Partners Behavioral Health Management: redefining healthcare www.fintechmagazine.com
NOVEMBER 2019
Technological empowerment for businesses and leaders
RIDING THE DISRUPTIVE WAVE OF MODERNISATION
Unification of procurement SYLVIE NOEL, CHIEF PROCUREMENT OFFICER, BREAKS DOWN COVEA’S DRIVE TO DIGITISE PROCUREMENT
DIGITALLY ADVANCED BANKS
Bringing together the community that builds the foundation of the digital world THURSDAY NOV. 7, 2019 SPRING STUDIOS, NYC MarketplaceLIVE is the place where the complete community of cloud and connectivity stakeholers meet to learn, share ideas, and get inspired in a fun and elegant atmosphere. This event is packed with compelling stories on how our community is changing the world. Gain practical knowledge and insights that resonate whether you’re a network engineer at a startup, a solutions architect at a cloud service provider, or a CIO at a Fortune 500 company.
REGISTER NOW
Powered by
or reach out to marketplacelive@digitalrealty.com for a VIP Invite
FOREWORD
W
elcome to the November
industry, but also the dynamic
edition of FinTech magazine.
between incumbents and new
Covéa Insurance has more than 20 years’ experience of offering exceptional customer service and products. But, in this month’s cover story, Chief Procurement Officer Sylvie Noel makes it clear that the business isn’t willing to rest on its laurels.
players in the market. The flip side of increased personalisation and disparate products and services is, of course, a greater risk to data and security. With that in mind, we also analyse how companies must content with an increased demand for privacy and security while balancing the benefits that
In the seven years that Noel has
data-driven insight and analysis
held her role, the business has
can bring.
digitalised its procurement process, undergone a successful period of change management, and continued its quest for improved sustainability. Importantly, all of this has been carried out with a clear focus to put the customer at the centre of every decision. Customer focus is at the heart of our lead feature this month. Specifically, we consider how the ongoing personalisation of financial services is not only changing the
Also, in this addition, we speak with leaders tasked with driving change at businesses including Envoy Mortgage, Partners Behavioral Health Management and IBL Together Mauritius among others. If you wish to share your story, or discuss key industry trends in more detail, please get in touch at matthew.high@bizclikmedia.com Enjoy the read! Matt High w w w.f i nte c hma ga z i n e. com
03
Main Conference: 8-9 October, 2019 Insurance Cyber Risk Summit: 7 October, 2019 Station F Paris
INSURANCE WITHOUT BOUNDARIES. POWERED BY INNOVATION. THE GLOBAL GATHERING FOR THE INSURTECH INDUSTRY.
450+ INSURTECH ENTREPRENEURS, INCUMBENTS AND INVESTORS FROM ACROSS THE WORLD DRIVING THE INSURANCE DIGITAL REVOLUTION.
SAVE 10% with VIP code FKN2669FMA1
finance.knect365.com/insurtech
Click the home icon (top right of page) to return to contents page at anytime
EDITOR-IN-CHIEF
MATT HIGH CREATIVE DIRECTORS
DANIEL CRAWFORD STEVE SHIPLEY
WHEN YOU SEE THE PLAY BUTTON ICON, CLICK TO WATCH OUR VIDEO CONTENT
CREATIVE TEAM
ERIN HANCOX OSCAR HATHAWAY SOPHIA FORTE SOPHIE-ANN PINNELL PRODUCTION DIRECTOR
DANIELA KIANICKOVÁ PRODUCTION MANAGER
OWEN MARTIN DIGITAL VIDEO DIRECTOR
Wherever you see these icons in the magazine click to be directly connected via social media
JOSH TRETT DIGITAL VIDEO PRODUCER
JOSHUA S. PECK EMILY McNAMARA SOCIAL MEDIA PRODUCERS
DANIEL WEATHERLEY JACK GRIMSHAW EVELYN HOWAT KAYLEIGH SHOOTER
05
PROJECT DIRECTORS
ANDREW STUBBINGS JAKE MEGEARY JACK PASCALL NATHAN HOLMES JORDAN HUBBARD SHIRIN SADR DIGITAL MEDIA DIRECTORS
ARRON RAMPLING JASON WESTGATE
CLICK NOW TO SUBSCRIBE FOR FREE
OPERATIONS DIRECTOR
ALEX BARRON GROUP MANAGING DIRECTOR
JAMES PEPPER CHIEF OPERATIONS OFFICER
ANDY TURNER PRESIDENT & CEO
GLEN WHITE PUBLISHED BY
Visit the fintechmagazine.com website and sign up to receive exclusive access to one of the world’s fastest growing business news platforms
CONTENTS
12 12
30 Transforming your financial future through microinvestments
NOVEMBER 2019
38 DATA SHARING:
TH PERSONAL TOUCH
48 MOST DIGITALLY ADVANCED BANKS
58
74 EVENTS
w w w.f i nte c hma ga z i n e. com
CONTENTS
78 Envoy Mortgage
NOVEMBER 2019
90 Partners Behavioral Health Management
104 IBL Together Mauritius
w w w.f i nte c hma ga z i n e. com
12
Covéa: Working better. Together. WRITTEN BY
AMBER DONOVAN-STEVENS PRODUCED BY
CHARLOTTE CLARKE
NOVEMBER 2019
13
w w w.f i nte c hma ga z i n e. com
COVÉA INSURANCE GROUP
Sylvie Noel, Chief Procurement Officer, Covéa Insurance Group, details the company’s drive for transparency amidst its digital transformation in order to truly professionalise procurement 14
C
ovéa Insurance has built an excellent reputation over the last 20 years for its customer service and products. The
insurance company was formed by the merger of three brands: Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d’assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA). Today, the company holds a number of awards, including Personal Lines Claims Excellence of the Year 2019 (Insurance Times Claims Excellence Awards); and Best Use of Customer Service Technology 2019 (Modern Insurance Customer Service Excellence Awards) among others.
NOVEMBER 2019
15
w w w.f i nte c hma ga z i n e. com
COVÉA GROUP
As the company has grown, so has the need for a more seamless procurement process. “I initially came to the company to assist with the professionalisation of procurement at Covéa,” says Sylvie Noel, Chief Procurement Officer. “I created a proposal on how to improve procurement, called EMA: ensemble pour mieux acheter, which means ‘together to work better.’” Noel has been with Covéa for almost nine years, starting out as a consultant, before taking the role of CPO, which was created for her in July 2012.
16
“In 2012 Covéa had over 12 members of staff specialised in procurement, working across different levels within our three brands and in our French subsidiary on procurement, internal procurement and IT.” Noel’s
“The unification of procurement through this platform enables us to speak with one voice” — Sylvie Noel, Chief Procurement Officer, Covéa Group NOVEMBER 2019
CLICK TO WATCH : ‘COVÉA EN BREF’ 17 responsibility was to streamline this
on segmentation, building common
into a connected, standardised net-
language and legal. “Having worked
work with added value. She achieved
across different parts of the company,
this by digitising the entire process.
we realised that we could make the process more sustainable, and so we
DIGITISING PROCUREMENT
took to the market to search for an
“The process is now really slick. The
appropriate tool that would help us
digitalisation of procurement ena-
achieve our goals of transparency and
bles easy work cover in the event
added value,” recalls Noel. She then
of sickness, but also the platform is
began conversing with over 60 stake-
wholly compliant. It provides a new
holders about their views and fears
perspective to procurement.” Noel
regarding procurement, and began to
and her team created the procure-
build the platform from there.
ment function from scratch. Initially, she had worked across the process,
The platform was initially rolled out in 2013 to internal stakeholders and w w w.f i nte c hma ga z i n e. com
Digital agility allows in customer needs and pe Experience the Capgemini Effect www.Capgemini.com
nsurers to anticipate ersonalize offers Discover now
COVÉA GROUP
“We were proactive with our stakeholders and responded to their suggestions, which were present in the version of the platform we later rolled out” — Sylvie Noel, Chief Procurement Officer, Covéa Group
20
NOVEMBER 2019
procurement before rollout to wider users. According to Noel, there were naturally some challenges during the 2013 rollout, which have since been overcome following the platform expansion. “We started with the procurement request, the workflow associated and a first wave of model of contracts. What we’re doing now is very different: we start with the budgets imported to the platform; any procurement request needs to have a budget line. Then, it either goes to the creation of a tender, or into catalogs.”
