Head of Technology Strategy and Innovation, Visa: “Communication skills and particularly understanding cultural differences are crucial to aspiring technology leaders.” ANZ’s Weatherston underlines the need to stay relevant technically as well. Never stop learning is her mantra. “Technology is one of the most rapidly changing industries and professions in the world. When we stop learning as technologists, we are in danger of losing relevance.” This means being up-to-date with the cloud, big data, social media and enterprise networks, among others. And all the while, time is of the essence. As BNY Mellon’s Parmar notes, there is a need “to approach things with a greater sense of urgency, coupled with innovative and critical thinking to get things done faster”.

doing the numbers

A tall order? Perhaps. But while those surveyed by Ernst & Young also listed an extensive array of required skills, one gained little attention. When asked to identify skills that are crucial for their role, 81 per cent of CIOs cited leadership and 79 per cent named communication and influencing skills. Both scores were well ahead of IT knowhow. “But despite this recognition, it is also clear that too many CIOs do not know what it takes to join the executive management team. One of the most important changes is still often forgotten: the need to discuss

technology issues in terms of the business value they bring – whether costs saved, revenues gained, customer satisfaction achieved or similar – rather than in terms of uptime, gigahertz and terabytes.” The same cannot be said of FST Media’s interviewees. A number discuss the central position of the customer and issues of the bottom line are not forgotten. Says Ignacio Manipula, First Vice President and Head, Bank Operations and Support Division, Philippine Veteran’s Bank: “For companies that fully embrace customer-centric strategies, it is important that top executives are well-equipped to discuss strategies that will survive and leverage the fast-paced development of new applications in this digital age that affect the lifestyle of the market it intends to serve.” Robin Leung, Managing Director, Head of Global Information Technology Division, Bank of China (International) notes that IT spending in a financial firm is one of the major expenditures in the whole company. “The skills [relating to] IT financial management are extremely important and will become even more so in the future.” Chan of Bank of America Merrill Lynch underlines the importance of CIOs “understanding the balanced development and interdependency between technology, business and risk”.

Technology is one of the most rapidly changing industries and professions in the world. when we stop learning as technologists, we are in danger of losing relevance. Anne weatherston, Chief information officer, ANZ Banking Group

The billion-dollar business Cio How does the role of CIO change in the world’s largest companies, those with revenues of at least US$1B? Our survey highlighted some subtle, but important, distinctions: CIOs in large firms typically have a greater recognition of the need for stronger frontoffice relationships. They also see more clearly how such relationships can boost their career. They are, unsurprisingly, usually more ambitious. As such, they are more attuned to the need for leadership in their role, while smaller company CIOs still put more emphasis on their technology know-how.

In terms of barriers, they are far more likely to flag up a lack of C-suite support, while their small business peers typically point to budget restraints. CIOs at bigger businesses are more aware of the need to gain exposure to other parts of the business, to communicate business value and to deliver on major transformation programs. They are also more likely to see the value of having experience in another business. CIOs at large firms are far more likely to recognise the value of a business degree in broadening their skills. Source: Ernst & Young

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The Focal Points of Success in Self-Service Banking IDC Financial Insights analysis of the world’s progressive banks’ self-service channel strategies reveals several common trends and issues that cut across all markets. Here are five key areas that any bank that wants to distinguish itself with self-service banking should consider.

1. The ROI for new channels needs to be revisited Providing a new channel does not guarantee immediate customer adoption, if any. History has shown that it can take a long time for customers to not only arrive but also settle at the new location. The consequence of measuring return on investment (ROI) has been adverse on both ends. On one hand, since the benefits of new channels are difficult to objectively measure and predict, banks are tempted to conduct post-project ROI evaluations only. Potentially viable ideas are thus not given due investments. On the other hand is the tendency to use traditional ROI metrics, against which many new channel projects do not appear to demonstrate returns. Banks should consider using new metrics that emphasise customer engagement, customer experience, and enhancements to brand value, to measure success.

2. Self-service is relevant to corporate banking channels In most institutions, corporate banking channel strategies have lagged those in retail banking. This is mostly because such initiatives are directed to markets fastest to respond − the retail customer. However, there are still commendable corporate banking channel projects worldwide. Most of these are meant to align with a bank’s roadmap for more sophisticated

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working capital solutions that link webbased cash management, trade finance, corporate payments and investments with treasury. In doing so, treasurers would have the ability to execute online corporate payments − both domestic and overseas − to monitor and manage liquidity levels internationally via a single portal at near-real-time. We are also seeing examples where banks are either seeking to or are currently implementing portals to facilitate certain transactions such as Swift. Furthermore, mobile devices – tablets in particular – are playing a larger role in the delivery of digital corporate banking. The anticipated launch of HTML5 is expected to boost banks’ proposition of excellent customer experience for business customers. Another initiative to watch, with clear self-service implications, is corporateto-bank integration. This is potentially a game changer as it is a platform for banks to link directly with their clients, extending the financial workflow functionality of ERP systems all the way to the bank. In this model already launched by leading corporate banking players worldwide, no manual intervention is required in encrypting and transmitting payment and receivables data. In another part of the corporate business, banks are discovering that small and medium-sized enterprises (SMEs) want mobile-based banking to help run their businesses smarter. As more competition for the SME market appears from nontraditional players such as the peer-to-peer lenders, banks will look at new ways to generate value-added services to balance the higher collateral requirements.

3. Social is the next battlefield – but the terms of the battle are largely unknown The social channel, which has been in the background at many institutions (or absent completely), will become prevalent in 2013. Initial forays into social, such as creating an official Twitter, Facebook or LinkedIn profile, will be built upon in 2013 and beyond. Banks will attempt to make better use of the social channel and include it as one of the many touchpoints throughout the customer relationship lifecycle. Several banks will look to ‘social media as a service channel’ programs. Here, financial institutions will use social media sites such as Facebook or Twitter for customer interactions, especially for common enquiries such as branch locations and branch opening times. In the process, they will divert traffic from supposedly more expensive channels such as the contact centre. However, banks will quickly move to activities that are clearly designed for this new channel. Examples include gauging customer behaviour through sentiment analysis tools, identifying influencers (and possibly dissenters) through social network analysis, and undertaking targeted campaigns using social media information. In 2013, leading Asia Pacific banks will associate their important customer segments to social media accounts. Finally, the immense volumes of unstructured data over social media are inherently valuable, but extracting such value will be a challenge.

4. Disruptors abound A comprehensive look at the mobile channel alone underscores how banks are increasingly under threat from different types of players – device

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manufacturers, telco carriers, payment schemes, transportation companies, and retailers. This threat is clearly seen in the experience of African banks, which have through time partnered with mobile phone operators (MNOs) to provide mobile banking services. The business case is built upon the greater customer reach of MNOs through their networks compared with traditional branches. Strategically, the benefit is that financial institutions are now able to reach both currently banked and unbanked customers. An additional benefit is that partnerships with mobile operators facilitate the delivery of cheaper financial services. The downside is cross-industry competition, with mobile operators possibly infringing on the ownership of financial institutions’ customers. In another set of possibilities, banks’ revenue from fees in consumer payments are increasingly vulnerable as consumers increasingly move away from the current payment modes where banks still have a dominant function (debit and credit cards) toward those where banks have a limited role (examples include new Point-of-Sales (PoS) models such as Square or PayPal Here), or where they have no role at all (virtual currencies). Further technology phenomena provide the occasion for disruption − for example, the interaction of digital banking and big data, where both go hand-in-hand as success in the former relies heavily upon prowess in the latter. In short, banks need to become much better at interpreting trends and responding accordingly.

5. Changes in regulations could be disruptors themselves The industry needs to get a clearer sense of pending regulations (or at least a sense of where regulation is headed), which could potentially impact new channel strategies. For example, regulations concerning which players can do mobile financial transactions. India has limited this to qualified banks, whereas other jurisdictions have allowed

non-banks to dabble in mobile remittance, mobile money, and so forth. For the Middle East and Africa, regulations in the mobility market are still relatively underdeveloped. This is ironic since the region has contributed to the massive up-take of mobile financial services across the globe. Nevertheless, in certain countries, such as Saudi Arabia, a high degree of regulation has inhibited the up-take of mobility technology. This is starting to change, as financial institutions are actively seeking to develop their mobile banking propositions. Some MNOs have been reportedly on the lookout for bank acquisitions or applying for banking licenses themselves to circumvent rules on who can do financial transactions. Other regulations that pose a barrier include those around multi-factor authentication, cloud, outsourcing, and managed services. These have implications to banks’ and nonbanks’ channel strategies moving forward. Financial institutions will need to be aware of the critical areas that will receive much focus: customer protection, Know-YourCustomer (KYC) considerations, and interoperability across different systems and processes. Furthermore, some of the disruptive technologies that are just over the horizon could change channel strategies drastically: Near-Field Communication (NFC), mobile wallets, new PoS devices, and more smartphone features. As these technologies gain usage, regulation will have to scale up as well.

Essential Guidance for a World of Self-Service Banking Throughout the many banking channel projects that IDC Financial Insights analyst team has evaluated, the most successful channel projects have one common strategic objective: a consistent customer experience across a growing number of access channels, including mobiles and tablets, browsers, PoS devices, and text messages, in addition to the traditional branch, call centre, and ATM. The most progressive

banks believe that a disconnect between the channels will be damaging to the customer experience, especially if selfservice is the ultimate goal.

Oracle and Self-Service Banking Oracle gives banking customers choice. Oracle’s offerings allow banking executives to design channels that are appropriate to the targeted customer segments and their organisation’s strategic intentions. The ability to launch and maintain channels that are ‘in context’ is valuable so that a bank’s channels are not just good for mindshare, but rather are actually used by the intended beneficiaries — the customers themselves. Oracle has helped Chinatrust Commercial Bank, Jibun Bank, HDFC Bank and UBank, among others, see some of the highest usage and return on investments of channel offerings. Furthermore, Oracle’s converged channel platform is an asset, giving it an advantage over an approach that integrates so-called best-of-breed applications. Its service-orientated architecture (SOA) approach to channel integration ensures that channel investments have long-term viability, ready to quickly accommodate new types of channels and channel functionalities that may be developed in the future. Anil Jaggia, CIO HDFC notes, “visibility and control are vital for the end-user banks, and a unified channel and service framework enables just this.” Extracted from A Reality Check: Self-Service Banking in the World’s Progressive Banks, by Michael Araneta, Alex Kwiatkowski, Bijendradas Ramdas, Roberto Gutierrez and Sui-Jon Ho, An IDC Executive Brief commissioned by Oracle, April 2013, GMS Doc (Doc#AP772302W)

For more information please visit www.oracle.com/financialservices w ho ’ s w ho o f fs i

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Safeguarding Against Globalised Fraud Top row (from left to right): Tara Cahill, General Manager Risk, Group Services, Westpac; Stephen Johnston, General Manager, Finance & Risk Technology, CBA; Basil Foulkes, Chief Risk Officer, AMP Bank; Bart Hellemans, Chief Risk Officer, ING Direct; Grant Potter, Head of Risk, Advice, BT Financial; Paul Hassey, Head of Risk Architecture, NAB; David Harrington, General Manager Corporate Office, CGU; Scott North, Head of Enterprise Operational Risk, GE Capital. Bottom row (from left to right): Michelle James, Head of IT Risk & Operations, AMP; Ruth Kelly, Senior Executive, Risk and Compliance, BT Financial; Sean Carmody, Head of Credit Risk, Group Risk, Westpac; Nick Leeson; Kevin Jury, Partner, IBM Financial Services; Jean-Claude El-Sabbagh, Executive Consultant, IBM; David Spratt, Business Analytics & Risk Leader, IBM Business Services; Asha Puvan, Head of Operational Risk, Macquarie. The executives featured in this roundtable editorial held the above positions at the time of publication.

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Kevin Jury, ibM: I want to discuss several emerging trends in risk management today. Firstly, we see changes in computing power and how this supports the ability for organisations to consume and create new data to assess, manage and review risk. In addition to changes in computing power we see other aspects such as stream computing and natural language processing now coming to the fore to allow organisations to inject both unstructured and structured data into the data ecosystem. This exponentially magnifies the value of the data by interconnecting the various data points. Secondly, we see changes in the complexity of risk. We are seeing more political risks and global shifts, and all of that requires more resilience and responsiveness. Obviously, there is an increased need for realistic enterprise management of risk, both at

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a financial level and an operational risk level. And thirdly, we see fraud prevention as an increasingly important trend that organisations are focusing on. Fraud is a significant cost to the economy; banking in the UK estimates a 25 per cent increase of credit card fraud. In insurance in the US, they estimate about 10 per cent of claims are fraudulent. That is $79 billion. And then in taxation in the EU, they estimate about $100 billion Euro in fraudulent tax claims annually. We often see a reaction to fraud as: “That is the cost of doing business; so get over it”. That is shifting because market conditions are creating pressure on the bottom line, so people pay more attention to fraud. But the other reason for the increased focus is the fact that fraudsters are using technology and becoming more sophisticated. Then there is the response from organisations using predictive analytics to tackle fraud. There are three steps I would like to mention. One step is prevention; how do you stop fraud? It is about examining the vast amounts of data in real time,

then looking at the risks at a transactional level and identifying anomalies. The second step is detection. This is about diving deeper into the detail and using all the available data. In the past, we have been very focused on structured data. There is a massive shift to unstructured data, and the technology is advancing to cope with consuming unstructured data – how we read it and how we then marry it up to the structured data. The third step is to investigate; to use case management and implement entity link analysis (visualisations, dashboards, reporting and the like), to leverage structured and unstructured data. Forwardthinking organisations see those changes in risk. In the past, most organisations were focused on reacting as opposed to pre-emptively acting.

nick leeson: As a brief background, I have been asked to share some of my experiences with you. Like all of you, I grew up wanting success. However much success I got, I always wanted more, and for a short w ho ’ s w ho o f fs i

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“In 1995, Barings was described as a wake-up call nobody would forget. I do not think they were right.” Nick LeesoN

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period of my career I was extremely successful. I also had a huge fear of failure, and I think the combination of the two led me to make some of the decisions that I did. There were very early tests of my basic honesty and integrity, and I hate to admit that I failed those. Fraud is a word that still sends shivers down my spine. I spent four and a half years in a Singapore prison, therefore I am a criminal. I know there was no criminal intent; I made some very stupid mistakes, and I compounded those with even bigger mistakes. None of it was premeditated. It wasn’t that I saw flaws in the system and sought to expose them. A lot of fraud happens by mistake, and I think that is far more difficult to spot and take measures against. In 1995, Barings was described as a wake-up call nobody would forget. I do not think they were right. There have been far too many since that time, and I think we are currently reverberating from the biggest financial scandal, certainly in Europe, or in Ireland where I live now. The only way to describe what happened to me in Singapore is that the fraud I perpetrated was very crude. It was a case of reacting to situations on a daily basis. I might have had a call from somebody in the Treasury Department, who asked me why I needed so much money. I would have another call from one of the directors asking why I was trading so aggressively, or why there were so many big trades going through. If they had compared my answers, they would have seen they were all very different. But nobody did. So I think communication, both from a personal perspective and from a business perspective, is a huge tool. One of the biggest examples I can give you from my own experience at Barings is that I was trading on the Singapore International Monetary Exchange. The trade feed would come into the office in Singapore daily. I would manipulate the data as much as I required. I changed the account numbers and the prices that it was traded at to make the trades look more profitable than they were. Then the trade feed would be sent back to London, and then the information would be disseminated around the group. It was proven after the bank’s collapse – and this is an example of how unpremeditated it was – that the trade feed went back to London every single day for three years. It was received in the IT department in London. There was an account there that they did not recognise, which was my illegal trading account – the ‘five-eights account’ as it became known. And every day for three years an IT professional deleted every single one of the trades. So they had all of the detail

for the trades and the losses that were mounting in Singapore, and they did not act on the information. Morgan Stanley asked me to work for them in a department called Liability Management. Clearly, I did not learn anything while I was there. Then I was headhunted to Barings, looking for somebody who had Japanese Futures and Options experience, which is what I was doing at Morgan Stanley. Comparing Barings to Morgan Stanley was like chalk and cheese. Baring Brothers was a 233-year-old Merchant Bank. Christopher Heath formed Barings Securities in 1985. It was the investment bank inside of the business that was developing in the tiger economies and was the real profit generator for the bank. At Morgan Stanley, the structure was very clear and defined. There were the traders, the settlement department, and in between there was a group called ‘the controllers’, which made sure everything was controlled and was okay before the trading day started. If your positions didn’t agree, you didn’t trade. Throughout the three years that I was in Singapore with Barings, the positions never agreed. We only had two trading accounts. We had a London account and a Tokyo account. If you added the two together, compared it to the position that we had on the Singapore International Monetary Exchange, there would have been a huge difference. That was my illegal five-eights trading account. It was only on 23 February 1995, three years into the losses that somebody did that position check, asked me why there was a discrepancy, and there was no way that I could explain it. So I did the only thing I could at that time and fled to Kuala Lumpur. I was finally arrested in Germany. Barings had many flaws. There was not one settlement system for the whole organisation. There were many. An accountant had the job every month of collating all the information and producing consolidated accounts. That was one of the things that allowed me to survive as long as I did in terms of the illegal trading that happened in Singapore. I was only ever asked for a balance sheet on the last day of the month. So on the last day of the month I knew that I needed to bring the account balance line back down to zero. There were only two accounts. If they had done the simple reconciliation of the balance of the two accounts versus what London and Tokyo had as their balances, there would have been a huge discrepancy. Anybody could have picked up the balance sheet on any given day, but that was not the type of quality testing that was done at Barings at the time.

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I knew that if I brought the account balance back down to zero by the end of the month, then nobody was going to investigate any further. So what I did was simply journal some money from a commission income account into the trading account line, so that brought the five-eights account balance back down to zero. But then the losses became too big. The commission income line was not large enough to be able to withstand it, so I had to think of something else. At that time, the Singapore International Monetary Exchange came to my help. They started to trade options on the Nikkei 225, and they set the product up in such a way that if you sold an option, you received 100 per cent of the premium. So each month, the task would be that I needed to seal as many options as I could, bring the account balance back down to zero, and that would look okay in the balance sheet. Throughout those three years, all I was doing was swapping the P&L item, the balance in the five-eights account for a balance sheet item, which was the margin that was posted to the exchange. But if anybody had ever looked at the balance sheet and looked at the volume of trading that we were supposedly doing – namely, the margin that was posted to the exchange – there would have been huge discrepancies because it was a very small account that was trading and yet there was a huge margin being posted to the exchange. As long as I could get enough money to pay the margin, I could do this forever, and it was not until the end of 1994, when I started to sell options, volatility was at 50 per cent. By the time that I had finished selling off options towards the end of 1994, volatility had crashed to seven per cent. I was the only person who was short on the market. The market makers were all long. They were meeting in Tokyo and discussing how they were going to push volatility higher and squeeze me out of the market place. Everybody had bought into the success story that surrounded me. The guys that worked for me on the trading floor wanted to believe in the success because their bonuses would be paid on the back of it. The guys that I worked for were inclined to believe in the profits that were being reported as well because their bonuses were also dependent on it. So there was this inclination to believe in the profits that I was reporting. I was always the outlier. Being the outlier should have attracted more investigation than it did. It probably did the opposite. It meant that people were scared to ask me questions, and if people feel unable to ask questions or bring difficulties to the attention of others within the group,

then you do not have transparency. So that fear is equally as bad as the fear of failure that I had during my time at Barings. I was taking more and more risks to get the losses back. At the end of 1994 there was massive unrealised profit, but there was no way of unwinding it. I suppose by then I decided that I was not going to go back, but I could not tell anybody what was going on. At the end of 1994, I went with some friends who worked on the London International Futures Exchange to Ireland for the weekend. I made no attempt to hide the loss in the five-eights account, and at this stage it was up as high as $500 million. When I had first arrived in Singapore, there was a lot of expertise among other brokers, especially in the settlements area. We had sought to employ one of those salaries with a premium over people who worked in a normal settlements area, and the guy who ran the settlements department was not prepared to pay that. Rather than employ somebody who had the requisite experience and expertise, I had a fresh graduate from the National University of Singapore, who effectively became a settlements clerk. I taught her that if somebody looks for the five-eights account to phone me. On this occasion, I had not done anything. I was in Ireland and received that phone call saying, “What are we going to do with the fiveeights account?” I wanted somebody to expose me, because it was very much a Jekyll and Hyde type of existence in Singapore. So when she phoned me on 31 December 1994, we ended up booking a journal ‘for seven yards of Japanese Yen’ into the account and then had to explain why I had booked that journal entry. It was a one-sided entry into the account that clearly should not have been allowed to bring the account balance back down to zero. I had no way of hiding it, so I picked up the phone to the Treasury Department in London and asked them for $5 million. I told them that there was an additional margin call from the exchange because the markets were volatile. They were not. And they paid the money to me. The money arrived the day after the year-end, and that is how I managed to survive that audit period. It is a point of record in the board of banking supervision the auditors found a discrepancy between intercompany balances, and they put it down as a foreign exchange discrepancy. But it was not. It was the $5 million I had asked to be sent to me in Singapore. In May 1993, after having losses of $20 million, I managed to get it all back.

“Being the outlier should have attracted more investigation than it did. It probably did the opposite.” Nick LeesoN

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“My main concern is that while technology allows you to do certain things, the one common characteristic that I hear in Nick’s story is that we ignore human behaviour.” Bart Hellemans, InG DIrect

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I was selling straddles because that was the way to receive the biggest amount of premium to bring my account balance back down to zero, and I had sold the 19,000 straddle in size. The market expired at 18,995 on that particular occasion, and I had the opposite problem. I had a quarter of a million dollars that I needed to get rid of, which was far easier to do. Somebody took it out on their trading book, and I went home that weekend genuinely believing that my life could start again. What happened in the intervening period was that the people who worked for me, when they made mistakes, hooted up everything into that illegal five-eights account. Subconsciously I knew that I could not bring any errors to anybody’s attention because it was going to reveal what was going on. Eventually somebody came over from London and sat in the settlements department for four weeks looking at what was going on in Singapore. After four weeks, he did a position check and on the 23 February he came to me and said, “Look, you know the positions don’t agree; can you explain it?” And that was when I fled. There is a phrase that the Wall Street Journal uses often, ‘Knowledge is nothing without understanding’. If you do not understand the business, it is impossible to challenge what goes on in the business. Throughout the three-year period I was never challenged because people did not understand what was happening. Futures and Options for me was a simple business. You should never need funding, and I needed funding on a daily basis. I would be looking for $50 million one day and $100 million the next. So there was a constant flow of money to me. The P&L swings were colossal, and if anybody had investigated those, it would have revealed there were grave problems. The risk managers and the compliance officers at the time were completely ineffective. There was an asset liability committee that met daily in London to discuss the amount of funding that was allocated around the globe, and the majority of it was in Singapore. Risk managers and compliance officers need to be in a position of authority. They need to be able to voice their opinions, and if they don’t you will not have the transparency that you are looking to create. Transparency will outlast charisma. I was the charismatic individual who was supposedly making all the money in the organisation. I think in my final year I was supposedly responsible for 99 per cent of the bank’s profit. Creating the right culture within the organisation is also key. I was not the first person to put something

into an illegal trading account. We can prove that I am not the last. As a young, impressionable person working within the organisation, when I chose to put something into an illegal trading account, it should have been a bigger step than it was.

Michelle JaMes, aMP: The most fascinating thing is that you were such an anomaly. You were a stand out in so many ways and you just did not get attention that was warranted.

nick leeson: Technology has a huge part to play. It certainly did then, and I think it does now. You have new trading techniques that are presenting problems, and you know there is always a new breed of people entering the finance world. It is all about speed, complexity and innovation. Over the past 17 years or more, the regulations for compliance and the technology for those control functions have not occurred with the same speed, complexity or innovation. Hopefully that is something that is changing now because people are far more concerned with their reputation. There is always going to be a human element that you cannot ignore and that is where the oversight usually is. The audits in Singapore were shocking because they were plain vanilla auditors fresh out of school. So when they had a question to ask, they asked me, and I clearly was not going to tell them what I was using the five-eights account for. But it was worse than that. The Singapore International Monetary exchange sent letters to James Bax, who was the managing director of Barings, asking him to explain why he had such a large position and to confirm that the bank was able to fund that type of position. James knew nothing about Futures and Options, so he gave the letter to Simon Jones, who was the head of settlements in Singapore. He knew nothing about Futures and Options either, so he gave it to me. I ended up being the person that responded to the exchange. The monetary authority of Singapore also did audits. Everybody thinks the five-eights account was secret, but it was on every single piece of paper that existed in the office because it was our most active account by a country mile. bart helleMans, inG direct: My main concern is that while technology allows you to do certain things, the one common characteristic that I hear in Nick’s story is that we ignore human behaviour. The danger of technology, while it is a good tool, is that it does not address that point. Somewhere along the line,

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greed gets going. We learn a lesson from it, but bankers and those in financial markets have a very short memory.

david Spratt, ibM: There is a different capability that exists today from a technology perspective regarding structured and unstructured data – the ability, for example, to capture data that exists through social media, Facebook and Twitter. Here is just one example: someone was putting a claim in for a back injury and someone looked at their Facebook account to see them posting pictures of skiing! Capabilities exist today to prevent fraud from happening right upfront.

david Harrington, Cgu inSuranCe: Nick, what controls did you feel you had over your own behaviour and were you incapable of exercising control at that point? What we see in terms of risk and compliance is that people often take a few steps that are opportunistic. It then escalates and moves from being a bit of opportunism and taking advantage of the lack of controls from outside, to being full-scale fraud.

niCk leeSon: I knew what I was doing was wrong. But I did not think it was criminal, and I did not think it was going to end in a criminal sentence. The focus for me was correcting the situation and trying to get back to point zero, where my life could start again. It was not about stealing any money or anything like that. If I had wanted to take money, I could have taken money – I was an A and B signatory on the bank account at Citibank. tara CaHill, WeStpaC: Was there no point after the conversation with Simon Jones where you just had to confide in somebody – your family, your wife, a complete stranger?

niCk leeSon: One of my friends has a fax from me that suggested things were not going as well as they were, without being specific. I think there were two feeble occasions where I tried, but was still totally unable to confide in anyone. Just to give you an idea of how strange the situation was, I had been playing golf with James Bax, who was the chief executive of Barings in Singapore, on the Singapore Island country club. We had been on the 18th green and putting out on the last hole, and James would be fretting about whether I was going to putt the ball and whether we were going to win 50 Singapore dollars. But I knew I had lost $100 million

that morning. So it was constantly dealing with reality versus what you were trying to keep going all the time. James was a guy that I particularly admire, a very successful investment banker, and I was letting him down constantly. But I just could not tell anybody. My wife only found out what was going on after the newspapers started printing stuff. She read more in the newspapers than I ever told her. Again, admitting failure was still difficult at that time, and the unfortunate thing was that many of my friends and family had to deal with the glare of the media while I was in prison in Germany.

Sean CarMody, WeStpaC: You said that if a number of fairly simple controls had been in place, things would have come to light earlier. Do you think any organisation can actually ever be sure that they can protect themselves from that sort of rogue element?

niCk leeSon: You can get very close to being sure if you are continually evolving and challenging what happens. Each institution is different, with different ways of doing things, but everything seems reactive and never proactive. There are regulations that get dated very quickly, and everybody then forgets and goes back to normal, and then you have another scandal and the cycle continues. The challenge for the regulations and the controls is to evolve and continually change and improve, perhaps being more proactive than reactive. But you need good people, and you need to pay them appropriately. You need good systems. And you go back to the old classic difficulty of whether a board is willing to invest in that manner or whether it is the pursuit of more profit that is more important, and that is a difficult equation.

“They are certainly significant, but the human factors, the ability to have people that are capable of asking the right questions and also have the desire to pursue something that is wrong, would seem to be the biggest factors.” Stephen JohnSton, CBA

StepHen JoHnSton, Cba: It seems there were a number of factors that let you get away with it. Regulatory is one, but that seemed like the least significant. There are some technology factors there. They are certainly significant, but the human factors, the ability to have people that are capable of asking the right questions and also have the desire to pursue something that is wrong, would seem to be the biggest factors. Was that the case? And do you think it is still the case now?

niCk leeSon: I live in Ireland now and there were some episodes recently where risk managers have been concerned about things. Jonathon Silverman, w ho ’ s w ho o f fs i

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who worked for an Italian bank, went through the process of reporting it to his CEO. His CEO told him that his numbers were wrong and that everything was okay. For his own professional reasons, Jonathon then went to the regulator, who was then told by the CEO of the Italian bank that everything was okay. So Jonathon left the firm. He cannot get another job in the industry. From a cultural perspective, you know that sends out the signal that if you’re strong enough to speak up, you are not going to be re-employed. You have to question whether that is correct as well. And that is why sometimes I think non-executive risk management and compliance reporting to the non-exec could be a better process.

Scott north, Ge capital: If people do not have the knowledge, how can they ask the right questions? Nick exploited the fact they did not have as much knowledge as he did. He knew it would be cycling back to him as that central point. How an organisation breaks that cycle is the key.

david Spratt, ibM: We are actually working right

“Protection technology is an enabler. Ultimately, you’re always going to have somebody whose ego is bigger, or who is doing it on purpose, and it’s going to be a mixture of that.” Tara Cahill, WesTpaC

now with a North American insurance company and as a proof of concept they gave us three years of their last data. We said we would run that through our predictive analytics to see if we could identify transactions that we thought were fraudulent. They said if you could come up with $4 million dollars, we would move forward with the project. We found $197 million of potential fraud at a 95 per cent confidence level, which surprised everybody. That does not necessarily mean that they would have caught all $197 million and prevented it, but it is reasonable to expect at least $100 million. They did not know that this level of fraud was happening. What are your organisations doing for the prevention of protective fields? Are you comfortable you can prevent this type of event?

tara cahill, WeStpac: Protection technology is an enabler. Ultimately, you’re always going to have somebody whose ego is bigger, or who is doing it on purpose, and it is going to be a mixture of that. On all of those occasions when it could have been identified, the culture wasn’t there to identify and report it. So you have to build that resource and capability in the culture around the tools and the technology.

david Spratt, ibM: I agree. Earlier, Kevin talked about the way we view the integrated approach – prevention and detection, then finally investigation.

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That is when you are now passing the information to a human to take action, and it also has a couple of other benefits. If you are doing that properly, you are reducing the amount of false positives. So now you are reducing the strain on that capacity base.

Michelle JaMeS, aMp: If you had known right on that first day that covering up was a criminal activity, would that have changed your behaviour at all?

nick leeSon: I cannot prove it to you, right? But I like to think it would have done. The key component for me is that there has to be an adequate deterrent. When I look back at that period, lots of people were putting different things into error accounts, so it became the norm. While I knew what I was doing was wrong, I am not sure that I knew what the end result was going to be. Whereas if I had been aware that I was risking my personal freedom, I do not think I would have made those decisions. Sean carMody, WeStpac: A lot of those people wouldn’t necessarily think about the ramifications of what they are doing, even though Nick and others had been to jail. I think probably many of them had blinkers on.

bart helleManS, inG direct: One of the things that you see sometimes is that people dig themselves into a hole and they think they can dig themselves out. Most of the time the hole just gets deeper and then that option of getting out no longer exists. david Spratt, ibM: A fraudster is going to go for the low-hanging fruit. If you have strong preventative and protective measures, it is quite possible they will go to your competitor.

Jean-claude el-SabbaGh, ibM: When we talk about unstructured, the first thing people think about is social media and Facebook, but it is everything that is available. And it is how you build your capturing rules – how you build what you want to see and hear from the market. Sean carMody, WeStpac: I’m just not sure what unstructured data you would tap into, because a lot of that is just in the heads of the traders in other organisations.

