Imagineanagedpersonfromlastcenturywhohaskepthisentirelifetime'searningsinhishouse.
Thereisnoonetolookafterhim,andthatholdingistheonlysourcetospendawealthylife ahead.Forsomereasons,onedayhewentoutofthetown,andtheretookplacearobberyor wildfire.Howwouldhesurvive?Eitherhehastorigorouslyworkinhisoldageorhavetoborrow somemoneydisowninghispridejustbecausehedoesnothaveanyotheroption.Hemaynothavea betteroptionbutwehave;TheBank.
Inthebelligerentperiodof21stcenturyeveryoneisnotblessedwitharichfriendwhocanhelp throughthebadfinancialtimes.Buttherearebankstodothetalking.Fromitsinceptionthebanking sectorhasbeenthehidden,vividlyunrecognizedfacilitatorbehindtherevolutionofmanyindustries. Wemaynotadmirebankloansbecauseoftheirburdeninginterestratesbutitisundeniablefactthatit isalmostimpossibletofulfillbusinessneedswithoutsignificantamountoffinancethatbank provides.Thesectorhastrulyembracedanincalculableamountofchangeinsociety.
Bankingisnotjustaboutlendingorborrowingthemoneybutmorespecificallyitisaboutmanaging, securingandmultiplyingyourmoney.Itsfinancialassistancehasbreathedasenseofcontrolinthe moneymatters.Whowouldhavethoughtthemoneycanbemultipliedbykeepingitinalockeror canbeexchanged,creditedordebitedfromanypartoftheworldwithoutkeepingitinapocket?The sectorhasboomedinfinitepossibilities.Itallowsmillionsofustopayforgoods,servicesandtransfer
moneywheneverandwhereverwewant.Providinglivelihoodsforhundredsofthousands familiesacrossthecountry.Inadditiontothisbankscontributebillionsofpoundsayeartoour publicservices,payingthesalariesofnurses,teachersandothervitalworkers.
Abovearethefewunquestionable,unparalleledbenefitsofbanking.However,wehaveto acceptthatbanksdidnotreceivedeservingadmirationfromthesocietyfortheircontributionto thelivelihood.Ifweareungeneroustowardsthecontributionofthesystem,whataboutits facilitators?Analyzingtheinefficiencyinfinancialmattersmanybankingenthusiastscameup withuniquenoteworthysolutions.Theirinfluencehassimplifiedseveralprocessesofbanking. Instigatingvarioustechnological,logisticaladvancementstheyhavetakenthefutureofbanking toanotherlevel.
Consideringtheirinnovationzenithanddedicatedeffortstowardsempoweringthebanking sectorInsightsSuccesshascomeupwithadistinctiveissue“The10MostInfluentialVoicesin Banking”whichrecognizestheincalculablecontributionofbankingenthusiastswhohas revolutionizedbankingprocesseswiththeirinventiveexcellence.
OurCoverFeatureadmirestheinspiringeffortsofBrettKing,anInternationalBestselling author,andExecutiveChairmanandFounderofMoven.Amobilefinancestrackingappthat updatesinrealtimeandonthego.Italsofunctionsasamobilebankthatallowsyoutoconduct instanttransactionsaroundtheworldusingyourphone.
Themagazinealsofeaturesworthareadcontributionofnineothervoicesinbankingwhose storiesandexpertisewillalsooverwhelmyou.Inadditionwehavealsoincludedarticlesfrom ourveryownin-houseeditorialteamandindustryexperts.Don'tforgettoflipthroughthatas well.
Let'sstartreading,shallwe?
Kedar Kulkarni
Brett King Executive Chairman and Founder Moven
Thereareveryfewpeoplewho
couldhonestlyclaimthatthey areincompletecontroloftheir finances.Whilethemajorityofushave usedbudgetingprogramsor applications,weoftendiscoverthat gettinginsightsfromthedataisnotas simpleasweareledtobelieve.
Untilnow,onemanisonamissionto makeyourmoneytalktoyou, whereveryouareandwhateveryou maybedoing.HisnameisBrettKing.