E XE CU T I VE PRO FI LE
Sylvie Noel, Chief Procurement Officer Sylvie Noel is the Chief Procurement Officer at Covéa and has been with the insurance company for nine years. She started with the company in 2010 as a Principal Consultant, working across process and legal, before moving to becoming Chief Procurement Officer in 2012. In this role she is in charge of heading up the program EMA (Ensemble pour Mieux Acheter) which is an initiative designed to professionalise procurement.
w w w.f i nte c hma ga z i n e. com
21
This is the action that brings inspiration A vision is only valuable if it can be implemented. At Sopra Steria Next, we design strategies grounded in your company’s reality that deliver tangible, lasting results with a positive impact for all. Sopra Steria Next, digital transformation consulting. Click here to find out more
>
23
Noel goes on to explain that if a tender is chosen, a group comprising all the required individuals — including procurement and legal — forms in order to process the tender’s dispatch to suppliers via the platform. “All the exchanges with parties occur solely within the platform, so we all have a very good view of the activity and it’s impossible now for anyone to be out of the loop,” she says. “We were proactive with our stakeholders and responded
“The process is now really slick. The digitisation of procurement enables easy work cover in the event of sickness, but also the platform is wholly compliant. It also provides a new perspective to procurement” — Sylvie Noel, Chief Procurement Officer, Covéa Group
to their suggestions, which were w w w.f i nte c hma ga z i n e. com
COVEA deploys SAP S/4 HANA as part of its financial transformation plan. To achieve its objective of aligning financial processes for all its subsidiaries, the COVEA group relies on SAP S/4 HANA.
COVEA is composed of the three mutuals MAAF, MMA and GMF, leaders in property insurance and responsibility in France. The key figures for 2017 are: - 26,000 employees: 21,000 in France and 5,000 abroad - Nearly 2,700 points of sale - In France, 11.5 million members and customers - Premiums earned (France & International): €16.3 billion - Combined net income (group share): €818m - Equity: €14.7 billion The financial function at the heart of the strategic plan COVEA’s strategy is to mutualize the central and backoffice functions while keeping the customer relationship with their different markets to the brands. In this context, the COMEX of the COVEA group decided, in July 2018, to align the financial processes of the various subsidiaries and to respond to the obsolescence of the existing accounting tools. In September 2018, COVEA launched a consultation for its “Convergence Finance” program. The project’s roadmap aims to achieve the following objectives. First objective is to improve the efficiency of business and operational processes between its three brands. This requires the definition of a common language for the entire group, as well as the harmonization of financial processes and reporting, the reduction of low valueadded activities and the automation of repetitive tasks. The second objective is to simplify and rationalize the information system in order to reduce the operational risk of multiple systems and their obsolescence. In addition to optimizing the standardization of tools, COVEA also needs to define a norm of integration, build a transactional data source for the entire group in order to facilitate future transformations. The construction of this new platform will ensure that changes in regulatory requirements are met more quickly and at a lower cost. Last but not least, to make economic management more reliable and faster. The transformations generated by technology are leading to profound changes in insurance. The ability to manage the Group more consistently will bring efficiency, responsiveness and strategic agility to COVEA.
SAP wins for its state-of-the-art financial solutions To choose the solution and the service provider, the bidding is organized in two phases: choice of the tool, and choice of the integrator. The selection process has been conducted by the COVEA group between September 2018 and March 2019. After a pre-selection of several solutions, COVEA opted for SAP. On the one hand, the publisher already had references in insurance; and on the other hand, the technologies on which the SAP solution is based (“in memory” technology) opens up the world of possibilities in terms of reporting and data exploitation. The core of the selected solution will be based on the SAP HANA database combined with the S/4 HANA ERP (Finance modules). This will be complemented, for budget management, by SAP Analytics Cloud Planning. Finally, SAP Profitabilty and Performance Management will manage the cost management. The choice of deploying on the private Cloud of SAP has been made to benefit from more flexible technical platforms, and from the latest innovations of the software publisher more quickly. A progressive deployment The project was therefore launched in early July 2019. The design phase of the target model is expected to be completed by mid-2020. In parallel, a prototyping environment will allow to share with users to make the new processes and tool more concrete. These workshops promote a customization closer to user needs, as well as the sharing of a common vocabulary for all brands. The development and configuration phase will be carried out by Accenture. A first integration and testing phase has been planned for 2021, and the first wave of operational deployment of the project is scheduled for January 1, 2022. Ultimately, 500 users will be involved in this project.
Learn More
CLICK TO WATCH : ‘COVÉA CÉLÈBRE LES 200 ANS D’ASSURANCES MUTUELLES DE FRANCE’ 25 present in the version of the platform
eliminated through the creation of the
we later rolled out.”
platform. It is also important to lead by
From a change management perspective, this digitisation has been largely welcomed, as it has created
example with confidence and reassurance,” she says. In addition to this, big data is an
clarity and ease of access to vital
integral component to the quality that
information at Covéa. But this may
Covéa strives for: “We are also still try-
not always be the case and Noel
ing to ensure that all who are involved
asserts the need to listen to employee
with the procurement process are
concerns and to work through them.
aware of the importance of big data.
“This is why we built the program in
We are constantly evaluating the qual-
response to our stakeholders: not only
ity of the overall process and upscaling
to show them that this is a serious pro-
it often to meet expectations.” Noel
gression, but to ensure that any of their
shares that the company that
fears regarding the industry could be
assisted in the implementation of this w w w.f i nte c hma ga z i n e. com
27
1999
Year founded
transformation was Ivalua, which has been “the core skeleton to the process at Covéa,” and assisted in the streamlining of the function. The digitisation
$1bn
of procurement has had many benefits, “the unification of procurement through
Approximate revenue
this platform enables us to speak with
2,500
and improved relations with our stake-
Approximate number of employees
one voice,” Noel says, adding that “this allows for a greater market presence holders and vendors.” Not only has the process added value and been well received by w w w.f i nte c hma ga z i n e. com
COVÉA GROUP
Bring your Change Management to the next level to make your transformation a success! InsideBoard is the first AI platform for change management dedicated to encourage user adoption, ongoing team performance and transformation success.
insideboard.com
29 employees and stakeholders alike,
will continue to be aligned with the
but it has had excellent benefits in
business strategy of the group.”
terms of sustainability: “In terms of our
She is confident that both customers
vision for sustainability, we are almost
and employees will continue to see
paperless and it’s compliant with reg-
a growing level of transparency that
ulation and auditable. Sustainability
will bring the business and stakehold-
isn’t underlined as much as it should
ers closer, while consolidating the
be,” Noel asserts.
valuable role that procurement plays within the company.
A TRANSPARENT FUTURE “As Covéa moves forward, customers will be at the center of all we do, and this is evident in our huge project transformation with added value and productivity,” she adds. “Procurement w w w.f i nte c hma ga z i n e. com
M O B I L E PAY M E N T S
30
Transforming your financial future through microinvestments Samantha Seaton, CEO Moneyhub Enterprise discusses how PSD2 legislation has opened banking and empowered businesses to take advantage of emerging technologies WRITTEN BY
NOVEMBER 2019
SAMANTHA SEATON
31
w w w.f i nte c hma ga z i n e. com
M O B I L E PAY M E N T S
T
he UK financial landscape has been transformed over the last few years. Widespread adoption of digital technology has enabled banks and other
financial services providers to integrate themselves into our daily routine, with access to our savings possible through our smartphones at the touch of a screen. But, despite the ease with which people are able to access their finances, there is little evidence to suggest that the UK is doing enough to close the savings gap. Open Banking could make this challenge significantly more achievable.