Michelle JaMeS, aMp: Think of the assets that you own. That tells a story. If you’re a person earning

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$100,000 a year, and you’ve got three homes, two cars and a boat. Then you know there’s something [going on]. But trying to put a position of how this would protect us is probably going to be even more challenging. There is a lot of data out there that could be tapped into, and it’s not just on social media.

asha Puvan, Macquarie bank: It comes back to the point that it is about human behaviour, and what you want to hear and what you do not want to hear. All the products have become more complex, but the fraud is still the same. It is still in futures; it is still in options. bart helleMans, inG direct: When I have had the board answer my question about this, you get the answer, ‘Based on my view of the controls, it could never happen here’. But I know there is going to be some smart kid who is going to find a way around it, and am I going to see it? basil foulkes, aMP bank: Bart, are you saying that it could not happen in the system or it could not happen in your organisation? bart helleMans, inG direct: I think if you are diligent and you pick up on the things that you hear around control failures and so forth, then you have the ability to take that back into your organisation and stop it from happening. You cannot be 100 per cent, but you can be 99.9 per cent. If I went to my board, and they wanted to know what I was doing about customer service error, or fraud error, they would be telling me that they wanted me to be able to say that major unauthorised trade, and anything that could take down the bank, could not happen in this bank. I see control failures every day. Usually they are small ones. So I am not going to stand up in front of a board and say that I have got all the controls in place to make sure that this does not happen. basil foulkes, aMP bank: No, that was not my point. The normal operational losses that would occur and would be expected to occur in all organisations are just normal things that do happen. But what about extreme events, and how much time do we spend as risk people looking for those?

basil foulkes, aMP bank: I would like to say an extreme event would not happen in my bank. I cannot insulate them of the secondary impact of a major event happening somewhere else in the banking system, and I do not think we can eliminate that risk. I try as best I can to balance my time to cover both. Michelle JaMes, aMP: There are the one-off events or ones that you can’t predict. Technology now is continuing to change. We can never protect against malware at day zero, and that is an example of the same thing. So as soon as someone comes up with that great new way of hacking in and being able to steal the data, and it has never been done before, we can’t be protected. It is only at that point you can start protecting yourself.

kevin Jury, ibM: I want to leave you with one thought: it is about the unstructured versus the structured. One of the challenges in insurance companies and banks is that they actually use the data they have got. That is not the data I am talking about. It is the unstructured data, and it is hugely valuable. There is all the technology there today to be able to leverage unstructured data. The concept of natural language processing is really new. That is the ability to actually have a system to understand data and learn about that data. It is the Matrix on steroids. You couple natural language processing together with the data that you have. You create data about the data. That is how you start thinking about how to prevent fraud and risk, and so on. But you never remove the human element, because someone has to make a call. There are several things that tie into some of our discussion: Become informed. Understand what is going on in the organisation. Get aligned, making sure that everyone is on the same page. Look at risk management and enforce that excellence across the whole enterprise, not just in the silos. Use analytics and use what you have at your disposal – actually start thinking broader than the data you have today.

“You create data about the data. That is how you start thinking about how to prevent fraud and risk, and so on. But you never remove the human element.” Kevin Jury, iBM

bart helleMans, inG direct: There are two components. There is the high frequency, low value risk events. And then there is the low frequency, high value events. You deal with those in two different ways. w ho ’ s w ho o f fs i

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Emerging Trends in Data Analytics to Harness the Customer Experience

Top row (from left to right): Stanley Tse, Regional Director, Greater China, Pegasystems; Dick Ho, Head of Business Strategy and Marketing, Bank of China; Panos Archondakis, Executive Director, Channels and Workbenches, UBS; Edwin Yuen, Chief Analytics Officer, Bank of China; Tim Harrison, Chief Information Officer, RBS; Vincent Hui, Head of Channel Management & Operations Department, The Bank of East Asia; Steve Monaghan, Chief Innovation Officer, DBS; Paul Krueger, Sales Leader, Pegasystems. Bottom row (from left to right): Michelle Lee, Head of Enterprise Data Management, Bank of China; Haily Chow, Head of Product and Business Development, Hang Seng Insurance; Stephanie Seakins, Director Customer Strategy, Prudential; Susan Stevenson, Chief Executive Officer, CIGNA; Wendy Wang, Head of Global Banking and Markets Technology, Asia Pacific, HSBC Securities. The executives featured in this roundtable editorial held the above positions at the time of publication.

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steVe MonAgHAn, dBs BAnK: I would like to share some insights from my career in Asia, particularly on big data, and some of the work we are doing at DBS. I will look at a few different areas: first, financial services as an industry; second, how DBS views data; finally, sharing our observations with each other. On my flight from Hong Kong last night, through the window I saw a plane as its wheels left the earth. As a commercial pilot in my early career, I have never stopped looking at that moment you break free. Hundreds of tons of machinery breaks free and becomes airborne. In some ways, the big data challenge is like that. How do you take this massive data and convert it into something simple enough to be understood, actionable and valuable? That is the challenge – how do we make big data small? At DBS, we focus on how we can do that. From an industry standpoint, we are seeing many competitors moving a lot faster than we are. In fact, I noticed that in China social lending has now dropped banking’s market share of lending from 92 per cent to less than 60 per cent, which is remarkable. When you think about the implications, it is because people are starting to use data in ways that we as financial institutions do not. As a banker, we do financial statement analysis once a year. Companies like Alibaba and Amazon are now moving aggressively into lending and doing realtime analysis for credit. The irony is that in financial institutions, thanks to the regulators, we have more data about what is bought and sold in markets than anyone else, and yet largely this sits as just records without generating value. The challenge from an industry standpoint is: How do we use that data intelligently? How do we give that access to our people and customers? When we look at big data at DBS, we focus on the customer and how to deliver value to them. And if you are successful in doing so, you will yield that value yourself. We have a very simple focus at DBS, which is how we make our customers healthy, wealthy and wise. The flow-through effect within our business should be exactly mirrored. How do you use data to make things simple for customers? In 1965, Gordon Moore said that processing power would double every 18 months for the same cost [Moore’s Law]. You have Metcalf’s Law, which says that the ability to tie disparate networks together and the value of those networks, increases exponentially. Finally there is Kryder’s Law, which is the law of storage, and of course big data. Kryder’s Law is essentially the same as Moore’s Law: your ability to

store data should double every 18 months for the same cost. Globally, I think the average now for data production doubles every two years. Kryder’s Law is offsetting growth today, but as we move to a more media rich environment, that is clearly going to start challenging the status quo. So how do you make things simple for the customer? How do you create an environment where the customer has to think less and where it is very natural for them to be engaged without us crossing the line from being influential to invasive? For the wealthy part, it is pretty obvious. How do you use data more effectively to drive outcomes for customers to help them increase their value, their stability and growth, which then flows through to your business? The third point – wisdom – is definitely a challenge in banking as it is in bank assurance. How do you make sure customers are increasingly able to access information that helps them make better decisions? Then how are you able to use that internally and externally, from regulatory, training, sales and cross-sales standpoints? These are all the challenges of big data. It is a field as exciting as flight because you are going through exactly those same sorts of defining moments. I would like to invite everyone to share their perspectives. Mine is a narrow view from a banking viewpoint, but as you see consumer behaviours changing, people are able to make decisions based on better information potentially than you have. I encourage you to look at the Commonwealth Bank of Australia (CBA) app for mortgages in Australia. I always play a video at DBS that shows people using their smartphones. The app shows resale value and market movement. CBA has started to use its internal data and market data in a very effective way to empower customers. There is a scene at the end of the video where they meet the agent and the customer knows more than the agent. Our challenge in financial services is to understand where our customers are going to be and meet them there, rather than tailing them. So I open the floor to discussion and you can talk about potential and pitfalls.

“Our challenge in financial services is to understand where our customers are going to be and meet them there, rather than tailing them.” Steve Monaghan, DBS

Wendy WAng, HsBc: From the customer proposition point of view, everything you have said is absolutely true. There is a huge amount of data to make intelligent in order to make business decisions. But I see another challenge, coming more from a regulatory point of view. Obviously we are all who ’ s w ho o f fs i

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shipping a huge amount of data to the regulators and I am not sure what they are going to do with it. Regulators take very literally where the data is physically sitting on particular servers in this country or that country. They want to make sure that the data is touchable in a country, in a server, in a data centre. For us, that prohibits how technology is going to drive this. There is a lot of education and perhaps sharing we need to do with government regulators, banks and other industries as well.

steVe MonagHan, dbs: That is a great point from a regulatory engagement standpoint. The way we engage the regulator has to change. I was running a bank in Japan and we had a very strict regulator in the FSA [Financial Services Agency]. But if you are proactive and look at how to improve things, you often receive that mirrored engagement back from the regulator. There were many challenges, but I think it is as much about education for the regulator. Legislation always trails innovation, so the regulator is just as challenged to keep up in this space as we are. Panos arcHondaKis, ubs: There are two

“You need to find a way to use the data to assist and evolve what you have today, rather than change it completely.” Panos archondakis, UBs

aspects to this. There is the technology side to how you physically use big data and what kind of infrastructure you need. Then how you use it is important, particularly referring to the point you made about a customer knowing more than the adviser. If you do find ways to use this data and change the way the interaction with the client works, client advisers and relationship managers [RMs] find that their whole role is different. You need to find a way to make it useful for both client and adviser. The key point is that you cannot run the whole business with just technology. You need to find a way to use the data to assist and evolve what you have today, rather than change it completely.

steVe MonagHan, dbs: Generally, financial institutions are not good at rapid transition. At DBS, we are focused on how we change the roles of our advisers and RMs. Would you rather consult a doctor who goes to a conference once a year, or would you rather put the questions to specialised technologies that are drawing on worldwide medical research? Therefore, what is the role of the RM going to be and how can you enable the RM to make that transition? tiM Harrison, rbs: Data is cumulative and attempting to marshal the accumulation of debt is

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like trying to turn back the tide. The challenge is to figure out what questions we need to ask of the data. For example, Tesco, the largest supermarket in the UK, has launched the Tesco’s clubcard, which mines the data that it gets from the clubcard incredibly efficiently. It uses that as a real-time experiment, feeding incentives to different people and different groups in different circumstances who use the clubcard. There is no magic about what it does with the data and where it stores the data. The magic is in what questions it asks of the data. It is asking the right questions that we need to get a lot smarter at doing. We have huge amounts of data with huge amounts of value trapped in it. What we need to do is figure out what questions to ask that data – that is how you extract the value.

stePHanie seaKins, Prudential: I also think it is to do with the organisations and the way they are structured. They are not structured to leverage big data at all. I do not think any organisation even knows how to manage or use the information, even if it is presented to them in an actionable way, because most organisations, especially in the financial services industry, are process orientated. That type of data gives an organisation the ability to be more agile, but the structure of some organisations does not enable that. If you look at Zara, it is the reverse. It is brilliant how they know who has bought what from which store, how much more they need to ship, how many more they need to make and do all that within two weeks. They retrain the customer to go back into the store more often because if they do not, they will see their friends wearing this cool outfit and they are not going to get the same colour or the same one. Zara retrains its customers without anybody actually saying: “You need to go back to Zara more often”. On a regular basis I survey my work colleagues, and I ask: “So, how often do you go to Zara”, and they will reply: “Oh, once every two weeks”. “And how often to you go to your H&M?” “Oh, maybe once a quarter when the new season stuff is in.” They do not even realise that data is driving them into the store, because the organisation is structured to leverage it, and we as financial service organisations are not. Wendy Wang, Hsbc: What is your role as Innovation Officer? How do you think you are driving the innovative side of the banking world?

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steVe MonAgHAn, dBs: My primary role is to change the culture of the company so we can move faster, be more agile and more responsive to customers. I use many different data points to look at how other companies are doing it. For instance, I have spoken with Amazon’s chief data scientist and Amazon’s cross-sell rate is 30 per cent driven by its recommendation engine. My job is quite straightforward – I shock the board and the senior management team, and then I try and get everyone engaged around changing direction as quickly as possible.

they do not look at their data as a resource to be mined. They look at it as an experiment set to be constantly worked on. It is a closed-loop experiment; it is not a resource they dip into and say, “That is the answer to that question – now we will go and do something else”. They are running a real-time experiment all the time. If you look at Amazon, they say, “If we give them that offer, do they take it?” and they know which one [has been taken up]. They build up a set of factors on which offers work and which do not. They are constantly working on it.

Vincent Hui, tHe BAnK oF eAst AsiA: If we want to reach the right conclusions from our data, we need a very capable BI [Business Intelligence] team. Even if we have a brilliant team that is empowered to ask the right questions, the conclusions we reach still need to be processed and implemented throughout the whole network. Smartphones and this channel are rapidly changing – even customer expectations and experiences have totally changed. On the banking side, we should not just stick to the traditional way of cross-selling. We should think about how we can move forward to bring in new ideas and experiences, and how we can communicate the value of our product information through social media. Although customers now demand everything in real-time, our team will not be able to provide 24 hour service. One thing we can do, in terms of process, people and technology is to integrate them to build a really effective BI team at the back-end, who can effectively use technology to facilitate real-time applications for cross-selling and greater personalisation of services.

dicK Ho, BAnK oF cHinA: The industry does have good insights but the problem is how to ensure the entire supply chain understands. For instance, a front-line [staff member] may not know exactly what an analyst is talking about. [It only] matters how they make sales. If I am the product manager, just let me know about my customer group and roughly how much I can earn from that kind of analytics. From an organisational standpoint, the way that we can create a common language and common platform to cascade the message, like common metrics, is really important. At the end of the day, a company wants to make money. The basic theory is that before you can make money, you must make the customers happy. In most of the banks, we have the ability to come up with good insights, but the ability to make the transition into front-line action is the missing piece here. Then there is smartphone development. The development of the smartphone is way ahead of us in terms of our traditional way of thinking about analytics. The world is moving a lot faster than we can. We need to have quicker to market solutions. Amazon, for instance, already has a very good model sitting behind the data, so whenever you browse the screen, they instantly get back to you. If any bank can come close to that, they will win.

susAn steVenson, cignA: The silos within organisations do not necessarily help in leveraging information. Having a common, global customer metric will encourage people to use the data in the right way. For example, we use Net Promoter Score, which is very useful for getting all parts of the organisation aligned. So, it would not really matter if you spoke to somebody in an operational, sales or product role – they would all be driving that metric. The biggest challenge I have found from internal use of the data is the complexity and size of it.

tiM HArrison, rBs: That is the point – we tend to look at it as a resource to be mined,. If you look at successful examples such as Tesco, Zara and Amazon,

“We have the ability to come up with good insights, but the ability to make the transition into front-line action is the missing piece here.” Dick Ho, Bank of cHina

stePHAnie seAKins, PrudentiAl: The organisations we have spoken about all leverage data strategically. We, as financial service institutions, do not. We use it as an operational resource and until that fundamentally changes, we will still be in the same boat wondering how everybody else is doing it. PAnos ArcHondAKis, uBs: I agree. We talk about asking the right questions, but somebody has to have a hypothesis that says, “If I ask this question it can influence that metric and drive the business.” A w ho ’ s w ho o f fs i

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business proposition that needs to be there, otherwise we are all just playing with technology, and there is no point to that.

susan steVenson, cigna: The strategic piece is using the data for the customer. I may not always buy a book at Amazon, but I would always choose it as my starting point because I know it is going to give me the best recommendations. At Zara, you know you are going to walk in and see new stuff. Tesco is going to give you an offer relevant to you because they have data about you. Banks and insurance companies need to think beyond the sale, to how to make something easier for the customer, to make life less complex for them and give them information they did not have access to before.

“Banking, in terms of data, is not a source that can be easily shared because bank regulators restrict the sharing of customer data.” Edwin YuEn, Bank of China

stePHanie seaKins, Prudential: Exactly – that is where we tend to be product or distribution or channel focused. I live in this twilight zone where I am responsible for the customer and customer analytics. We are doing some amazing stuff, but it is still pushing really slowly up a hill because people say, “Oh, what do we need that for?” But gradually everyone is saying, “Wow, I did not know about that information”. But it is more with stealth rather than with strategy that the organisation is championing our strategic analytics and customer focus. Panos arcHondaKis, ubs: It sounds like an executive decision to me, to try and shift the approach and say somebody is responsible for doing that thinking and then making sure it is applied.

edWin yuen, banK oF cHina: We need to make a distinction between external unstructured big data and internal structured databases. Amazon and Zara are in a different world to the banking community. Banking, in terms of data, is not a source that can be easily shared because bank regulators restrict the sharing of customer data. Here in Asia, the political environment is quite different from Europe and North America – you do not have a European Union where you have common compliance standards. When we talk about the use of big data to promote new business in banking, the investment in extracting unstructured data for promotional marketing purpose has to be justified in relationship to the bank’s profitability plan. In this region, we do not have access to common big data across local geographies, particularly in small

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places like Hong Kong and Singapore which possess very little big data of their own, and do not have the critical mass for big data deployment that is essential for success. These are considerations we need to overcome in regulatory compliance and privacy before we can seriously discuss the system and technical aspects of using big data for banking.

steVe MonagHan, dbs: How many institutions here think they are more self-regulated than the regulator regulates them? I find the biggest barrier to movement is not actually the regulator, it is internal. Wendy Wang, Hsbc: Many banks self-regulate to make sure we have the internal controls in place. We use them as first lines of defence. Some of the local banks such as HSBC and DBS are held to a higher standard by the local regulators. It is important to work with the regulators to make sure whatever we doing not only increases control, but also increases the quality and efficiency of control. Paul Krueger, PegasysteMs: In our customer base, the clients have been successful in doing this type of thing gradually, rather than trying to boil the ocean. They say, “For this one process for account opening we are going to use predictive analytics to up-sell, cross-sell and get buy-in by the head of consumer financial services, and we will hone in on that process.” I try to take this across all channels, all products and then use that as a proof point for taking it to a broader base. It is a huge change effort, but you have to start small and then expand. Many of the banks we work with have been investing in real-time data, the SOA layer – but now what? The next thing is how to use that data to determine customer intent and sell-on and service them better. And it is going to be another ten years or more to draw that out. So where do you start? You start small and then you broaden the scope.

stePHanie seaKins, Prudential: I agree and disagree! I agree in that our success has been where we started with one or two small projects and they have expanded across the business over a four-year period, where the work that we do generates a significant amount of revenue. But we cannot go any further unless the organisation has a major structural change. Paul Krueger, PegasysteMs: Where my customers have been successful, they have C-level buy-in pretty high up. Maybe they do not have

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as many barriers to smash. Once that person is driving it and it is part of the steering committee, then things happen. So it might just be, as you say, organisational considerations.

HAily cHoW, HAng seng insurAnce: Within the company, we have a bit of everything, but none have been put into full use. For example, we have an analytics department, but the results are less than impressive, so after a while people switched the focus. The team still keeps working and then you try to restructure and turn it into an MI [Management Information] and then CRM [Customer Relationship Management], trying to bundle more function. When it started out, it was supposed to be a clearly focused secret weapon to help the organisation reach new heights. After two or three years, we had built that warehouse and systems and we had every basic infrastructure there is, but management tends to shift and the focus was no longer there. I used to look after the CRM analytics for a few years, and at that time we had good support. We heard about the Zara and Amazon story, where they leverage the data. I think we have not dug deep enough into big data. We have so much data, and it is so big and we have seen all these transactions, but I have heard about the same applications for 20 years. At least within my company, the applications being developed are still very primitive, with a lot of limitations and constraints. We are not free to provide solutions that are 100 per cent customer-focused.

steVe MonAgHAn, dBs: I think your point is a really good one, but the question I always ask is: Why? I grew up in Dell and cross-selling using data was the way we operated. An observation in financial services is that most banks are embedding customers around the product journey and then trying to work out how they cross-sell. Whereas in companies like Zara, Amazon and Garanti Bank in Turkey everything centres round the customer. So is anyone here structured around the customer?

automatically embedded because of the different products you sell. So you cannot compare the retail industry to banking.

Wendy WAng, HsBc: I think the question to ask is: What boundaries are we trying to cross? steVe MonAgHAn, dBs: I will share an example I have come across at the bank. We have wealth customers that run large businesses, and they carry 40 security tokens, so we are not structured to look at them as a customer. We are structured around each of our product lines and dealing with them at that level. At Garanti Bank, they treat their customers from a customer perspective and then build the continuum of the different products and services around them. tiM HArrison, rBs: I think that is right. You say it is different, and I buy part of that argument, but actually much of it is the same. The person who walks into Zara is the same person who buys an insurance product or a mortgage product. They will respond the same way to the same set of incentives. The product is different, but the person is the same and if you look at it from a product point of view, I think that is the issue. As we said, these other places are client-centric not product-centric. edWin yuen, BAnK oF cHinA: I want to introduce a different angle. Buying a piece of clothing and a product like a mortgage will never be the same. Banking cannot imitate the retail industry in total. Let me give you an example: We talked about Internet banking. Perhaps in 10 years we will be very excited about how it is going to take over all the retail branches. But is it happening today? It will not happen in 120 years.

regulatory requirements around the types of business you can conduct. In China, investments products have to be done at the bank. But I still think there are opportunities to move.

Wendy WAng, HsBc: Every bank has this customer-

PAnos ArcHondAKis, uBs: If you are a retail customer, the types of products you need and the types of products you want are different. If you are ultra-high net worth, you are in the game to play a bit, right? You need to look at who you are trying to sell to and the type of products are relevant.

in Zara, you sell pieces of clothes, but in banking when you sell mortgage products, credit card products, or a commercial loan, they are different and the customers are different. The risk is different. The margin is different, so therefore the silo is

Haily CHow, Hang Seng inSuranCe

PAul Kreuger, PegAsysteMs: There are some

focused path, right?

edWin yuen, BAnK oF cHinA: If you sell clothing

“We have not dug deep enough into big data. We have so much data, and it is so big… but I have heard about the same applications for 20 years.”

susAn steVenson, cignA: Sometimes we oversimplify it by saying, “That customer should who ’ s w ho o f fs i

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be serviced through the Internet, or they like to be serviced that way,” but customers are much more complex than that. They might like it for one occasion. They might even like it nearly all the time, then suddenly change their mind and want to go to a branch or want to call. Customers want different things at different times. We were looking at research on Net Promoter Score – a promoter says: “I love how much information your customer service people have and how knowledgeable they are.” A detractor says: “I hate that your people do not know what they are talking about.” The people around the table say, “How do we act upon information like that when it is so contradictory?” The truth is that both experiences were real, so what are you going to do about both experiences?

Paul Krueger, PegasysteMs: So you score and then ask why.

susan steVenson, cigna: We have other analysis that helps you drill down so it does not all come from one survey but from other analytics as well. When I was looking at it this morning, I was thinking how varied these customers needs are.

edWin yuen, banK oF cHina: They want to get “I was surprised to hear one of the senior guys from a bank saying that unstructured data will not be applicable to the financial sector.” Michelle lee, Bank of china

results. Your execution and how you offer the best support for your front-line staff is essential. When you talk about Amazon and how it is more focused, I cannot totally agree. The customer is the same person and they expect their financial institution to be doing things the same way Amazon does. So if you think you are totally different from Amazon, then you will actually be isolated from others. The best way is to find your own ways to innovate. In this case, you find a way that others need to follow.

dicK Ho, banK oF cHina: Finding information and good insight is not difficult with modern technology, but how we piece that information together is the million-dollar question. Management comes from the right side of the brain, not the left. Even the CRM and BI teams are still using the right side of the brain. I hope the banking industry will soon shift from the right brain to the left. I think the personnel, resources, intelligence and skills are there, but how the whole organisation thinks about information is a big exercise. I am quite happy that my company has already changed its thinking a fair bit. Last year, we got 44

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marketing and CRM together in the one team, and next year we will park Segment Management together with this team. So it is about a good mix of left and right brain together in one organisation. This is quite an experiment, and I am excited to see that it is not just technology driving change.

MicHelle lee, banK oF cHina: I agree that technology is already there. Having said that, structure is one thing, but I think the mindset as well as the visionary focus of the senior management is very important. I agree that a lot of investment has been put to the regulatory requirement or business operational needs, and most of the time the data development or data mining is the last item on the list. I attended a data seminar in Singapore a while ago, and I was surprised to hear one of the senior guys from a bank saying that unstructured data will not be applicable to the financial sector. I cannot believe it because we know people nowadays update Facebook more frequently than they go to the bank. It is really the mindset that we have to change in the financial sector – how to grab the data out there and then translate it into actionable initiatives. The data, the technology is there, but it is about the business side asking the right questions. They are not the data users, but they can give ideas on how to use the data instead of receiving the data in a passive mode. This kind of change is really important in terms of the usage of data.

Wendy Wang, Hsbc: Sometimes people in banking use technology very differently at work versus at home. At work, the development tends to be slower. At home, they use the latest technology. I have worked in IT for the past 25 years, and technology has evolved very quickly. However, over the past few years, things have slowed down a bit. At HSBC, we are trying to bring the innovative culture back to the banking technology. We created an environment that is not connected to the Internet – it is a completely isolated network. We can typically deliver prototypes and proof of concept in 24 hours. To do similar in the regular controlled environment sometimes is a lot longer. If we do not step up, we will be left behind as an industry. Innovation is not always related to technology. We can do innovation to the business processes. For example, we used to sell a product where that whole process took ten minutes. One of the teams

B us i n ess i n t e lli g e n c e & A n A ly t i cs // ro u n dtA B le

asked, “Can I try to model this against something like a Google or an Amazon? If I need to minimise the strokes on my keyboard, how many steps are needed to do it?” Actually, it turns out to be three steps, and it [now] takes less than one minute. That is a very different kind of thinking and innovation can happen anywhere.

PAnos ArcHondAKis, uBs: Do people see banking and their own personal financial information as different from buying a book on Amazon? You have some reason to take out a loan, but you do not want to know that 100 people like you did something else. Maybe you do. It depends, but it is not necessarily the same as buying a book. It is more about personal information and the secrecy. Those things have an impact on what you can and should be doing.

edWin yuen, BAnK oF cHinA: When you are talking about the right brain and the left, I think that would definitely change the results. So if you can prove to them that the use of data is significant, that is good. Not only the mindset of management needs to change, but also the whole organisation needs to know about how the data can be valuable. For example, we have been building a BI and CRM folder during the past eight years and now we are trying to move forward to change the mindset of our different departments. We now have close to 150 CRM users and formed a community. We ask them to give inspiration, to offer innovation, and how they can change things for the whole not just for their own department. In this case they will think of a way. If they contribute even one good idea that you can execute successfully, you prove to management this is one of the ways to make data meaningful. We have a lot of data on hand and if we use it in the right way it is more than sufficient to have good results. We do need to move forward to make use of big data because in the future it will contribute a lot. We have also been doing something in the social media world – we have more than 25,000 fans. By some small marketing campaign or a promotion you can prove how you can build up your breadth in the new media. And after you get the result, you can put it to the user community, getting new ideas from them and then move forward.

steVe MonAgHAn, dBs: I have been asked if I made the bank more innovative and it depends by which measure. We are ahead of doing the things

we set out to do at the beginning of the year. So my first year on the job, I took a shotgun approach and went wide. In a good way, most of the things ended up starting to happen. We have been on quite a ride because the process was to engage the CEO and the board. Having done so, now there is this growing pressure back down in the organisation, so this year we are going to go much more narrow and really focus on cultural transformation. The simplest things are often the best. We had a bank in Japan and were told that “94 per cent of our customers were unprofitable and would never be profitable. They were there for the wrong reasons”. We sifted through the data and worked out a couple of very simple things. Within six months of execution, we grew our deposit base by 25 per cent. Seven per cent of customers upgraded and increased business with us and became profitable customers and we grew revenue by 16.3 per cent in six months.

tiM HArrison, rBs: Somebody asked a question earlier about why banks do not innovate more. You have to think about the nature of a bank. It tends to be run by people who are quite conservative because banks are quite conservative by nature. Banks tend to be run by people who have been there for 25 years. They are not the best people on the planet when it comes to thinking innovatively about banks. PAul Krueger, PegAsysteMs: I know one of

“This year we are going to go much more narrow and really focus on cultural transformation.” Steve Monaghan, DBS

my clients, in order to get the senior execs to move on improving customer service experience, video taped an incoming call at the contact centre and played it to senior management. It showed the pain the front-line staff have to go through to get the right data, understand the customer’s intent and answer their questions. My client let that video run, and you could see the senior execs start to squirm. I am not a banker so I should not criticise, but sometimes they just do not know what is going on at the point of interaction.

susAn steVenson, cignA: I require that of my leadership team. Managers have to listen to these calls a minimum number of times.

stAnley tse, PegAsysteMs: I hope you will take some information back to your office that will help your work. Once again, thanks to everyone for joining us.

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who’s who

fsT MediA hAs gAThered AsiA’s MosT influenTiAl Technology chiefs To provide A porTrAiT of The who’s who of finAnciAl services. here, They shAre exclusive insighTs on eMerging Trends And prioriTies for The yeAr AheAd. EditEd by Natasha david aNd MatthEw saiNsbury

QA &

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m i c h a e l l e u ng // w h o’ s w h o Q& a

Michael Leung senior Vice President and chief information officer, china construction Bank (asia) FsT meDia: What skills do you think aspiring technology chiefs should invest in for future success?

leung: In addition to business acumen and people and communication skills, technology chiefs should invest in system architecture, information security and compliance as well as project, financial and time management skills. Keeping updated on the latest developments in mobility, cloud, big data and social media, network and enterprise is also very important.

FsT meDia: How has the rising roles of chief digital and marketing officers impacted CCB’s senior technology executives? leung: We have a dedicated ebanking division which is in charge of all electronic channels, from ATM and phone banking to internet and mobile banking services. The IT folks work very closely with this ebanking team. FsT meDia: What are your priorities for the next 12 to 18 months? leung: The next 12 to 18 months will see the bank consolidating its overseas entities into China Construction Bank (CCB) Asia and CCB International and relocating all w ho ’ s w ho o f fs i

w h o’ S w h o Q& A // M I c h A E L L E U NG

its offices in Hong Kong, including treasury dealing rooms, call centres and data centres, into two new buildings. As the overall in-charge, I will have to spend much of my time on these mega-projects. Other priorities include Data Warehouse and Executive Information Systems (EIS), core business process improvement, Basel III and Foreign Account Tax Compliance Act (FATCA) among other projects.

FST MEDIA: What is the ‘holy grail’ that technology and innovation are yet to deliver in financial services? LEUNG: We believe there are still lots of opportunities in the EIS, business intelligence, big data space and, likewise, in cloud computing. But if there is to be one ‘holy grail’ for the banking industry it will be making use of social media for, among other things, knowing more about our customers as well as prospective ones. This kind of knowledge obtained from social media can potentially help us better understand each customer’s financial need and propensity, his/her credit worthiness and capacity. However, much still has to be done before we get there. FST MEDIA: What impact do you see mobile banking and Near Field Communication (NFC) payments having on the banking sector throughout Asia over the next 12 months? LEUNG: Mobility as a channel will truly take off in the next 12 months, given a far more mature and plural state of the technology. Security concerns are being addressed with a number of solutions such as DFA being piloted in the market already. Regarding NFC, major industry stakeholders like Jetco and even the Hong Kong Monetary Authority (HKMA) as the regulator, are working on mobile payment pilots using that technology. We expect an industry-wide launch within this year.

FST MEDIA: How do you see the regulatory environment throughout Asia impacting on CCB’s use of technology? 48

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FST MEDIA: What tools or references

Keeping updated on the latest developments in mobility, cloud, big data and social media, network and enterprise is also very important.

keep you abreast of emerging technology trends?

LEUNG: I read extensively online and subscribe to several IT news services. I also attend professional seminars and conferences regularly to keep track of the latest developments in the industry. FST MEDIA: What do you consider to be some of the greatest achievements of your career to date?

LEUNG: The regulatory environment is fast evolving in the banking industry as a whole, particularly in a leading free-market economy like Hong Kong. As the world’s second biggest bank by market capitalisation and asset size we are implementing Basel III in various forms at different locales around the world and constantly tightening system protection of confidential and proprietary data in accordance with the relevant ordinance. These, along with many other regulatory guidelines on investor protection, disclosure requirement and so on, have added a great deal of complexity and thus difficulties to the systems we deploy and support. FST MEDIA: What advice would you offer to a young executive looking to step into a global technology role?

LEUNG: Business knowledge is as important as technical know-how these days. More generally, I find the following formula to career success very inspiring: (LUCK) raised to exponential (i) divided by (delta T). L = Location where you belong and can excel. U = Understanding “rules of the game” to be successful there. C = Communication skills, connection, contact etc. K = Knowledge of the business you do. (i) = integrity, particularly important for the banking industry where customers trust you with their money (Note: Anything raised to power 0 is “back to Square One”). (delta T) = time error which is “the smaller the better”. Catch the precise moment in time to give it your best shot.

LEUNG: I have been able to deliver quality IT services to the bank for more than 14 years and have become one of the five most senior officers on the executive committee, also running the bank as a whole. Over the years, I have expanded my responsibility to cover a wide range of business and operations functions beyond IT. I consider these to be my greatest achievements to date. FST MEDIA: With respect to career development, what is the best advice you ever received? LEUNG: A good leader makes people believe in him. A great leader makes people believe in themselves! FST MEDIA: CCB has been working to integrate the Asia systems with its mainland China systems. How is the process progressing and what are the next goals? LEUNG: We are still in the initial stage of integrating regional systems with the corresponding ones supported by our head office in mainland China. So far, most systems for wholesale banking have been centralised in the head office while those for retail business are far more complex and are being worked on at present. FST MEDIA: Every leader has a legacy they wish to be remembered for. What is yours? LEUNG: I would like to be remembered for the courage to admit mistakes and to correct them.