BrettKingistheExecutive ChairmanandFounderofMoven,a mobilebankingandfinancial managementappthatworksinreal time,evenforsigningup.Formany customersMovenfunctionsastheir day-to-daymobilebank,onethat allowsyoutoconductinstant transactionsaroundtheworldusing yourphone.
TheideaforMovencametoBrett,who isanInternationalBestsellingauthor, whenhewaspromotinghisfirstbook in2010.Thebooktitled Bank 2.0, dealtwiththeevolutionofthebank account,bankingingeneralandthe directiontheywereheaded.Whileon hisBank2.0booktour,askeptical seniorbankexecutivetoldBrettthatit waslikelynobankshadthecapacityor willtodeliverthetypesofserviceson whichthebooktouchedanytimesoon.
ThiswaswhereBrettfoundhis windowofopportunity.Healso recognizedthatamobileplatform mightallowhimtostrongly
One of the chief differences between Moven and the innumerable banking apps currently available is its focus on effecting real change in every user’s nancial habits.
differentiateanewsmartbankaccountaroundbehavior,financial health,digitalonboarding,andcustomeracquisition.Neverone toprocrastinate,Brettregisteredthedomain,MoveNBank.com (MoveandBank)thatverydayandcommencedworkonthefirst appprototype.
Movenwasestablishedthefollowingyearandthefirstseed roundin2012generated$2.5m.Theywentlivein2013with BrettastheCEO,apositionherecentlyrelinquishedtomove intotheroleofExecutiveChairman.Today,hecontinuestochart thestrategicdirectionofthecompanyandmaintainshisintimate involvementintheproductdesignprocess.
Thecompanyhasnowboughtinover$50minstrategicand venturefunding,createdadirectbankingserviceintheUSAand anenterprisesoftwarebusinessthatislicensingitstechnologyto banksacrosstheglobe,fromCanadatoNewZealand.Theyare currentlyfinalizingtheprocessofacquiringafullnationalbank charterintheU.S.
UnparalleledInsight
OneofthechiefdifferencesbetweenMovenandthe innumerablebankingappscurrentlyavailableisitsfocuson effectingrealchangeineveryuser’sfinancialhabits.
Thatisnotjustathrowawaymarketinglineorapipedream –statisticsrevealthatMovencustomerssaveanaverageof4-8% monthonmonthfromtheirpeersaftermigratingfromastandard debitcardissuedbyamainstreambank.
Rathercounterintuitively,thisisnotachievedthroughinterest ratesandpromotions,thetwomostcommontoolsusedby banks.Instead,Movenfocusesonunderstandingtheindividual andthenintelligentlyinjectingbehavioralpromptsand gamificationelementsintheapptoguidetheminsaving proactivelyonadailybasis.
Itisnotastaticprocess;theapplearnsasitinteractsandisable topredictthetimeofdayanddayoftheweekwhenauseris mostlikelytorespondpositivelytoaprompttosavebetter.In thisway,Moveniscreatingsmartsaverswhobecome progressivelyhealthierfinanciallythemoretheyusethe platform.
TheenterprisecomponentofMoventakestwoforms.Firstly, financialinstitutionscanuseitasthebasisonwhichtocreatea newstandaloneappormobilebankaccountofferingtohelptheir customersintheirquestforfinancialwellbeing.
Otherwise,theycantakeadvantageofMoven’sproprietaryapp components,convenientlycreatedasdiscretemodules,by
OnaverageMoven customerswhomigrate toourapp,saveabout 4-8%monthonmonth versusatypicaldebit cardfromamainstreambank.
insertingthemintotheirexistingapps.Thisgivestheir customersthesameremarkableinsightsintotheirfinancial behaviorenjoyedbyMovenusers.
Brettisabsolutelycategoricalinhisbeliefthatevery business,particularlyinthefinancesector,mustadopt technologytostayrelevantandcompetitive.
“Youcanbeabankwithoutbranchesandwithoutadvisors today,butyoucannotbeabankwithouttechnology,”he says,“Bankswhichrelyonbranchtrafficforrevenuewill beanendangeredspeciesby2025.”
Todemonstratethatthemarchtowardsatechnology-centric financialecosystemisinevitable,Brettcitestrendsfromthe pastfourdecades.