32
Those toward the start of their careers can no longer rely on the safety net of the State Pension, and yet the data shows that people are still saving significantly less than needed. In 2017, the Lifetime Savings Challenge Report 2017, compiled by Close Brothers and the Pension and Lifetime Savings Association (PLSA), revealed that 33% of UK employees were saving less than £50 a month, with one in five (20%) not saving anything at all. The issue is one disproportionately faced by women, whose savings and pension pots are on average notably lower than their male counterparts. A recent report from the Pensions Policy Institute revealed that most damage to women’s pension wealth NOVEMBER 2019
33
“ Women have an average defined contribution pension pot of just one fifth the size of a 65 year old man” —Samantha Seaton CEO, Moneyhub Enterprise
w w w.f i nte c hma ga z i n e. com
M O B I L E PAY M E N T S
is done while in their thirties – the general age when women are taking time off work to care for their families. This is further highlighted by research from the Chartered Insurance Institute which showed that women have an average defined contribution pension pot of just one fifth the size of a 65-year-old man. There’s no quick fix. But there are solutions. Saving ‘little and often’ is a mantra often repeated to those struggling to put something aside 34
each month, but even this can seem
NOVEMBER 2019
“ There is little evidence to suggest that the UK is doing enough to close the savings gap” — Samantha Seaton CEO, Moneyhub Enterprise
CLICK TO WATCH : ‘NBS VENTURES – MONEYHUB’ 35
like a bit of an up-hill task. That’s
see how they can make their money
where money management platforms
work harder.
are able to play a key role. Firstly, they help users get to grips
What can really make an extra difference is the incorporation of AI and
with their finances. Powered by open
smart nudges. These hyper-person-
banking, users are able to see a
alised nudges can be surfaced at key
single picture of their financial world,
points of financial decision-making.
rather than having to piece together
For example, a user might use Loan
fragments. Not only does this reduce
to Value ratio nudge to alert when
needless and paperwork, but it also
deals not previously available can be
enables the effortless tracking of
considered, or a Micro Saving nudge
their expenditure. Having this level of
can be generated if utility bills are
oversight empowers them to make
lower than normal or if the weekly
smarter money decisions, and clearly
shop costs less than normal. Such w w w.f i nte c hma ga z i n e. com
M O B I L E PAY M E N T S
“ Open Banking can transform this process, using open banking APIs to legally aggregate a customer’s data” — Samantha Seaton CEO, Moneyhub Enterprise 36
in-day savings prompts feel less of
it’s now possible for them to be
a wrench than finding money at the
granted access to a much wider view
start or end of the month and over
of a customer’s finances.
the course of time can start to build up a solid investment or savings pot. The additional level of insight
For those struggling to save, roboadvice is a more likely choice. But historically, these digital advice mod-
available through open banking also
els are remarkably fallible to human
means that the money that users are
error. The majority require a new user
able to put aside can be put to work
to fill in a questionnaire when they
in a more streamlined and targeted
sign up, and the answers to the ques-
manners. Whether it be through a
tions will inform what the algorithm
robo-adviser or a financial adviser,
recommends. However, if a user
NOVEMBER 2019
and bank accounts, and generating far more accurate and effective personalised advice and recommendations, while saving customers from spending hours on fact finding. If granted rolling or recurring access, the robo-advisers can then continue to offer guidance, support and nudges to help customers maximise their unique circumstances in relation to their investment returns and their money more generally. Whether it’s through embracing online banking, being able to track our spending or investments through apps, or the increasing prevalence of contactless cards, technology is transforming the way we interact submits incorrect data, omits some
with our finances. The true potential
details, or is simply not asked about
of Open Banking is still some dis-
a particular aspect of their finances,
tance away from its potential being
the algorithm could deliver a misdiag-
fully realised, but it is already show-
nosed recommendation.
ing signs that it can play a pivotal role
Open Banking can transform this
in closing the UK savings gap.
process, using open banking APIs to legally aggregate a customer’s data. This means that the algorithms used to generate investment recommendation could access a much wider data set that includes credit cards w w w.f i nte c hma ga z i n e. com
37
BLOCKCHAIN
DATA SHARING: 38
Data-driven insights and analysis could be the key to effecting structural change in the fintech world, but companies need to contend with increased customer demand for data security and privacy WRITTEN BY
HARRY MENEAR
NOVEMBER 2019
39
w w w.f i nte c hma ga z i n e. com
BLOCKCHAIN
“ The banking system we have is pretty similar to the one that was created by the Medici in the 13th century” Stephen Cecchetti, Rosen Family Chair in International Finance at Brandeis International Business School 40
O
ver the past five years, the digital
$305bn by 2023. The driving force
banking revolution has had a
behind this sweeping digital trans-
seismic impact on the relation-
formation is the exponential growth
ship between customers and the
of big data which, when twinned with
institutions that handle their money.
cutting-edge AI and machine learn-
The rise of online banking – along with
ing analytics, has created actionable
its accompanying wave of digital-only
insights that are leading financial
challenger banks – mobile payments
institutions down a road towards a
and increasingly personalised money
customer-centric, hyper-personalised
management tools have given birth to
financial future.
a fintech industry expected to reach an estimated value of more than NOVEMBER 2019
That being said, while fintech has enabled myriad new ways for us to buy
41
stocks, deposit cheques and otherwise
International Business School,
manage our money, some industry
speaking at the FinTech and Digital
leaders think that the real revolution
Currency panel at Boston FinTech
is still around the corner.
Week 2019. “It’s true that I can do
“I still find it pretty interesting that
things on my phone, but the things
there’s been substantial technological
I do on my phone are not fundamen-
change out there, but that the banking
tally different, they are just a little bit
system we have is pretty similar to the
easier.” Cecchetti is confident that
one that was created by the Medici
deep, structural change is coming
in the 13th century,” said Stephen
to the sector, and that data analytics
Cecchetti, the Rosen Family Chair
and insight gathering are going to be
in International Finance at Brandeis
at the heart of the transformation. w w w.f i nte c hma ga z i n e. com
BLOCKCHAIN
42
THE DANGERS OF DATA MISMANAGEMENT
a result of Equifax’s data breach, the
However, in 2019, data is a sticky sub-
pay at least $575mn and up to $700mn
ject. The past decade has been defined
to compensate those whose personal
by high—profile data breaches like the
data was exposed,” writes Simon Hill,
theft of personal information contained
Head of Legal & Compliance at encryp-
in some three billion accounts from
tion company Certes Networks. “In
Yahoo in 2016, which takes the trophy
2016, Tesco Bank was fined £16.4mn
for ‘Biggest Invasion of Privacy in the
by the Financial Conduct Authority
History of Mankind’, and was a blunder
(FCA) over a ‘largely avoidable’ cyber-
that knocked an estimated $350mn off
attack that saw criminals steal over
the company’s sale price. “The dam-
£2mn from 34 accounts.” No matter
ages of these data breaches are not
the size of the breach, Hill notes, the
only reputational, but also financial. As
penalties that companies can incur
NOVEMBER 2019
organisation reached an agreement to
CLICK TO WATCH : ‘HOW THE MASSIVE EQUIFAX DATA BREACH HAPPENED’
have the potential to be severe. More than data theft, though, the
of consumers cannot imagine living without it, just 2% trust it in the wake of
public concern and conversation has
various scandals, and only 9% agree
turned in the last few years towards
with its values.” Regulatory initiatives
the misuse and unwanted distribu-
like GDPR and Open Banking are
tion and sharing of personal data by
working to ensure that individual data
vast corporations like Facebook, in
in handled with greater sensitivity and
order to generate revenue and – more
security, but the need for transpar-
importantly – the kind of actionable
ency into companies’ data policies is
insights that are driving the digital
becoming more and more of a ‘must
transformation of the customer expe-
have’ for enterprises that wish to keep
rience. This year, the fourth annual
good faith and relationships with an
Brand Relevance Index by consultancy
increasingly powerful and discerning
firm Prophet found that, although “61%
consumer class. w w w.f i nte c hma ga z i n e. com
43
BLOCKCHAIN
Today’s fintech firms have a narrow line to walk then, between a raging ocean of data in which lies the insights that could allow them to create genuine market disruption, and a customer base demanding increased privacy, particularly regarding financial information. Things like GDPR compliance and participation in Open Banking are going to be an essential strategy for fintech and banks that want to fully utilise customer data. 44
WELLS FARGO AND PLAID: A PARTNERSHIP TO PAVE THE WAY? In September, US banking giant Wells Fargo announced that it was entering into a deal with data driven fintech startup Plaid, hot on the heels of the San Francisco-based company receiving new investment from Visa. The new partnership will allow Wells Fargo customers to conveniently and more securely share their financial data with the digital financial tools and services that Plaid supports, using an application-programming interface (API). According to a company press release, a large number of Wells Fargo customers access their financial data through NOVEMBER 2019
“It is critical that consumers have more secure and seamless access to their own financial data to power their modern financial lives” Sima Gandhi, Head of Business Development and Strategy at Plaid
their modern financial lives,” said Sima Gandhi, Head of Business Development and Strategy at Plaid, “and our collaboration with Wells Fargo will ensure that our mutual customers can enjoy the best of fintech innovation for years to come. We’re particularly excited by Wells Fargo’s industry-leading approach to enhancing user control and transparency by ensuring compatibility between the Plaid platform and Wells Fargo’s Control Tower. Centred on trust and collaboration, the partnership between Plaid and Wells Fargo represents how traditional banking services and technology companies can innovate together.” Going forward, data sharing agreePlaid to use apps that help them “lead
ments solve the problem of regulation,
healthier financial lives.”
giving fintechs and banks the ability
The partnership will reportedly give
to capitalise on the power of big data
those customers more control over
while ensuring that consumer privacy
the bank account information they
is maintained. If these two needs
share with Plaid-supported apps,
can be balanced and met, then the
including the ability to turn on or off
financial space five years from now
data sharing through Wells Fargo’s
could look drastically different from
Control Tower application.
the one today.