C o - SponSo r e d a r t i C le

Smart Mobile Devices – How is Authentication Evolving to Harness this Power? The increasing sophistication of site specific exploits based on manin-the-middle (MITM) and man-in-the-browser (MITB) techniques has profound implications for our current authentication techniques. Specifically, the strength of the initial login authentication is increasingly becoming less relevant as these attacks manipulate transactions after the legitimate user has provided the initial credentials to log in. The mobile platform is now ubiquitous various reports state that in 2013 for the first time, providers will ship more smart phones than feature phones. And these “Smart Mobile Devices” – as they are increasingly being referred to – put significant computing power and a plethora of security sensors directly in the hands of a consumer. But how do you harness this power? How do you make sure capabilities are consistently employed? How secure can the mobile platform be? However, as always in security, “how secure?” is only one of the three important criterions. The other two criterions “how easy” and “how costly” are equally important. If multiple levels of authentication are required repeatedly during a typical on-line banking or ecommerce session it could negatively impact the user experience. Compounding the problem for any one bank, what is the consumer experience when multiple banks employ different strong authentication approaches? Anecdotal evidence is that if authentication approaches become too complex, consumers begin to work around the security enterprises sought to put in place. Have you experienced users who employ the “reset your password” process each time they log in? Mobile can be a powerful tool, but it also raises new threats. This raises yet more questions as regulators around the world come to terms with the concept of “mobile”. What exactly constitutes mobile? If a consumer accesses a bank website using the Safari browser on their iPhone, is that mobile? Not everyone would agree on the answer. In an environment where we can’t agree on what is mobile – how do you model your security approach? How do you extend your security perimeter to mobile users? Banks look to companies such as Authentify as a source for answers to these questions as they look for ways to employ the capabilities of Smart Mobile Devices to make digital interaction safer and more convenient for the consumer while reducing risk and lowering cost for the enterprise. As more users gain access to broadband and data packages, apps for a wide range of Smart Mobile Devices have been introduced to purportedly enable “security”. Many provide simple messaging, which has proven risky. The best services employ apps hosted on smart phones, tablets and even on a separate desktop. These apps feature application level encryption and establish a second secure communication channel via a secure back-channel

service to the enterprise back office. Using an independently secured HTTPS session, a bank’s web application can send real time transaction details to the app, allowing the end user to ‘double check’ a transaction in real time before it is completed. These apps can provide a high value and rich user interface and extend the opportunity of out-ofband authentication to many more authentication transactions than Robert P. Soden, would be practical – from a cost Regional Managing Director perspective – if just relying solely (Asia Pacific), Authentify Ltd on the voice channel or SMS. Such apps have also been employed to serve as 2 Factor Authentication to step up protection of logon to VPNs and other services such as Outlook Web Access. The future of these services is use of strong protection enabled by asymmetric key encryption and “zero-trust” models to ensure the fidelity of communications between a user and their bank. Security professionals are aware there is no silver bullet. Solutions are not standalone but need to be applied in concert with other layers of security. The evolving power of the latest hardware brings an intriguing new dimension to the security paradigm – and enterprise and vendors alike continue the race to look for ways to employ these hardware capabilities into new and innovative security solutions. For more information on the latest innovations to come out of the Authentify technology labs or just to participate in discussions on the evolvement of authentication please contact Authentify. You may email Authentify at: info@authentify.com, or contact one of the Authentify offices: Authentify, Inc. 8745 W. Higgins Rd. Suite 240 Chicago, Illinois 60631 USA Voice: +1-773-243-0328

Authentify, Inc. Authentify Ltd. 12/F, Capitol Centre, Tower II 28 Jardine’s Crescent Causeway Bay Hong Kong Voice: +852-9304-6699 Robert.soden@authentify.com www.authentify.com

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C o - SponSo r e d a r t i C le

Revolutionising Cash Handling for Retail Banks and Retailers Cash Cycle Management Systems provides significant cost savings, improved processes, higher cash transparency and increased security CASh CyCLE MANAgEMENT

Cash centre Bank branch

Inter-Business

Retail store

cassettes in the automated teller safes are available for use in the ATMs. Similarly for retailers, this can create a closed cash cycle between a retailer’s checkout zone and cash office. Cassettes used to store cash for pick-up in retail stores can also be used in nearly all ATMs, making it unnecessary for cash to be transferred via a CiT or a cash centre. “Wincor Nixdorf is looking to the future and considering the process optimisation potential of cash cycles”, says Karsten Kemna. One scenario integrates cash centres and bank branches into the cash cycle. These considerations are based on the core assumption that automated cassette replenishment and emptying at cash centres represents a cross-sector cash cycle management process.

Software controls processes end-to-end

Cash is still the most popular payment method, with nine out of ten payment transactions around the globe handled in cash. However, cash handling is expensive. Surveys conducted by Wincor Nixdorf show that more than US$300 billion worldwide is generated in costs every year through cash handling activities, the majority of which is borne by banks and retailers. Wincor Nixdorf is working on reducing these costs. “Our new Cash Cycle Management Solutions (CCMS) offer customers maximum security and transparency, improving processes and lowering costs significantly,” says Karsten Kemna, Regional Sales and Marketing Director for Banking in Asia Pacific at Wincor Nixdorf. “This portfolio focuses on features common to cash processes and is based on a completely new concept of hardware, software and value-add services, so that manual processes are automated and staff no longer come into contact with cash.”

Intelligent banknote storage concept Wincor Nixdorf’s new CCMS portfolio automates cash processes and reduces the cash logistics chain with a standardised banknote storage system that allow cassettes to switch between devices within the new CINEO system. Memory chips in cassettes provide information on cash levels and an audit trail on usage and access. Banknotes deposited at bank counters and stored in intelligent

who ’s who o f fs i

Wincor Nixdorf’s full range of CCMS software allows retail banks and retailers to manage and optimise cash processes in their branches and stores. The software portfolio includes cross-branch cash inventory forecasts and optimisation, cash order management, track-and-trace, and management reporting. Banks and retailers can also take advantage of Wincor Nixdorf’s end-to-end services including cash cycle management services such as cash inventory forecasts and optimisation, and total management of CiT operations.

For more information, please contact: Karsten Kemna Regional Sales and Marketing Director, ASP Wincor Nixdorf Pte Ltd 151 Lorong Chuan New Tech Park #05-01 A/B Singapore 556741 Phone: +65 6747 3828 Email: karsten.kemna@wincor-nixdorf.com Website: www.wincor-nixdorf.com

CINEO – The new era in banking Upgrade your banking experience

Cash Cycle Management™ Solutions

Wincor Nixdorf Pte Ltd 151 Lorong Chuan New Tech Park #05-01 A/B Singapore 556741 Phone: +65 6747 3828 | Fax : +65 6747 1577

www.wincor-nixdorf.com

w h o’ S w h o Q& a // dav i d G l e d h il l

In Singapore, DBS customers conduct 25 million transactions a month at more than 1,100 ATMs. Our ATMs have one of the highest utilisation rates in the world. The goal is to stock each ATM with just enough cash to avoid running out ensuring, as few trips as possible at times that least disturbs the customer. This is an incredible milestone in our innovation journey. Cash outs are down by over 80 per cent. More than 30,000 hours of customers wait time have been removed. At the same time, the number of trips required to reload the network is down by 20 per cent, while the amount of leftover cash returned to the bank has decreased by over 40 per cent.

FST Media: What are your priorities for the next 12 to 18 months? Gledhill: At DBS, our emphasis has always been on driving innovation to deliver greater productivity and customer efficiencies. This will continue to be a key strategic focus as we entrench our position as a leading Asian bank. In terms of initiatives, we will be looking at further leveraging analytics and big data to enhance the customer experience, for example, voice analytics at the customer call centre, and to design the best ways to engage our customers.

David Gledhill MANAGiNG DiRECToR AND hEAD of GRoUP TEChNoLoGY AND oPERATioNs, DBs

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FST Media: What have been the most influential technology developments across Asia Pacific for banking in the past year?

FST Media: What technology challenges do banks in Singapore face with a changing regulatory environment?

Gledhill: Some of the key trends involve

Gledhill: Many of the banking regulations

mobile applications with the accelerated growth in consumer usage of mobile phones and tablets, as well as leveraging social media platforms to better engage customers. We have developed a comprehensive range of more than ten mobile applications enabling customers to perform a series of transactions on the go, from instantly redeeming rewards to purchasing travel insurance. Over the past two years, we have also invested significantly in data and analytics, with a view towards better understanding the customer journey, and being able to formulate our offerings to the customer through predictive modeling. For example, DBS partnered with SAS to develop an innovative solution to manage our ATM reloading strategy.

in Singapore are implemented with a view towards protecting the consumer’s interests. One key area of concern is customer data security. DBS recently completed a 24-month exercise to develop a more robust and resilient IT infrastructure. As our online and real-time activities increase, we need to ensure that our backend is even more secure than ever. Of course, there are always opportunities for further improvement. This is an ongoing journey as we continue to focus on our top business priorities.

FST Media: Much of the technology innovation in Singapore over the past year has been in retail experiences. How do you see this trend developing?

dav i d G l e d h il l // w h o’ S w h o Q& a

Gledhill: This is an area where there are many “low-hanging fruits” in terms of customer engagement and the opportunity to offer promotions, products and services to consumers. At DBS, we see the next big trend and opportunity in big data and data analytics. This is a journey we have already embarked on and we are seeking to better leverage data analytics and predictive modelling to enhance the customer experience and our offerings to our customers. FST Media: With so many mobile devices now available, how do you expect consumer engagement with banks to change? Gledhill: A recent report suggested that the number of active mobile phones will exceed 7.3 billion by 2014. That is more than the planet’s population. In a world that is increasingly connected, there are many opportunities for banks to offer more mobile solutions and services for customers, and a more immediate, personalised engagement via the mobile platform. Currently, there is already a comprehensive suite of mobile offerings to address the basic needs of most consumers. For example, DBS’ suite of mobile applications enables customers to instantly redeem rewards, purchase travel insurance, and book a taxi, among others. Cashless payment via mobile is another solution that is likely to grow in scale, when more phones become near field communication (NFC) enabled. Ours was the first bank in Singapore to launch a NFC virtual card, the DBS One.Tap card.

At DBs, our innovation efforts are driven by the customer journey, and not by technology for technology’s sake.

for technology’s sake. Hence, the decisions to offer a particular mobile application, for example, or to place iPads at our flagship ‘future of banking’ branch at our headquarters at Marina Bay Financial Centre, were made with an understanding of the customer experience in mind, and not for sake of being trendy with gadgets and keeping up with what Google and Apple are doing.

FST Media: What skills do you think aspiring technology chiefs should invest in now for future success? Gledhill: There is a fundamental paradigm shift from the traditional job of being great at transaction and information processing, to driving knowledge and innovation across the organisation. Leadership and communication skills are more critical than ever for technology chiefs who need to rally a broad spectrum of people to come on board for the journey.

market entrants such as telcos and technology companies like Google and Apple?

FST Media: How do you see the rising roles of chief digital and marketing officers impacting the traditional function of senior technology executives?

Gledhill: New products and services by the

Gledhill: In an increasingly dynamic

giants such as Google and Apple are defining the consumers’ experience and consumption of technology products globally. Clearly, it is critical for all companies offering products and services via digital and mobile platforms to stay abreast of trends and what Google and Apple are doing. At DBS, our innovation efforts are driven by the customer journey, and not by technology

marketplace, the thrust of innovation would be focused on acquiring market share, improving efficiency and profitability. The innovation challenge no longer resides with one or two key senior executives, but is now a shared concern of all in senior management. The innovation journey at DBS is driven by the customer experience and goes beyond IT or technology solutions. It is important for

FST Media: How is DBS responding to new

the various units within an organisation to understand the importance of innovation and how it has to be a unified approach. At DBS, we have established two units whose mandate is to focus on innovation or driving change. One unit works across the various departments across the organisation to re-engineer key processes where improvements can lead to a material positive customer impact. The second focuses on development of a strong innovation culture as well as working with the businesses to use structured innovation management approaches to generate game changing ideas across key platforms such as mobile banking and payments.

FST Media: If you were not working in financial services and technology, what would you be doing? Gledhill: When I’m not at work, I enjoy being outdoors and engaged in physical activity such as skiing, road racing and triathlons, to name a few. I believe that whatever I may be doing if I’m not in the job I’m in, I would still be applying the same goalsetting and performance measures that I do now at work!

FST Media: Which business leaders inspire you, and why? Gledhill: There are many accomplished business leaders I admire, but I feel that great leadership is not necessarily always top-down. What truly inspires me is to see examples of great leadership at all levels of the organisation such as a staff member who takes the initiative to delight a customer, or someone who comes up with an innovative idea and takes it upon himself or herself to excite colleagues about it.

FST Media: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? Gledhill: The leadership team at DBS is focused on creating the future of banking, and what I hope to be remembered for is to have helped put in place the building blocks of a great firm.

w ho ’ s w ho o f fs i

w h oâ&#x20AC;&#x2122; S w h o Q& A // R ob IN L E U NG

Robin Leung Managing Director, heaD of global inforMation technology Division, bank of china international (boci)

areas. Today, there are solution providers that can offer similar technology solutions with a TCO (total cost of ownership) lower than the in-house solutions. Large sales-side broker firms are also selling their high-tech solution package to lower their infrastructure cost and capture market share. The challenge for many banking CIOs is to stay updated with the market and to make the best solution decisions for their companies.

FST MEDIA: With respect to your career development, what is the best advice you ever received? LEUNG: I see one major difference for newcomers in the 80s compared to Gen X or even Gen Y in recent years. Nowadays, people want to see results much more quickly than their patience will allow. My advice for those who want to become part of the IT workforce in the financial industry is to spend more energy in learning the business itself, including the workflow, the purpose of the products and market trends. Within the different types of IT positions, business analysis is considered as the most secure job type.

FST MEDIA: What are your priorities for the next 12 to 18 months? LEUNG: My priorities will be around the following areas: the enhancement of our data centre infrastructure; the improvement of our corporate-wide CRM (Customer Relationship Management) system; the reduction on back-office manual working processes and the support of the rolling out of new products and new markets.

FST MEDIA: What technology or innovation is proving to be the single biggest game changer for banking? LEUNG: Many of the technical intensive initiatives such as program trading, system high availability or data management which required big investment from the banks are slowly switching to commercially available solutions. It was easier in the past to distinguish yourself from your competitors when the bank invested heavily in those

who â&#x20AC;&#x2122;s who of fs i

FST MEDIA: How do you see the regulatory environment changing over the next year, and what impact will that have on banking technology?

LEUNG: It is true that the regulatory environment is heading towards a tougher and tighter control direction for the financial industry, particularly in the customer protection and capital sufficient areas. The challenge for IT is to strike the balance of satisfying these requirements without delaying the business growth plan. As these changes in the systems normally are in the back office area and most likely they are not part of the revenue generating interest, CIOs must reserve funding and resources to continue to support the front office requirements along with regulatory changes.

FST MEDIA: What challenges do you face in ensuring a consistent technology experience across each of the regions that Bank of China operates in?

LEUNG: This is a management methodology issue. BOC International is part of the investment bank arm of Bank of China, our headquarters are located in Hong Kong. We have created policies and operational practices to ensure all overseas branches are following the standards and policies mandated by the head office. Of course, due to regional differences, there are certain technologies or solution providers that may differ from the head office. We treat these requests as exceptions and would grant them the approval of using the non-standard items.

FST MEDIA: What are the biggest challenges that a person in your role will face in the future? LEUNG: The role of a CIO in a financial services organisation has always involved IT financial, resource and technology management. The difference between the past, present and the future of the role is simply on the management focus of these three areas. Personally, I see the role of the CIO as moving towards the financial and resource area instead of the technology area. IT spending in a financial services organisation is one of the major areas of expenditure in the whole company. The skills relating to IT financial management is extremely important and will become even more so in the future.

FST MEDIA: What tools or references keep you abreast of emerging technology trends? LEUNG: Recently the trend of BYOD (Bring Your Own Device) by internal users has posed some challenges to the IT department in terms of serviceability and on the IT securities front. Also, the adoption of cloud computing technology is also another management topic which requires careful study before making any commitments.

FST MEDIA: Every leader has a legacy they wish to be remembered for. What is yours? LEUNG: I am lucky enough to live through the technology boom of the 80s onwards. Technology will continue to evolve and new generations will have different definitions for this industry. Perhaps I can be the history teacher in a technology school.

W h o’ S W h o Q& a // B h u pe n Wa r aT h e

and settlement infrastructure. In order to meet our clients’ demands in the dynamic environment in which we operate, our infrastructure must also have in-built flexibility. These are just some of the changes we need to adopt to remain competitive and, therefore, relevant to our clients, regulators and investors.

FST Media: What opportunities do you see for further back-end systems investment? WaraThe: We are one of the few banks with a standard core banking infrastructure in more than 40 countries. Having come a long way in the standardisation of our platforms in wholesale banking, we are able to bring consistent and comprehensive product offerings to all our geographies. Apart from optimising cost per transaction, we are also ensuring our clients receive the best user experience as we implement an infrastructure scalable for growth. Our next phase of investments will be focused on data analytics to generate more insightful business intelligence.

Bhupen Warathe Global head of Trade & Cash, Group TeChnoloGy & operaTions, sTandard CharTered

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FST Media: With retail banking, customerfacing applications are a common focus area of investment. Do you see opportunity for customer engagement solutions in wholesale banking as well? FST Media: What are the most critical technology issues facing wholesale banking for the next 12 months? WaraThe:

The banking industry is witnessing a period of tremendous change – probably more than it has ever faced in its entire history. This change demands not only new business propositions but also careful repositioning of traditional banking products and services. Adapting to new regulatory requirements and competing with speed and agility while maintaining stability of the underlying infrastructure are just some of the critical technology issues facing the bank right now. We are also seeing faster adoption of technology in emerging markets. In the transaction banking space, emerging markets are making massive upgrades and improvements in underlying clearing

WaraThe: Absolutely, there is a huge opportunity here. The increased ‘consumerisation’ of financial services is driving our clients’ expectations for wholesale banking channels. Although this impacts the transactional realm more than traditional consumer applications, our channels team plays an integral part in shaping our clients’ experience with, and impressions of, the bank. Our clients’ needs are constantly evolving as technology drives efficiencies in their business and therefore changes the way they work – so there are definitely opportunities to leverage our capabilities to position our channels as business enablers and increase client engagement. FST Media: How do you see regulation impacting wholesale banking technology investment over the next year?

B h u pe n Wa r at h e // W h o’ S W h o Q& a

Warathe: That’s a good question and extremely relevant in today’s context. The regulatory environments in which we operate are challenging. Regulators are increasingly scrutinising aspects such as business continuity and disaster recovery capabilities. They are also looking into the robustness of the overall infrastructure both in terms of existing capabilities as well as our preparedness in the event of an emergency or crisis. So how does this impact us in an increasingly virtual world? I think the answer lies in people, processes and systems. While technology is a key driver of business competitiveness, equally important are investments in ensuring we have the right people on board and processes that would enable us to best leverage our technology systems. FSt Media: What are the most effective ways to manage big data challenges from a wholesale banking perspective? Warathe: While a more digitised operating environment has its own obvious advantages, it also brings challenges. The management of data is one such issue. The main challenges include effective cost management for the data, maintaining its integrity, ensuring timely retrieval with safeguards attached while ensuring client confidentiality. At the enterprise architecture level, there are three most important mantras that guide us – firstly, keeping master data (reference data) at enterprise level, secondly, minimising application interfaces, and thirdly, avoiding replication of data as it raises consistency and integrity challenges. To manage data effectively we are aligning our approach to hardware, middleware (mainly database and application servers) and application selection. The solution is quite complex and requires interdisciplinary considerations and knowledge of the business problem definition, enterprise architecture, data centre management as well as hardware and middleware capabilities.

FSt Media: How do you encourage a culture of innovation within your team?

while technology is a key driver of business competitiveness, equally important are investments in ensuring we have the right people on board.

Warathe: The most important aspect here is to give a “free hand”. Before I discuss innovation, let me mention that innovation is like the icing on top of a cake. First, we must have the fundamentals right like secure and reliable transaction processing systems. We prioritise these basics before adding on new, innovative services. We drive innovation to differentiate our services and to ensure the bank is building a sustainable advantage. Innovation tends to be organic at Standard Chartered. We encourage our people to have a creative approach to solving business issues for our clients and the ideation is usually spawned on the ground instead of centrally. Centrally, we provide seed funding to bring those ideas to market. We believe that centralised innovation doesn’t really work and tends to be a bit forced. We let the best ideas generate on the ground and nurture those through to a working product or service. Having said that, for every idea that blossoms, the ones which do not work are retired quickly. Discipline and balance are key to a good innovation culture. One thing we must never forget is that we are a bank, not a retailer or a technology company. So we do everything to earn and retain our customers’ trust so security and reliability are paramount in all that we offer. FSt Media: What are some of the most inspiring applications of technology that you have seen? Warathe: In my opinion, solutions centred around inventory management

and product marketing have been fantastic examples of innovation. I am referring to the ubiquitous barcode and the evolution of mobile technology. For example, when you walk into any big retail store and when you pick up items of clothing, you will find security tags physically attached to these items of clothing. These tags play a big role in inventory management. When you buy an item of clothing and check out of the store, a barcode scanner reads this item and records it into the system. This system is also linked to the inventory management database wherein this item gets ‘checked’ out. Based on the items checked out, the store knows how many more items to re-stock. This is just one example. The barcode also helps in many other ways including the tracking of price movements, recording the number of items received against a purchase order as well as managing payments. The barcode can help in product marketing when it converges with mobile technology. Some retailers are putting more purchasing power into the hands of their shoppers by integrating the barcode with a mobile phone’s location-based services, web access and mobile payments capability. This is making it possible for shoppers to locate products within a department store, get more information about the item, make price comparisons and pay for items from the convenience of their mobile phone. The reason I find these solutions particularly inspiring is that they are simple solutions which have a very powerful impact. In fact, they are revolutionalising the way retailers operate!

FSt Media: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? Warathe: Standard Chartered is one of the world’s leading trade finance banks. Leading a multi-disciplinary and talented technology team in such a bank has been an enormous privilege and a career highlight for me. My team and I look forward to helping our bank deepen our relationship with our clients by continuing to add value and grow their business as a result of the innovative services we deliver to them on a day-to-day basis.

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W h O’ S W h O Q& A // c h E E kON G WON G

WONG: We will focus on innovating and enhancing efficiency, scalability and stability of the bank’s IT environment to enrich customer experience, support revenue growth and enhance market positioning. We will drive change management for transformative growth with centricity on customer relationship management, business intelligence and data analytics. We need to reshape branch and channel strategies to provide customer-centric change in sales and service delivery and branding. Finally, we will expand the bank’s regional footprint with IT architectural reach, mindful of the ASEAN 2015 agenda. FST MEDIA: What are the most effective ways for a bank to leverage technology to engage with younger demographics?

Chee Kong Wong ChiEf oPERATiNG offiCER foR GRoUP iNfoRMATioN AND TEChNoLoGY, hoNG LEoNG BANK

FST MEDIA: Hong Leong is going through a regional expansion process. How is technology being leveraged to help build a presence in other markets through Asia? WONG: Integration technology is deployed to transform distributed systems into a robust regional IT infrastructure that provides seamless cross-border channel service delivery and payments. Technology enables standardisation and enhancement of service delivery, simplification of customer processes, and a new customer mobility experience in the region. The end game is to support a unified IT strategy to help the bank respond quickly to changing market conditions and also in readiness to meet the challenges of ASEAN 2015. FST MEDIA: What are your priorities for the next 12 to 18 months?

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WONG: What is most appealing to the younger demographics from a bank transactional engagement perspective is a hassle-free service delivery that gels with their social lifestyle. There are a number of examples starting with mobility-related technologies and social media. Banks need a well-integrated central system that provides seamless customer experience across delivery channels and touch points to enable these technology savvy groups to perform their banking with a convenience that befits their lifestyle. We also need to deliver IT infrastructure readiness to embrace cashless product innovations and service delivery in today’s digital economy. FST MEDIA: What are some applications of technology in sectors outside of banking that could be useful to banks? WONG: Customer experience has gone beyond the traditional brick-and-mortar boundaries into the digital and mobility space. New entrants have emerged posing competition where banks once enjoyed territorial advantage. Convenient borderless electronic commerce and easy payment settlement schemes are readily available. Many have encroached into various forms of consumer financing. Banks not only have to deal with understanding the best practices for meeting customer service expectations, they

W h O’ S W h O Q& A // c h E E kON G WON G

also have to stay ahead of these new threats played out in uncharted waters. To overcome this, banks must begin to engage with customers within the customer’s comfort zone. In my opinion, there are two applications of technology that have become increasingly relevant. The first is using mobile technology to drive business outcomes. Banks should leverage new mobility technology innovations to integrate, aggregate and enable mobility services between mobile phone users, banks and enterprises (covering banking, payments, shopping, travel, logistics and infotainment) to establish a mobility ecosystem. The second is to use data mining technology to improve customer service. Banks need to improve real-time analytics for cross-selling. They need to plug in data analytic modules such as CRM into their enterprise data warehouse to churn out real-time responses from big data. In banks, the ability to use tools to understand, interpret and act on voice-ofcustomer (VOC), and identify risk and fraud patterns in concert with digital and mobility applications, offers real-time responses to build customer loyalty and retention. The personalisation of Amazon.com and eBay are testimony to such technology innovation.

FST MEDIA: In 2011 Hong Leong launched a digital banking service. What value has that initiative brought the bank, and how will the initiative extend into the future? WONG: The digital banking service is Hong Leong Bank’s starting milestone in providing its tech-savvy customers an alternative 24/7 online channel to gain access to personal account management and transactional banking services. The bank recognises the trend where consumers today are embracing new digital devices and adopting service models to enable immediate access to personal and business information. Customers stay in touch with their social networks. It is all part of today’s technology centric lifestyle. The convergence of multiple digital platforms has given consumers the power to demand what they want, when they want it, and how they expect to get it. This service has enabled the bank to formulate its digital and mobility roadmap going 60

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Technological innovations alone are not enough without customer process transformation.

The sales force have left their desks and have gone mobile. They reach prospects with mobility applications integrated with biometrics authentication and offering straight through validation with online credit bureaus, employee provident funds and credit scoring decision support, to speed turnaround time in consumer credit approvals into a matter of minutes. Branch banking is in exciting times as banks pursue their branch transformation journey to stay with the pack.

FST MEDIA: How do you maintain work/life forward, building further functionalities into deepening customer relationships by weaving banking services into our customers’ digital lifestyle with a non-disruptive and personalised customer experience.

FST MEDIA: How do you see the role of the bank branch being affected by technology in Asia Pacific? WONG: To stay competitive and relevant, a bank’s channel strategy must be reshaped in today’s fast-changing service delivery landscape. The brick-and-mortar branch needs to be re-configured to meet discerning customer service expectations. Technological innovations alone are not enough without customer process transformation to elevate customer experience. The role of the bank branch going forward in the digital economy will be confined to dealing with complex products and high value investment advisory services, a preferred face-to-face interaction. Technology deployed in digitising the branch operations and customer processes invariably transformed the brick-and-mortar branch business model. A new look branch is emerging. MACH by Hong Leong is the outcome of research into how the tech-savvy, in particular the Gen Y segment, want to be served. More technology affluent customers outside the Gen Y group are gaining acceptance of the MACH model of sales and service delivery. The heavy engagement of customer process innovation into MACH has transformed the way consumer banking business in Hong Leong is conducted. Almost everything is driven by technology.

balance?

WONG: Firstly, I set goals. Written goals help me establish clarity of purpose and provide accountability. I regularly review them and my progress against them. Secondly, focus on what is important. I don’t let the urgent, the convenient and the immediate distract me from the important. Rather, I stay focused on reaching the milestones that support my goals. Thirdly, I set my own standards. I establish my own principles of operations instead of mindlessly following social and cultural norms. Fourth, I delegate; I solicit the help of my support teams, who are best at what they do and have more bandwidth than me to get the job done. Finally, I maintain my energy. A good night’s rest of uninterrupted sleep, balanced diet and exercise (Golf or Qigong) helps recharge my body. FST MEDIA: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? WONG: My aspiration is to establish Hong Leong Bank as one of the leading technologically advanced banks in the region driven by three key tenets of which the first is people. You do this through the development of an IT organisation and staff in building a centre of excellence and innovation. Next comes process, through the delivery of business and technology transformation geared towards cultivating new and enriched customer experience across all channels. And finally technology, through technology-led innovation to drive business transformative growth.

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w h o’ s w h o Q& A // v i k r A m su d

Vikram Sud REGioNAL hEAD, oPERATioNs & TEChNoLoGY, CiTi AsiA PACifiC

Ultimately, we aim to deliver everything that Citi offers in branches, on our digital channels.

FsT mEdiA: Citi has expanded its technology services in the past year. What opportunities are you focusing on in 2013?

when they need us and it plays an important role in our aim to be the world’s leading digital bank. As mobile banking continues to grow as a preferred banking channel, our aim is to work towards incorporating more functionality into the smartphone. Our pipeline of mobile capabilities will make it possible for individual clients to trade stocks, apply for credit cards, purchase goods and services and even make peer-to-peer transfers anytime they choose. Our institutional clients are also increasingly using our state-of-the-art mobile version of CitiDirect, Citi’s online banking platform for corporate banking functions, as we introduce it in many markets around the globe.

sud: While we will introduce new digital innovations this year, we are also focused on enhancing the potential and reach of our digital offerings to both our consumer and corporate clients. Our next generation ATM – Citibank Express – will feature biometric identification. It will also scan documents and instantly print and issue ATM, debit and credit cards. For our successful mobile banking platform, Citi Mobile, which now has over one million active users in Asia Pacific, we will look to expand functionalities, increase customer usage and drive acquisition. For corporate clients, we will be introducing new and enhanced e-platforms that assist in trading, market monitoring, analytics, treasury and cash management solutions.

sud: I still believe we have some way to go before financial institutions and banking regulators will be comfortable with the use of public cloud for banking services. Of paramount concern is information security.

FsT mEdiA: What are your priorities for the next 12 to 18 months?

FsT mEdiA: How is Citi looking to further develop the Citi Innovation Lab?

FsT mEdiA: Which business leaders inspire you, and why?

sud: With clients at the crux of everything

sud: The Citi Innovation Lab is already

sud: Simply, those who manage people well

we do, we are focused on providing them superior value propositions and solutions that are simple, secure and easy to use. In the coming year, we will continue on our drive to be the world’s leading digital bank. As an illustration, we started out 2013 by introducing Citibank Express, the next generation ATM that allows clients to do virtually all of their banking without having to visit a branch. Citibank Express was launched in Philippines, Malaysia and Singapore, and will be rolled out across Asia later this year. The digital space for us includes mobile payments such as the Mobile Payment Solution and Mobile Collect that we introduced in India for our consumer and corporate clients respectively. Our markets business offers Citi Velocity, and will also be rolling out more e-commerce platforms for our clients to better manage their liquidity, market risks and book trades.

pursuing over 20 proprietary transactional banking solutions with half a dozen scheduled for launch over the next two years. At the heart of these impressive pilots is client engagement. The fully-interactive and globally-linked Lab leverages new technologies to enable collaboration with both clients and global colleagues and allows for easy simulation of customised solutions. The Lab will continue to leverage its client engagement model for new ideas, rapid prototyping and the transformation of traditional transaction banking.

and can leverage technology for business growth and change. Managing change is a basic requirement for a leader.

who ’s who of fs i

FsT mEdiA: What functions do you see becoming a key part of the iOS/Android banking applications and how will they develop further? sud: Mobile banking gives us greater flexibility to serve our clients where and

FsT mEdiA: Last year you didn’t see cloud as to the banking industry. Are there signs of new opportunities for cloud emerging?

FsT mEdiA: If you were not working in financial services and technology, what would you be doing? sud: Something completely different like managing a Bed and Breakfast near a national park!

FsT mEdiA: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? sud: I would like to leave behind a high performing team that is customer-focused and always open to change. I would also like to be known for having helped people grow and take on bigger roles.