“WeintroducedtheATMmachinebackinthe‘80s,internet inthe‘90s,andmobilebankinginthe2000s.Thatisa steadyshifttowardsdigitaldistributionandengagementat thecoreofthebankingbusiness,andonewherewe’ve soughttoeliminatefrictionfromday-to-daymoney situations.”
“We’removingtoaworlddominatedbydigitalwitha focusonreal-time,low-latency,frictionlessdelivery.By 2025,morepeoplewillinteractwithabank’stechnology layerdailythantheydowithbranchesannually-if
branchesstillexist.Wewilljustexpectbankingtobe embeddedintheworldaroundusthroughtechnology, availablewhenandwhereweneedit.”
Brettalludestothisinhislatestbook, Bank 4.0: Banking th Everywhere, Never at a Bank,his6 bookandthethirdin theseriesbasedonthatfirstbookthatledtothefoundingof Moven.
“Centraltothefutureisthefactthatbankingisnolonger predominantlyaboutbeinggreatatbankingitselfbutrather aboutexcellingatbankingtechnology.”
Headds,“Aswemovetowardsembedded,ubiquitous banking,weareredesigningbankingbasedontechnologyledexperiencesandnottheproductsweusedtohaveata branch.Forexample,wedon’tneedplasticintheBank4.0 world.Youcanpaywithyourphone,sowhygetacustomer toapplyforaplasticcreditcard?”
“Insteadwe’lljustprovidecreditaccesswhenandwhere youneedit,instantly.”
However,Brettisquicktocautionthatitisnottechnology fortechnology’ssake,it’safundamentaltransformationof thebankingmodel.
“Thekeypillarsofthefuturereallyrevolvearound understandingwhenandwhereyourcustomerneedsyour platformandadviceasabank.Thiswillrequiretonsof data,artificialintelligence,andtechnologydelivery capability.”
“Muchofwhatwehaveconsidered‘core’tobanking–assetallocationandportfoliomanagement,riskprofiling, identity,frauddetection,smartcontractsfortradefinance, etc.–willbebuiltintoalgorithmsinthemediumterm.”
Theobviousconsequencewillbethatthebankerofthe futurewillbedistinctlydifferent,too.“Theskillsyouneed tobeasuccessfulbankerwillbereallyfocusedonbeing goodatthetechnologyofbanking.Thekeyrolesthatwill differentiatebankingtomorrowarethingslikemachine learning,datascience,behavioralpsychology,experience designandsoforth,”explainsBrett.
WhilesomuchofwhatBretthaspredictedoverthecourse ofthepastfewyearsmayseemobviousinhindsight,his perspectiveandapproachcertainlyweren’tasreadily embracedwhenheintroducedthem.
Keypillarsofthe futurebankingreally revolvearound understandingwhen andwhereyour customerneeds yourplatformand adviceasabank.
Herevealsthathispitchesdidnotimmediatelyreceivethepositiveresponseithasnowbeenproventhattheydeserved.The factthatthenascentFintechsectorwassonewdidnothelp.
“Asastartup,therewereanumberofchallenges,thefirstofwhichwasraisingfinancing.I’dneverdonethisbeforesoitwas asuper-steeplearningcurve.”
“Secondly,findingtherightteamdynamicwasachallenge.Wehadissueswithteammemberswhowantedtochangethe strategicdirectionofthecompany.Thatthreatenedtodiluteourcentraldifferentiation;theyweretryingtoskatewherethe puckwastoday,nottomorrow.”
“Lastly,we’reinaregulatoryenvironmentintheU.S.thathasreallydonenothingtohelpFinTechplayers,sowe’vehadto breaknewgroundrepeatedlyalongtheway.Iguessthatisattheverycoreofbeinganinnovator!”
Nowthatthefirstseriesofspeedbumpshavebeenovercome,BrettandMovenfocusedfirmlyongrowthandexpansion. “Wehavepursuedbothachallengerbankmodelandanenterpriselicensingmodelwithonesingularobjective,togetourapp andexperiencesonasmanydevicesforasmanycustomersaspossible.Bytheendof2018,we’llhavemorethan5million usersacrosshalfadozencountries.By2019we’llmorethandoublethatagain.”