“It is critical that consumers have more secure and seamless access to their own financial data to power w w w.f i nte c hma ga z i n e. com
45
Covering every angle in the digital age The Business Chief platforms offer insight on the trends influencing C and V-level executives, telling the stories that matter
CLICK TO SUBSCRIBE FOR FREE
w w w.bu si nessch ief.com
LEADERSHIP
48
TH PERSONAL TOUCH WRITTEN BY
MATT HIGH
PERSONALISATION IS RAPIDLY BECOMING THE DRIVER OF BRAND VALUE AND COMPETITIVENESS IN FINANCIAL SERVICES, AS KRIS HANSEN OF PORTAG3 VENTURES EXPLAINS
NOVEMBER 2019
49
w w w.f i nte c hma ga z i n e. com
LEADERSHIP
G
o big or go home. That was the message to incumbents set out in a recent report published by Accenture.
In 5 Big Bets in Retail Payments in North
America, the global professional services company explained, rather starkly, that incumbents in the sector find themselves on increasingly unstable ground, with “most retail leaders in the top US and Canadian banks” of the view that they will 50
lose between 11% and 15% of their revenue pool to emerging competition from fintechs, Big Tech, non-banks and challenger banks. The reason behind this shift? In technical terms, Accenture suggests the “increasing commoditisation of the transactional aspects of payment”. To you and I, customer experience is fast becoming the new driver of brand value and competitiveness. And, quite simply, fintechs – with their innovative mindset and ability to be flexible and scale rapidly – are taking the lead in the development and implementation of new, customer-centric finance solutions. Of course, the concepts of customercentricity, user experience (UX) and personalisation are nothing new. Banks and NOVEMBER 2019
“PERSONALISATION IS THE DIFFERENCE BETWEEN AN EXPERIENCE THAT IS ‘PRETTY GOOD’ AND ONE THAT IS AMAZING – AND, INCREASINGLY, CONSUMERS ARE EXPECTING THE AMAZING,” Kris Hansen Chief Technology Officer Portag3 Ventures 51
financial institutions have targeted various customer sectors with tailored services and packages for many years. However, as Accenture’s research makes apparent, there’s every likelihood that for incumbents this will no longer be enough. “Personalisation is the difference between an experience that is ‘pretty good’ and one that is amazing – and, increasingly, consumers are expecting the amazing,” says Kris Hansen, Chief Technology Officer at Portag3 Ventures. Hansen has considerable w w w.f i nte c hma ga z i n e. com
LEADERSHIP
CLICK TO WATCH : ‘PERSONALISATION – CREEPY OR COOL? – EMBRACING TECHNOLOGY IN FINANCIAL SERVICES’ 52 experience in the sector. Alongside
with consumers. He says that the pre-
his role at Portag3 – a fintech and
vailing trend is towards the “less obvi-
insuretech-focused VC firm that aims
ous”, with a shift away from features
to empower and invest in “visionary
and capabilities that customers could
financial entrepreneurs” – he also
easily ‘see’ towards more specific and
holds the same role at challenger bank
niche areas of the financial services
KOHO Financial. The common thread,
value chain that can bring “tremendous
says Hansen, that runs through these
value and opportunity”. Alongside that
positions “is a love of finding ways to
is the influence of blockchain. “Love
do things differently and to build teams
it or hate it,” he says, “it’s driven a new
that can solve problems.”
generation toward some of the very
The sector, according to Hansen, has
hard problems in financial services;
seen considerable change in recent
blockchain also challenges some of
years, particularly with regards to fin-
the most fundamental assumptions in
techs evolving their propositions in line
the industry, which is very healthy.”
NOVEMBER 2019
53 Specifically, on personalisation, Hansen highlights data as a key enabler of greater customer centric-
centricity. The next level will be all about the evolution of expectations.” And while those expectations
ity. “Wholesale data at cloud cost
continue to evolve, Hansen reiterates
and scale has made the previously
the importance of one key factor in
impossible – or, at least, impracti-
any relationship between a financial
cal – easily attainable,” he explains. “I
services provider and customer: trust.
have solutions, for example, that were
To this end, the digitalisation of these
scrapped five years ago based on
relationships – banking via decentral-
their sheer cost alone, that are now
ised services such as apps, the use of
possible with a few clicks and a credit
AI and chatbots to manage customers
card. We’re still in the early stages of
relationships, and machine learning to
innovation in the area, with many firms
understand customer requirements
still focused on getting the fundamen-
requires a shift in focus. “Historically,
tals right when it comes to customer
trust has been about the reputation w w w.f i nte c hma ga z i n e. com
LEADERSHIP
54
“ APPLE DIDN’T JUST CREATE THE FIRST DIGITAL MUSIC PLAYER, IT REVOLUTIONISED MUSIC WITH THE IPOD – IT WAS THE SIMPLICITY AND FORM OF THE DEVICE THAT CAPTURED THE IMAGINATION OF CONSUMERS. WE HAVE YET TO REALLY SEE THIS IN FINANCIAL SERVICES, BUT I’M VERY CONFIDENT THAT WE WILL Kris Hansen Chief Technology Officer Portag3 Ventures
NOVEMBER 2019
of the bank and the size, security and track record of the vault,” says Hansen. “That’s changed. Trust is now digital. Knowing people digitally is about personalisation and relevance. Tech-focused organisations are making great progress here, especially with the contextual awareness of digital assistants. In the financial services sector, we still have a long way to go, as many experiences are very generic and irrelevant. This will be a key frontier going forward.” Spearheading that new frontier are several startup and unicorn fintechs – those flexible, innovative organisations at the forefront of the latest technology and financial services. According to Hansen, the personalisation of financial services through the application of new technology is a key differentiator between incumbents and startups. “A fundamental principle in any business is, naturally, knowing your customer; fintech is no exception to that rule. Once you reach that point, everything you do with that knowledge needs to be personalised, and now, new technologies that have commoditised machine learning, clustering and prew w w.f i nte c hma ga z i n e. com
55
LEADERSHIP
56
diction are making that possible.” Hansen explains that those businesses that are new to the market have an advantage over incumbents, their nimbleness and small scale allowing them to implement new technologies more rapidly than those legacy organisations that “have the history and robustness of data, but just haven’t organised it to be useable”. Some firms, he believes, can move quickly to define new solutions and capture markets, but “some of the realities of the industry NOVEMBER 2019
“ WHOLESALE DATA AT CLOUD COST AND SCALE HAS MADE THE PREVIOUSLY IMPOSSIBLE – OR, AT LEAST, IMPRACTICAL – EASILY ATTAINABLE” Kris Hansen Chief Technology Officer Portag3 Ventures
if Accenture’s latest work is to be believed. For Hansen, the focus on personalised financial services isn’t going to abate. “As consumers continue to expect a more personalised experience the concepts themselves will need to be challenged. As an industry, we tend to like to structure products into decades-old categories like checking, savings, investments and so on, but with personalisation these lines will blur and people will simply get the features they need. “I expect that simpler and more transparent products will evolve, which demonstrate new ways of thinking in financial services. Apple didn’t just and which fintechs have to integrate
create the first digital music player, it
with are a half century old and move at
revolutionised music with the iPod –
a glacial pace. One of the challenges of
it was the simplicity and form of the
being part of a fintech firm is to be able
device that captured the imagination of
to move with alacrity yet remain pinned
consumers. We have yet to really see
down waiting for industry incumbents
this in financial services, but I’m very
or regulations to evolve. Managing this
confident that we will.”
and still getting new features into customers’ hands quickly is increasingly becoming a fine art.” The implementation of that “fine art”, will very likely change the face of the industry for incumbents, certainly w w w.f i nte c hma ga z i n e. com
57
T O P 10
58
NOVEMBER 2019
MOST DIGITALLY ADVANCED BANKS As an ongoing digital transformation sweeps across the financial sector, traditional banks are increasingly embracing new digital innovations. FinTech magazine analyses the top 10 most digitally advanced banks based on Juniper Research’s Futureproofing Digital Banking 2018 report WRIT TEN BY
MARCUS LAWRENCE
w w w.f i nte c hma ga z i n e. com
59
T O P 10
60
10
BNP PARIBAS [ France ]
BNP Paribas is the world’s eighth-largest bank by assets. The company’s 2017-2020 business development plan lays out aims to significantly grow its investment in technology to US$3.2bn over that period. “More and more of our clients want to do operations online rather than face-to-face,” Jean-Laurent Bonnafé, Chief Executive at BNP Paribas, told the Financial Times. In line with consumer demands, the investment strategy is enabling BNP to accelerate the transition to digital banking while cutting costs by closing physical branches.