C o - SponSo r e d a r t i C le

Accelerating on-demand, on the move banking securely for Leveraging Transformational Technologies Customer intimacy Operations excellence forand Banking The age of the Internet-of-Things (IOT) are transforming the way businesses, The age of the Internet-of-Things (IOT) is transforming the way communities and individuals co-create, communicate and collaborate.

businesses, communities and individuals co-create, communicate

A near to future cityscape is where everything can sense, think and connect 24 by 7. and collaborate. Today, mobile devices and applications are already changing the way financial Mobile services devices applications have changed the way financial information, or and transactions are shared, either to the employee, partner, channel (broker), or consumer.share Social information, media are used services to reach, engage and deliver services organisations and transactions. services information to customers prospects. how can social media Socialand media is used to reach,and engage andBut, deliver services anddata and mobile business intelligence enable faster and smarter decisions? How can information to customers and prospects. on-demand, on-time data enable faster time to market and enable new market penetration? How can advanced analytics increase situational awareness to enable early detection of Customer fraud and increase pre-emptive surveillance? Intelligent Engagement and Profiling

Customer and decision analytics, until only used in credit Intelligent Customer Engagement andrecently Profiling assessment decisions, will become key marketing and customer Analytics for Customer Profiling serviceinstitutions tools forwill theuse financial industry.individual customer Financial analyticalservices tools to understand Real-time data analytics is changing how and where financial behaviour and hone in to address specific needs. Customer and decision analytics, until recently only used in with creditcustomers. decisions, will become key marketing and customer institutions interact Customers are demanding service tools. value from their banking relationships. With transactions increased Data and analytics willautomated, also change how and where financial interact with becoming more branches will focusinstitutions on establishing and customers. than ever, customers will providing demand value from their banking growing More customer relationships, advanced support and relationship. With transactions becoming increasingly automated, branches will focus distributing advice andcustomer information. on establishing and growing relationships, providing advanced support and distributing advice and information.

Customer Management Consumers will getRelationship more comfortable with the use of personal information for Financial institutions usedthey customer relationship marketing and underwritingtraditionally purposes, provided see tangible reciprocal benefits through personalised and cost effectivetofinancial solutions. Financial institutions will management (CRM) systems capture inbound customer data use behaviour life style datain expressed in multitude of every day digital stream andand store the preference information a central repository for marketing transactions to supplement and significantly improve risk underwriting, purposes. Real-time combined withusage-based an understanding creditworthiness scores, andinformation implement fine-grained and/or pricing. of customer relationships let financial services organisations increase cross-selling opportunities. Financial institutions will continue to seek more profitable revenue opportunities Business optimisation technologies such as complexused event based on the customer relationship. Financial institutions traditionally customer processing help financial services organisations detect opportunities relationship management (CRM) systems to capture inbound customer data stream and the information in a central repository for the marketing purpose. The to store cross-sell a product or service when customer contacts advancement the bank. in technology today enables financial institutions to use real-time Customer Relationship Management

information combining with an understanding of the relationship to cross-sell new products to customers.

Mobile Payments

Financial institutions can generate opportunities through intelligent inbound The rise ofDeploying smartphones accelerated the adoption of mobile cross-selling. businesshas optimization technology such as complex event payments asfinancial a promising cost-effective transaction channel for processing helps institutions to detect opportunities in real-time to cross-sell abanks. product or servicewallets when thelet customer contactschoose the banktheir — bepreferred it via the callpayment center, Mobile consumers the branch or online - and can predict the best product that may be method while leveraging rewards andnext loyalty accounts viaofainterest singleto that particular customer.

application. Consumers can initiate a mobile payment anywhere

Technologies canand collect data aboutcan whatcollect customers doing on via the phone, on in the world recipients theare payment ATM, or bank the corporate website, analyse the data by correlating with the customer profile and branchesand andguide retail regardless ofphone location. relationship, theoutlets call centre agent on the to assist the customer. An Future adoption of Near Field Communications willif make alert can also be sent to a call centre agent to proactively call the(NFC) customer the customers express some interest without takingworld, further action on the mobile wallets useful in the physical whether forwebsite. peer-to-peer

transactions between handsets, or for transactions involving an Mobile Payments NFC-enabled Mobile devices are point-of-sale reshaping many (POS). industries especially the financial services industry. They are also introducing a lot of complexity by enabling new types of payment flows and by blurring the lines between physical and online worlds and between various Preemptive Fraud Detection payment transactions. This creates an opportunity for new business model where Fraudulent transactions areneeds increasingly problematic for financial banks can address different market for payment.

services organisations. Fraudsters are become more sophisticated

The growths of smartphones have accelerated the adoption of mobile payment as their approaches, renderingchannel simple engines ain promising cost effective transaction forrules-based banks. Mobile wallets make mobile ineffective. Technology exists to identify, correlate, and trigger payment useful by allowing consumers to choose their payment method while leveraging rewards and loyalty accounts via a single application. Consumers can

now initiate a mobile payment anywhere in the world and the recipients can collect

alerts on suspicious suchoutlets as ATM cash withdrawals the payment via ATM, bankactivities, branches, retail etc regardless of where the within recipients are. interval at ATM machines that are 50 km apart. Video a five-minute Future adoption Near field communications (NFC) will further make mobile analytics withoffacial recognition and mobile technologies can wallets usefulbe in the physical world, person-to-personmechanism (P2P) transactions also leveraged as awhether secondforauthentication formade ATM between handsets, or for transactions involving an NFC-enabled point-of-sale (POS) cash withdrawals.

Preemptive Fraud Detection

FraudulentNetwork transactions are a big pain point for financial institutions. Fraudsters are Social

become increasingly sophisticated; companies start to realize that simple rules-based

Today’s customers expect an increasing array of service and engines simply cannot make the cut. communications options from their financial services organisations. Technology exists today to identify, co-relate, and trigger off alerts on suspicious The days of as visiting a local branch long gone. spend activities, such ATM cash withdrawals by aare customer within aCustomers five minute interval, more time with online social networks, giving financial institutions even though the ATM machines are 50 km apart. the regain the personal traditionally Videoopportunity analytics with to facial recognition and mobileinteractions technologies can also be leveraged conducted in the branch. as a second authentication mechanism for ATM cash withdrawals. Financial institutions using social networks can build communities Social Network where customers get their questions answered quickly, Today’s customers demand an ever widening array of servicemore and communications choices from their financial institutions. The daysCustomers of visiting a local branch conduct thus improving customer satisfaction. can alsotoleverage most transactions are long gone. And with the growing amount of time customers the existing wealth of discussions, as well as answering each spend online, and with social networks and social site features, financial institutions are others’ regainingquestions. an opportunity to make up for the lost personal interactions traditionally Financial services conducted in the branch. organisations can monitor feedback on their current products and services via community conversations. Financial institutions deploying social network as an interaction channel can help Crowdsourcing lets companies gather ideas from customers facilitate a more intimate and responsive relationship between the institutions,for new customers and partners. Communities can be formed where customers get their products and services. questions answered more quickly thus improving customer satisfaction. Customers can also leverage on the existing wealth of discussions, as well as help to answer each other’s queries, thus bringing much cost savings to the financial institutions.

As a leading FSI IT service provider, NCS understands your needs Amidst the conversations recorded in the communities, financial institutions are able to and envisions future of banking. Through proven unifying FSI monitor feedback the on their current products and services. our Crowdsourcing also enable IT approach and our end-to-end suite of infrastructure, applications financial institutions to gather ideas from customers for new products and services. This helps in shaping new products that are solutions, in line with what theiscustomers want. and communications services and NCS able to assist you in every stage of your operations and businesses. As a leading FSI IT service provider, NCS understands your needs and envisions the future of banking.

Through our proven unifying FSI IT approach and our end-to-end suite of infrastructure, applications and communications services and solutions, NCS is able to assist you in every stage of your operations and businesses. Us Contact

Email: reachus@ncs.com.sg

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w h oâ&#x20AC;&#x2122; S w h o Q& a // iSwa r a a n Su ppi a h

payoffs from reduced costs and agility in rolling out new products regionally. Another key priority is harnessing technology to enhance our digital financial services offerings. In every customer segment, technology adoption is growing at an unprecedented rate. From the underbanked to high-net worth in the consumer segment and from the sole proprietorship to the trans-national corporation, lifestyles have become digitally integrated; just the degree of sophistication and modes in which technology are used differ. This is an opportunity for the financial services industry to reinvent how customers choose and consume financial products and services.

FST Media: What are the greatest opportunities to leverage technology to reach the unbanked or underbanked throughout Malaysia?

Suppiah: The underbanked market

Iswaraan Suppiah head, Group information & operations, CimB Group

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FST Media: What are your priorities for the next 12 to 18 months? Suppiah: Regional integration continues to be our focus. We have made progress on our roadmap to rationalise, simplify and standardise our technology platforms and operating processes across our footprint. The early results have vindicated that this is the right approach even though this is not a short-term journey. We remain committed to going the distance. We are seeing greater efficiencies and consistency in customer experience across markets. As an example, we have been able to improve back-end operations cost to revenue ratio, yearon-year, since 2010. As another example, we have made strides in converging to a consistent, best-practice based customer experience within CIMB Clicks (our Internet Banking channel) across our main markets. As we proceed down this road we see greater

represents a significant challenge for traditional financial services organisation. The economics of serving a marginally profitable, but high volume customer base has been difficult with traditional business models and traditional banking technology. The biggest areas for growth in the immediate term will be in micro payments and digital wallets enabled through non-smartphones. But within a few years, smartphones will come down in price to be almost pervasive and smartphone mobile banking functionality will be the norm. Another growth area could also be micro-finance or socially responsible financing enabled through social media.

FST Media: What emerging IT trends are you keeping your eye on? Suppiah: There are a number of areas we are keeping an eye on. Big data and social media are a couple that are not new. How we can apply these to drive tangible business value is something that we are constantly looking at. The smartphone/tablet is opening up enormous possibility for innovation. Here is a device with which a customer can tell his financial services provider where he is and what activity he is engaged in. This opens up

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whole new possibilities to integrate banking services and products into the customer lifestyle. It redefines how we can anticipate customer needs and it challenges us to think how we can use complementary technology to deliver on-the-spot, instant transacting capability that is relevant to the immediate context of the consumer. With the remarkable advances in Softwareas-a-Service and open-source software, we are actively investigating these for costeffective ways to deliver non-mission critical technology capabilities.

FST Media: What opportunities are there to leverage social media as a route to customer engagement?

Suppiah: We have been very active in social media. We have more than 29,000 followers on our Twitter account which serves as an extension of our customer service to engage and assist customers with their retail banking and credit card enquiries. We are also proud to have over 1.6 million Facebook fans across ASEAN and have launched ASEAN’s first Facebook banking service, OctoPay. In addition, we have run a number of novel campaigns using social media to increase product usage and drive deposits such as Savings Circle – the first ever fully integrated bank deposit campaign run on Facebook. We are continually looking for breakthroughs in terms of integrating social media efforts into our business and exploring how differentiated approaches can be tapped to create lasting value propositions in the world of social networks.

FST Media: CIMB is expanding rapidly throughout Asia Pacific. How can technology be leveraged to assist in this expansion strategy? Suppiah: Technology is central to our expansion strategy in two ways. Firstly, it allows us to capture the synergies across markets through converging investments and platforms. This reduces technology and operational risk while also decreasing the overall cost of operation to the Group. In addition, developments and ideas that are commercialised in one market can be brought to other markets quicker and with

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we are pushing the boundaries of what customers can achieve through electronic channels.

powerful source of insights whether your role is to enable significant leaps over competition; or whether it is about how to get more profitable while still delivering service levels that actually matter to customers.

FST Media: Are you a technology person outside of work? What are your favourite gadgets currently? Suppiah: I am interested in technology

less cost. Secondly, we see technology as a key differentiator in markets where we do not have a dominant physical presence. Today technology allows a financial service provider to convert a low brickand-mortar footprint from a disadvantage into a compelling value proposition. Some examples are our “bank in a briefcase” model that equips mobile sales staff with a tablet to carry the best of the bank to the customer, and how we are pushing the boundaries of what customers can achieve through electronic channels.

FST Media: How do you see the regulatory environment having an impact on technology innovation in financial services? Suppiah: Regulators are increasingly wary about offshoring. Banks are forced to think of innovative ways to achieve the benefits of scale or how they can offer an experience of seamlessness across borders to customers without compromising regulatory requirements. Regulators are placing greater controls on customer data confidentiality.

FST Media: What advice would you offer young executives that are looking to work in retail banking? Suppiah: My advice is to get technology savvy, no matter what the specialisation a young executive picks. The lines between business and technology in this industry are blurring. Banks will increasingly apply technology to re-engineer entire business models and to deliver significantly higher value propositions at dramatically reduced costs. It is important to focus on data. It is a

innovation because it shows how limitless the potential of the human mind is. I also find that staying abreast with technology creates chains of thoughts that work almost subconsciously. Innovative gadgets grab my attention, but I only buy them when practical. In my role, the ability to keep abreast of events 24/7 and react quickly is important. I cannot imagine life without a smartphone and I enjoy having the option of a larger form-factor of the tablet to get things done on the go.

FST Media: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? Suppiah: I hope humility and humour define my style. I continue to learn and be inspired every day and see life as a continuous opportunity for growth. I learn not just from the high-flying achievers that I am lucky to interact with in the course of my work, but also from the young interns who can be remarkably insightful. I often feel that humour is one of the best ways to deal with challenges because seeing the irony in difficult situations lightens the mood and diffuses stress. I look back with satisfaction on our ability to support CIMB’s transformation from a leading Malaysian player to ASEAN’s universal bank. As the firm grew through acquisitions and organic expansion, we achieved rapid integration in technology and operations and have fared well in how we leveraged capabilities and assets from one market to the other. We have also made good strides in business process management, in continuous improvement, and have also been successful in taking the lead in adopting promising technology trends early.

Brand Loyalty Starts with a Personal Experience

Sitecore incorporates web content management, marketing automation, intranet portals, e-commerce, web optimisation, social media and campaign management technologies into a cohesive, integrated engagement platform for deeper visitor engagement and faster conversions. • Engagement analytics: Use instant insight into the interests and behaviours of your site visitors to better engage with them and drive conversions and customer satisfaction • Marketing automation: Easily track and understand the impact of your online campaigns, personalise content dynamically, and take action with analytics immediately • Optimisation: Employ interactive dashboards and analytic tools to determine how well your campaigns are performing and what needs to be done to improve them • Email marketing: Make your email marketing campaigns and website work together seamlessly for greater online success • Campaign management: Develop relevant, compelling campaigns adapted to individual customers’ behaviour and needs across all of their interactions including email, website, and other channels • E-commerce: Create a successful e-commerce site that helps you optimise sales, personalise the experience to increase conversion rates, attract mobile users, and keep customers coming back • CRM connected: Integrate seamlessly with existing CRM systems • Lead management: Proactively manage leads and nurture them to move prospects effectively through the buying cycle Email: sales-au@sitecore.net Web: sitecore.net/FSTCaseStudies Phone: +61 2 8014 8857

w H o’ S w H o Q& A // uSH A SE K H A R

Usha Sekhar hEAD of iT – siNGAPoRE, AXA iNsURANCE & AXA LifE iNsURANCE siNGAPoRE

used to facilitate the interaction. Matching speed with quality and clear information is the order of the day.

FST MEDIA: What successes has AXA Singapore seen in leveraging customer data and analytics solutions to engage with customers? SEKHAR: AXA Life and AXA Insurance recognise the value of customer data. “Know your customer” is one of the key axioms in our company and it drives a big part of our interaction with customers. As part of the AXA Group’s key focus on customer centricity, we conduct annual customer surveys that gather feedback on both the selling and servicing aspect of our customer interactions. Year-on-year we are proud to see a constant improvement in our score. This reflects our growing understanding of our customers as we tailor our interactions to their needs and continue to improve our touchpoints with our them.

FST MEDIA: What will be the next big thing in technology for insurance in Singapore? SEKHAR: At the pace technology is moving, it is difficult to predict the next big thing. The hottest trend appears to be wearable technology. Singapore’s insurance industry is going through a digital revolution and in the future it will showcase many adaptations of digital media in ways never used before. Customers are the focus of this new technology adaption. FST MEDIA: How do you see customer acquisition channels changing in the Singapore market? SEKHAR: Customer acquisition is no longer just a matter of selling. Service plays a big part in customer acquisition and retention. In the financial industry there is a push to educate and be transparent in our dealings with the customer. This is facilitated by both local regulation and the effort of the insurance community in Singapore. Technology is increasingly being 68

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SEKHAR: Big data has been a hot topic, but my guess is banks have done a lot more work than insurance companies. The insurance industry is likely to catch up on the pace set by the banks. FST MEDIA: What tools or references keep you abreast of emerging technology trends? SEKHAR: Listening, reading and talking – exactly in that order. I attend roundtables, webinars, conferences, and regularly meet vendors. These meetings help me to keep abreast of the latest advancements in the world of technology. Informal networking with peers from the industry and discussion on networks such as LinkedIn also help me to absorb information easily. FST MEDIA: If you were not working in financial services, what would you be doing?

FST MEDIA: What are your priorities for the next 12 to 18 months?

SEKHAR: I would be building solutions for the education field or I might even be a social entrepreneur. I like working with children and I am passionate about things that matter in their world.

SEKHAR: Our priorities are mobile computing, efficiency through automation, speed of delivery, and customer experience.

FST MEDIA: What skills do you think aspiring technology chiefs should invest in now for future success?

FST MEDIA: How can technology be leveraged by life insurance to appeal to the youth demographic?

SEKHAR: Know the business you operate in. Only then can a technology chief be effective. When someone is new to the industry, it is important to spend the initial period learning about the business, operations and key issues. With a good understanding of the business process and needs, a technology chief can introduce the right level of automation that benefits the business.

SEKHAR: A big part of the insurance business is awareness. When considering their insurance policies, customers can only make a right choice when they know their needs and how they want to address them. Technology, and in particular digital platforms, has a big role in creating this awareness. Young people are constantly on the move with the latest gadgets, and we can only reach them through their choice of medium – digital. Technology also gives us an opportunity to update the latest information in the shortest span of time, creating a live, real-time knowledge base. FST MEDIA: What emerging technology or innovation do you feel is destined to make a significant impact on insurance?

FST MEDIA: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? SEKHAR: People, passion and professionalism are three things I would like to be remembered for. People I groom for the future, passion for the business and professionalism that is never compromised, be it in delivering results or in treating people well.

w H O’ S w H O Q& A // H O SI n k H EOng

where our customers can do their banking seamlessly whenever and wherever they need it. We are currently going through a merger exercise involving a number of integration initiatives. At the same time, we will be deploying new technologies to enhance our capabilities to support the vision of expanding our business to the region.

FST MEDIA: What are the main technology challenges facing the financial services industry in Malaysia? HO: Adopting the right technologies at the right time in the right manner is crucial to enhancing a bank’s competitiveness. The current technology trends include big data, mobile computing, contextual computing and social media. Leveraging these technologies requires investment and long-term commitment to realise the benefits. However, to reap the most benefits from adopting such technologies, we must first know in-depth our customers’ needs and requirements. Only then are we able to fully utilise these technologies to put in place systems that will enable our customers to have better control over their assets, and to make it easier for them to manage their finances.

Ho Sin Kheong hEAD of GRoUP sTRATEGiC iT, RhB BANKiNG GRoUP

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next 12 to 18 months?

FST MEDIA: What role do you see Near Field Communication (NFC) technology playing in financial services in the coming years?

HO: RHB’s vision is to be a leading multinational financial services group. In line with this vision, we are expanding rapidly in the region both organically and inorganically. To support the regional growth from an IT perspective, we have the following priorities. Our first goal is to standardise on common platforms for regional expansion which includes modernising the core banking system. We also plan to further our touchpoints to make them more accessible and convenient for our customers. We are working on a number of initiatives in this area based on the concept of providing banking as a utility

HO: NFC does seem to be one of the promising solutions for conducting contactless payment transactions. The possibilities are immense as it could also be used for authentication or verification processes via close range communications such as content transfers or even customer recognition and personalised promotions. I think it is too early to tell if NFC will be widely adopted in the immediate future but we are keeping our options open to all viable communication technologies as they become available. We are also conducting our own research and analysis on how such technology can be best incorporated into financial systems.

FST MEDIA: What are your priorities for the

H O SIn k H EOng // w H O’ S w H O Q& A

FST MEDIA: How do you balance supporting a social media presence with the risk of reputational damage? HO: At RHB, we have already started going into the social media arena. We have done the necessary preparation and are continuously improving our process and approach in managing this channel. In today’s digital era, where IT is an integral part of our operations, we have to be more proactive in managing risk as a major part of our IT efforts. The main strategy to addressing this risk is to “be prepared.” Research, plan and prepare. Determine up-front the possible actions to be conducted in the event there is a risk to the organisation. We need to engage in scenario analysis, especially with new and emerging technology. It is best not to wait for the worst to happen. And always have a “what-if” plan in mind and be ready with the remedial measures and back-up plans.

FST MEDIA: What emerging technologies do you have an eye on for future applications in financial services? HO: I believe for the next 12 months, we will see continued growth and maturity of several technologies including mobility, business intelligence and big data that will provide multi-channel capabilities covering loyalty and rewards programmes, real-time offers, and expanded mobile banking services like mobile payments. I believe most of the financial institutions are still creating or refining customer segmentation strategies to leverage these technologies to support their business. In doing so, there will also be an increased investment in replacing legacy systems to support these emerging technologies. In addition, the ability to use tools like big data to understand and interpret the needs of the customer is still one of the items at the top of the list. Banks must not only deal with understanding best practices for a satisfying customer experience, but also continue to invest in and focus on customer analytics and business intelligence to improve customer

Do not be content with the current status quo. Look further and think outside of the box.

loyalty and profitability by creating a great customer experience across the various channels.

FST MEDIA: How do you encourage a culture of innovation within your team? HO: We have regular discussions and brainstorming sessions with the team. I encourage the habit of always asking “why not?” Do not be content with the status quo. Look further and think outside of the box. What is more important is that I always seek diversity of viewpoints which can then spark innovation and ideas. I encourage my team to explore new opportunities and to actively share their ideas. At the same time, we still pay attention to alignment to business objectives and ensure that the interests and actions of all members of the team are directed toward key organisational goals and targets. This helps the team to be creative, and at the same time focus on the organisation’s needs. You cannot force creativity but the right setting will put the team in the right frame of mind to find imaginative solutions.

FST MEDIA: What skills do you think aspiring technology chiefs should invest in now for future success? HO: The CTOs of today must not only be strong technically but will also need to develop their business acumen. IT does not stand on its own. It is so tightly integrated with the business. These days, people look at IT not just as an enabler but as a driver also. As such the technology chiefs of today must

be able to articulate both technology and business convincingly. Interpersonal skills are still just as important as a CTO needs to communicate and relate with the myriad parties they have to work with.

FST MEDIA: If you were not working in financial services, what would you be doing? HO: My first passion has been (and still is) developing and implementing financial systems and seeing how the IT landscape has evolved and changed the face of banking through the years. And I have been lucky to do the job that I enjoy. Lecturing, coaching and mentoring have also always been the other work passions of mine. So, I most likely would venture into education if I were not in financial services. FST MEDIA: What do you consider to be the greatest achievement of your career to date? HO: After many years working in different companies and tackling different challenges, I see every new milestone met in life’s journey as an achievement. To give credence to only one would not do justice to the others. Every technology decision made, every strategy defined, every system implemented is significant at that point in time. At the end of the day, it still boils down to people. So I would have to say that it is coaching, mentoring and guiding successful and fulfilling careers.

FST MEDIA: Every leader has a legacy they wish to be remembered for. What is yours? HO: To provide guidance and leadership to those who have worked with me and to help them attain their career targets. And in turn, helping them continue the same legacy. From a technical perspective, I believe in being able to adopt the right technology at the right time. That requires being perceptive and intuitive. It would be wonderful to be remembered for making the right technological decisions that brought the organisation to a higher level of service excellence.

w ho ’ s w ho o f fs i

w h o’ S w h o Q& A // k A N c h A N N I JASU R E

Kanchan Nijasure ChiEf iNfoRMATioN offiCER, BANK DANAMoN

FST MEDIA: Two years ago you went through a core banking modernisation program. What were the key lessons learned and challenges overcome from this initiative, and how are you getting the most from the benefits? NIJASURE: One of the key challenges in our core banking modernisation program was ensuring on-going engagement of key stakeholders over long duration of this strategic and complex project. We managed this by carving out the implementation into manageable bites and ensuring that meaningful communication took place across different areas and different levels of Bank Danamon staff and management. We achieved tangible results in reasonable time and that led to a positive spiral of enthusiasm and engagement. The second key challenge was ensuring that our customers did not face any disruption of service or inconvenience, and

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that our users were comfortable with the new system. For this purpose, we designed and implemented an insulation layer whereby there was no change of account number or debit card or restrictions on any transactions. In short, our customers were insulated from the massive change of the core banking system; our service to them continued business as usual. We also made it a point to train all users in each branch across Indonesia. Plus, we deliberately created and used the service of “buddy bankers” to handhold users in each branch for a few weeks after its migration. The third important challenge was simultaneously managing the requirements of diverse lines of business and support functions for other systems while this project was under execution. Here we took the approach that all critical requirements of different lines of business and support functions would be serviced so long as they fit within overall budget. For example, we launched a new consumer internet banking platform in the middle of the core banking modernisation program. While this approach meant more workload for the IT team, it was beneficial for customers, business and support functions. It also helped in getting stronger engagement from users for various IT programs. The benefits that we are enjoying include a marked improvement in availability and scalability. In coming years, we aim to leverage the new core banking system for higher flexibility, reduced time to market new products and superior customer service.

FST MEDIA: What are your priorities for the next 12 to 18 months? NIJASURE: We aim to enhance our internet and mobile banking platform, leverage our mass market branches for SME and consumer banking and roll out an enhanced version of our loan origination system for mass market business. We will continue our server virtualisation program, implement new trade finance and asset-liability management systems, fraud detection and anti-money laundering (AML) systems and launch our risk analytics program.

k A N c h A N N I JASU R E // w h o’ S w h o Q& A

FST MEDIA: Operating within such a diverse geography, how do you ensure the bank has an optimum number of touch points available to customers? NIJASURE: Bank Danamon provides service to multiple customer segments ranging from corporate, commercial, SME, consumer to mass market. We use a combination of dedicated branches and touch points for specific customer segments as well as generic branches and channels to service all of them. The footprint of branches and ATMs is decided based on distribution of existing customers and where growth is expected in future.

FST MEDIA: What benefits have been realised from Bank Danamon’s mobile branch initiative, and what plans do you have to expand further in the future? NIJASURE: In June 2012, Bank Danamon launched its first mobile branch consisting of one teller, one customer service person, one ATM and one internet banking terminal. The mobile branch can support most of the transactions done in a regular branch. We have found it to be very useful during exhibitions and for supporting customers in remote locations. We plan to augment this channel in 2013.

FST MEDIA: How is Bank Danamon capitalising on the massive growth of mobile phones in Indonesia? NIJASURE: Like many other emerging market countries, Indonesia has witnessed massive growth of low cost mobile phones. We are currently piloting a new mobile banking service that is independent of telecom service providers. We plan to launch it in 2013 to service diverse the needs of the mass market that is our key focus segment. FST MEDIA: With more regional banks moving into Indonesia, how are you leveraging your technology to maintain a competitive advantage? NIJASURE: We not only have a robust, scalable and flexible technology platform,

The increased complexity of business environments and speed of change requires a collaborative approach between CDos, CMos and Cios.

Among more recent business leaders, I have lot of respect for Louis Gerstner who led IBM’s historic turnaround in the 1990s. It is truly amazing how he changed a huge and complex business organisation. He not only pulled IBM out of crisis but also helped it to regain its leadership position. As the title of his famous book suggests, he proved that elephants indeed dance very well!

FST MEDIA: What do you consider to be some of the greatest achievements of your career to date?

our approach to IT management provides us with a distinctive edge over the competition. We can respond to market and customer needs at higher speed, on multiple fronts and in a disciplined yet flexible manner. Our technology is geared towards delivering a superior value proposition to different customer segments based on the business model specifically built for Indonesia. We do not need to force-fit either products or risk models created elsewhere.

FST MEDIA: What do you consider the best opportunities to use customer data to deepen engagement?

NIJASURE: I believe that wholesale banking and transaction banking areas offer the best opportunities to deepen customer engagement by providing superior value to our customers, broadening our products and services platform and gaining higher share of customer wallet.

FST MEDIA: What innovation and business leaders inspire you, and why? NIJASURE: Among the older generation, I have tremendous regard for Jamsetji Tata who founded the famous Tata Group of industries in late 19th century while India was still a British colony. He was one of the very few businessmen who not only founded a business empire, but more importantly, consciously nurtured scientific and technological institutes of higher learning that helped in building modern India in 20th century.

NIJASURE: My greatest achievement since I joined Bank Danamon has been building a highly capable and reliable Indonesian IT team while delivering multiple programs and managing complex platforms. My greatest achievement in my career to date has been the significant improvements in the capability of each organisation that I was able to motivate and facilitate. FST MEDIA: How do you see the rising roles of chief digital and marketing officers impacting the traditional function of senior technology executives? NIJASURE: I see the roles of the chief digital officer (CDO) and chief marketing officer (CMO) as complementing the role of chief information officer (CIO) if the right kind of communication takes place between them. The increased complexity of business environments and speed of change requires a collaborative approach between CDOs, CMOs and CIOs. But if that communication is not managed well, then it would be difficult for business organisations to meet the market challenges effectively. FST MEDIA: Every leader, particularly at your level, has a legacy they would like to be remembered for. What is yours? NIJASURE: I would like to be remembered as an IT business leader who helped the organisation and people to make paradigm shifts in their capability, quality of their contribution and their effectiveness.

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w h oâ&#x20AC;&#x2122; s w h o Q& A // dAv e g ru b m A n

Dave Grubman ChiEf iNfoRMATioN offiCER, APAC, AiG PRoPERTY & CAsUALTY (AiG P&C)

and claims platforms across Asia Pacific. Streamlining and standardising our incountry IT footprint across the region. Tuning our support organisation to support the increasing numbers of Internet and mobile-based sales and service front-ends being deployed by the company.

FsT medIA: Customer engagement has been a challenge for the insurance industry in the past year. What is AIG P&C doing to deepen its relationship with customers? grubmAn: From my perspective, the most important customer touchpoint for an insurance company is the claims process. Responsive, professional and fair claims service builds a level of trust and goodwill between the customer and the company that cannot be easily replicated in any other way.

FsT medIA: Do you see a strong play for social media-related applications for insurance? What potential inhibitors does AIG P&C face in engaging with customers through Facebook and Twitter?

FsT medIA: What do you think will be the most significant challenges facing the insurance industry in Asia in 2013? grubmAn: Increased competition and heightened risk of a major claims event. The Asian insurance market remains a magnet for investment. Global, regional and local players continue to start, acquire and grow operations in the region. Some firms will be focused on acquiring market share through price. This will in turn increase price pressure on all market players. Based on events in recent years, the region seems more vulnerable to natural disasters than previously thought. I believe this factor coupled with continued substandard construction and poorly planned infrastructure in some urban areas, increases the chances of a significant loss event.

FsT medIA: What are your priorities for the next 12 to 18 months? grubmAn: Extending the rollout of our next generation consumer, commercial 74

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grubmAn: I think the best way for an insurance company to leverage social media is to provide fact-based objective information and advice about insurance in general and our products in particular. The one big inhibitor for any company hoping to leverage social media is the lack of control and potential for dissemination of misinformation.

FsT medIA: What are some applications of technology in sectors outside of insurance that could be useful to an insurance company such as AIG P&C? grubmAn: I am intrigued with big data and, in particular, its application in the equipment maintenance arena. From a property insurance perspective, I think this particular application of big data is an extremely rich opportunity. As sensors become more ubiquitous in all types of equipment, the associated data flows will support refined risk and usage based pricing for a whole host of insurance products. FsT medIA: How do you encourage a culture of innovation within your team? grubmAn: In my view, there are three key pillars to promoting innovation. The first is time. Employees need time to think not just do. Secondly, support. Employees need to be encouraged to try and innovate. They need to feel comfortable reaching out to others in the organisation to discuss ideas, as outlandish as they may seem. Thirdly, employees need exposure to stories of innovation and innovation evangelists to help jumpstart their own efforts. FsT medIA: How do you manage the stresses involved in your role?