Headdssomeadviceforaspiringbankers,“Experientialdesignwilldramaticallyinfluencetheeverydayuseofembedded financialservicesandbankinginthenext10years.Youcanbecertainthatbankswillnotbecompetingagainstotherbanksin thisworld;theywillbecompetingagainsttechnologyplayers.”
Read my book Bank 4.0:
Banking Everywhere, Never at a Bank. It lays out a roadmap of key developments in the banking space over the next 10 years and how experiential design will dramatically inuence day to day use of embedded nancial services and banking.
FidorBank fidorbank.uk
MatthiasKröner CEO
LalaWorld lalaworld.io SankalpShangari Founder&CEO
FidorcomprisesofFidorBank,aEuropeanchallengerbank withacommunityconcept–FidorSolutions,atechnology partnerthathelpsbuildandrunbanksfromthegroundup–FidorFactory,anin-housecustomerengagementagency.
LALAWorldaimsatbuildingaGlobalDigitalDecentralized FinancialEcosystemtosupporttheinclusionoftheUnbanked, Undocumented,Micro-entrepreneurs,Studentsand everyoneelse.
LATTICE80 lattice80.com JoeSeunghyunCho Co-founder
Gavin meetgavin.com MatthijsNelemans Co-founder
MessageSolutions TechnologiesInc messagesolution.com
Movencorp moven.com
Startupbootcamp startupbootcamp.org
JoshLiang President
LATTICE80istheWorld’sLargestFintechHub.
Gavinisthefirstrisk-sharingserviceintheworld.Its technologicallyadvancedplatformensuresthatcustomerswon’t payanyup-frontpremiums,andclaimsaresettledrightaway.
MessageSolutionisanindustrytechnologyleaderincompliance archivingandeDiscoverysolutionsforon-premise,Cloud,and MSP/ISP-hostedmulti-tenantenvironments.
BrettKing Founder
NektariosLiolios CEO&Co-founder
Movenisamobilefinancestrackingappthatupdatesinrealtimeand onthego.Italsofunctionsasamobilebankthatallowstoconduct instanttransactionsaroundtheworldusingphone.
Startupbootcampelevatesstartupstoagloballevelbygiving themdirectaccesstoaninternationalnetworkofthemost relevantpartners,investors,andmentorsintheirsector.
FinanserLtd thefinanser.com
ChrisSkinner CEO
InternationalPrivate BankingSystems www.ipbs.com BruceG.Raine Owner
YoyoWallet yoyowallet.com AlainFalys Co-founder& Chairman
TheFinanseristheportaltotheknowledgebaseoftheFinancial ServicesClub.
InternationalPrivateBankingSystems,Ltd.providesprivate bankingandwealthmanagementsoftwarefortheprivate bankingsector.
YoyoWalletisafastestgrowingpaymentgatewaywith emergingbankingtechnic.
Pam Bateson is an expert coach and mentor in business, training others to Masters level qualifications and supervising coaches. She has worked within the healthcare, retail, hotels, construction, media, agencies, education and public sector. She specialises in Coaching, Mentoring, Employee Engagement, Change Management, Learning and Development and Organisational Design. She has worked with all levels in organisations from graduates to the CEO. She has designed change programmes that connect projects, outcomes, training and coaching. The performance outcomes have been outstanding. She is CEO and Co-Founder at Thrive Partners.
Pam Batesonset up Thrive
Partners, an on-demand coaching company, three years ago. In this article, she shares her point of view on how important humans are in a more digital world, what she’s learned as a tech CEO, and what this means when you’re looking to use tech in a way that’s both disruptive and works for customers.
InOctober2015,Igaveupasuccessful careerasamanagementconsultantand coachtosetupThrivePartners.Lotsof peoplethoughtIwascrazy.Iwas approaching50,withtwochildrenstill athome.Butforthedecaderunningup tothatdecision,I’dbeenthinking aboutabetterwaytodelivercoaching –supportedbydigital,tosharemore widelythecoachingtoolsI’dusedto helpclientsformanyyears.