NOVEMBER 2019
09
61
JP MORGAN CHASE [ USA ]
Of the world’s leading financial institutions, JP Morgan Chase has one of the biggest technology budgets. In 2018, according to Research and Markets, the company allocated US$10.8bn for tech spending, with $5bn being set aside for fintech investment. JP Morgan Chase’s mobile offering is regularly updated to reflect customer demand for personalisation and ease of use; the firm frequently collaborates with fintech leaders to keep it at the forefront of technological changes; and it is involved in exploring, investing in and developing technologies in areas including blockchain, AI, Big Data, cloud and robotics.
w w w.f i nte c hma ga z i n e. com
Building an ecosystem? Connect the dots. “Your journey to cloud must navigate pitfalls and opportunities that are unique to your business. We support you in imagining and delivering your cloud journey and making it run�. Eric Meistermann, Deloitte Partner in charge of AXA Group
08
63
BANCO SANTANDER [ Spain ]
Spanish banking giant Santander announced in April this year that it will invest â‚Ź20bn in technology over the next four years, significantly upping the ante in its transformational efforts. Through its investment strategy, Santander is expanding its customer-facing digital offering in many ways, including: the introduction of an open-market international payments service, dubbed Pago FX; the expansion of its Brazilian subsidiary, Getnet, to deliver a Global Merchant Services Platform; and a platform that will ease international trading for SMEs.
w w w.f i nte c hma ga z i n e. com
T O P 10
64
07
HSBC [ UK ]
According to the South China Morning Post in April 2018, HSBC invested US$2.3bn in its global digital capabilities between 2015 and 2017. HSBC also set aside $200mn for investment in fintech opportunities. The results of its investment are apparent to retail, business and corporate customers alike. HSBC has integrated SWIFT’s global payments innovation (GPI) service into its HSBCnet Track Payments feature, customers are able to log into their account via biometric security options, and it has launched an app known as MyDeal which gathers data from capital markets transactions for easy viewing.
NOVEMBER 2019
06
65
BARCLAYS [ UK ]
Over the past decade, Barclays has invested heavily in its technological capabilities and digital offerings. In the UK, where it is headquartered, the firm’s Digital Eagles programme has been digitally upskilling the public since 2013; its mobile banking app is the most popular in the UK; it has deployed a Paym-compatible payment facility known as Pingit which enables money to be transferred to friends and family with just a mobile number; and branches around the country have been retrofitted with self-service machines to expedite simple banking processes for millions of customers.
w w w.f i nte c hma ga z i n e. com
AT HARBOUR IT, WE GIVE OUR CUSTOMERS THE FREEDOM TO FOCUS ON WHAT MATTERS MOST Learn more
đ&#x;˘’đ&#x;˘’
Harbour IT are proud to partner with Ooh! Media on their IT transformation journey. At Harbour IT, we give our customers the freedom to focus on where it matters and not be slowed down by IT capability challenges. Known for our knowledgeable and personable service, we offer the most secure and flexible hosted and managed cloud offerings available in the Australian market.
harbourit.com.au
Harbour IT is proud to partner with Ooh! Media on their IT Transformation Journey. Our unique difference is being large enough to provide customers with extensive expertise, established processes and advanced enterprise level solutions, yet small enough to be hands-on and deliver the high-touch customer service that you demand.
05
67
BANK OF AMERICA [ USA ]
Bank of America’s digital transformation has yielded a number of exciting solutions for its customers. Erica, its AI-powered financial digital assistant, completed 50mn client requests in its first year of operations, while incremental upgrades to its online and mobile banking capabilities ensure its customers have a seamless, tactile experience with all of its services. In May of this year, the app was recognised by research firm Forrester as a leader in the USA, with Erica’s integration being a core component of the app’s success.
w w w.f i nte c hma ga z i n e. com
T O P 10
68
04
UNICREDIT [ Italy ]
In order to create the “bank of tomorrow”, UniCredit established a Transformation and Innovation advisory board in January 2019. Comprised of internal and external experts, the board includes Theresa Payton, former White House CIO, and Eileen Burbidge, special fintech envoy to Her Majesty’s Treasury in the UK, among others. At present, it is in the midst of its Transform 2019 strategy, which seeks to modernise its operational model through branch closures, adopting a lean structure, and reviewing its products and services to ensure customers have access to market-leading solutions.
NOVEMBER 2019
03
RBS GROUP
69
[ UK ]
The partly state-owned RBS Group has been rejuvenating its customer offering with the latest in tech and fintech solutions. In 2018, RBS implemented an array of technologies to improve the customer experience, including: Bankline, a solution which streamlines payments, offers customisable dashboards and expanded navigational functions for corporate and retail banking customers; a Talking ATM solution which enables blind and partially-sighted customers to operate ATMs independently; RPA solutions added to its back end that are expediting customer queries through intelligent data handling; and the introduction of secure digital applications for loans that provide answers within 24 hours.
w w w.f i nte c hma ga z i n e. com
T O P 10
02
DBS BANK
[ Singapore ] With the tagline ‘Live more, bank less’, DBS Bank’s transformational aims are clear: to make its processes as simple, secure and efficient as possible for its customers. In 70
December 2016, Forbes called DBS the ‘Best Digital Bank in the World’ and, in 2019, Harvard Business Review named it in the top 10 most transformative companies in the world. Through a goal of ‘making banking invisible’, the company has adopted what it calls a startup mentality; casting off traditional banking models in favour of integrating digital technology through all of its operations and applying customer centricity into every stage of their journeys.
NOVEMBER 2019
71
CLICK TO WATCH : ‘IN A FUTURE NOT SO FAR AWAY...’
w w w.f i nte c hma ga z i n e. com
T O P 10
72
CLICK TO WATCH : ‘BBVA: A BRAND FOR THE DIGITAL AGE’
NOVEMBER 2019
01 BBVA
[ Spain ] Named by Juniper as the world’s most digitally mature bank, BBVA’s transition to digital banking is certainly garnering incredible success. Solutions have been developed across customer journeys based on the top fifty reasons they enter a branch, with the resultant streamlined, effective products being reusable across its operational markets. According to CEO Onur Genç in 2019, the bank’s digital sales accounted for 57% of its total in Q1, and the bank is on course to have 50% of its customers registered for mobile banking by the end of the year. Digital is driving business growth too, with 4.6mn active digital clients representing an 8% increase since 2017.
w w w.f i nte c hma ga z i n e. com
73
EVENTS & A S S O C I AT I O N S
The biggest events and conferences around the world for fintech leaders
4–8 NOV 2019
Hong Kong FinTech Week 74
11–15 NOV 2019
Singapore FinTech Festival [ SINGAPORE ]
[ HONG KONG & SHENZHEN ]
In 2018, the week-long event was
The world’s first cross-border fintech
attended by 45,000 participants from
event, the week takes place in both
130 countries – this year, it is only set
Hong Kong and Shenzhen, China. Each
to grow. Singapore FinTech Festival is
year, the week includes more than
sponsored by the likes of Deloitte,
10,000 senior executives and features
Google Cloud, VISA and Amazon
over 250 fintech founders, investors,
Web Services. The world’s largest
regulators and academics. Notable
fintech event, it includes startups,
previous speakers have included
policymakers, financial and technology
Ant Financial CEO Eric Jing, Ping An
industry leaders and more. The festival
Executive Vice President Jessica Tan
is organised by the Monetary Authority
and Standard Chartered regional CEO,
of Singapore (MAS) in partnership
Benjamin Hung. Last year, the week
with The Association of Banks in
was sponsored by many big names
Singapore, and in collaboration with
including Standard Chartered Bank,
SingEx Holdings. Key highlights of
Citi, Tencent, PwC and Finastra.
the festival include the AI in Finance summit and the FinTech Awards.
NOVEMBER 2019
EDITED BY
AMBER DONOVAN-STEVENS
29 NOV 2019
18–19 NOV 2019
[ MUMBAI, INDIA ]
[ LONDON, UK ]
The India FinTech Forum (IFTA) 2019
300 delegates are expected to con-
is now in its fourth year. Over 500
gregate in Kensington Town Hall,
attendees are due to gather from 250
London, in November for the Fintech
institutions to network and collaborate
World Forum 2019. There are cur-
on future innovations. The event will
rently 25 speakers and panelists who
also host the prestigious fintech awards
represent a number of well-known
for innovations from fintech compa-
companies including: IBM, Starling
nies, the winning startup of which, will
Bank, Mastercard, HSBC, Aviva, Tide,
be invited to be a part of Paris FinTech
Sky Betting & Gaming, and Citi.