FsT medIA: Last year AIG P&C started rolling out its new global claims handling platform, OneClaim. What benefits have been realised from this investment thus far?

grubmAn: Humour is my favourite antidote

grubmAn: In addition to improved service and efficiency where we have deployed OneClaim, we have also been able to shave several points off our loss ratio post rollout. It is then about leveraging the experience and expertise we have around the world. In Asia Pacific, where an emerging middle class defines much of the growth opportunity for insurance, how we have deployed technology in other parts of the world (for example Brazil) will play an integral way in which we will launch products and services to new markets in Asia Pacific.

FsT medIA: Every leader, particularly at

to stress. I also use my bicycle ride home from work each day as an opportunity to clear my mind and relax.

your level, has a legacy they wish to be remembered for. What is yours?

grubmAn: No matter how important a technological solution may be for the future of the business, success hinges on buy-in from stakeholders across the organisation. I hope my legacy will be that of a leader who knew how to take bold, innovative ideas and get them executed in a large, complex organisation.

vor a n u c h de ja k a isaya // w h o’ s w h o Q& a

Voranuch Dejakaisaya hEAD of iNfoRMATioN TEChNoLoGY, BANK of AYUDhYA

FsT Media: How can Thai banks use technology for a competitive advantage? dejakaisaya: Regional banks expanding into the Thai market is nothing new for us. Local banks have a competitive advantage with our number of branches and ATM networks. This can be coupled with the already existing customer base and data and used for cross-selling and up-selling. FsT Media: What opportunities are there to further develop the bank’s mobile platforms? dejakaisaya: The bank has launched “Krungsri mobile application” on iOS and Android. Within ten weeks, we had 140,000 customers download our applications. Transactions are growing at 20 per cent per annum. We have integrated all customer products in the bank group with one single sign-on, and plan to develop further to service corporate and SME customers. We are also looking at integrating with social networks like Facebook and Twitter.

FsT Media: What are your priorities for the next 12 to 18 months? dejakaisaya: As part of our bank’s “Make Life Simple” strategy, we will focus on taking the customer experience with the bank to next level, enhancing operational efficiency and enhancing our “product offerings”. For the next 12 to 18 months, we will focus on continuously offering innovative products and services at branches, enhancing internet and mobile capabilities, implementing a robust and powerful enterprise data warehouse to strengthen the capacity and capability of our CRM. We will also improve risk and financial analytics to improve customer experience as well as regulatory compliance requirements. To ensure operational efficiency, we have embarked on digitisation strategy and we will be developing integrated enterprise content management, which will enhance our business process management. Finally, the business contingency plan will improve IT disaster recovery and ensure business continuity in any case of crisis.

FsT Media: How is engaging with the unbanked in Thailand changing from a social and technology perspective? dejakaisaya: The unbanked customer segment needs to define product and channel strategy differently. They need easy access to the branch, simple product and fast service, high transactions but small amounts. We have explored technology to service either mobile branch, deposit or collection on-site at their place using tablet, mobile devices, and SMS receipt confirmed at the spot of transaction. FsT Media: How does the regulatory environment in Thailand drive innovation? dejakaisaya: I look at our regulatory environment in a positive way. It is bringing greater efficiencies to the banking industry in Thailand. Last year Bank of Thailand (BOT) implemented the integrated cheque clearing and archive service (ICAS) system and drove all banks to use cheque image rather than

a physical cheque. Previously this had to be sent to clearing house which takes longer and costs more. With ICAS all banks have to develop systems to link with BOT. This year BOT also lead the “local switching” to promote using cards to purchase rather than cash. All banks have to enhance their systems to support this, together with a local switching hub instead going to the VISA or Mastercard network. Apart from this, there is also the pool of data sharing for fraud and blacklists among the banks which drove each bank to put a technology platform in place.

FsT Media: What do you consider the best opportunities to leverage customer data to deepen engagement? dejakaisaya: Customer data is an extremely powerful source in revealing insight that allows the bank to better understand the customer and thus be able to drive customer experience much more efficiently. Customer demographics, lifestyle and behavioural information allows the bank to tailor products to meet customer needs at the right time and in the right place. Customers are much more sophisticated, and the flood of marketing campaigns has made our customers less approachable. The bank will require the best intelligence fuelled by quality and timely data to reach out to the customers. The flip-side is the challenge in obtaining and maintaining quality data within the organisation. It is essential to ensure an upto-date and an accurate 360 degree view of the customer is available for the analytics to produce the correct result. Business intelligence on customers is crucial to the bank. The key is using the data smartly and gaining the ability to link the data and insight with the bank’s strategy to drive customer experience. FsT Media: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? dejakaisaya:

Learn to live for today and for a better life tomorrow. Be confident and never give up easily.

w ho ’ s w ho o f fs i

w h oâ&#x20AC;&#x2122; S w h o Q& A // r A k ES h V E N G AY IL

Rakesh Vengayil

FST MEDIA: What are your priorities for the next 12 to 18 months?

ChiEf oPERATiNG offiCER, BNP PARiBAs

VENGAYIL: The financial services industry is rapidly changing and one of the key priorities is to be able to respond by planning and executing structural changes to the existing support strategy. Geographical distribution of processes, people and technology are key elements of this new evolving scenario. Our main priorities for the next 18 months include designing and implementing systems that enable faster, more efficient and more reliable data management, risk monitoring and reporting. Another priority is to offer better compliance and surveillance management and a more robust infrastructure. We are continuously exploring opportunities to leverage our global platforms in territories where they can add value to the business, without compromising local business requirements.

FST MEDIA: What are the key emerging technologies on the market that have potential to improve a bankâ&#x20AC;&#x2122;s efficiency? VENGAYIL: While there are a few emerging technologies that are promising, I believe there is so much more that can be achieved with existing ones. The advantage we have with existing technologies is that these are tested and are more reliable. Improving efficiencies is all about ceaselessly thinking about newer ways to make things simpler and easier. When you are driven by this vision, operational efficiencies are bound to improve. Technologies, existing or new, are only enablers in this process. FST MEDIA: Do you see the rise of mobile having the same impact on institutional banking as it has on retail banks? VENGAYIL: There is so much more that can be achieved and improved upon using existing platforms and applications. While mobile applications are largely used by retail banks for a wide variety of services, their use has been quite limited for the institutional banking segment. One probable reason could be that this set of professional clients look for customised financial solutions and personalised service. That is a challenge to achieve with applications. However, I am quite sure there will be innovative applications that improve the acceptance of the technology in this area. FST MEDIA: How are you leveraging big data and analytics to meet customer demand for personalised banking products? VENGAYIL: In the asset management business, being able to understand trends is crucial for our success, be it related to markets or clients. Our data analytics tools deliver a quicker and more efficient means for our sales and marketing teams to understand what clients across different markets are looking at or buying. Using our expertise in understanding global markets, we can foresee and advise our clients on profitable opportunities that are likely to work for them. Analytical tools combined with our experience

who â&#x20AC;&#x2122;s who of fs i

r a k es h v e ng ay il // w h o’ s w h o Q& a

and expertise make it possible to achieve these objectives.

FsT MeDia: How do you encourage a culture of innovation within your team?

vengayil: Innovation in technology is the key for our business to grow and thrive in this environment. The challenge is to constantly keep in touch with advancements and continually think of ways of adopting these to improve our product and services offerings. Newer ways need to be evaluated; efficient solutions need to be provided to our teams across functions to enable them to respond to a dynamic market environment. Innovation is a key parameter to judge the success of our team and we are constantly driven by the need to explore opportunities for enabling and empowering our businesses to differentiate themselves. FsT MeDia: How do you see the regulatory environment impacting the banking industry’s evolution over the next year?

vengayil: Regulators across the world are realising they need to keep pace with the rate at which technology is evolving and re-defining the way business is conducted. Newer technologies mean better and more robust regulatory frameworks. Regulations now incorporate the implications of technology and are being re-written to keep pace with the changes. The regulatory changes in the pipeline are expected to have a significant impact on the business. A large part of technology development budgets will be allocated to address these changes. Global institutions like BNP Paribas are better positioned to respond to these changes since we are globally committed and organised to deal with these changes. While proactive regulatory compliance is desirable for a global financial powerhouse like BNP Paribas, we are also focused on leveraging these as opportunities to create competitive advantages for our business at the local and regional level.

FsT MeDia: What information sources do you consider invaluable for your job, and why?

You need to be driven by a single-minded focus to leverage technology and make life simpler for the business and thus, make a difference. vengayil: Our business is quite decentralised and there are local subject matter experts taking care of the day-to-day activities in their respective functional areas and regions. We receive inputs and snapshots on the macro aspects of these businesses so that we can identify critical issues or areas of concern on a real-time basis. Our role is to enable communication between teams working in different countries and ensure the sharing of best practices. FsT MeDia: Where do you find new technologies with potential for application in financial services? vengayil: Cloud computing promises to be an exciting new technology and is being looked at seriously by financial institutions worldwide. Like any new technology, this one will be evaluated for performance and robustness before being accepted widely. FsT MeDia: What do you consider to be the highlight of your career to date? vengayil: One of the highlights of my career so far has been the great experience and insights I gained when moving from a country-specific assignment to a regional role. I learnt about cross cultural management styles and that made me appreciate countryspecific cultural and social norms. The exposure to country-specific nuances with each requiring different solutions for the same initiative broadened my perspective, developed innovative thinking and helped me truly appreciate diversity. The focus, however, was always on adding value to the organisation and clients, wherever possible.

FsT MeDia: What skills do you think aspiring technology chiefs should invest in now for future success? vengayil: The main challenge for a technology chief in today’s environment is the ability to stay ahead of the curve. To do this, one needs to have a good understanding of the business, its dynamics along with a passion for technology. You need to be driven by a single-minded focus to leverage technology and make life simpler for the business and thus, make a difference. And of course, as in any other role, the ability to work with cross-functional teams and motivate members to deliver a great client experience. Anyone aspiring to be a technology chief should focus on developing the required skill sets in these areas. FsT MeDia: How do you see the rising roles of chief digital and marketing officers impacting the traditional function of senior technology executives? vengayil: To my mind, each of these roles has its own significance and importance. Ideation should be a forte for marketing officers while the digital team’s expertise is to study effectiveness of various technologies and platforms that can deliver the right communication to the right target audience. The technology team’s role is to actually execute these and bring the campaign to life. However, organisations are getting increasingly leaner and costs are being optimised. In such a scenario, it is not uncommon to see these roles getting combined. Such optimisations also provide individuals with the right attitude and aspirations to gain expertise in fields that were traditionally not their domains.

FsT MeDia: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? vengayil: I wish to be remembered as someone who constantly drove innovation and aimed to empower the business with better and more efficient solutions.

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w h o’ S w h o Q& a // S Ta nl e y C h a n

new Wholesale Model Bank platform as our strategic global payment processing platform. We are partnering with the marketing department to deliver a technology solution that facilitates efficient production of brand compliant client presentations globally. We will also develop a platform to enable sharing of relevant information and knowledge in multi-dimensional views to maximise revenue opportunities through efficient collaboration among individual bankers and banking teams within the firewall and internal walls.

FST Media: How do you see front-end technology investments impacting customers’ expectations? Chan: Front-end technology investments

Stanley Chan

FST Media: What are your priorities for the next 12 to 18 months?

DiRECToR CoRPoRATE AND iNVEsTMENT BANKiNG TEChNoLoGY, BANK of AMERiCA MERRiLL LYNCh

Chan: There are three key priorities. Firstly,

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to continue the implementation of key externally and internally mandated programs to enhance business controls and to reduce our operational risk. Secondly, to drive ongoing operational efficiency and cost optimisation through our new BAC program. This is a multiyear program that is a vital component of our customer-focused strategy. It will align all of our resources to serving our customers, removing obstacles internally so that teammates can work better together, improving the customer and client experience and making us more streamlined. Thirdly, to invest in discretionary business enablement strategies to increase our competitive advantage. For example we will support the multi-year build of the

are critical to allow a satisfactory user experience. Due to rapid consumer and mobile technology development and adoption in recent years, customers’ knowledge and expectation of front-end technology has changed significantly. It has brought not only massive opportunities but also new dimensions of complexity to the risk environment. In order to give customers a satisfactory experience high performance, intuitive user interfaces and robust security at the front-end are fundamental. Many people rely on back-end security but pay little attention on the front-end security which is a concern. Some customers are also looking for the ‘wow factor’ in your solution to see how outstanding your design is compared to other tools in the market. Customers are setting new benchmarks and raising expectations of what technology can achieve. Customers’ expectations of technology have gone beyond what technology alone can deliver, although the customers may not realise. Nowadays it requires the execution of business information engineering, flawless technology implementation, comprehensive risk management and an effective marketing plan to cultivate the success of a technology solution.

FST Media: What impact do you see mobile access and consumer technology having on investment banking?

S Ta nl e y C h a n // w h o’ S w h o Q& a

Chan: The mobile access technology landscape operates anywhere and anytime and has induced significant cultural and behavioral changes to the business world. This can be observed from the way people exchange their contacts, perform social networking and adopt pioneering methods to give presentations and facilitate collaboration. Consumer technology has led the trend and provides the broadest and deepest reach to individuals who then expect investment banking technologist to deliver even better solutions. Users now have more requirements around design which are influenced by the various experiences they have in their daily activities and at their fingertips. FST Media: How do you see the regulatory environment changing over the next year, and what impact will that have? Chan: In the past year the risk function has been elevated significantly in most investment banks. I believe the rules on capital and liquidity will continue to be a focus in the current market. Investment banks have to communicate regulatory changes and potential impacts efficiently to the front-line to ensure decisions made in product and market selection are appropriate. The sector’s focus has progressed from understanding the new regulations to implementing reform programs and driving the business strategy of the company. Investment banks strive to institutionalise a strong risk management culture in the daily activities of associates. Investment banks have to maintain flexibility and agility responding to the increased pace of regulatory change. Being unable to adapt in time with a credible strategy will put the business at risk. To increase global transparency, investment banks need to provide greater regional leadership and stronger coordination across lines of business.

FST Media: Analysts have said that corporate banking customers are more willing to change banks than ever before. How are you leveraging technology to deepen engagement with customers?

outstanding communication, collaboration, engagement and mediation skills are required to facilitate knowledge sharing.

structured and unstructured data, combining external and internal data sources. These systems will be tuned from time to time or will even be able to learn from experiences.

FST Media: What skills do you think aspiring technology chiefs should invest in now for future success? Chan: I believe aspiring technology leaders

Chan: As a technologist in this sector one should always be aware of the technology adopted in the market, sometimes even beyond the financial industry. We should be able to connect the technology capabilities and business needs. Most importantly there should be a routine process to discuss new technology and new business topics. The goal is to help technologists understand the businesses’ priorities and to help business people realise the technology capability. Ideas will appear and may grow into an opportunity. A formal process to document and discuss ideas is necessary. This level of engagement is desirable and saves hours of idea pitching or selling without a strong business demand. Routine engagement between technology and business is the catalyst to connect technology capability to a real business need. We can proceed with an idea quickly to a proof of concept and that may grow into an investment opportunity.

FST Media: What is the ‘holy grail’ that technology and innovation are yet to deliver in financial services? Chan: I would expect the way to digest daily information as a financial company will change drastically in the next few years. I envisage more data engineers providing smart solutions to identify business opportunities. Meanwhile companies will compete with their own decision support systems to analyse complex data, connecting

need to invest time to develop skills that bring one closer to success. Leaders need to take risks and be decisive in the face of uncertainty. Outstanding communication, collaboration, engagement and mediation skills are required to facilitate knowledge sharing. You also need passion for working with people from a diversified background and to lead an innovative culture. The ability to connect personally with people through digital connections is important as is an understanding of the balanced development and interdependency between technology, business and risk.

FST Media: If you were not working in financial services, what would you be doing?

Chan: I might run a business on child development. I am the father of four children hence my passion for this particular business. The experience I have every day interacting with my children has built up my knowledge and skills on child development. My friends and relatives have told me the practical tips I shared about developing passionate children are very creative and effective. Although there are many competitors in this field, the market potential is still growing at a rapid pace and I still have not seen some of my ideas around child development in the current market.

FST Media: Every leader has a legacy they wish to be remembered for. What is yours? Chan: I have been involved in many technology and business transformation programs in the past decade and envisage more rapid changes. I hope to be remembered as a leader of championing changes.

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w h oâ&#x20AC;&#x2122; S w h o Q& a // M i k e M c ca r T h y

MccarThy: The main impact will be to drive an increased level of rigour around transparency and return on investment (ROI) which is quite healthy for us. As investment dollars become more scarce, making a business case becomes a team sport with direct participation from our business stakeholders. While this is not a new approach for us, the positive development is that IT investment is even more embedded in the business strategy with the measures and success criteria predefined at a more granular level. Any technology organisation keen to showcase their value will welcome such an approach to IT investment.

FST Media: How is your Bring Your Own Device (BYOD) strategy evolving? MccarThy: Our BYOD progress is

Mike McCarthy

FST Media: What are your priorities for the next 12 to 18 months?

head of Global infrastructure services, asia Pacific, rbs

MccarThy: Business conditions in the financial services industry continue to be challenging. This affords IT infrastructure an excellent opportunity to contribute directly to the bottom line by focusing on three fundamentals: innovation, risk management, and cost effectiveness. These areas capture our priorities for 2013-2014. The three areas of focus are tightly coupled in that we do not approach any of them in a discrete manner. For example, by taking a fresh look at where and how we deliver services we expect our new hosting strategy for the region to deliver material cost reductions without compromising our capabilities and actually reduce our risk profile. In these times necessity is truly the mother of invention. FST Media: How will the focus on cost reductions impact IT investment in 2013?

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modest as we have taken a conservative approach. There are regulatory restrictions associated with front-line staff and a high bar with respect to internal security and risk management. This assures the services we offer are highly secure but does have the effect of restricting uptake and general availability. However we are now able to offer mobile email and remote access to eligible staff across Asia Pacific on several platforms whilst being mindful of regulatory and potential data leakage concerns. This is a huge step forward for us, but next steps will include integrating secure internal messaging and perhaps some additional internal desktop applications. As the technology and tools mature I anticipate seeing internal collaboration and internal social networking type applications as well.

FST Media: What role do you see big data and analytics having in terms of customer engagement? MccarThy: Big data may be the new frontier for technology, and if you read the technical journals today you can see the term being applied in virtually every field and every context imaginable. We can also see the issues ranging from physical architecture

M i k e M c ca r T h y // w h o’ S w h o Q& a

(displacing shared storage with directly attached solid state) to computing models (distributed computing clusters such as Hadoop) and even all the way to public policy concerns and data privacy. On a less Orwellian note the deep thinkers at the Harvard Business Review warned last year about the need to consider the context of all this data or risk drawing faulty conclusions. This is the “can’t see the forest for the trees” syndrome. However, when one contemplates that within this generation computers have humbled human competitors by defeating world chess champions and winning the game show Jeopardy – both endeavours on the back of “knowing” and processing a lot of information – it does seem hard to consider big data just the latest IT fad. There are still key issues to be addressed before we realise the potential of big data. Policies related to security, intellectual property, and privacy are probably foremost amongst these. IT leaders will need to put talent and technology in place as well as structure workflows properly. Data will become what business is all about – companies will increasingly need to integrate information from multiple data sources, including third parties, and the trick then will be to derive useful and actionable results from all the analysis. And to do all this in real time. In short, big data is in its infancy and I don’t think we can even begin to foresee the full implications, but in the years to come as the technology advances, it may be that computers will know us better than we know ourselves, and will increasingly anticipate what our needs will be.

FST Media: What emerging trend or innovation is currently flying under the radar that you feel is destined to make an impact on banking in Asia Pacific? MccarThy: As information becomes ubiquitous and moves at the speed of light, data security will become ever more important, but will need to overcome some limitations in terms of facilitating transaction speed and other human factors such as lost devices and forgotten passwords.

The most exciting aspect of a career in technology – the need to continually reinvent and invest in yourself.

It is inevitable we will see more widely deployed but unobtrusive biometric authentication. These technologies will be deployed to facilitate rapid transaction processing in a ‘know your customer’ context. I believe banks will be interested in the fraud prevention possibilities, and governments and regulators equally interested in such technologies to counter illegal activities. The lack of social acceptance due to legitimate privacy concerns may limit the uptake on biometrics in the short term, but many of us can recall a time when providing a credit card number over the internet was considered a risky proposition. I am sure in time we will see biometrics becoming commonplace.

FST Media: What skills do you think aspiring technology chiefs should invest in now for future success? MccarThy: The future will see greater emphasis on partnerships so banks can take advantage of scale and price points which they may not be able to deliver on their own. The implications of this are many, but primarily will revolve around governance, service level management, and commercial acumen. In the past, a technology leader was expected to be a technical expert. As IT came to be seen as creating business value, C-suite technology executives needed to develop business savvy as well. Now we are entering a phase where C-suite players need all the previous skills plus an ability to deliver specific services from a portfolio of providers at competitive

price points, with flexible levels of service, while maintaining an independent and vigilant eye on digital security. The most exciting aspect of a career in technology – the need to continually reinvent and invest in yourself.

FST Media: How do you manage the stresses involved in your role? MccarThy: I would not say I have no stress, but I am fortunate to have challenging work at a great organisation, the support of my management, and three fabulous daughters whose collective educational aspirations provide the proper motivational context for me to keep working! Compared to the opportunities ahead and satisfactions of today, it would seem petty to dwell on the bumps in the road that one should expect on any journey. FST Media: What information sources do you consider invaluable to your job, and why? MccarThy: It is important to have a varied mix of information sources. I read a selection of trade journals, attend the occasional conference, speak with vendors, and try to establish a good rapport with key stakeholders in my organisation so I can gauge requirements and expectations. Some of the subscription-based information services are excellent, providing independent opinions and evaluations of competing solutions and approaches. You need to make up your own mind, but diversity of opinion is a powerful stimulus for highlighting the tradeoffs to be made when making any decision or trying to determine a course of action.

FST Media: If you were not working in financial services, what would you be doing? MccarThy: This is a great question, I love to speculate on the ‘what if’. I can see myself in some aspect of the aviation industry. Perhaps aeronautical engineering, flight testing or airline operations management. I have had some exposure to aviation in my background and a keen interest, so there is a natural appeal for me.

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w h oâ&#x20AC;&#x2122; S w h o Q& a // i g n ac i o M a n i pu l a

volumes to off-set the lower margins being experienced per transaction. Either way these would be factors that could create pressure for higher capital requirements as the move to higher margin business lines will increase the share of much riskier assets in the portfolio. At the same time, developing the capability to absorb more volume could also mean more capital investments especially in technology just to keep up with the fast moving developments in the industry. That might be necessary to compete effectively with the other players in the market. Cost savings will also be a challenge as banks strategise on both sides of the profit equation.

FST Media: Veterans Bank recently went through a systems upgrade to allow for cloud-based email. What other opportunities do you see to adopt further cloud solutions in the future?

Manipula: In terms of opportunity, I see a big advantage in having a cloud-based disaster recovery program in place as more of our work and data information requirements are digitised, and speed of recovery as demanded by business continuity plans becomes shorter.

Ignacio Manipula

FST Media: What are your priorities for the next 12 to 18 months?

first Vice President and head, Bank oPerations and suPPort diVision, PhiliPPine Veteranâ&#x20AC;&#x2122;s Bank

Manipula: Our priorities start with increasing efficiencies to lower our operating costs by automating or changing the processes for the remaining manual workflows. Then we need to free business units from non-selling and non-originating tasks. That involves transferring to the support units all those jobs being handled by the revenue generating units that impede them from concentrating on sales and loan origination activities. FST Media: What will be the most significant challenge facing banking in the year ahead? Manipula: One of the significant challenges in the year ahead is the thinning spreads which will push banks to move either to higher margin business lines or to gear-up the

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FST Media: What notable examples have you seen of financial organisations innovating to acquire and retain the growing Gen Y customer base? Manipula: Market leaders or innovators in the banking industry were the first to develop online access to bank accounts. Most notable now are the development and availability of e-channels for bank accounts almost anywhere there is a mobile phone signal. This refers not just to the plain vanilla balance inquiry transactions but financial transactions, bill payments, fund transfers, requests for check books and even investing in stocks and securities. Now with the ubiquitous mobile phone in the hands of Gen Y customers, financial organisations such as banks have developed smartphone or mobile apps that allow mobile banking in an easy and trouble-free manner.

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This includes mobile payments with the use of the Near Field Communication (NFC) technology where by customers pay for goods and services by simply tapping their mobile phones in a secure terminal and facilitating the transfer from the buyers electronic wallet to that of the merchants.

FST Media: How do you balance supporting a social media presence with the risk of reputational damage? Manipula: Having a social media presence is more of a way to balance against reputational risk especially when one receives a negative post in social media. The company can actually respond to the negative post better and faster and address the issues being raised against it point by point. This helps not just with that customer but also the same online viewers who are accessing the social media space and have read the negative post. FST Media: What is proving to be your most effective customer acquisition channel and why?

Manipula: For Philippines Veterans Bank (PVB), the most effective customer acquisition channel is still the branch network since most of our customer base is acquired through the enrolment of an institutionâ&#x20AC;&#x2122;s salary loan program or employee payroll accounts. PVB is a government depository bank and this privilege is not afforded to just any bank so we are leveraging this advantage by choosing these government institutions and their employees as our main market niche. This market segment continues to be acquired primarily by the branches offering cash management services. An example of this is our employee payroll service which offers value that our competitors will find difficult to match. This service is bundled with a time keeping kiosk and a payroll system which we install in government offices where the employees swipe their ID cards to record their time-in and time-out from the office. These cards are issued by PVB and serve both as employee ID and an ATM card.

As the rise of Gen Y becomes more evident the roles of the chief digital and marketing officers become more pronounced.

FST Media: What are some of the opportunities that you see to leverage customer data to help with engagement?

Manipula: We see benefits in the crossselling of bank products and services. Data can be used to score and identify clients who have not yet used other bank services. This data mining activity is helpful also in proactively identifying potential loan clients based on their demographic profile and credit score. Customer retention is another big opportunity. Customer data can be used for account profitability analysis based on the total relationship of that client with the bank. This information may be used for pricing policies and allows relationship managers to give competitive price rates per account based on benchmark account profitability levels. This helps keep clients from transferring their business to another bank. FST Media: What skills do you think aspiring technology chiefs should invest in now for future success? Manipula: It is important for technology chiefs to have a strong understanding and expertise of different departments because technology acts as a link and an enabler to process, communicate and record transactions or workflows across the organisation. With this role, aspirants should invest in relationship-building and marketing skills to be able to develop good rapport with stakeholders across the organisation. More often than not a consensus has to be reached among various units that may have conflicting

objectives and interests. Ultimately the aspiring technology chief should have sound business judgment and be able to develop insights about the impact of a particular initiative not only from the technology perspective but also in the returns that it can generate in the short and in the long term.

FST Media: How do you see the rising roles of chief digital and marketing officers impacting the traditional function of senior technology executives? Manipula: As the rise of Gen Y becomes more evident the roles of the chief digital and marketing officers become more pronounced. For companies that fully embrace customercentric strategies, it is important that top executives are well-equipped to discuss strategies that will survive and leverage the fast-paced development of new applications in this digital age. FST Media: How do you manage the stresses involved in your role? Manipula: I manage stress physically by keeping myself healthy through proper diet and exercise. Then I ensure I have a good work-life balance. I make sure that I give proper attention to all the roles I play in my life, especially in the development of a good spiritual life. I find strength to overcome the daily stresses of work by keeping in mind why I do all this day-in and day-out, and that is to honour my God, family and country. FST Media: What information sources do you consider invaluable to your job, and why? Manipula: I consider the internet as a very valuable information source because I can access it via PC, tablet or smartphone and acquire the information I need anywhere and almost anytime instantly. FST Media: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? Manipula: It is my wish to be remembered as a leader, and not just a manager, who has made a difference.

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w h o’ S w h o Q& A // r A JAT TA N E JA

Rajat Taneja Regional Chief infoRmation offiCeR, ZuRiCh

FST MEDIA: How are you leveraging big data and analytics to meet customer demand for personalised insurance products?

the Zurich insurance world. Between the two, I gain a balanced internal and external view of the IT landscape.

TANEJA: Analytics obviously has played a

FST MEDIA: With respect to your career, what is the best advice you ever received?

significant role in driving our customerfocused strategy. No doubt as we harness the power of big data there will be further change to how we address the needs of our customer. However, we are in the exploratory stages.

FST MEDIA: What is your most effective customer acquisition channel and why? TANEJA: Distribution channels vary by geography. For example, we have had a direct strategy in Japan for many years while agents and brokers remain the dominant channels in much of Asia. Asian customers are traditionally very connected and insurance purchases tend to follow this pattern. There is a move to the direct channel but the pace of change is slow. Quite likely, the direct channel will pick up in times to come.

TANEJA: Two things have always resonated with me. Firstly, it is not about the technology, it is about the business. And secondly, it is not always important how quickly the IT organisation can deliver but how predictably it can deliver.

FST MEDIA: How do you see the rising roles of chief digital and marketing officers impacting the traditional function of senior technology executives?

FST MEDIA: What are your priorities for the next 12 to 18 months?

FST MEDIA: What opportunities do you see to leverage technology to help insurance reach uninsured customers throughout emerging Asian countries?

TANEJA: I see these as complementary roles. Chief digital and marketing officers are best positioned to understand customer interactions and behaviour in the new digital world, whereas technology executives provide the enabling platforms and solutions for addressing their needs. It is unlikely that this will be as clear-cut as I am making it out to be and both areas need to work in partnership, develop strategies and deliver to these strategies.

TANEJA: Asia Pacific is a complex region. The

TANEJA: Over time, social media will emerge

FST MEDIA: If you weren’t working in

business operating environment is diverse and IT vendor footprints in this region tend to vary significantly. Building our delivery capability is a key priority for me. My goal is to build predictability, repeatability and cost effectiveness into the IT delivery process.

as a vehicle for raising insurance awareness and increasing insurance penetration. At the moment, I do not believe social media has been fully exploited as a communication medium in the Asian market by insurance providers and interest groups.

financial services, what would you be doing?

FST MEDIA: What technology or innovation is proving to be the single biggest game changer for the insurance industry in Asia?

FST MEDIA: What information sources do you consider invaluable for your job and why?

TANEJA: Asia Pacific has a very high adoption of mobile devices. Mobile is therefore emerging as the largest single game-changer. For example, we have recently launched mobile claims lodgement in Hong Kong which was well received in the market. As insurance penetration in the Asian markets increases, mobile as a distribution and service channel will become increasingly important.

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TANEJA: I use a variety of sources. My biggest is the network of business and IT professionals within the Zurich global organisation. Sharing experiences in all of the geographies we operate in gives me a wide exposure to tried and tested technologies, innovative ideas implemented in other locations and practices that have worked for my colleagues. I also depend heavily on research organisations and vendors for ideas outside of

TANEJA: I have tried many industries and enjoyed them all. What drives me is not the technology but how technology can be used to drive business-oriented outcomes. Therefore, I am not partial as long as I am working in an industry where technology is a strategic enabler of business rather than an end-user computing service.

FST MEDIA: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours? TANEJA: I am passionate about business and IT integration. Therefore, I would like my IT organisation to be seen as a trusted advisor and a reliable partner of choice by my business colleagues.

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recent years. What benefits have been realised from this investment and what opportunities are there to invest further into the future?

PARMAR: Our staff is well-supported by an array of applications on the desktop. That said, efficient access to critical business information when operating outside the office, especially within a diverse geography such as Asia Pacific, can make a vital difference when working with clients and prospects. With an enhanced user experience in mind, we recently launched BNY Mellon Connect mobile. The premise is to make our global applications more lightweight and usable through increased mobility and providing single sign-on access to BNY Mellon products and services. We are working to close the gap between personal and professional devices from an employee productivity perspective.

FST MEDIA: BNY Mellon launched its first private cloud at the end of 2011. What opportunities are there to further extend that investment?

Gurmail Parmar

FST MEDIA: What are your priorities for the next 12 to 18 months?

Chief information offiCer, asia-PaCifiC, BnY mellon

PARMAR: My primary focus is keeping pace with the expansion plans of our business partners and to expand our product suite and services aligned to the strong growth of financial assets in the region. Following the acquisition of Penson in Australia last year, we also continue to focus on growing our regional clearing business. Staying ahead of the ever-changing regulatory environment is a key priority. I will also focus on quality and efficiency, re-engineering work processes and our technology architecture to reduce structural cost and risk, as well as showcasing our technology capabilities to our clients through an Asia Pacific IT Expo this year. FST MEDIA: BNY Mellon has invested in mobile application development over

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PARMAR: The private cloud has been a tremendous success with the infrastructure automating the delivery of Linux and Window Virtual Machines (VM). This effort has reduced the time needed to provision selective development infrastructure from weeks to hours and enabled immediate user access to provisioned VM. Following this, we recently launched the BNY Mellon Xtreme Platform (BXP), which is a comprehensive service offering for BNY Mellon Java applications. Developers familiar with building Java applications based on open source technologies can quickly use the BXP technology stack to build applications. From a customer perspective, Eagle Investment Systems is a wholly-owned subsidiary of BNY Mellon that provides innovative solutions designed to be deployed in global markets. Eagle is committed to helping the world grow assets efficiently by delivering enabling technologies that can be operated via a secure private cloud

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infrastructure but customised to the unique requirements of the Asia Pacific region.