ThiswasthebusinessIsetouttobuild threeyearsago. Today,we’reworking with25clientsonfivecontinents–deliveringourownbrandofondemandcoaching,backedwithinsights forthewholebusiness. Thelearning curvehasbeensteep–particularlyfor someonewho,bytheirown confession,didn’thavealotof experienceinlearningtechnology.So here,Iwantedtosharesomeofthe thingswe’velearned–andwhatit mightmeanforyourbusiness.
Ididn’treallysetouttobuilda businessthatwouldbeconsidered disruptive,butmybackgroundasa leanengineerandcoachdidmeanthat werippeduptherulebookwhenit cametothecoachingindustry. We scrappedtheideathatyouneededto meetfacetoface,andthatsessionshad tolastanhour,oreventwohours.And wemadeitaloteasierforpeopleto accessacoachtoanswerthequestions theyhadthereandthen–increasing accesssopeoplecouldchattoan expertwithinanhour.
Workingwithmyco-founder,wethen rebuilttheindustrybyaskingthe biggestquestionswecouldimaging. Whatifwecouldmakecoaching availabletowholeorganisations?What ifwecouldgetlisteningasvaluedas speaking?Andwhatifwecouldhelp organisationslearnasquicklyas individuals?
Ifoundthesequestionsirresistible:I wantedtodoforcoachingwhatUber haddoneforgettingataxi,Netflixhad doneforhomeentertainment,and
Tinderhaddonefordating.It’sthese bigdreamsthathavegalvanisedour successinthelastfewyears–and whichhassetusintherightdirection forthefuture.
Despitebigdreams,we’vealsomade ourfairshareofmistakes! Alotof themmistakeshappenedwhenwetook ourattentionawayfromourend customers. Itsoundsobvioustoseeit thereonthepage.Butitcanbeeasyto losesightofthecustomersthatmatter most,especiallywhen,asatechCEO, sometimewegetpreoccupiedwitha shinypieceofnewtechnology.
So,whattoconsiderfirstwhenit comestousers?Themainthingtobear inmindisthattheyexpectexperiences thatareeasyandfasttoaccess–ashift broughtaboutbywhatwecallthe ‘AmazonPrimeMindset.’Inthisera, clunkyuserexperiencesreducethe chancesofuptakeofservices.Inshort, ifyourtechnologycan’tmatchor exceedthequalityofdigitalexperience peoplegetintheireverydaylives,then you’llneedtogobacktothedrawing board.
Createwinsforthemany So,ifuserscomefirst–whoelsecan weharnessthepoweroftechnology for?
Ouranswer?Everyoneelseinthe system.
Earlyoninthedevelopmentofour MyThriveplatform,werealisedthat deliveringdigitallywouldenableusto domorethanjustscaleandfacilitate coachinginglobalorganisations;it wouldalso meanwecouldspottrends andpatternswithincommunitiesof users,inorganisationsorsocietyat large. Justascarefullylisteninghasa powerfulandtransformativerolein one-to-onecoachingconversations, carefullylisteningtoandanalysing anonymisedversionofthe conversationswehosthasapowerful andtransformativerolewithinwhole organisations.
Thewhole-systeminsightswe producedhashelpedtomakesales processessmoother,improved communicationsandcreatedmore opportunitiesforpeopletolearn.
Withsuicidebeingthebiggestkillerof menunder45,lonelinesssweeping throughdevelopedeconomiesin epidemicproportionsandathirdofall youngpeoplesufferingfromanxiety,I stronglybelievethatwehaveadutyto keeptalkingtoeachotherasasociety.
Webelievethatkeepingtheartof conversationaliveinthisdigitalageis essential;onlyhumanscanmaster creativity,empathy,humourand imaginationinawaythat’scompelling. Informationiseverywhere,sowe’re usingtechnologydifferently–tooffer realhumanexperiencesatscale,atany timeoftheday,wheneverourclients needaconversation,foreverything youcan’tGoogle.
Andwhatofthefuture? Curiously, eventhestructuresofartificial intelligenceandmachinelearninglook settomimichumanpatterns.It’sstill earlydays,butleadersinthisspace talkof‘deeplearning’withAI–by layeringupdifferenttoolsthatconnect inthesamewayasourbrain’sneural networks.