Forum 2020. Judges and speakers
Keynotes include: Regulatory chal-
include: Pawan Bakhshi, India country
lenges in the Fintech Market,
lead for the Bill & Melinda Gates
Tokenisation and Stablecoins, PSD2
Foundation; Louise Smith, Head of
and the security of apps, asset and
Design and Transformation at RBS;
wealth management, global innovation,
Yashish Dahiya, CEO & Co-Founder
and building trust in financial services.
India Fintech Awards
Fintech World Forum
of PolicyBazaar; among many more.
w w w.f i nte c hma ga z i n e. com
75
EVENTS & A S S O C I AT I O N S
The biggest events and conferences around the world for fintech leaders
3–4 DEC 2019
Fintech Connect [ LONDON, UK ]
76
4–6 DEC 2019
Fintech Connect has been described
Money 20/20 China
by Barclays to be “the best place to
[ HANGZHOU, CHINA ]
learn about the latest trends, concerns
This edition of money 20/20 is com-
and enhancements in the fintech
mercially focused in order to assist
space”. The 2019 event will be held at
business expansion within China.
ExCel London, and over 6,000 mem-
This will be provided over the course
bers of the fintech community from
of three days, as over 300+ speak-
80 countries will be in attendance to
ers will host discussions across 11
showcase new products. The goal
hot topics in finance today. One of
of the conference is to provide a net-
the key speakers includes Apple
working space to delegates of major
co-founder, Steve Wozniak, who
financial firms to enable informed
will share his insight into the latest
buying decisions. With six major con-
trends, as well as his predictions
ferences in place, discussions will
for “the next Apple.” According to
focus around the key components
the event information, 1 in 4 of the
of fintech: digital transformation, pay-
delegates in attendance are of
ments, financial security, regtech and
C-Suite executive-level or higher,
blockchain. There will also be 50 tech
providing excellent networking
demos, showcasing the latest inno-
opportunities to build and learn
vations from fintech startups.
with fintech peers.
NOVEMBER 2019
EDITED BY
AMBER DONOVAN-STEVENS
7–10 JAN 2020
7–10 JAN 2020
[ LAS VEGAS, USA ]
[ LAS VEGAS, USA ]
Now running for a fifth consecutive year,
The event will focus on how AI, AR and
the Digital Money Forum will last four
VR are transforming the retail industry.
days and focus predominantly on inno-
Retailers, buyers, hardware and display
vation and the transition to blockchain
manufacturers, POS systems, and
within finance. Trends of focus include:
other bodies of the E-Commerce com-
AI, 5G, Biometrics, RoboAdvisors,
munity. The 2019 event hosted speakers
Crypto, Blockchain, cybersecurity,
such as Feng Cheng, CEO and
interfaces and voice recognition.
Co-Founder, Linc Global; Michael
The event is said by Michael Casey,
Childers, Chief Consultant, Content
co-author of the Truth Machine, former
& Media Strategy, Lufthansa Systems;
Wall St. Journal reporter, CoinDesk and
Gene Han, VP, Innovation, Target;
MIT Cryptocurrency Advisory Boards
Maureen Conners, CEO, Conners
to “involve nothing short of a social
Consulting; Heidi Forbes Öste, CEO,
revolution, one in which various cultures,
2BalanceU, as well as a number of
Silicon Valley startups, financial profes-
other c-level executives who shared
sionals and electronics engineers
their insight into meeting the customer
and marketers, must come together.”
needs of price, convenience, experi-
The Digital Money Forum at CES
High-Tech Retailing at CES
ence, privacy and loyalty.
w w w.f i nte c hma ga z i n e. com
77
78
NOVEMBER 2019
Envoy Mortgage RIDING THE DISRUPTIVE WAVE OF MODERNISATION
79
WRITTEN BY
GEORGIA WILSON PRODUCED BY
SHIRIN SADR
w w w.f i nte c hma ga z i n e. com
ENVOY MORTGAGE
FinTech Magazine speaks to Dan Mulberry (CIO, Envoy Mortgage) to discuss riding the disruptive wave of modernisation
F
ounded in 1997, Envoy Mortgage is a national retail mortgage lender, operating in 49 states and originating
approximately $3bn annually. Envoy Mortgage 80
focuses their efforts in the distributed retail sector in order to best serve customer and referral partner needs. Two years ago, Envoy Mortgage was bought by a private equity investment firm. Envoy CIO, Dan Mulberry, describes the firm as a “very committed partner.” The company provides a strong capital base for Envoy and maintains a forward-thinking vision as it embraces change in order to remain viable in present and future markets. Mulberry ensures that Envoy also adapts to a forward-thinking mindset when it comes to their technology ventures. He is the key component to Envoy’s shift from older core technology to defining a transformative path for the company, integrating processes and updating
NOVEMBER 2019
81
w w w.f i nte c hma ga z i n e. com
Smarter Mortgages From Application To Close The Cloudvirga Digital Mortgage Platform uniquely combines a world-class borrower experience with an automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Learn More
cloudvirga.com/contact-us
cybersecurity. These technological
couple of years these regulations
advancements have allowed Envoy to
have loosened and were replaced by
adapt for the future.
increased scrutiny from state regula-
“Culturally the mortgage industry has a history of being very slow to make changes. This was partially
tors,” says Dan Mulberry, Envoy’s chief operation officer. Envoy Mortgage currently operates
driven by the financial crash as new
in 49 states across the United States,
regulations came into place and took
resulting in strict mortgage require-
precedent to ensure compliance
ments from each of those states.
with federal, state and local govern-
Therefore, it is imperative that Envoy
ments. After the Financial Crisis,
remains at the forefront of evolving
the Consumer Financial Protection
technology in order to diminish the
Bureau (CFPB) really stepped up and
ongoing challenge of catering to mul-
added new regulations and increased
tiple complex regulations.
enforcement. However, in the last NOVEMBER 2019
“Over the years, when businesses
CLICK TO WATCH : ‘LOVE YOUR MORTGAGE EXPERIENCE WITH ENVOY’ 83
“ Our vision is to be a leader. We want to be sure we are offering loan officers the best industry tools” — Dan Mulberry, CIO, Envoy Mortgage
invest in modernisation, it is usually for front-end developments. This advancement gives consumers the ability to complete business online,” adds Mulberry. With continuous entrants into the market space, Mulberry believes it is crucial to remain ahead of the curve when it comes to any modernisation. “We haven’t been disrupted yet, but it is only a matter of time. Because of this, we need to be at the forefront of technology. Improving our tools and processes makes it easier for our loan originators to improve w w w.f i nte c hma ga z i n e. com
84
“We haven’t been disrupted yet but it’s only a matter of time” — Dan Mulberry, CIO, Envoy Mortgage
NOVEMBER 2019
efficiency,” says Mulberry.
automation,” explains Mulberry.
Currently, machine learning, arti-
In recent years, Envoy focused
ficial intelligence (AI) and OCR for
on RPA to integrate its front and
data conversion are being used for
back-end systems, which was a “very
front-end services. However, Envoy’s
beneficial, quick win” that eliminated
goal is to also utilize these applica-
manual processes. Since then,
tions for back-end processes.