FST MEDIA: How do you leverage technology to maintain a consistency in service across Asia Pacific while also accounting for local market conditions? PARMAR: The majority of BNY Mellon applications and systems are global by design and service multiple business lines in Asia Pacific. Key factors can influence a global service and may require a local deployment or customisation specific to regional requirements. Country-specific regulation can require additional considerations. As an example, Korea has very specific regulatory requirements governing data access and has required customisation to global services, such as email. Another factor that may require a local deployment is system performance as it relates to proximity to the end users. Considering latency tolerance levels, BNY Mellon made the decision to deploy email infrastructure and web browsing (proxy) services in Asia Pacific as opposed to a central global deployment. Finally, there are the country-specific requirements that need to be considered to run the business within that specific market. Japan, for example, requires local language and processing constraints that have required software technologies specific to that market.

FST MEDIA: What are the most significant challenges facing the investment management and investment services industry in the year ahead in Asia Pacific?

PARMAR: Changes in the market and new regulations have meant the reassessment of risk levels and reallocation of capital across asset classes. This results in major movements of assets among all participants in the financial sector as they seek to lower their risk profile, reduce structural cost and optimise their returns on capital. As our clients’ financial needs become more sophisticated, the opportunities for growth and adding real value to our clients become broader and more varied. This makes it an

People are your greatest asset. helping them to grow, develop and have engaging careers will establish a stable platform for your own growth and success.

exciting time and an important opportunity to refocus the entire organisation around our clients. This includes our technology organisation that has recently been renamed Client Technology Solutions.

FST MEDIA: How are you leveraging big data and analytics to meet customer demand for personalised finance products?

Also, the need to approach things with a greater sense of urgency, coupled with innovative and critical thinking to get things done faster. Of course, you must also be able to speak to your business colleagues in their language.

FST MEDIA: How do you encourage a culture of innovation within your team? PARMAR: Constant changes in technology, regulations, competition and client needs create many business challenges. These challenges may become innovative solutions when we tap into our employees’ expertise. There are numerous best practices for encouraging innovation, such as recognising and rewarding employees for their good ideas. We have created a programme called Global Innovation that provides a framework for staff to share potential solutions to current business issues. We take the best ideas and work together to make them a reality. Within the technology team, I conduct a monthly meeting with all staff in the region. It is about enabling communication, encouraging people to challenge convention and fostering a culture for innovation.

PARMAR: Within the big data space we have created a common data architecture and governance structure enterprise-wide. We are now using predictive analytics to learn about the habits of our clients. We have information that gives insight into how our clients use different types of technology for different transaction types. Using these tools, we can look across this data to drive enterprise-wide decisions that help us give clients what they need, when they need it, the way they want to receive it. Having this insight into how our clients engage with the company allows us to build new technology in a way that is much more likely to be used.

PARMAR: Working in Asia Pacific for an international organisation headquartered in the US means that the business day spans at least 14 hours so it is really about work life integration. To this end, tools that allow the capabilities of the office to be reproduced at home, enabling a work anytime, anywhere environment, are priceless.

FST MEDIA: What skills do you think aspiring technology chiefs should invest in now for future success?

FST MEDIA: Every leader, particularly at your level, has a legacy they wish to be remembered for. What is yours?

PARMAR: The ability to identify and nurture talent. One must recognise that people are your greatest asset. Helping them to grow, develop and have engaging careers will establish a stable platform for your own growth and success.

PARMAR: I continue to strive to create an environment where people can thrive and achieve their own ambitions and accept mistakes as a normal course of business. As C. S. Lewis said, “Failures are finger posts on the road to achievement.”

FST MEDIA: How do you maintain a work-life balance?

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w h o’ S w h o Q& A // V E r on IQ u E c or n u M E F F E r T

Veronique Cornu Meffert head, Group diGital MarketinG, Great eastern life

and back-end investments that will allow us to create the new Great Eastern digital experience. Secondly, to create centres of digital excellence across the region, to ensure best-in-class digital marketing delivery across functions and locations.

FST MEDIA: How is Great Eastern’s approach to social media evolving?

FST MEDIA: Where do you see the greatest opportunities to leverage digital marketing for customer engagement in insurance?

MEFFErT: Insurers have started rather late to look into digital and build assets that are interesting and relevant to consumers. So far, no insurer in Asia has really managed to go beyond the expected. Besides investing more in understanding what the consumers wish to see, and developing practical and useful tools to interact and potentially start a purchase online, the biggest opportunities lie in creating experiences that go beyond the expected and really make Great Eastern stand out both in what we offer and how we do it. FST MEDIA: What are your priorities for the next 12 to 18 months?

MEFFErT: Our priorities will be twofold: Firstly, to focus on the right front-end 88

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MEFFErT: We started with Singapore as our pilot market and have achieved great success. Not only have we grown far beyond all other insurers in the market place in terms of Facebook fans, reach and engagement levels, but also ventured across a multitude of platforms. We reached 700,000 views on our YouTube channel. We also launched LinkedIn and Pinterest-specific efforts, a rare step among insurers worldwide. Most importantly we see both our top management and our wide network of distribution representatives embrace social media. We are supporting them with targeted toolkits and training sessions for them to learn how to best leverage on social media to enhance existing client relationships and drive new business. FST MEDIA: How can an insurance company leverage a customer’s data to improve engagement, while also maintaining trust?

MEFFErT: Great Eastern’s 105-year history is built on an immaculate record when it comes to trust in our brand and our services. This obviously goes along with our very strict internal data security policies. And everything we build today is built on this legacy. In a world that faces an information overload we want to serve consumers better by creating a more personalised and more relevant experience for them. But this is always based on either algorithms that allow us to narrow down our visitors’ wishes based on anonymous patterns, or information they have given us to receive more customised service and advice.

FST MEDIA: What role do you see the Digital Executive playing in the senior management of financial services in the long term?

MEFFErT: I see the Digital Executive taking a much more central, integrated role into any company’s governance. Creating a unique digital experience for your customers is not just about creating an online form or an ecommerce platform. It is about creating a seamless, crossfunctional solution which allows the consumer to interact with you online (including social and mobile) without any interruption or break of service. This is why operations, customer service, claims management, distribution, and even product management must become much more ‘digital’ and fully integrated in the overall digital strategy of any company. This does not necessarily mean stopping current channels, but adding digital ones to serve customers the way they want to be served. And clearly that requires a very strong backing from, and integration with, senior management circles. FST MEDIA: What technologies do you like to use outside of work?

MEFFErT: I am an Apple fan and love the convenience of all devices being connected and updated at once. I am also hooked on a large number of mobile apps, which I use for anything from sports performance tracking, to learning languages or keeping my children ‘edu-tained’ when we travel. FST MEDIA: Every leader has a legacy they wish to be remembered for. What is yours?

MEFFErT: When it comes to Great Eastern, I see my role as that of a change agent. That is a very exciting role to have. You need to hire the right people to work with, because it takes passion and enthusiasm to successfully tackle such a challenge. It will take a couple of years to appreciate how that ‘push for change’ has redefined the way we do business. But that is what I would like myself and the entire Digital Team to be measured upon and remembered by.

C o - SponSo r e d a r t i C le

Bridging the Divide Between Personal and Professional Mobility An evolving financial services sector and changing consumer needs mean the shift from mobile communications to true mobile computing is more important than ever. In this interview, Scott Totzke, Senior Vice President, BlackBerry Security, Blackberry shares his insights on how BlackBerry 10 is tapping into a new hyperconnectivity trend to create devices that facilitate the personal mobile experience and safeguard corporate data.

How has the Blackberry evolved alongside changes to the telecommunications industry? BlackBerry changed the face of communication when it launched the first smartphone in 1999 and enabled management of email and data. Over the last decade we have witnessed telecommunications moving from narrowband to broadband; from analogue to digital. This evolution placed power into the hands of consumers – mobile users now have the power and functionality of a laptop computer in a portable device. This has changed expectations about how consumers engage and interact with their financial services provider. Our strategy is to lead the next paradigm shift, from mobile communications to true mobile computing.

What does true mobility in business mean? The goal of mobile computing is to simplify and enrich the user experience by automating financial services organisations’ systems to interact with customers. By increasing the connectivity of devices and people we can improve productivity. It is a world of mobile-connected cars, trains and planes but also one of remote health care delivery, more efficient energy management, secure mobile finance and much faster, more efficient businesses. This kind of mobile computing can boost productivity, spark economic growth and improve the quality of life of people across the planet.

What are the key trends in mobility for financial services? There are two dimensions to what mobility means for financial services organisations. The first is how they interact with customers; the second is how they manage and govern the use of devices within their own businesses. Financial services organisations are now dealing with a very empowered customer. Smartphones place the power to transact and the benefit of contextual services into consumers’ hands through virtual branches and a concierge-style experience on mobile. These customers expect a high level of responsiveness. Differentiating through customer service is a new challenge within this environment. The new BlackBerry 10 platform can

work with other machines to extend information beyond a mobile device to a car, home, or wherever a customer chooses. This enables financial services organisations to consider new services and new ways to reach and transact with customers, across multiple touch points.

How can BlackBerry 10 solve the challenges of mobility? Scott Totzke, A key challenge is managing the Senior Vice President, wide spectrum of mobile devices BlackBerry Security at across disparate environments. Blackberry The financial services industry is one of the most heavily regulated in the world, with organisations facing significant concerns about protecting intellectual property and priceless customer data. The BlackBerry 10 provides a secure personal and work device in one. It offers protection of intellectual property and corporate data by separating personal information, apps and content from corporate information. IT admin has control over corporate data and access to the network and applications. At same time, it enables the use of personal functions, including access to social media such as Facebook and Twitter.

What does mobile computing mean for Asia Pacific? Asia Pacific is a major growth centre for financial services, but it is also a crucible of ideas and innovation. Financial services organisations are delivering new services and interacting with truly mobile customers across diverse geographies. For example, in India 25 per cent of the population is under 25, so there is a huge focus on ensuring connectivity to rural parts of the country. Not everyone has a broadband connection, so mobility delivers a new way to connect and interact with customers.

For more information visit www.blackberry.com w ho ’ s w ho o f fs i

w H o’ S w H o Q& A // jo E C U N N ING H A M

Joe Cunningham GLoBAL hEAD of TEChNoLoGY sTRATEGY AND iNNoVATioN, VisA

uses of new technologies. We centre our work on a number of research themes, and we aim to form new alliances in Asia over the next year or so and emulate the success we have seen in the US.

FST MEDIA: How do you see the payments industry in Asia evolving over the next 12 months? CUNNINGHAM: Asia is an extremely diverse region with countries at differing stages of economic development. This requires tailored solutions in terms of payments technology as markets mature at different rates. I believe that we will see new and innovative ideas from young, entrepreneurial start-ups in Asia over the next few years and this will influence the payments landscape in the longer-term. Right now, we are working in both developed and emerging markets across Asia to bring relevant and innovative services such as mobile payments to consumers. FST MEDIA: How is Visa looking to overcome the technological challenges in reaching new customers throughout emerging Asian markets? FST MEDIA: What are your priorities for the next 12 to 18 months? CUNNINGHAM: Our global technology strategy links technology planning and decision-making with Visa’s corporate and business strategy, ensuring Global Technology is oriented to enable our business and advance Visa’s capabilities. As the technology arm of the world’s largest retail electronic payments network, our highest priorities will always be to protect the Visa brand values of reliability, security and global interoperability. The last 12 months have seen one of the initiatives that I am responsible for, VisaLabs, expand into Asia with regional headquarters in Singapore. VisaLabs reviews and tests emerging technology with the potential to make our solutions and products even better in the long-term. We have an ‘open innovation’ approach which enables us to work with third parties globally including universities, government agencies, venture capital firms, start-ups and technology incubators to determine the possible 90

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CUNNINGHAM: The diversity within Asia means that different approaches are required depending on the maturity of the technology and payments landscape in a particular market. I would not say that it is necessarily about overcoming challenges, more about tailoring the approach to provide people with access to secure digital currency, wherever they are. For example, the objective of our acquisition of Fundamo is to drive the development of products and solutions which integrate Fundamo’s mobile financial services platform with Visa’s global payments network, VisaNet. This is in line with our focus on bringing more payments services to developing markets, as Fundamo is one of the leading providers of mobile financial services for unbanked and under-banked consumers in more than 40 developing markets. FST MEDIA: How do you balance the need for ROI with the desire to invest in new technologies and innovation?

CUNNINGHAM: In terms of the work being done by the VisaLabs team, our view is very much long-term. Our research themes are focused on emerging technologies and investigating how they could be utilised within Visa to develop or improve products for our clients. We also have a role in ensuring we are aware of technology trends and hold an opinion on how they may shape the industry in the future. Consequently at this stage of the process the focus is not on ROI in the traditional sense, but rather how new technology can enable innovation within the business. That said, at the heart of all our R&D programs is an approach that is pragmatic, accountable and aligned to our technology research themes. FST MEDIA: What is the ‘holy grail’ that technology and innovation are yet to deliver in financial services? CUNNINGHAM: Innovation within the financial services industry is essential to enable consumers to pay for goods and services in the most efficient way possible, at any time or place. This includes both new and improved consumer-facing products. It also involves ensuring the system that handles electronic payments is reliable, fast and secure. I do not think in terms of one particular technological innovation, but how technology emerges and matures, and how products and services integrate to give consumers the best experience possible. At Visa, we refer to this as responsible innovation – ensuring that new solutions are brought to market only when they are completely ready. Trust is at the core of everything we do and we will never sacrifice this to increase the speed of a product to market. FST MEDIA: Every leader, particularly at your level, has a legacy they wish to be remembered by. What is yours? CUNNINGHAM: I am very lucky to have had the chance to work with some great people and organisations. I do not think about legacy very often. Right now, I am focused on making a positive difference for the people I work with, and in the role I play at Visa. That is enough for me.

Financial Services Technology Media where the market meets

When senior banking, insurance and wealth management IT decision makers turn to FST Media, they are confident that they will be kept abreast of emerging trends and developments that could impact their technology mandates. FST Media’s team of conference producers, highly qualified journalists and business development executives collaborate to deliver the most insightful and successful events, roundtables, specialist publications, newsletters, online broadcasts and video interviews dedicated to financial services technology executives in Australia, New Zealand and wider Asia. To register for FST Media’s complimentary newsletter or to view upcoming events, exclusive video interviews and conference keynotes visit www.fst.asia; email info@fst.asia or call the team at +65 3157 6020. follow us on

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• Conferences • Roundtables • Webinars • Who’s Who Directories • Weekly News Broadcasts

ro u n dta b le // C us t o m e r e x pe r i e n C e

From Strategy to Execution – Leading the Charge for Effective Customer Communication sCott draeGer, Hp exstream: I would like to welcome Ann O’Brien, who has rescued many insurance projects, saving millions of dollars. She is the President and Founder of the award-winning consultation firm Project Liaisons, which helps insurance companies improve business through their communications.

ann o’brien, proJeCt liaisons: Today I am going to concentrate on the customer challenges, and how I have seen this new generation software assist companies with document automation solutions. Twenty years ago you had to walk to a phone to connect to a customer – now we are walking around with a phone connected to the Internet, which is connected to

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millions of people. A decade or two ago, you probably received a written letter from a dissatisfied customer. Now your customer has access to a much larger audience. A recent customer profile [revealed] there are no normal business hours, and customers expect you to be available 24/7 and to communicate with you via email, mail, in person, chat – anytime, anywhere. The average customer carries three to four devices on them at one time and they want to communicate with you through all those devices. Traditional customers – 70 years and above – still walk to the bank, they mail cheques to pay their bills and they do not really interact with the company online. The next generation after that, the Baby Boomers, between 49 and 70 years, are

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Top row (from left to right): Lance Tay, Chief Executive Officer, Tokio Marine Life; Rachel Chen, Head of Customer Experience, Aviva; Scott Draeger, Customer Communications Strategist Asia Pacific, HP Extream; Sharon Teo, Vice President, Business Excellence & Marketing, MSIG Holdings (Asia); Neil Gardner, Regional Vice President Direct Marketing APAC, AIG; Karen Yew, Vice President Branding and Public Relations, NTUC Income. Bottom row (from left to right): Melisa Teoh, Head Group Brand Marketing, Great Eastern Life; Colin Ly, Vice President Marketing, AIA; Joanna Ong-Ash, Head, Corporate & Marketing Communications, AIA; Peter Marini, Regional Sales Manager, Asia and Japan, HP Extream; Ann O’Brien, President, Project Liaisons.

cautiously embracing this technology. You see them paying more bills online. They bank online. They interact online with companies. They are email users and they write fewer cheques. Then we have Generation X and Generation Y, who grew up with computers. Their primary channel of communication is texting – approximately 100 texts a day according to recent statistics. Now Generation Z is not only growing up with computers but with iPads and iPhones. Let us look at some of the challenges facing companies. If a customer had a bad experience a decade ago, they would probably tell a few people. Now they are broadcasting it to thousands of people they do not even know, and what is worse than that, many companies do not even know what people are saying about them. Another challenge is that legacy software does not support the requirements you need to design an

efficient document. So with mergers and acquisitions, new products, product changes, rate revisions and rebranding, it is difficult for companies with legacy systems to react swiftly. Efficiencies can definitely be gained in this process. Grange Insurance went through two CEO signature changes in the past three years. They had thousands of forms they had to go through to change his signature. Once they finally completed that, the CEO resigned, so we went through it again. The second time round, we had already implemented a couple of products within the personal auto line of business, so in this new software we only had to change one component. It probably took us about a week to make that change as opposed to the months it took in the legacy system.

The executives featured in this roundtable editorial held the above positions at the time of publication.

peter marini, Hp exstream: How complicated was AIG’s rebranding process from a marketing perspective? who ’ s w ho o f fs i

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neil Gardner, aiG: It was pretty complicated for two reasons: first, we did not consider the customer experience in the rebrand. It was seen as a systems process around updating some logos. Ideally, as we were touching thousands of letter files, we should have done some work on them. But there was pressure around timings, launches and public awareness. We had a blueprint from the previous change from AIG to Chartis, so we were more experienced in how to deal with it again. Clearly, we could have taken the opportunity at that point to have a good look at a lot of the activity. It just was not part of the core objectives of the rebrand.

Joanna onG-asH, aia: Having had extensive experience in brand marketing in financial institutions, some with global presence and great brand equity, I realised one of the weak links is failing to deploy customer insights to localise the brand to the demands and needs of the customers at the local market level.

“One of the weak links is failing to deploy customer insights to localise the brand to the demands and needs of the customers at the local market level.” Joanna ong-ash, aIa

lanCe taY, toKio marine: On issues arising in the face of re-branding, Tokio Marine acquired Asia Life about six years ago and changed the company name to TM Asia Life. It was important to assure our clients we were still the same company, just with a different name. Two years ago, to enhance synergy with the Tokio Marine Group as we moved into the Tokio Marine Centre with our Group companies, we changed our name one more time to the current Tokio Marine Life Insurance Singapore. We had a couple of challenges in that process. From Asia Life to TM Asia Life, many did not know TM was Tokio Marine. After the final name change, many Singaporeans did not know that Tokio Marine does life insurance because our parent company is better known as a general insurance company. The word ‘life’ is very important to us, so we made sure it is in our new name logo and in all our branding and advertising efforts. raCHel CHen, aViVa: When they changed the name from Norwich Union to Aviva, it was a huge exercise. In many local markets, it was Aviva, but within the UK it was Norwich Union. neil Gardner, aiG: From a marketing point of view, you would not recommend changing your brand regularly. Many of the processes we have around things that do change regularly are relatively automated and smooth. One company I worked for had a collection letter signed by a person who had left 12 years ago. We did not change the name because when we received a call for that person, we knew

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exactly what it was about. So sometimes you can live with the adversity because it actually helps rather than creates a problem.

peter marini, Hp exstream: You mentioned earlier that when you did the change there were many letters. How many letters or documents do you have within your organisation?

neil Gardner, aiG: I would hate to imagine. It is a huge effort to manage something as simple as putting a new brand message and new tone throughout our letters. The reality is you will generally have some letters that you may send out five or ten times a year. They rarely get used; but if you are running an automated business, you need that letter in your file on the off-chance it is used. The more you automate, the more you end up with a variety of letters. Hopefully you have a decent document solution, which means the templates are somewhat flexible.

sCott draeGer, Hp exstream: That is an experience that Ann has had at Grange, in some cases moving hundreds of forms down to 11 forms, so the tone changes can be more rapidly disseminated throughout an entire set of communications.

ann o’brien, proJeCt liaisons: We are also doing that at Ohio National Financial Services. Our first implementation is term letters and its correspondence system. They standardised the opening paragraph and the ending paragraph – we were able to share those paragraphs across all letters. They took the opportunity, at that point, to review every letter. The Vice President said to us, “You guys are working with the business to review all the tone and content?” And we said, “Yes, we are”. And he said, “Look at this letter”. It was a letter to a customer whose husband had died and they were denying the claim, referencing suicide frequently in the letter. And the Vice President was appalled – he could not believe his company was sending out a letter like that. So when you are moving to this next generation software, I cannot emphasise enough to take time to review your letters. Try to achieve consistency so you can reuse, which is one of the highest benefits. What we do with these documents when we go through a major redesign is to open up space for only marketing to use. This is on the Grange bill and marketing owns this space in these documents. We try to do that in the majority of these documents. Grange had more than 2,500 letters in its inventory when we started implementing changes in the claims system. We are

C us t o m e r e x pe r i e n C e // ro u n dta b le

implementing the interactive solution of this newer technology – and it is powerful. We are taking your smart logic and embedding it into the forms so you can swap paragraphs.

neil Gardner, aiG: What was the instigation for the project to put new software in place?

ann o’brien, proJeCt liaisons: [Grange] had a legacy system, which the customer service representatives did not like and would not use. So they had no way of tracking what letters were going out because the reps were typing them on their machines and keeping them on their hard drives. They were not getting back into the claims system for audit purposes. They went from 2,500 letters and they now anticipate about 400, although they are not completely rolled out yet. A medical payment letter – produced 1,910 times in one month – is our highest volume letter. Their hard savings were $54.56, because we were able to eliminate the pre-printed paper stock for the letterhead. Their soft savings were 238 hours. They say this letter needed to take the representative 11 minutes to complete, now it takes them one minute and 45 seconds.

sCott draeGer, Hp exstream: So not only are they making communications clearer, it is saving millions of dollars per year.

raCHel CHen, aViVa: Did you measure a ‘before and after’ customer experience to show the customer side? ann o’brien, proJeCt liaisons: Yes, we did, but not on that particular letter. At Nationwide we did [a before and after] on its new design bill. We worked with the customer service reps to understand what were the highest volume calls coming in on the bill and why. One of the biggest complaints [from customers] was they never knew what day the bill was due or the amount. We added a shaded area and kept that consistent. There was around a 17 per cent reduction of calls. If you take the time to look at this and do your analysis, you can create an effective document. With Grange, we organised focus groups to do a lot of the upfront work when we were redesigning.

sHaron teo, msiG: In our quest for standardisation and operational efficiencies, we sometimes standardise too much and we lose the human touch. A customer does not want to be given a standard letter; they want to feel like we are talking to them as a person. So I think they realise the dilemma. From

my company’s perspective, obviously we want to be as efficient as possible.

peter marini, Hp exstream: With the technology comes the ability [to customise]. The information you want to talk to them about is different, so if you have that information, you can use it to personalise the marketing messages appropriately. You can use the white space Ann was talking about, based on information in your CRA system, potentially to say, “Okay, we want to talk to you”, and import that marketing message during the run time. So you can give that personalisation but with the benefit of automation.

sCott draeGer, Hp exstream: With personalisation, businesses often view their set of available data as much smaller than it actually is. Some of our projects have been able to help their customers and target messages to make them more relevant by not only using data from one system.

peter marini, Hp exstream: With existing business analytics, we are able to get phenomenal amounts of data about how we should package these products and to what groups. But that is of no value if you cannot message back to them.

raCHel CHen, aViVa: Does the solution only talk about letters or does that include text messages. The best communication channel might be SMS or email. Should that be a letter or something else? ann o’brien, proJeCt liaisons: We are working with Grange now, and they have e-delivery and SMS in their strategic plan. I might create an ID card, send it to the archival system, and send it on a piece of paper to a customer. Or you could send them an SMS if they prefer.

“In our quest for standardisation and operational efficiencies, we sometimes standardise too much and we lose the human touch.” Sharon Teo, MSIG holdInGS (aSIa)

neil Gardner, aiG: Customers are becoming more sophisticated and selective. They understand that at every contact opportunity we try to sell products. Often they like the one-way communication because they can choose to ignore it until they are ready to accept a message. So there is this whole wraparound of trying to understand the customer’s sophistication as well as the social demographic group, their age profile, or whether they like SMS reminders. To Scott’s point, we rarely touch upon aggregating the consumer data that is available or driving a customer strategy. Customers also change their mind from wanting an SMS one week and the next wanting it mailed. So it is dangerous to make an assumption about what the customer should have. w ho ’ s w ho o f fs i

ro u n dta b le // C us t o m e r e x pe r i e n C e

ann o’brien, proJeCt liaisons: Some of the

peter marini, Hp exstream: That is a core tenet of

companies I am working with are going towards that customer information file and trying to get the preferences. Nationwide and Grange have on their Internet sites that you can sign up with the departments you want, and then we can provide the document the way they need it.

what we try to do. We try to make sure we understand the data can come from many places, most of them inconveniently located and poorly formatted. We are unique in the industry because we assume everything we touch is probably bad.

sCott draeGer, Hp exstream: More than half the people who have decided to opt out of print and into electronic communications revert back to print within 24 months – whether there was a bounce back on the email address, or something with their channel of choice that did not work. So there is a fall back: sometimes almost half of those had to move back to print, and the company always says, “Please let us know your new email address”, because the customers are moving around and changing mobile providers.

“It is very rare that you find the business support in [these] projects because of complexity and cost.” Neil GardNer, aiG

neil Gardner, aiG: I have a different view: customers rarely change their mobile number or their email address, but they will change their physical address and not bother to tell you. My experience has been that it always comes back to consumer demand. If it is something you value, you update it. Singapore Airlines knows exactly when I change my email address because I do not want to miss out on a single air mile. But an embedded insurance program on a credit card I have from Australia, I forget I even have it, never mind telling them when I have changed an address. peter marini, Hp exstream: Especially when we talk to banks, one of the things they are always complaining about is the number of email addresses customers have.

Joanna onG-asH, aia: Before you model a project like this, how many financial institutions have experience deploying the solution in the markets in Asia? Zero. I think a great system needs the best data, and that usually takes a long time to build.

peter marini, Hp exstream: The problem is, they say, “If we are going to do this project, let us clean all the data, implement the project and then stop worrying about the data”. So it is clean for just a day.

Colin lY, aia: And it is normally at least a 12-month project to do a migration or a cleansing. I am not close enough to the solution, but to what extent is any data being looped back into the various systems?

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neil Gardner, aiG: I agree with you, but it is very rare that you find the business support in those kinds of projects because of complexity and cost.

sCott draeGer, Hp exstream: If there are too many PMPs [Project Management Professionals], you will never be able to craft a strategy because you will have to find this project team that was disbanded two years ago. So what we do is help build strategies.

neil Gardner, aiG: Many of the challenges concern legacy systems. If you were going to redesign it from scratch you do not keep the old design, right? We are concurrently going through an IT strategy and the customer documentation will come in as part of that. But to get it as a standalone drive, it could only come as part of an organisational culture shift that says we are going to change the way we talk to our customers, and it is going to flow through every single business touch point. But we are still predominantly driven by individual product lines.

sCott draeGer, Hp exstream: But it is evolving now. Customer experience is increasingly coming up on the agenda.

neil Gardner, aiG: Recently, I was looking for a global health product and an auto product at the same time. The global health guy gave me a quote for $4,500; the auto guy declined me. They declined me on one product and then expected me to buy another from a different part of the organisation. The systems did not talk to each other and neither did the individuals who are on the product lines. The organisation does not have a customer-level view of pricing and profitability that the product lines can base their decisions on. sCott draeGer, Hp exstream: Humana, one of the leading medical insurers in the US, created documents that are valuable to their customers at various times in the year. They have created a year-end summary that shows a picture of every pill that the customer has been given during the year, so they carry it when they go to the doctor. There are also car insurers who have started sending out guidelines for car maintenance.

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neil Gardner, aiG: The way the economics of products are structured means companies do not see the value in ongoing relationships until the point at which they want to sell another product.

peter marini, Hp exstream: In trying to find a way to justify the communication strategy between buying cycles, they will say, “Is this going to increase my profitability?” A lot of the work we are doing is in trying to justify the value of how it increases customer lifetime value and how the investment is justified.

Karen YeW, ntuC: As an organisation, we contact our customers only on important matters. This includes sending our policyholders an annual statement and letter from our CEO. Many of our financial advisers communicate more frequently with their customers, to review their changing financial needs and portfolio.

lanCe taY, toKio marine: It is clear that communicating with our customers can be challenging on many fronts. At Tokio Marine, we adopt a multichannel distribution model. Apart from our own agency force, our partners span across banks, individual financial advisory firms and international brokers. It was mentioned earlier that most of the relationships are owned by the agents, and in our case, our partners as well. Communicating directly with their customers may pose yet another challenge on the partner-relationship front. When we plan to do a crosssell or up-sell campaign, we are very careful on how we approach the matter.

raCHel CHen, aViVa: There are two aspects: One is how often we think we communicate with our customers and how often the customer thinks we are communicating with them. In our annual surveys, we ask customers how often they feel we have communicated with them, and it is surprising. Although a customer will receive at least one letter annually, less than 50 per cent of customers say that Aviva has communicated with them. sCott draeGer, Hp exstream: I would look to some of the learnings from Allstate. They have an efficient communication program, but they also created some affinity social media sites. They created the Allstate Garage website for their motor customers who have motorcycles or caravans or campervans, so they can talk and trade their stories. It drives customers to the website. If they lose their Allstate policy, they are still allowed to use the site.

raCHel CHen, aViVa: But the reality of life insurance is you do not talk about it unless you want to claim or complain about an issue. Doing something similar [to Allstate Garage] would be more difficult than in general insurance. Joanna onG-asH, aia: That is where the social media strength comes in because we recognise that the communications are quite passive. You talk to the customers during annual statements, bonus letters, et cetera, but we looked at what else we could do with this one-dimensional channel. We used social media to listen to our customers and find out exactly what they want to hear from us and how or why. That worked well and also influenced the language in our cross-sell exercise. It came about from the extensive work we have done surveying our customers, learning what they want to hear and when they want to – a soft approach.

sCott draeGer, Hp exstream: What we have seen from some of the US concepts of giving health and car advice is that it is a great way to keep the brand going throughout the year and not be seen as if you are trying to sell something. In 2012, we worked with QBE, a customer of ours in Australia. The QBE letters did not take advantage of some of the multi-million dollar investments they have made in sponsoring the Australian Football League champions, the Sydney Swans, as well as Sydney’s Taronga Zoo. One of their marketing directors flew in to talk to us and we said, “You have this power with technology, and you have to use your letters to talk about these things”. So they did, mentioning something about how they hope the Swans are doing well and the customers liked that. QBE also reminded them that for the holiday season they had some special shows at the zoo, so it reminded customers of their PR investment.

“It is clear that communicating with our customers can be challenging on many fronts. At Tokio Marine we adopt a multi-channel distribution model.” Lance Tay, Tokio Marine Life

Joanna onG-asH, aia: You mentioned Allstate Insurance, and I love the way they market – they do not just pedal car insurance. I love their parenting driving contract campaign because it identifies the issue of the 18 year old new drivers within a family context. The company saw an increase of preference for buying an Allstate policy [as a result].

Colin lY, aia: I talk to my customers every day. My customers are the countries that I cover. Within Asia, we still largely distribute through agents and how we communicate to those customers – agents, bank partners, end customers – adds another layer of complexity that we need to consider. The experience w ho ’ s w ho o f fs i

ro u n dta b le // C us t o m e r e x pe r i e n C e

the customer actually receives is not necessarily what we directly communicate to them, but also the agent that they bought the insurance from.

peter marini, Hp exstream: Agents are trying to protect their brand and relationship [with customers] as well. In the US, the branding includes the agent’s logo. The systems automatically understand this customer is through agent ‘A’, and we can add their logo and contact details. If you show agents how you are adding value for them, they are going to be less concerned about giving you their customer’s contact details. Colin lY, aia: Absolutely – and you get more attraction. Within the Asia insurance space, we try to empower our agents to have a meaningful conversation with customers. peter marini, Hp exstream: Within Hong Kong alone there are around 10,000 agents. That is 192 insurance companies in Hong Kong! Agents are an important part of the communication cycle and [we can] leverage this by showing them what we bring to the table. sCott draeGer, Hp exstream: I did not know that “Within the Asia insurance space, we try to empower our agent to have a meaningful conversation with customers.” Colin ly, AiA

QBE was the underwriter for my car insurance until the anniversary of my Australian car insurance policy because I had bought the insurance through the car dealer. It could be more efficient if QBE handled those letters, but you have to make sure you add value to the agent and the customer.

raCHel CHen, aViVa: That is even more relevant to Aviva, as we sell through financial advisers. sCott draeGer, Hp exstream: We see a lot of that through interactive applications that help agents or the call centre shorten the period of time and get the logo right. It is really a collection of rules that drive logos and branding decisions, and which line of business it needs to be.

ann o’brien, proJeCt liaison: You have to interface with the agent. At Grange, if the agents provide the information, the logos and so on, we can build it into the system for the agents. At Grange, the agent is our customer as well. We have seen that the model of each business unit generating correspondence for their own needs does not provide a consistent look and feel for a single company, and does not provide the one voice to the customer that the companies want.

w ho ’s who of fs i

We have implemented a governance of the look and feel at Grange and Nationwide. Ohio National has also taken on this model. Now no matter what correspondence comes out of a department at Grange, the customer should recognise it immediately as being a Grange correspondence. So it is critical to connect your siloed processes and technologies to gain these efficiencies. So connect your silos, connect your processes and your technologies to gain efficiencies. Between the governance committee and the centre of excellence, Nationwide and Grange expect to produce one central voice to the customer. As I mentioned earlier, when you purchase your new software take the time to review all your documents. You do not want to do a straight conversion from legacy to the new software or you are going to lose all your opportunities for reuse of the content. You want to design for efficiency and effectiveness. The invoices are not just bills any more. We are working with marketing to step in and use their zone for up-selling, cross-selling and educational tools.

sCott draeGer, Hp exstream: It is key to use your normal communications to drive and encourage those self-service behaviours. It shows up in reducing calls from the call centre. If you take your top two or three calls from the call centre and address those on normal communications, the inbound calls drop.

neil Gardner, aiG: Many of your cross-sell strategies are based on contacting customers over time. The challenge internally is that when you move to instigate things like email statements and you want to push PDFs out, you end up with a very singular communication. Whereas when it was print [there were more options] in terms of customisation, so sometimes the digital print solution does not catch up to the business economics in the current year. peter marini, Hp exstream: That is why you need to track your marketing to your responses to be able to determine what is effective or not. Seventy-two per cent of people open their mail over a bin and only 26 per cent are highly profitable.

neil Gardner, aiG: The challenge is to find a way to verbalise it, demonstrate the value add, show them your NPS [Net Promoter Score], and look at the difference between promoters and detractors in terms of how they received the communication.

C us t o m e r e x pe r i e n C e // ro u n dta b le

sCott draeGer, Hp exstream: Who is tracking Net Promoter Scores?

Karen YeW, ntuC: It is a very consultative process. When we decided to Crystal Mark our policy documents, it was not just a case of outsourcing all our documents to the Plain English Campaign in the UK, the accrediting organisation. It was a big investment on our part, financially and more so in terms of time. But once you get businesses to commit to it, you will find the process is very logical. What is good for the customer is good for us.

neil Gardner, aiG: I hate getting my bank’s updated terms and conditions without knowing which of the 12 pages had been changed. The organisation feels they have to protect themselves first before they can be clear with the customer what is changing. It is an internal battle – compliance and legal get caught up on certain ways in which they structure particular wording.

peter marini, Hp exstream: Having dealt with both banking and insurance, it is interesting to see how much legal and regulators play in what you can and cannot do. From your point of view, do regulators and legal prevent you going in the right direction in communicating with your customers? As Ann said, if you engage them at the earlier stages, they then become part of that process.

raCHel CHen, aViVa: The Singapore Government is trying to promote things that are transparent and easy to understand for the customers. sCott draeGer, Hp exstream: What is the most important thing you see in terms of how you communicate with your customers these days?

lanCe taY, toKio marine: I would say the Personal Data Protection Act that kicks in at the beginning of 2013. It will alter the way we currently touch base with our clients. For one, it will limit whom we actually communicate with on matters apart from the regular customer services. For us in the banking and insurance industry where there is a lot of data mining, telemarketing, cross-sell and up-sell activities, there will definitely be challenges and hurdles to overcome. Karen YeW, ntuC inCome: Following the global financial crisis, customers have become more financially savvy, knowledgeable and are demanding increased transparency. The way we communicate with them has to be simple, direct and useful to them. At Income, we

believe in being upfront and transparent and not hiding behind small print and legal jargon. No matter how sophisticated customers are, they want things to be kept simple. That is the direction we are taking in terms of communication. We are authentic, simple and clear.

sHaron teo, msiG: The insurance industry has always been very traditional, so it does not quite keep up with the customer evolution in that sense. Customers get more sophisticated, but our processes and our systems are behind that [level of sophistication]. That is the biggest challenge. We have been talking about letters all day, and I am wondering whether anyone foresees that soon we might not need letters or forms because of the way customers choose to communicate. Take the standard letters you were creating – it is great that we could make use of space for marketing messages, but I still feel it looks cluttered. If it is a letter about a renewal or a bill, I do not want any clutter to tell me that you can also buy this other insurance.

Colin lY, aia: It is an educational role that we as an industry play regarding protection. It is seeing how we can make it simple through communication, so there is no stigma associated with the industry about making insurance complicated.

neil Gardner, aiG: The biggest challenge is relevance. The more relevant your communications are, the more open customers are to receiving them. They will see it less about [making] sales, and more about advocacy. I have been in environments where it is all about push products, but you want an environment where the customers see value in your products and therefore the communication is appealing. The biggest challenge we have is selling that concept internally.

“No matter how sophisticated customers are, they want things to be kept simple. That is the direction we are taking in terms of communication. We are authentic, simple and clear.” Karen Yew, nTUC InCome

raCHel CHen, aViVa: My biggest challenge is trying to cut through the clutter! In Singapore, people may have three or four insurances, so they will have different letters coming in, and they will think which is the relevant one? That is always a hard decision to make, and we need to help them make that decision by keeping things simple. My other business challenge would be the complex nature of the insurance product. The insurance product is difficult to understand, and associated with negative emotions. sCott draeGer, Hp exstream: Those are good insights from everyone. I would like to thank Ann for sharing how she has helped some US companies operate their business more efficiently.

who ’ s w ho o f fs i

The Who’s Who of Financial Services 2013/2014 directory AsiA's top product, service And solution providers Advanced IT Solutions

101

FSI Solutions

115

Banking & Payments Technology

101

Identity & Access Management

Banking Solutions

102

Infocommunications Technology

116

115 –116

Banking Technology

102 –105

IT Systems Management

117

Big Data

105–106

Mainframe Connectivity Solutions

117

Business Intelligence

106 –107

Mobile Banking

118

Cloud

107–108

Mobility

Consulting & Systems Integration

108 –109

Multi-Channel Communications

120

Customer Experience

109–111

Multi-Lingual Comms & Localisation

121

118–119

Customer Interaction Management

111

Outsourcing

121

Document Process Automation

112

Payments

122

Electronic Document Delivery

112

Performance Monitoring

123

Enterprise Linux Distribution

113

Security

Financial Applications Platform 100

Who ’S Who o F FS i

113 –114

Unified Communications

123–124 124

w h o’ s w ho Di r ec to ry

ADvAnceD it solutions

BAnking & PAyMents technology

wincor nixdorf

Fis

Wincor Nixdorf is one of the world's leading providers of innovative IT solutions and services to retail banks and retailers. Headquartered in Paderborn, Germany, the company has a global presence in more than 130 countries. Operating at a global level, Wincor Nixdorf assists retail banks and retailers by supplying successful IT solutions designed to optimise their processes at the interface with customers. Our expertise not only lies in producing advanced IT systems such as ATMs, cash deposit/ cash recycling systems and automated tellers, we have developed particular expertise in bringing together hardware, software and services to create a well-balanced, seamless offering. Our portfolio encompasses everything from process consulting and design to the on-site provision of solutions, as well as the integration and operation of installed technology.

FIS is the world’s largest global provider dedicated to banking and payments technologies. With a long history in the financial services sector, FIS serves more than 14,000 institutions across 100 countries and holds leadership positions in payment processing and banking solutions. FIS is ranked 425 on the Fortune 500 and has been named the number one overall financial technology provider in the annual FinTech 100 rankings for the last two years. FIS provides proven core financial and payments solutions on a licensed and outsourced basis.

cash cycle Management solutions Wincor Nixdorf’s cash cycle management solution (CCMS) is the latest solution for banks and retailers, designed to improve cash handling in branches and stores by enhancing security, improving transparency, upgrading processes and reducing cash handling related costs. At the heart of CCMS are CINEO hardware systems and interchangeable cash cassettes that can be exchanged between CINEO systems in bank branches and into CINEO systems in retail stores. An intelligent memory chip in the cassette stores information on cash levels and a new inking solution deters thieves. The cassette facilitates a reduction in costs of manual cash processes such as banknote counting and validation and cash handling, and makes the cash process more secure and efficient.

wincor nixdorf Pte ltd 151 lorong chuan, new tech Park #05-01 A/B singapore 556741 Phone: +65 6747 3828 email: Karsten.kemna@wincor-nixdorf.com contact: Karsten Kemna, Regional Sales and Marketing Director, Banking Division, Asia Pacific website: www.wincor-nixdorf.com

Financial solutions FIS is the most used core banking provider and provides software and services for core banking, channel solutions, lending and integration. Our core processing applications form an end-to-end solution that enables banks to compete successfully in the global 24/7 environment with a framework that accommodates multiple currencies, multiple geographies and multiple platforms. With FIS channel applications, financial institutions deliver a consistent experience across all touchpoints, including branch, web, mobile and contact centre.

Payment services FIS offers comprehensive software and services for retail payments and electronic funds transfer. Our card management solutions include credit, debit and prepaid, merchant acquiring and switching.

outsourcing FIS is a pioneer in global outsourcing with more than 30 years experience in delivering solutions with a business and technology focus across multiple locations. All of our solutions are available in a range of delivery options including outsourced processing and applications management, business process outsourcing and IT outsourcing.

Fis 10 hoe chiang road, #13-04/05 keppel towers singapore 089315 Phone: +65 6225 5926 email: ap.marketing@fisglobal.com website: www.fisglobal.com who ’ s w ho o f fs i

101

w ho’ s w h o Di r ec t o ry

Banking solutions

Banking technology

wincor nixdorf

cyber Village

Cyber Village is a pioneering e-business organisation located in the Asia Pacific region. Cyber Village specialises in new generation web-based technologies to build and implement leading edge e-business applications to re-engineer, streamline or enhance operational efficiencies for multi-national corporations and small to medium enterprise. Cyber Village has acquired more than 17 years’ experience in the field of e-business applications and has successfully completed more than 300 live project implementations in the region. Our flagship products include financial-based and customer selfservice applications such as business internet banking, retail internet banking, mobile banking, e-loyalty rewards and redemption as well as enterprise portals across businesses and governments. Our accolades include: IBM ASEAN Business Partner of the Year 2011; IBM Top Performer; Lotus Software Group Valued Partner 2011; Best Internet Bank Award In Malaysia 2011 by Global Finance Magazine (CIMB Bank); IBM Certified Advanced Partner and IBM ISV Partner of year 2009; Best E-Banking Implementation 2007 by Asian Bankers Forum (Hong Leong Bank); Best Consumer Internet Banking Site 2007 by Malaysia Finance Expo (CIMB Bank); and IBM Top E-Business Solution Partner Award 2005

wincor nixdorf Pte ltd 151 lorong chuan, new tech Park #05-01 a/B singapore 556741 Phone: +65 6747 3828 email: Karsten.kemna@wincor-nixdorf.com contact: Karsten Kemna, Regional Sales and Marketing Director, Banking Division, Asia Pacific website: www.wincor-nixdorf.com

102

who ’s who of fs i

cyber Village sdn Bhd t111 level 3, centrepoint, 3 lebuh Bandar utama, 47800 Petaling Jaya, selangor, Malaysia. Phone: +603 7724 1377 email: enquiries@cyber-village.net website: www.cyber-village.net

w h o’ s w ho Di r ec to ry

banking technology

Datacard group

hitachi ebworx

Datacard Group collaborates with customers to create highly secure financial card programs and government ID initiatives, as well as secure ID programs for education, corporate security and many other markets. We bring unmatched experience and expertise to every engagement, including industry best practices and a deep understanding of complex operational issues. All of this enables Datacard to deliver innovative solutions and services that help customers address critical challenges. Datacard made secure, high volume issuance of credit cards possible more than 40 years ago when we introduced the first high-speed card personalisation system. Today, we continue to develop patented technologies that help customers improve productivity, profitability and cardholder satisfaction. Our portfolio supports high-volume and instant card issuance, secure credential issuance and management, passport production, delivery, fulfilment and packaging. The Datacard Group’s product and solutions portfolio offers a truly integrated platform that combines Datacard® hardware, software, supplies and global support.

Hitachi eBworx is a leading international consulting and technology solutions firm delivering innovative and high performance solutions to banks in the region. It has an enviable 100 per cent delivery track record with local experience in multiple countries. Hitachi eBworx is recognised as a regional brand and is a two time Best of Financial Applications winner at the Asia Pacific ICT Alliance (APICTA) Awards as well as recognition by The Asian Banker and Financial Insights Innovation Award (FIIA) for its suite of solutions. Its customer base boasts some of the largest tier one banks in the region including the super-regional banks of Asia Pacific.

secure issuance anywhere™ Secure Issuance Anywhere™ combines central and instant issuance, along with emerging mobile issuance capabilities, in a single platform. This gives organisations the flexibility to issue secure cards and credentials anytime, anywhere. Secure Issuance Anywhere™ gives issuers the freedom and flexibility to manage their card and credential program exactly as they want – with exceptional physical and logical security.

credit Management solutions • Digital Credit Management System (DCMS): Automated credit origination and processing management solution • Digital Collection & Recovery System (DCRS): Effective management of collection and debt recovery

touchpoint solutions • Digital Retail Internet Banking (DRIB): Next generation online and lifestyle banking services • Digital Transaction Banker (DTB): Global cash management and trade finance solution enabling a multi-country, multi-language, multi-currency and multi-device experience for corporate customers • Digital Mobile Banker (DMB): Bank on the go with anytime, anywhere, anyhow lifestyle banking on your mobile device

trade Finance solutions • TradeSpring: Empowering business growth beyond borders

Datacard asia Pacific limited 3 church street,#10-01 samsung hub, singapore 049483 Phone: +65 6227 7838 email: asiapacific@datacard.com contact: Eleanor Chan twitter: datacardgroup website: www.datacard.com

hitachi ebworx level 3a block b, axis business Park, no. 10 Jalan bersatu 13/4, 46200, Petaling Jaya, selangor, Malaysia Phone: +603 7956 9822 email: contact@hitachi-ebworx.com website: www.hitachi-ebworx.com w ho ’ s w ho o f fs i

103

w ho’ s w h o Di r ec t o ry

banking technology

oracle Financial services

sandstone technology

Oracle Financial Services Software is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle. With the experience of delivering value-based IT solutions to over 900 financial institutions in more than 135 countries, Oracle Financial Services Software understands the specific challenges that financial institutions face. We offer the combined benefits of interoperability, extensibility, and standardisation along with best-of-breed functionality for institutions that need to operate flexibly and respond rapidly to market dynamics in a fiercely challenging business environment. Our award-winning portfolio encompasses retail, corporate, and investment banking, funds, cash management, trade, treasury, payments, lending, private wealth management, asset management, compliance, enterprise risk and business analytics, among others.

Sandstone is a leading provider of innovative loan origination, internet banking, mobile banking and personal financial management solutions to retail banking institutions globally. Established in 1996, Sandstone employs more than 250 staff in Australia, Asia and Europe. Sandstone’s loan origination solutions enable lenders to process incoming credit card, personal loan and home loan applications quickly and provide immediate approval decisions to applicants. Our objective is to automate loan application processing functions to facilitate significant reduction in cycle times, unit costs and risk while improving service levels and customer and staff experience. Our team of more than 110 lending systems specialists brings together many years of accumulated knowledge and expertise in both software development and end-to-end lending industry processes. Sandstone’s online banking solutions enable you to deliver a personalised, customised and targeted solution to your customers, designed to increase their time on your site and allow you to sell more products to them. It is no longer enough to say that you have a transactional internet banking system that allows your customers to transfer money and pay their bills. Your online banking solutions need to be developed and delivered in a way that provides the best possible experience to your customers – across all of your products and customer touch points. With innovative solutions available for desktop, mobile and tablet devices, the possibilities are endless in the world of customer engagement banking.

Know more about us at: oracle.com/financialservices We are on Facebook : facebook.com/oraclefs Follow us on Twitter: twitter.com/oraclefs

oracle Financial services software 27, international business Park 02-01, iQuest@ibP singapore 609224 email: financialservices_ww@oracle.com twitter: oraclefs website: www.oracle.com/financialservices 104

who ’s who o f fs i

sandstone technology level 39 Marina bay Financial centre (tower 2) 10 Marina boulevard singapore 018983 Phone: +65 6818 6360 email: info@sandstone.com.au contact: Ramesh Nagarajan twitter: sandstonetech website: www.sandstone.com.au

w h o’ s w ho Di r ec to ry

Banking technology

Big Data

wipro limited

acceVal

Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading information technology, consulting and outsourcing company that delivers solutions to enable its clients to conduct business better. Wipro Technologies delivers winning business outcomes through deep industry experience and a 360 degree view of ‘business through technology’ – helping clients create successful and adaptive businesses. A company recognised globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation and an organisation-wide commitment to sustainability, Wipro Technologies has more than 140,000 employees and clients across 54 countries. Wipro’s Lend Value Origination Products deliver front-end differentiation and back-end process optimisation to global financial institutions.

Acceval provides pricing optimisation and margin management software for manufacturing, financial services and telecommunication industries. Our award-winning solution, PriXLence™ helps companies improve revenue and profitability through end-to-end advanced pricing and deal management capabilities.

Deal and Price Management

NetOxygen Loan Origination System streamlines every aspect of origination to reduce cost-per-loan and improve efficiencies. NetOxygen’s intuitive user interface and seamless workflow minimises manual processes and increases closed loan rates.

• Prepares and analyses quotes and negotiates deals profitably for one-time sales, long-term contracts and tenders. • Provides visibility to deal economics (through pocket price and margin models). • Provides deal decision support through ‘what if’ scenario simulation and deal analytics. • Enforces price and margin rules through approval flow to proactively manage revenue and margin leakages. • Proposes product bundles, cross-sell suggestions and price recommendations. • Manages marketing spend and customer investments to enhance deal ROI.

lend Better with lendcentric Portals

advanced Pricing

Experience significant productivity gains with LendCentric User Portals. The portals allow borrowers and third party partners to actively engage in the loan origination process resulting in increased transparency.

• Optimises product pricing using advanced techniques such as price segmentation, price elasticity, customer value pricing, non-linear model simulation and product bundle simulation. • Supports periodic price review process of existing products

lend smarter with netoxygen®

lend Value with enterprise Mobile origination Lend value to your customers with Enterprise Mobile Origination (e•MO). With e•MO, lenders can deliver instant service and support to customers and generate loans from any location using a tablet device.

Our accolades include SAP’s Best Customer ROI (Return on Investment) award.

wipro limited 17th Floor, 143 cecil street, gB Building singapore 069542

acceVal Pte ltd no. 3791 Jalan Bukit Merah #07-04 e-centre@redhill singapore 159471

Phone: +65 6818 2700 email: info@wipro.com website: www.gogallagher.com

Phone: +65 6878 0065 email : ck.chung@acceval-intl.com contact: CK Chung, Managing Director who ’ s w ho o f fs i

105

w ho’ s w h o Di r ec t o ry

Big Data

Business intelligence

tiBco software singapore

QlikView

Backed by decades of innovation in infrastructure technology and a customer roster of leading global banks, TIBCO offers a unique, event-driven approach to growing revenue and solving the operational challenges of 21st century financial organisations. From our early days in digitising Wall Street to our proven record in helping banks execute successful marketing and business transformation initiatives, TIBCO has deep experience working with financial services businesses. TIBCO's record in capital markets is demonstrated by more than two decades of leadership in innovative, high-performance infrastructure technology that enable capital markets players to compete in a world where success is measured in milliseconds. TIBCO can assist your organisation with the massive volumes of events and data flowing across your operations through: • A customer-oriented, event-driven architecture that aligns your operations around customers and customer opportunities. • Innovative event processing technologies leveraging in-memory computing to capture and correlate millions of events, allowing you to identify opportunities and risks in real time. • A standard way to perform integration and create new services, resulting in significantly greater agility and reducing the time and resources needed to add new applications, capabilities, and partners. • Operational efficiency gains and significant cost savings resulting from automation and workforce optimisation. Financial Institutions achievements with TIBCO Solutions • Higher products per customer ratios • Lowered overhead • Enhanced customer service • Improve business processes • Integrate systems and applications • Faster go-to-market products strategy

QlikView is a leader in Business Discovery – user-driven business intelligence (BI). QlikView’s Business Discovery solution bridges the gap between traditional BI solutions and inadequate spreadsheet applications. Appropriate for all organisations, from small to medium businesses to global enterprises, QlikView’s self-service analysis can be deployed with data governance in days or weeks. The QlikView Business Discovery platform’s app-driven model works with existing BI solutions, offering an immersive mobile and social, collaborative experience. • Empower business users: QlikView’s associative experience provides answers as fast as you can think of questions. It lets you interact with data without limitations to generate insight in ways you never imagined. • Enable IT pros to deliver self-service BI: QlikView lets IT deliver a complete self-service BI experience – all while assuring strict data security, quality and governance. • Make life easier for BI pros/developers: QlikView makes it easy for business analysts and BI developers to create cutting-edge BI apps that users can enhance and extend as business needs change. • Tame big data with QlikView: – Consolidate relevant data from multiple sources – Choose the method most relevant for your IT infrastructure – Leverage existing investments – Access big data without complex data modelling or programming – Explore associations between big data and traditional data – Visualise big data with engaging graphics – Access and analyse from mobile devices – Enable social decision-making through real-time collaboration

tiBco software singapore Pte ltd 9 raffles Place #20-20 republic Plaza ii singapore 048619 Phone: +65 6836 3880 website: www.tibco.com 106

who ’s who o f fs i

QlikView singapore office 9 temasek Boulevard suntec tower two #17-02 singapore 038989 Phone: +65 6690 7000 email: infoapac@qlikview.com twitter: QlikViewSENA community: community.qlikview.com website: www.qlikview.com

w h o’ s w ho Di r ec to ry

Business intelligence

clouD

tiBco software singapore

Akamai

Akamai® is the leading cloud platform for helping enterprises provide secure, high-performing user experiences on any device, anywhere. At the core of the company's solutions is the Akamai Intelligent Platform™ which provides extensive reach coupled with unmatched reliability, security, visibility and expertise. Akamai removes the complexities of connecting the increasingly mobile world, supporting 24/7 consumer demand and enabling enterprise to securely leverage the cloud. Akamai has deployed the most pervasive, highly-distributed cloud optimisation platform with over 127,000 servers in 81 countries in more than 1,150 networks.

tiBco software singapore Pte ltd 9 raffles Place #20-20 republic Plaza ii singapore 048619 Phone: +65 6836 3880 website: www.tibco.com

Akamai is trusted by: • 7 of the top 10 world banks (Source: The Banker) • 8 of the top 10 U.S. banks (Source: The Banker) • 8 of the top 10 world asset managers (Source: Towers Watson) • 8 of the top 10 U.S. asset managers (Source: Institutional Investor) • 10 of the top 10 P&C insurance carriers (Source: A.M. Best) • 5 of the top 10 life & health carriers (Source: A.M. Best) • 3 of the top 5 world stock exchanges (Source: WFE) • 8 of the top 10 U.S. online brokers (Source: SmartMoney) Akamai is proven: • Delivers between 15 to 30 per cent of all web traffic • Daily web traffic reaches more than 10 terabits per second • Delivers over two trillion daily internet interactions • Eighty-five per cent of the world's Internet users are within a single ‘network hop’ of an Akamai server

Akamai technologies singapore Pte. ltd. 1 raffles Place, 16-61 one raffles Place tower 2 singapore 048616 Phone: +65 6593 8717 email: sales-singapore@akamai.com twitter: Akamai website: www.akamai.com who ’ s w ho o f fs i

107

w ho’ s w h o Di r ec t o ry

clouD

consulting & systems integration

thunderhead.com

s & i systems

Thunderhead.com is a global provider of enterprise engagement and customer experience management solutions. We help our customers succeed by providing them with powerful SaaS solutions that allow them to better engage, connect, communicate and trade – reshaping the way companies do business with their customers and partners. Some of the world’s most demanding companies trust Thunderhead.com to help them build customer engagement and create enduring relationships. With Thunderhead.com, businesses have more power to drive revenue, brand strength and differentiation through superior customer experience. We serve our global customer base from offices located in North America, Europe and Asia Pacific. Visit www.thunderhead.com.

S & I is an IT consulting, business solutions and services company that helps companies leverage technology to drive operational and strategic business success. Built on 15 years experience with more than 100 employees in Singapore, Malaysia and Thailand, we partner with leading technology vendors to serve more than 500 unique enterprise clients across industries and regions, including leading financial services companies. We keep mission-critical applications available and optimise IT infrastructure resources to achieve real-time information access, while meeting security and governance requirements.

it infrastructure consulting • Infrastructure solutions planning, design and implementation • Server and storage optimisation, consolidation and virtualisation • Systems and network integration and high availability solutions

enterprise solutions • Client and wealth management solutions • Unified communications and collaboration • Information and record management • Analytics – social media, predictive, business intelligence • Appliance – database, data warehouse

managed services • Operations management, maintenance and support services • Disaster recovery and business continuity planning • IT outsourcing and data centre hosting • Security compliance – independent G3 infrastructure consulting and assessment, digital forensic investigation and enterprise risk management

thunderhead.com 80 raffles Place, Plaza 1 singapore 048624 Phone: +65 6248 4850 email: nick.smith@thunderhead.com twitter: Thunderheadon linkedin: Thunderhead.com website: www.thunderhead.com 108

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s & i systems Pte ltd 31 Kaki Bukit road 3, #05-20/23 techlink singapore 417818 Phone: +65 6319 4888 email: marketing@si-asia.com website: www.si-asia.com

w h o’ s w ho Di r ec to ry

consulting & systems integration

customer exPerience

wipro limited

Backbase

Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company, that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" – helping clients create successful and adaptive businesses. A company recognised globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation and an organisation wide commitment to sustainability, Wipro Technologies has more than 140,000 employees and clients across 54 countries. Wipro’s Banking practice has partnered with world’s leading banks including nine of the top 10 US banks, two of the top five European banks, as well as leading banks in Asia Pacific, Africa, Middle East and Latin America in their journey to be leading financial services providers. Our solutions and services across retail banking, corporate banking, investment banking, wealth management, regulatory risk and compliance, mobile banking, electronic channels, payments, lending and mortgages address the transformation needs of our customers. Our expertise with a wide range of Core Banking and Banking Analytics platforms has helped our customers reduce implementation risk and reap better Return on Investments out of these strategic programs. Our solutions on cloud, mobile, social computing and analytics enable our customers to build a bankable future.

Backbase delivers Bank 2.0 Portal, software that provides a new user experience layer on top of underlying infrastructure and IT systems. It gives financial services organisations the opportunity to create interactions that link customers to relevant information and applications to fit their needs and preferences. With its modern, widget-based architecture Backbase's Bank 2.0 Portal provides flexibility and speed to create modern portals that empower the customer. Unlike traditional IT portal vendors, Backbase has created a contemporary, business-driven portal solution that makes portal management easy for e-business professionals. This means faster time to market and more flexibility to optimise online channels with less IT support. The unique Backbase approach enables financial services organisations to drive self-service, fuel online revenues and turn their online banking channel into a true customer engagement platform. Global financial services organisations such as ABN Amro, AIG, Al Rajhi Bank, Bank of America, Barclays, Deutsche Bank, ING, UOB, UBS and Visa have improved their online customer interactions and maximised online customer experience, retention and conversion by leveraging Backbase’s Bank 2.0 technology. Backbase was founded in 2003 and is privately funded with operations in Singapore, New York, Moscow, London and Amsterdam.

wipro limited 17th Floor, 143 cecil street, gB Building singapore 069542 Phone: +65 6818 2700 email: info@wipro.com website: www.wipro.com/banking

Backbase asia Pacific 3 church street, level 25, samsung hub singapore 049483

Backbase europe Jacob Bontiusplaats 9 1018 ll amsterdam, the netherlands

Phone: +65 6692 9110 email: Singapore@backbase.com

Phone: + 31 20 465 8888 email: sales-eu@backbase.com w ho ’ s w ho o f fs i

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customer experience

pegasystems

pitney Bowes software

engage your customers. empower your Business.

There was a time, not so long ago, when most people knew their bank manager personally. This rarely applies today. With increasing automation and greater product sophistication, the challenge facing financial institutions is how to align their products and services with the individualised needs of their customers, while meeting stated financial objectives. Pitney Bowes Software enables financial institutions to engage with each of their customers as individuals. By fully understanding each customer’s needs and preferences, organisations can ensure every interaction enhances loyalty, whether it be delivering superior customer service or maximising appropriate cross-selling opportunities. This insight is especially critical with respect to contact initiated by the customer, regardless of the touch points, where businesses must capitalise on limited customer contact opportunity. Through a combination of data, business rules and customer analytics, accurate and targeted sales or service offers can be presented at the specific moment of interaction, adapting the message to the context of the contact. The end result: Financial institutions deploying solutions from Pitney Bowes Software have been able to accurately predict future customer needs and expectations in order to influence their buying behaviour. The ability to act on this insight in a timely manner has helped to build loyalty and value, which results in reduced churn and ultimately, increases profits.