Mulberry and Kim Hoffman, Envoy
“One of the main issues faced
COO, have implemented Cloudvirga,
within the mortgage industry is the
an advanced point of sales system,
manual processing of multiple state-
as part of a two-fold modernisation
ments and third-party data, opening
process of integration and automa-
up the possibility for human error.
tion. Once fully operational, the
We want to eliminate glitches to
system will give customers a powerful
increase the integrity of data with
self-service option, allowing Envoy to
Dan Mulberry
E XE CU T I VE PRO FI LE
Having worked in the mortgage industry for over 35 years, Dan specializes in leveraging technology to maximize efficiency and profitability, while improving customer experience. His expertise extends to technology discovery, process improvement and digital adaptation, while consulting executive leadership teams on industry-leading and forward-thinking initiatives. Dan began his tech career in the finance and capital markets sector and his experience has included running secondary marketing for a top lender, as well as holding various SVP roles strategizing and managing all B2B technology and implementation. w w w.f i nte c hma ga z i n e. com
85
ENVOY MORTGAGE
1997
Year founded
$20.mn+ Approximate revenue
1,300
Approximate number of employees 86
NOVEMBER 2019
impacting the mortgage origination experience. The business selected ClaySys as a strategic partner for RPA, supporting it through the deployment and configuration of the ClaySys RPA Genie platform. This platform has enabled the automation of processes touching both internal systems and people at Envoy, and external, third-party systems tied to the process. Envoy also leverages ClaySys’ RPA domain expertise to re-invent certain key process configurations that significantly enhance the customer experience. “Ultimately, Envoy’s shift towards automate pricing, rate locks, generate
modernisation is about helping loan
disclosures and payment of appraisal
originators conduct business effi-
fees, removing these manual tasks
ciently in the way that best fits their
from loan originators and making it
marketplace and the product mix they
easier for them to conduct business.
are going after, while ensuring its pro-
Additionally, Cloudvirga will give loan originators a simple platform to view all applications and uploaded
cesses are standardized and automated where possible,” explains Mulberry. Mulberry believes that human
documents in one central location, with
interaction will never cease but is
clear indication of any outstanding
continuously evolving. With the use of
documentation needed to increase
automation, the way loan originators,
submission efficiency to underwriters.
assistants and processors interact
Embracing RPA has enabled Envoy to automate multiple key processes
will change to become more consumer focused. Eventually, in the next w w w.f i nte c hma ga z i n e. com
87
ENVOY MORTGAGE
88
“ We want to be at the forefront of technology, improving our tools and processes, making it easier for people in the field to do their job” — Dan Mulberry, CIO, Envoy Mortgage
three to five years, Mulberry wants to see a process where AI pulls most data required and consumers provide minimal information. “The mortgage process will never be like an auto dealership where you walk in, apply for the loan and sign the papers within an hour, because compliance does not work like that, but we do believe that the process can be automated for the bulk of loans where consumers are only required to schedule the closing within the compliance time period,” says Mulberry.
NOVEMBER 2019
89
Looking to the future, Mulberry’s
out modern capabilities, such as,
vision for Envoy is that the company
intelligent workflow, real-time data
becomes a leader in adopting new
analytics, predictive analytics, block
technologies as they become read-
chain and automation for its underwrit-
ily available. “We want to be sure we
ing processes. Simultaneously, Envoy
offer our loan originators the best
remains hyper focused on stimulating
tools in the industry, so we are focus-
innovation by identifying pain points
ing on ensuring we have a core open
within the business to improve its
architecture platform that allows the
offerings to the mortgage industry and
integration of tools and capabilities we
ensure precise time management.
need to achieve our journey towards automation, transformation and modernisation,� notes Mulberry. In addition, Envoy is planning w w w.f i nte c hma ga z i n e. com
90
NOVEMBER 2019
91
Redefining healthcare through innovation WRITTEN BY
PRODUCED BY
MATT HIGH MIKE SADR w w w.f i nte c hma ga z i n e. com
PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T
Partners Behavioral Health Management is changing the way that healthcare is delivered, as Jamie Gianna explains
T
ransformation. It is a word that’s rapidly becoming synonymous with any multitude of industry sectors worldwide. And while
any transformation represents a game-changing journey for a business and its employees, few have the potential to be as significant as that which 92
Partners Behavioral Health Management is undergoing. The North Carolina-based managed care organisation (MCO), established around seven years ago, is currently in the midst of a digital transformation journey that has the potential to change how healthcare in the United States is defined and paid for. It is, confesses Chief Information Officer Jamie Gianna, both an “exciting and scary time” for the organisation and the state of North Carolina. North Carolina pioneered a public Medicaid managed care system for behavioral health and intellectual/ developmental disabilities in 2011. Next year, the state will move to an integrated healthcare approach for all individuals who rely on the public system for care. “We are right in the middle of developing and introducing many things that no one else has previously done before or even considered in terms of NOVEMBER 2019
93
w w w.f i nte c hma ga z i n e. com
PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T
“ We are leveraging the very latest and most innovative technologies that will position us as a true leader in managed healthcare”
94
— Jamie Gianna, Chief Information Officer, Partners Behavioral Health Management
the way in which managed healthcare services are provided. In doing so, we are leveraging the very latest and most innovative technologies that will position us as a true leader in managed healthcare, both in North Carolina and beyond.” Gianna is responsible for leading Partners’ digital transformation. He sits as a member of the Partners Operational Leadership Team, and rather succinctly describes his work as “trying to understand the organisation’s strategic targets based on the information and direction we get from the North Carolina General Assembly and North Carolina Department of Health and Human Services; while finding the right tools to fit and to meet those requirements.” In reality, Gianna is charged with strategic planning, leading mission-critical business initiatives and organisational objectives, and driving change that will result in improved customer service and go a long way towards achieving better healthcare provision for the population of North Carolina. Partners is a public, regional managed care organisation, overseeing
NOVEMBER 2019
CLICK TO WATCH : ‘PARTNERS | SUCCESS STORY: ILIANA’ 95 mental health, substance use disorder
of the whole person, which is a big
and intellectual and developmental dis-
driver behind our transformation.”
ability (I/DD) services available through
The purpose of Partners’ digital trans-
Medicaid, state and county funding.
formation, explains Gianna, is a focus
The organisation, Gianna explains, con-
on understanding the overall health and
tracts with care providers to ensure
healthcare needs of specific popula-
that treatment options are available
tions through leveraging technologies
for eligible residents across the state.
such as procurement platforms, predic-
“North Carolina is a large state,” he
tive analytics tools, and the integration
says. “The population is close to 11
of the organisation’s services network
million, and one in every 10 is eligible
so that it can manage the right services
for publicly-funded behavioral and I/DD
at the right time for its health plan
managed care. However, the system
members. “First and foremost, we
currently in place focuses on a portion
recognise that we need to be very agile
of a person’s wellbeing, instead
and mobile,” he notes. “The first target w w w.f i nte c hma ga z i n e. com
When people, systems and data work in harmony, a real, positive impact can be made on the health of individuals and populations. Learn More
care management technology solutions
Request a Demo
info@casenetllc.com 781.357.2700
Technology solutions. Delivered. Enterprise Systems is an expert systems integrator for Cloud and Premise Data Center, Voice, Phone Systems, Video, Contact Center, Wired and Wireless Network and Network Security. Learn More
877 343 1212 www.enter-sys.com
was driven from a population health and
Office 365 – so that, at any place and
predictive analytics perspective, which
at any time, anyone within Partners’
focused on understanding what our
executive team could access all the
total cost of care looks like, what do the
data and information. The transforma-
state’s population and demographics
tion journey is still ongoing, with Gianna
look like, and how that fits into the wider
outlining steps two and three, as well
financial and health strategies that we
as a longer-term vision. These steps
have. Having the ability to really get our
include “sourcing a trifecta of procure-
arms around that data and turn it into
ment management tools, including tools
something useful, meaningful and with
for population health and predictive
real purpose had to be the first step.”
analytics that can create health risk
To do this, two years ago, the organisation moved to the cloud – specifically,
scores, as well as portals for users and a platform that allows integration across 97
E XE CU T I VE PRO FI LE
Jamie Gianna Gianna is known for a tireless work ethic, energetic presentation, and hands-on approach to consultative solutions. Gianna has blazed a trail of achievement across industry sectors including healthcare, insurance, finance, legal, professional services, and professional sports. While he is an accomplished C-Suite executive, he is best known as a proven player with a history of reliable, dependable performance, innovative and future looking solutions — leveraging leadership and technical expertise. He has an MBA from the University of Maryland and engaged in his doctorate in Organizational Management. Currently resides in Charlotte, NC.
w w w.f i nte c hma ga z i n e. com
PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T
“ First and foremost, we recognised that we needed to be very agile and mobile” — Jamie Gianna, Chief Information Officer, Partners Behavioral Health Management
98
NOVEMBER 2019
99
w w w.f i nte c hma ga z i n e. com
PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T
2013
Year founded
$326mn Approximate revenue
460
Approximate number of employees 100 North Carolina’s ‘healthcare universe’. We have been able to find and apply all the tools we need,” he states. “We are in the process of implementing them – the first ‘finishing line’ is imminent.” The scale of change within the state has placed North Carolina at the forefront of healthcare reform which, according to Gianna, “is what everyone is trying to achieve. The whole purpose – initially – is to collect and analyse as much data as possible, to really be able to understand exactly what the costs involved are and to ensure that every member can be cared for to the very best standard. That target
is phenomenal, and if we pull it off it will be huge.” Somewhat understandably, such change has required a significant realignment of structure and resources internally. This, says Gianna, hasn’t been easy and has proved a challenge at times. “We’re an organisation that, for some years, has had a lot of processes. We haven’t used specific tools and systems and have required people to really get on board with the new tools and understand the scope of the change. It’s all about introducing a new perspective. It is, after all, a fundamental aspect of being human: you either change and progress, or you don’t. Of course, it helps to know that the endgoal of our transformation is to achieve something truly good for many people. Working in healthcare and understanding the impact on the families we serve definitely changes the way in which you approach your work. Everyone on my team could go and work in other places and quite easily be very comfortable, but we’d never have the same sense of satisfaction that we get from helping people’s lives. That’s what matters the most.” w w w.f i nte c hma ga z i n e. com
101
PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T
102
“ I would love to be able to collaborate with other organisations and to share the lessons learned across the state so we can deliver the very best standards of care” — Jamie Gianna, Chief Information Officer, Partners Behavioral Health Management NOVEMBER 2019
As with any transformation journey, there is still a lengthy road to travel for Partners. The organisation is on the cusp of achieving significant change yet, for Gianna, other technologies could also come into play in the future. “I’m already considering how we could use AI and machine learning for managing and analysing our data, for example. As we move through our journey, we will collect so much data. We are already focused on how we really leverage the technologies available to provide the best possible answers for that data. There is still a great deal to do but, looking further ahead, I would love to be able to collaborate with other organisations and to share the lessons learned so we can deliver the very best standards of care.�
w w w.f i nte c hma ga z i n e. com
103
104
Technological empowerment for businesses and leaders WRITTEN BY
OLLIE MULKERRINS PRODUCED BY
JORDAN HUBBARD
NOVEMBER 2019
105
w w w.f i nte c hma ga z i n e. com
IBL TOGETHER
IBL Together recently formed from GML and Ireland Blyth, two major conglomerates, as Group Information and Technology Executive Laurent Fayolle explains
G 106
ML and Ireland Blyth merged to form IBL Together in July 2016, retaining the name of the latter to maintain brand familiar-
ity. Today, IBL Together has grown to encompass an incredibly diverse portfolio across a number of industries, from manufacturing to banking and beyond, with over 280 companies and more than 26,000 team members. In 2016, Laurent Fayolle, formerly GML’s Business Technology Manager, took on the role of Group Information Technology Executive at IBL Together. In this role, Fayolle is tasked with heading and restructuring the Group IT department. After the merger, a complete revamp of the governance model was started and the team had to be restructured to cater for this new governance to be rolled out across the various companies. As Ireland Blyth and GML both had completely different IT governance models, Fayolle explains, “on one side
NOVEMBER 2019
107
w w w.f i nte c hma ga z i n e. com
IBL TOGETHER
“ A person should be more empowered to tackle their problems inside a clear and defined framework” — Laurent Fayolle, Group Information & Technology Executive, IBL Together, Mauritius
we had a completely decentralised model, and on the other we had a much more centralised model, as well as a consequent team to manage and operate the IT activities. A new mandate had to be defined towards a ‘First-time right’ approach.” This, he says, meant that each step had to be carefully considered in order to minimise disturbance to the business and its teams. Solutions had to be tailor-made for each challenge, to allow for the diversity of IBL’s various operations, while maintaining a stable work process.
108
Each operation, Fayolle notes, had to be granted more autonomy, or “empowerment” to heighten focus on the core business. “Our model had to become more decentralised. It became more about empowering IT managers to make these decisions for themselves. As a group, we can’t decide what’s best for business better than those that are directly involved on a daily basis. As IT strategies should always be aligned with business strategies, it doesn’t make sense for the Group IT department to make business decisions when, instead, a team can be more empowered to tackle its NOVEMBER 2019
CLICK TO WATCH : ‘IBL ANALYST MEETING PRESENTATION OCTOBER 2019’ 109 business challenges inside a clear
don’t think there is any one-size-fits-all
and defined framework.”
solution and I don’t think there ever will
IBL has a diverse portfolio which has
be. We have to fine-tune our approach
allowed Fayolle to assess each aspect
to accommodate each company’s
of the business on its own merits, meas-
subtleties.”
ure each problem individually and then
The transformation has not been
target necessary solutions. He explains:
carried out solely by IBL Together,
“We are so diverse that it doesn’t make
with expert partners being brought
sense to have a single set of tools. Do
in to tackle specialised areas of change.
we really need a single governance for
This is particularly the case for cyber-
all the entities in the group? Some need
security, which has been a key focus
a higher level of autonomy than others
of IBL’s efforts in recent times, and
because they are much more mature
Fayolle has worked to find the right
and have been doing great on their
partners to provide the necessary
own for years. Some need more help. I
solutions. “I approach it from the w w w.f i nte c hma ga z i n e. com
ARE YOU IN THE
DRIVING SEAT ?
Loss
Profit
Market Share
Sales lead
Gross Revenue
FRCI has been empowering businesses for more than 30 years. We use technology as an enabler to create solutions that cover the key stages of the whole customer value chain. FRCI has been empowering businesses more than 30Analytics. years. Customer Business Solutions.for Mobile Apps. Data We use technology as anExperience enabler Strategy. to create solutions that cover
the key stages of the whole customer value chain. Business Solutions. Mobile Apps. Data Analytics. Customer Experience Strategy.
Driving your business to the next level. www.frci.net www.frci.net
“ Data is the new oil, but I think that is only true if you can get useful information from the data you own” — Laurent Fayolle, Group Information & Technology Executive, IBL Together, Mauritius
mindset of ‘I don’t want to talk about possible solutions, I want to talk about the best partners bringing solutions that will help us create value’. It always comes down to asking who our partners are and what needs we have. We want partners with a high level of ethics, competence and willingness to create value by partnering with IBL. You know it’s a ‘win-win’ when you can challenge a partner and they can use their skills to match your expectations.” The analysis and distribution of data has become the foundation for change
E XE CU T I VE PRO FI LE
Laurent Fayolle, Group Information & Technology Executive Young, experienced IT executive who embraces evolution in the Information Technology and services industry. Fayolle consistently leads his team with a ‘First-time right’ approach, and keenly adheres to the concept of ‘Technology as a Business Enabler’ and the significant impacts it can deliver for profitability and growth. Laurent loves spending time with his wife and two young children, as well as travelling, playing soccer, cooking and reading.
w w w.f i nte c hma ga z i n e. com
111
IBL TOGETHER
across a range of industries. In recent history, data processing was a manual process that involved heavy investment both in terms of manpower and money in order to be effective. Today, businesses increasingly turn to modern, more efficient and effective solutions. Fayolle explains: “The expression I consider is ‘data is the new oil’. However, I think that’s only true if you can get useful information from the data you own. Without context – without it being interpretable – the data 112
is useless. Information is key.” Companies must consider how they use those analytics to capitalise on
“ Securing data and making sure we know who can access it and for what purpose is absolutely imperative” — Laurent Fayolle, Group Information & Technology Executive, IBL Together, Mauritius NOVEMBER 2019
their potential. The implementation of automated processes can dramatically increase the operational efficiency of a company without having a huge impact on its overheads. “It’s much easier to work with data today thanks to AI and machine learning working with AIaaS, all whilst doing this for a small amount of money compared to building your own platform,” Fayolle says. “Our duty is to understand our data and make the best use of it, but to also ensure we
1972
Year founded
$1bn+ Approximate revenue
26,000
Approximate number of employees
have a proper data classification pro-
information in the wrong hands can
cess to better protect what should be
be extremely harmful. Securing the
protected.”
data and making sure we know who
The inter-connectivity of cloud-based
can access it and for what purpose is
data analytics, AI or machine learning
absolutely imperative. As James Snook
can present its own issues with regard
once said, if you think you haven’t been
to cybersecurity. As threats become
attacked yet, it’s because you aren’t
more credible as technology evolves,
looking hard enough.”
companies must be able to protect the information they hold. Speaking on the importance of cybersecurity, Fayolle says: “We can never forget that w w w.f i nte c hma ga z i n e. com
113
Strength In Numbers. Stand Safe With Us.
Your Possibilities Delivered.TM In the past year, PSCU has saved credit unions more than $200 million in fraud losses, continuing our 40-year reputation as an industry leader in risk management. The latest technology, custom fraud mitigation rules, cross-network analytics, and proactive monitoring keep us present at every point of attack. That way, you don’t have to be.
Payments ▪ Risk Management ▪ Digital Banking ▪ Analytics ▪ Loyalty Mobile ▪ 24/7/365 Contact Center ▪ Strategic Consulting
pscu.com 844.367.7728