Businesses and organisations now know the fastest path to growth lies in empowering their customers. Today, global organisations that win no longer compete on product and price alone, but on the quality and consistency of the customer experience. Pegasystems delivers the ideal software solution for customer centricity. With Pega's revolutionary technology, every customer interaction can be a catalyst for innovation, growth, cost savings, driving measurable gains in revenue, enhancing the customer experience and advancing operational efficiency. Even better, while Pega helps you become an adaptive, customercentric organisation, it helps you get more from your current technology investments. Pega cloud and on-premise solutions provide a dynamic, intelligent business layer that complements existing technology, renewing and extending the use of core systems. With Pega, you gain a faster and proven solution for successfully addressing key goals of every organisation: • Drive revenue growth. Pega intelligently optimises every customer interaction so customer needs are aligned with business objectives, enabling increased and profitable growth. • Enhance customer satisfaction and loyalty. Pega predicts and anticipates customer interests and dynamically addresses each situation to engage and delight customers with personalised interactions across all channels. • Improve operational efficiency. Designed for today's global businesses, Pega combines real-time insight with end-to-end business process automation and the ability to intelligently adjust and adapt processes to foster rapid, continuous improvement.

pegasystems Level 6, 19-31 pitt street sydney nsw 2000 Australia

pitney Bowes software Level 7, 1 elizabeth plaza north sydney, nsw 2060

phone: +61 2 9251 0566 email: apac.marketing@pega.com twitter: pega website: www.pega.com

phone: +61 2 9437 6255 email: pbsoftware.australia@pb.com contact: Michael de Koning website: www.pb.com/software

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customer experience

customer interaction management

thunderhead.com

hp enterprise services

The work we do at HP Enterprise Services starts and ends with our clients. We listen, we care and we stand by them – aspiring to deliver the best client experience in the industry with targeted technology solutions to more than 1,000 large businesses and governments in 90 countries. For more than 50 years, HP Enterprise Services has been a safe pair of hands and dedicated partner to enterprises and governments around the globe. We help our clients evolve their IT ecosystem and deal with complexity in a changing environment. It is what keeps them relevant and ahead of the competition. We advance the way they use technology through our infrastructure outsourcing and project services, business process outsourcing and applications services – enabling our clients to enhance business performance and achieve objectives. We prepare clients for their journey to the cloud. Mitigate risk. Leverage the potential of data. We advise, transform and manage to advance each enterprise, no matter where they are in the journey. It is the applied power of HP – our brand, our technical and industry expertise, our ability to handle the most complex environments. Above all, we are laser-focused on our relationship with our clients, and believe we are successful when they are successful.

thunderhead.com 80 raffles place, plaza 1 singapore 048624 phone: +65 6248 4850 email: nick.smith@thunderhead.com twitter: Thunderheadon Linkedin: Thunderhead.com website: www.thunderhead.com

hp enterprise services 450 alexandra road singapore 119960 phone: +65 6275 3888 email: enterprisesolutions@hp.com website: www.hp-enterprisesolutions.com w ho ’ s w ho o f fs i

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Document Process AutomAtion

electronic Document Delivery

readsoft Asia

striata

ReadSoft is a leading global provider of software solutions dedicated to helping businesses improve customer satisfaction, supplier relations, business process efficiency and their bottom lines through automation of document-driven processes, in the cloud and on-premise. ReadSoft’s document process automation solutions enable companies of various sizes and diverse industries to reduce manual efforts and increase efficiency in areas such as accounts payable, accounts receivable, sales orders and large-scale document processing. ReadSoft solutions create a centralised point of entry for incoming business documents – whether digital, fax or paper – enabling the data to be automatically captured, classified, indexed and routed to the appropriate department, personnel or application. Serving more than 8,500 customers worldwide, ReadSoft provides expert integration of its software solutions with SAP, Oracle, Microsoft and enterprise capture business systems. With a mission to provide customer value with effective software solutions for automating document-driven processes, ReadSoft works closely with its customers to identify and support their business needs through the design, implementation and maintenance of solutions. ReadSoft pioneered the capture of handwritten forms, was the first to bring free-form technology for invoice processing to market and was first to achieve certifications with SAP and Oracle. Since its start in 1991, ReadSoft has expanded into a worldwide group with operations in 17 countries on six continents and a network of 350+ global partners.

Striata unlocks the power of email and mobile messaging. Our electronic delivery solutions dramatically increase customer adoption of paperless bills, statements, policies, marketing and other high volume system-generated documents. The world’s largest financial services, utility, insurance, retail and telecommunications companies achieve unrivalled results by replacing print and mail with Striata’s interactive electronic documents and transactional messages. Striata’s enterprise platform, strategy and support services: • Drive significant paper suppression • Deliver ongoing cost savings • Accelerate payments • Enhance the customer experience • Enable regulatory compliance Our comprehensive solutions expand the digital dialogue through personalised customer lifecycle messaging, retail receipts, notifications and alerts. A global paperless communications specialist with over a decade of experience, Striata has operations in New York, London, Brussels, Johannesburg, Hong Kong, Sydney and partners in North and South America, Europe and Asia Pacific.

readsoft Asia sdn Bhd suite 15-6, level 15 , wisma uoA Damansara ii 6 Jalan changkat semantan, Damansara heights Kuala lumpur 50490 malaysia

striata level 20, central tower, 28 Queen’s road, central hong Kong

Phone: +603 2094 9168 email: info-asia@readsoft.com contact: Sheirly Pang twitter: ReadSoft website: www.readsoft.com.my

Phone: +852 2159 9450 email: info@ap.striata.com contact: Keith Russell twitter: striata website: www.striata.com

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w h o’ s w ho Di r ec to ry

enterprise Linux Distribution

FinAnciAL AppLicAtions pLAtForm

suse

consolsys

Established in 1992, SUSE is the original provider of the enterprise Linux distribution and the most interoperable platform for missioncritical computing. With a portfolio centred around SUSE Linux Enterprise, we power thousands of organisations around the world across physical, virtual and cloud environments. Through our continued commitment to the highest quality Linux support and innovative products, SUSE grew more than threefold after it was acquired by Novell in 2004. Now operating as an independent business unit of The Attachmate Group, SUSE continues its unwavering focus on the benefits of open source and the needs of its commercial partners and customers. More than 13,000 businesses worldwide rely on SUSE Linux Enterprise Sever. Enterprise Linux Servers from SUSE are some of the most versatile, reliable and best supported software infrastructure solutions available to deliver mission-critical IT services efficiently and cost effectively. Designed for mixed IT environments and exclusively recommended by Microsoft, SAP and VMware, Enterprise Linux Servers help you save time and money, increase resource utilisation and reduce risk. Enterprise Linux Servers are optimised for the mainframe like no other Linux OS. In 2000, IBM and SUSE brought Linux to the mainframe. Now SUSE Linux Enterprise Server for System z is the number one choice for Linux on IBM mainframes and is also the only operating system optimised for all SAP software solutions.

On the back of many years of solution delivery to the financial services industry and a strong research and development team, Consolsys has developed Mosaic Voyager, a multi-channel system based on web 2.0, rich internet application (RIA) technologies. Mosaic Voyager is a worldclass multi-channel delivery system for the financial services industry’s customer facing applications. • Mosaic Voyager: The Multi-Channel Delivery System – Teller system – Advanced new accounts opening system – Mobile banking – Kiosks – Greeter and queuing • Core Banking – Olive Islamic retail banking – Conventional retail banking • Business Performance Analysis System (BPAS) – Teller operations performance monitor – Sales performance monitor – Loans monitor – Cash monitor • Cheque Processing System – Inward cheque clearing system (ICCS) – Outward cheque clearing system (OCCS) – Signature verification System (SVS) • Consolsys Software Distribution System (CSDS)

suse Level 4, 12-14 claremont street south yarra Vic 3141 Australia

consolsys sdn bhd 9th Floor bangunan Getah Asli, 148 Jalan Ampang Kuala Lumpur 50450 malaysia

phone: +61 3 9825 2300 twitter: suse website: www.suse.com

phone: +603 2164 3080 email: info@consolsys.com website: www.consolsys.com w ho ’ s w ho o f fs i

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financial applications platform

Datacard Group

Dion Global solutions

Datacard Group collaborates with customers to create highly secure financial card programs and government ID initiatives, as well as secure ID programs for education, corporate security and many other markets. We bring unmatched experience and expertise to every engagement, including industry best practices and a deep understanding of complex operational issues. This enables Datacard to deliver innovative solutions and services that help customers address critical challenges. Datacard made secure, high-volume issuance of credit cards possible more than 40 years ago when we introduced the first highspeed card personalisation system. Today, we continue to develop patented technologies that help customers improve productivity, profitability and cardholder satisfaction. Our portfolio supports high-volume and instant card issuance, secure credential issuance and management, passport production, delivery, fulfillment and packaging. The Datacard Group’s product and solutions portfolio offers a truly integrated platform that combines Datacard® hardware, software, supplies and global support.

Dion Global Solutions provides market leading software to financial institutions across the globe. Offering a comprehensive range of targeted and focused solutions, Dion works with clients that operate across the entire financial markets spectrum. Its technology underpins the front, middle and back offices of the world’s largest financial services institutions. With solutions that span investment, retail and commercial banking, institutional trading and investment and private client wealth management and stockbroking, Dion has unrivalled knowledge and expertise of trading and investment. This is backed up by more than 630 highly experienced and knowledgeable staff, including a 200 strong development team across seven regions. Dion’s aim is to take the pain and risk out of financial technology in a constantly changing market by providing a consistent, reliable and approachable source of value-added solutions. From flexible pricing models to fuss-free implementations, Dion’s business model is about providing a straightforward approach that is responsive to client needs and turns financial technology into real business opportunities. Dion draws on the depth of its global expertise and the breadth of its product development resources to serve the localised needs of 650 clients across 88 countries.

Datacard asia pacific limited 3 church street, #10-01 samsung hub, singapore 049483 phone: +65 6227 7838 email: asiapacific@datacard.com contact: Eleanor Chan twitter: datacardgroup website: www.datacard.com 114

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Dion Global solutions 156 cecil street, #06-02 far eastern Bank Building singapore 069544 phone: +65 6225 1852 website: www.dionglobal.com

w h o’ s w ho Di r ec to ry

Fsi solutions

iDentity & Access mAnAgement

thakral one

cA technologies

Thakral One (Pte.) Ltd. bridges the gap between business and information technology by ensuring its offerings are customised and the applications are well-adapted to the needs and realities of regional markets. The organisation provides robust IT infrastructure solutions and services, implements carefully selected enterprise applications and offers reliable long-term managed support to its clients across markets. Backed by the $1.5 billion Thakral Group, Thakral One leverages the group’s geographic presence, its strategic partnerships with leading solution providers and an extensive experience in information technology. Thakral One has offices in Singapore, Hong Kong, China, India, Malaysia, Philippines, Vietnam, Cambodia, Nepal, Bangladesh, Sri Lanka, United Arab Emirates, Bhutan and Afghanistan.

CA Technologies is an IT management software and solutions company with deep expertise across all IT environments – from mainframe and distributed, to virtual and cloud. For more than 35 years, CA Technologies has provided businesses the ability and expertise to optimise their technologies by simplifying the complexities of diverse, continually changing IT environments. Solutions from CA Technologies enable customers to manage and secure IT environments and deliver more flexible IT services to the business faster. We provide the industry-leading solutions and services that make the promise of flexible IT and agile business a reality. CA Technologies offers a breadth of highly-reliable and scalable solutions that are the critical foundation for helping customers gain deep insight into and exceptional control over their complex IT environments. We make it possible for organisations to efficiently and securely take advantage of new technologies while managing existing ones. We unlock the full promise and flexibility of new service delivery models and provide the control and insight to help our customers overcome the barriers to leveraging these new approaches and take advantage of new business opportunities. With our proven track record of helping customers successfully embrace change, we alone have the experience and expertise to deliver the agile management necessary to survive and thrive in today’s interdependent and fluid global marketplace. Our customers include the majority of the Forbes Global 2000, as well as government organisations and thousands of companies in diverse industries in virtually every country in the world.

end-to-end Banking solutions Leveraging its implementation, infrastructure and consultancy capabilities, Thakral One specialises in offering services across solutions like core banking, business intelligence, authentication and fraud detection to banks and financial institutions. Thakral One has partnered with market leaders like Temenos, HID, SAP, Microsoft and IBM to offer our solutions to over 50 financial institutions across Asia.

extending Business intelligence and Analytics Thakral One offers high-end business and technical skills and capabilities that help you build your analytics competence centre, meet your BI reporting mandates, achieve competitive advantage and make better strategic decisions. Our experts propose the best-fit solution to match your BI and analytics needs and manage your information management strategy, including data warehousing solutions, predictive analytics and enterprise performance management.

thakral one (Pte.) ltd. 20 upper circular road, #03-06 the riverwalk singapore 058416 Phone: +65 6536 9957 Fax: +65 6538 5000 email: info@thakralone.com website: www.thakralone.com

cA (singapore) Pte ltd 16 collyer Quay, #12-00 singapore 049318

cA (hong Kong) ltd suite 2301, 23/F, Dah sing Financial centre 108 gloucester road, hong Kong

Phone : +65 6337 2822 website : www.ca.com

Phone : +852 3420 7800 website : www.ca.com who ’ s w ho o f fs i

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iDentity & access management

infocommunications technology

netiQ

ncs

NetIQ is a global enterprise software company that meets the demands of hybrid IT with solutions for identity and access management, security and data center management. Using our solutions, customers and partners can capitalise on the opportunities in today’s complex and ever-changing IT landscape. By aligning technologies and service delivery methods, our customers can properly secure, manage and measure the many computing services operating across its physical, virtual and cloud computing environments. By doing this, they are better able to provide strategic value at the speed of business. NetIQ identity and access management solutions help customers maintain both productivity and network security with confidence. Our unique approach integrates identity, access and security management technologies so you always know who is accessing what, when they are doing it and if they are authorised. Solutions include: identify lifecycle management, access management, enterprise single sign-on and password management NetIQ security management solutions provide real-time monitoring and audit of IT-based changes and user activity, detection of threats and intrusions, security event management and correlation, log management and incident response automation – all with a single, integrated and scalable infrastructure. NetIQ compliance management solutions help you achieve, maintain and prove compliance with both internal policies and external regulations. NetIQ data centre management software allows you to manage the full lifecycle of workloads and applications – deployment to migration to recovery – ensuring their performance, availability and consistency across physical, virtual and cloud environments.

NCS is a leading infocommunications technology (ICT) service provider and together with SingTel under Group Enterprise, we have a presence in 22 countries located throughout Asia Pacific, Europe and the USA. NCS delivers end-to-end ICT and communications engineering solutions to help governments and enterprises realise business value through the innovative use of technology. Our unique delivery capabilities range across consulting, development, systems integration, outsourcing, infrastructure management and solutions and portal management. We also provide mobility, social networking, business analytics and cloud computing services. Headquartered in Singapore, NCS has more than 8,000 staff serving governments and large global commercial enterprises. We provide solutions across a spread of industries including the public sector, defence and homeland security, education, transportation and logistics, airport and aviation, healthcare and life sciences, financial services, manufacturing, telecommunications and utilities. For more information on NCS, visit www.ncs.com.sg

netiQ level 4, 12-14 claremont street south yarra Vic 3141 australia Phone: +61 3 9825 2300 email: info-australia@netiq.com twitter: netiq website: www.netiq.com 116

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ncs Pte ltd 5 ang mo Kio street 62, ncs hub singapore 569141 Phone: +65 6556 8000 email: reachus@ncs.com.sg website: www.ncs.com.sg

w h o’ s w ho Di r ec to ry

it systems management

mainframe connectivity solutions

Panduit

attachmate

Panduit has developed the industry’s most comprehensive approach to intelligent data centre design that includes data centre infrastructure management (DCIM) solutions. Panduit’s solution streamlines the process of designing, specifying, installing and managing the increasingly complex physical infrastructure. The key pillars of Panduit’s intelligent data centre solution include: • DCIM software and intelligent hardware: Panduit’s Physical Infrastructure Manager™ (PIM™) software platform provides an endto-end physical-to-logical view of your data centre and extended enterprise. PIM™ software centralises collection and representation asset attributes, including connectivity, space/port availability and power/environmentals to ensure your physical infrastructure supports mission-critical applications. Leverage the information you need to make operational decisions with more agility. • Data centre advisory services: Best-practice methodologies for data centre consolidation, virtualisation and automation. • Energy efficient cabinets: Utilise modular components that address power, cooling, space and cable management challenges, enabling a 25 per cent reduction in energy consumption, speed to deploy and optimised space utilisation. • Pre-configured physical infrastructures: These modular designs meet the demands of consolidation, virtualisation and implementing cloud architectures and may help reduce deployment times up to 65 per cent. • High speed data transport (HSDT) copper and fibre cabling systems: Panduit’s HSDT Solutions are both protocol and media agnostic, delivering maximum flexibility during planning, designing, commissioning and operation of the data centre.

Attachmate® delivers advanced software for terminal emulation, legacy modernisation, managed file transfer and enterprise fraud management. Attachmate® Terminal Emulation Software Reflection® and Extra!® can access information on any host and deliver it to any desktop, inside or outside the firewall. Built with the security and flexibility you need to meet modern IT demands, our next-generation terminal emulation products connect Windows users to applications on IBM, UNIX, OpenVMS and HP NonStop (Tandem) hosts. Attachmate's® MobileNow Verastream technology solution can help IT organisations respond to dynamic business demands without leaving legacy assets behind. It is tailored for low-risk, highspeed modernisation, while quickly delivering return on investment. Whether your goal is simply to improve the workflow of a core legacy application or to retool it into a set of reusable services, Verastream solutions can help. Attachmate® Luminet® enterprise fraud management software sees, records and analyses user activity across all applications. It gives you a complete and accurate picture of who did what, and when – providing the intelligence you need to take informed action. With Attachmate FileXpress and Reflection for Secure IT, you can meet your modern file transfer challenges head on. Reflection for Secure IT managed file transfer clients and servers use SSH to secure Internet file transfers, remote system administration and TCP/IP-based application access. FileXpress managed file transfer solutions can manage and execute the secure delivery of any-size files, across all major platforms, to any location.

Panduit 60 tuas ave 11 singapore 639106

attachmate level 4, 12-14 claremont street south yarra vic 3141 australia

Phone: +65 6305 7575 email: contactap@panduit.com twitter: panduitap website: www.panduit.com

Phone: +61 3 9825 2300 email: aus-info@attachmate.com twitter: attachmate website: www.attachmate.com w ho ’ s w ho o f fs i

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Mobile bAnking

Mobility

Market simplified india

blackberry

Market Simplified Inc, a leader in providing financial mobility solutions, is a mobile strategy partner to leading banks and brokerages across the globe. We design custom solutions for an organisation's internal and customer facing mobility needs and help amplify their offerings across a multitude of devices the end customer may choose to access the services from (iOS, Android, Windows, BB, BADA, Internet, smart TVs and others). As a mobile strategy partner we are committed to enhancing and adding value to our clients' business goals. Our core differentiation and expertise stems from our focus on superlative customer experience and designing the best of breed solution that is simple, unique, innovative, value adding and compelling.

As a global leader in wireless innovation, BlackBerry® revolutionised the mobile industry with the introduction of the BlackBerry solution in 1999. BlackBerry has since continued to change the way millions of people stay connected. Built to keep you and your organisation moving, the new BlackBerry 10 mobile computing platform is currently the world’s most secure operating system. Platform features include: BlackBerry Balance™, unrivalled security and cross-platform mobile device management.

Our range of solutions includes: • Mobile banking • Mobile trading • Advisor/wealth management mobility • Enterprise mobility

blackberry balance™ • Personal and work apps and information are kept separate. • Users can switch from personal to work space in one gesture. The work space is encrypted, managed and secured, enabling organisations to protect critical content and applications, while allowing users to make the most of their smartphone for personal use.

Unrivalled security • Secure corporate data and applications on personal (BYOD) and corporate devices and protect against data leakage and unauthorised devices accessing corporate assets.

Mobile Device Management • Manage multiple devices and operating systems, including applications on corporate and personal (BYOD) devices (Android, iOS, BlackBerry OS and BlackBerry 10), through one management console.

Market simplified india ltd. 13th Floor, Zenith bldg, Ascendas international tech Park csir road, taramani chennai 600 113 india Phone: +91 44 3912 3000 or +91 44 3090 3090 email: info@marketsimplified.com contact: Kunal Pancholi twitter: marketsim website: www.marketsimplified.com 118

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blackberry level 18, Ue square 83 (clemenceau Ave) singapore 239920 Phone: +65 6879 8700 contact: Niki Kennedy website: www.blackberry.com

w h o’ s w ho Di r ec to ry

Mobility

Novatti

Novell

For 18 years, Novatti has created and delivered innovative payment solutions to a global base of tier one and smaller service providers and start-ups. Novatti's multi-services payments platform enables telco, banking and alternative payment network service providers to extend their product portfolio – taking robust, integrated new payments services to market faster and more cost-effectively. With a defined roadmap for innovation, along with our deep domain knowledge, we help our customers take advantage of the rapidly expanding marketplaces of mobile and unbanked users – as well as differentiating their services to acquire new customers and increase revenues from their existing base. Most recently, we have enabled new payment schemes around the globe to allow individuals to carry out money transfers from their mobile: • In Africa, a cloud based international top up and remittance platform to enable pan-African micro remittances and electronic funds transfers. • In Asia and the Middle East, a consumer digital wallet system that provides for new remittance channels including cash out at ATMs, banks and bank agent channels. • In Australia, a consumer digital wallet system for a new smartphone based retail purchasing platform.

Novell, Inc. is a global enterprise software leader providing solutions that make work environments more productive, secure and manageable. Novell supports thousands of organisations around the world with collaboration, endpoint management and file and networking technologies. Focusing on today's social, mobile and multi-platform world, we help you stay competitive, minimise costs and get more value from the software you already own. Collaboration solutions: Our collaboration solutions include personal and team productivity tools and collaboration data management tools. Endpoint management solutions: Leverage identity-based technology to empower the most important assets in your organisation – your end users. Our endpoint management capabilities include: endpoint lifecycle management, endpoint security management, IT asset management and IT service management File & Networking Services: Novell provides the core file, print and networking services that are at the heart of any organisation. We offer the best platform for networking in a mixed Windows/Linux/ Mac environment. Our portfolio of mobility solutions comprises: • Mobile device management: With new mobile devices flooding the market, you will not swim to safety without a good mobile device management platform like Novell ZENworks® Mobile Management. • File access and sharing: Mobile file access does not have to mean sacrificing your intellectual property. Get simple and secure mobile file access with Novell Filr. • Mobile printing: Keep your team productive by letting them print from any device to any printer with the new mobile capabilities of Novell iPrint.

Novatti Pty ltd P.o. box 21104, little lonsdale street Melbourne Vic 8011 Australia Phone: +61 3 9011 8490 email: info@novatti.com contact: Peter Cook twitter: NovattiPayments website: www.novatti.com

Novell Pty ltd level 4, 12-14 claremont street south yarra Vic 3141 Australia Phone: +61 3 9825 2300 twitter: novell website: www.novell.com w ho ’ s w ho o f fs i

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multi-channel communications

sitecore

thunderhead.com

Sitecore redefines how organisations engage with their customers online, powering experiences that can sense and adapt to a customer’s needs to increase revenue and customer lifetime value and satisfaction. Sitecore was the first web content management (WCM) system to incorporate marketing automation, intranet portal, e-commerce, web optimisation, social media and campaign management technologies into a cohesive, integrated open platform. Sitecore’s software makes it easy for businesses to identify, serve, engage and convert new customers online. Sitecore’s broad choice of capabilities enable marketing professionals, business stakeholders and information technology teams to rapidly implement, measure and manage a successful website and online business strategy. Its powerful development platform, integrated marketing automation tools and intuitive editing workspace enables successful websites of all types. Thousands of public and private organisations have created and now manage more than 30,000 dynamic websites with Sitecore including Coles, Nissan, Blackmores Ltd., CSIRO, Australian Institute of Chartered Accountants, Panasonic, Goodman and the Australian Government.

sitecore level 4, 50 Pitt street sydney nsw 2000 Phone: +61 2 8014 8857 email: sales-au@sitecore.net twitter: sitecoreanz website: www.sitecore.net 120

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thunderhead.com 80 raffles Place, Plaza 1 singapore 048624 Phone: +65 6248 4850 email: nick.smith@thunderhead.com twitter: Thunderheadon linkedin: Thunderhead.com website: www.thunderhead.com

w h o’ s w ho Di r ec to ry

Multi-lingual coMMs & localisation

outsourcing

cls communication

hexaware technologies

The challenges of your industry grow increasingly complex every day – and professional, timely communication is more crucial than ever. At CLS Communication we offer a comprehensive range of localisation solutions and services optimised with precision-engineered processes and innovative language technologies.

Hexaware Technologies is a leading IT and business process outsourcing services provider, listed among the top 20 Indian global IT services organisations. We have more than 75 active customers in the financial services space, including tier one banks across North America, Europe and Asia Pacific. Our banking and financial services practice contributes about 30 per cent of our business. Our areas of focus include retail and corporate banking, private banking, payment solutions, leasing and lending solutions. In the capital markets domain we have experience in frontoffice, middle-office, back-office and enterprise data management. We specialise in application development, maintenance and modernisation, enterprise applications, business analytics and independent testing. Our testing services for financial services organisations include: • Retail banking: customers; assets; liabilities; cards; channels advisory; online; GL reconciliation; and tax. • Private banking: wealth management; customer relationship management; and portfolio management and financial planning. • Corporate banking: fund based and non-funds based limits; treasury; and trade finance. • Payments: card, retail and corporate payments; internal and external domestic and cross-border payments; bill payment; online tax payment; and money transfer. • Capital markets: pre-trade; front-office; middle-office; back-office; pricing; and investment data management. • Compliance: SEPA; regulatory; internal audit; and risk and control assessments.

Depth expertise Do you need an expert language partner who is familiar with developments in banking technology? At CLS Communication, our language specialists have in-depth industry-specific knowledge, gained through direct professional experience and ongoing training. As one of the leading global language service providers, we deliver a wide variety of specialised texts for major firms in all key industries.

secure infrastructure When you deal with sensitive information, issues of confidentiality and IT security are of the utmost importance for you and your clients. Our IT infrastructure and audited processes have been honed over many years and allow us to protect even your most sensitive communication. Banks and institutions all over the world put their trust in us to handle data of all levels of confidentiality.

cutting edge technology Our project management systems utilise advanced technological developments to coordinate all aspects of your project. Using shared global workflow software means your orders are processed smoothly and on time.

cls communication asia Pacific 3 Pickering street, china square central, #03-08, nankin row singapore 048660 Phone : +65 6508 0606 email: vijayan.suppiah@cls-communication.com contact: Vijayan Suppiah, General Manager website: www.cls-communication.com

hexaware technologies level 26, 44 Market street sydney nsw 2000 australia Phone: +61 2 9089 8956 or +61 4 5949 5919 Fax: +61 2 9089 8989 email: Khurram@hexaware.com contact: Khurram Zaidi website: www.hexaware.com who ’ s w ho o f fs i

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payments

aci worldwide

clear2pay

ACI Worldwide powers electronic payments and banking for more than 1,650 financial institutions, retailers and processors around the world. ACI software enables $12 trillion in payments each day, processing transactions for 14 of the leading 35 global retailers and 24 of the world’s 25 largest banks. Through our integrated suite of software products and hosted services, we deliver a broad range of solutions for payments processing, card and merchant management, online banking, mobile, branch and voice banking, fraud detection and trade finance. To learn more about ACI and the reasons why our solutions are trusted globally, please visit www.aciworldwide.com or on Twitter @ACI_Worldwide.

Clear2Pay is a payments modernisation company that facilitates banks and financial institutions’ payments services, whether they be card, automated clearing house, branch, bulk, real-time, high care or international payment transactions through its pure service oriented architecture (SOA) open payment framework (OPF). Clients include ING, Banco Santander, Credit Agricole, BNP Paribas, Royal Bank of Scotland, The Federal Reserve, The People’s Bank of China, Bank of East Asia, Rabobank and Commonwealth Bank of Australia.

open payment Framework The OPF is built on a SOA delivering common, reusable services across all payment types. The OPF comprises packaged business solutions including: Bank Payment Hub, SEPA, International Payments, EBPP, Remittance, UK Faster Payments, US Tax Data Services and more.

open test solutions The backbone of OTS is the vision that modern end-to-end payment testing tools, coupled with a dedicated testing process, significantly reduce the risk, time to market and cost of payment, mobile or transport system implementations. It is essential for all components and systems throughout the chain to work flawlessly.

aci worldwide 300 Beach road, #21-03/06 the concourse singapore 199555 phone: +65 6334 4843 email: mbox-ap-marketing@aciworldwide.com twitter: ACI_Worldwide website: www.aciworldwide.com

solutions for asia Clear2Pay offers a range of solutions specifically for Asia, including G3 in Singapore, iCAS in Thailand, and CNAPS Gen I & II in China. Clear2Pay operates out of 20 offices in 11 countries and employs more than 1,200 staff. More than 50 per cent of our global workforce is based in Asia Pacific and our regional headquarters are in Singapore.

aci worldwide Level 2, 50 margaret street sydney nsw 2000 australia

clear2pay singapore 80 raffles place, Level 35 UoB plaza 1, singapore 048624

phone: +61 2 9512 0200 email: mbox-ap-marketing@aciworldwide.com twitter: ACI_Worldwide website: www.aciworldwide.com

phone: +65 6248 4572 email: info.apac@clear2pay.com contact: Stephen Peters website: www.clear2pay.com

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w h oâ&#x20AC;&#x2122; s w ho Di r ec to ry

performance monitoring

security

exinda

authentify

Exinda is a leading global supplier of WAN optimisation and Network Control solutions. Exinda enables organisations to assure a predictable user experience for strategic business applications through policybased WAN optimisation and Network Control that intelligently allocates network bandwidth and optimises traffic based on the priorities of the business. The company has helped more than 2,500 organisations across 80 countries worldwide assure application performance, improve the end-user experience, contain recreational applications and reduce network operating costs for the IT executive. For more information, please visit http://www.exinda.com.

Authentify, Inc. is the leading provider of global telephonebased, out-of-band authentication services. These multi-factor authentication (MFA) services enable organisations that need strong security to quickly and cost-effectively add two-factor (2FA) or threefactor authentication layers to user logon, transaction verifications or critical changes such as adding a payee to an e-pay or wire account. The company's patented technology employs a service-oriented message architecture and XML API to seamlessly integrate into existing security processes. Out-of-band authentication employing smartphones can incorporate digital certificates and cryptography for strong authentication in mobile to mobile scenarios. Smartphones are becoming the connected device of choice for the wired employee or consumer. Using the same device for connectivity and for authentication can be vulnerable to exploit. Authentify is pioneering the use of digital certificates and public key infrastructure (PKI) technologies to protect both the security of the communications in mobile environments as well as indicating when a device has been compromised. The combination of PKI and voice biometrics will defeat MITM, SIM card swaps/clones, call forward attacks and others. In more than 120 countries, Authentify provides user authentication, transaction confirmation, transaction authentication services, voice biometrics and other authentication functions for many of the most familiar names on the Internet, including five of the world's top ten banks, the Internet's largest e-commerce site, the largest online auction and commerce site, the leading peer-to-peer (P2P) e-payment firm and many others.

exinda Level 17, 40 mount street north sydney nsw 2060 australia phone: +61 2 8415 9756 email: info.apac@exinda.com website: www.exinda.com

authentify, inc. 8745 w. higgins road, suite 240 chicago, illinois 60631 usa

authentify, inc. authentify Ltd. 12/f, capitol centre, tower ii 28 Jardine's crescent causeway Bay, hong Kong

phone: +1 773 243 0328 phone: +852 9304 6699 email: john.zurawski@authentify.com email: robert.soden@authentify.com contact: John Zurawski, contact: Robert Soden, Vice President website: www.authentify.com

Managing Director website: www.authentify.com who â&#x20AC;&#x2122; s w ho o f fs i

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secUrity

UnifieD commUnications

symantec corporation

PGi

Symantec is a global leader in providing security, storage and systems management solutions to help our customers – from consumers and small businesses to the largest global organisations – secure and manage their information, technology infrastructures and related processes against more risks at more points, more completely and efficiently than any other company. As the world’s fourth largest independent software company and backed by our Global Intelligence Network, our focus is to eliminate information, technology and process risks independent of device, platform, interaction or location. Our software and services protect on a complete basis, in ways that can be managed easily and with controls that can be enforced automatically – enabling confidence wherever information is used or stored.

PGi has been a global leader in virtual meetings for 20 years. Our cloud-based solutions deliver multi-point, real-time virtual collaboration using video, voice and file sharing technologies. PGi solutions are available via desktops, tablets or mobile devices, helping businesses worldwide be more productive, mobile and green. PGi has a global presence in 25 countries and an established base of more than 35,000 enterprise customers, including 75 per cent of the Fortune 100™. In the last five years, we have hosted more than 725 million people from 137 countries in over 65 million meetings.

Globalmeet Demand for quality meeting solutions is exponentially increasing. You want a solution that caters to your ever changing work and business environment that requires content collaboration. At the same time, the solution needs to be easy to implement and intuitive for users. Now you can have it, with GlobalMeet. This straightforward solution features a combination of audio and web conferencing in a single click providing the tools to manage a smooth, interactive meeting.

imeet symantec corporation (malaysia) sdn Bhd Unit no. 1003, Level 10, Uptown 2, no. 2, Jalan ss21/37 Damansara Uptown, 47400 Petaling Jaya, selangor, malaysia Phone: 1800 805 106 email: contractsadmin@symantec.com contact: Customer Service website: www.symantec.com twitter: symantec

Demand for high quality desktop video meeting solutions across business is growing. You need a solution that is cost effective, personal and engaging for both meeting hosts and guests. Now you can have it, with iMeet. Combining the best of desktop video, web and audio collaboration technologies, iMeet is PGi’s next generation cloud based online solution providing a more personal and social meeting environment.

symantec singapore Pte Ltd 6 temasek Boulevard, #11-01, suntec tower 4 singapore 038986

PGi Level 12-1, wisma mont' Kiara, no. 1, Jalan Kiara, 50480 mont' Kiara Kuala Lumpur, malaysia

Phone: +65 6333 6366 twitter: symantec website: www.symantec.com

Phone: +60 3 2772 2888 email: myinfo@pgi.com website: www.pgi.com

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