Andso,thenextthreeyears?
Myrecentexperienceshaveledusto askevenbiggerquestionsthanwedid tobeginwith–whichIsuspectwill leadtoournextirresistiblesetof adventures!Whatifwecould transformlearningmanagement systemsintolearningecosystems? Whatifanycommunityoflearners couldconnectwithanycommunityof teachers? Andwhatifabetter understandingofoutcomesfrom learningcouldhelpbothindividuals, organisationsandsocietytothrive?
Iforonebelievethereareexciting timesahead.
Todaytechnologyenthusiastsareemphasizing,withtheirknowledgeanddedicatedmindset,thetechnological revolutionapproachingthedigitalworld.AlainFalysisonesuchEuropeanentrepreneurwiththesecohesive personalitytraits.HeistheCo-founderandChairmanatYoyoWallet.Heisageekatheart,atechnologist,a businessexecutive,andaninvestorwithadeepunderstandingoffinancialservicesande-commerce.
AlainisalsoaPartnerat andafoundingLPatblockchainfundFabric.vc.HeisamemberofRBS’ Firestart.co Technology AdvisoryBoardandaDirectoratFintechcompaniesPelican.aiandOneLinq.nl.
Hepreviouslyco-foundedtheOB10globale-invoicingnetwork,whichfloatedinLondonasTungstenCorporationPlc.He wasSeniorVicePresidentatVisaInternationalandco-foundedOmnisMundi,ane-commerceincubatorwithoperationsin Frankfurt,BerlinandZurich,withsuccessfulstartupssuchasBuyVipsoldtoAmazonin2010.
AlainholdstheDiplômed’EtudesSupérieuresEuropéennesdeManagementfromtheNEOMABusinessSchoolandaBA HonoursdegreeinEuropeanBusinessAdministrationfromtheMiddlesexUniversity,London.
YoyoWalletprovidesacombinedandseamlesspaymentsandretailerloyaltyexperience,deliveringpersonalisedbenefitsto consumersatthepoint-of-sale.Initiallydeliveringpayment,aswellasretailer-specificloyaltycollectionandvoucher redemptiontoitsusersthroughabrandedappexperience,recentpartnershipswithStarlingBankandVisahasnowseenthe companyembeddingthesefunctionalitiesintoindividualbankingappstocreatethelevelsofengagementthatthoseinthe financialservicesindustryhavebeenstrivingfor.
Inthecurrentdigitalworld,bankersneedtoreconnectwith whattheircustomersnowwant,requiringthemto constantlyremainup-to-datewiththeongoingtechnical revolution.Thevastmajorityofconsumersarenow ‘digitallynative’,andnotonlywantapersonalisedinstant bankingexperience,butalsotheabilitytoaccessthe benefitsthattouchtheirdailyconsumerjourney.Atthe sametime,bankersarenowhavingtoconsiderwhatthe expectationsofthenextgenerationofcustomerswillbetheabilitytoadaptaplatformquicklyisonlygoingto becomemoreandmoreimportant.
Duringtheearlydaysoftheinternet,Alaincreatedoneof thefirstSaaSplatformsthatcompletelydigitizedsupplier invoicesbycapturingtherightdatatooptimizeaccounting functionalityforcorporatebusinesses.Dealingwiththe sheervolumeandrichnessofthedatathatcameoutofsuch aplatformre-enforcedhisviewtowardsitspower.
Extractingdataandbeingabletoquicklyidentifywhatis essentialiskeytomaximizingthecustomerexperience. ThiswassomethingAlainhadalreadyidentifiedintheearly daysofhiscareerwhenheranthecommercialcarddivision atVisaEurope.Histimetherehelpedshapehis understandingaboutthepowerofpaymentdataandthe paymentrailsbehindthatpaymentdata.
Bankersandbankshavebeguntorecognisethatinthisday andage,evenwiththebestin-housetechteams,theywill notbeabletowinnewconsumerswithhigherdemandson theirown.There’snowanobviousneedforpartnerships betweenestablishedbankingandfintechinnovation.Hence whybanksarebeginningtoincorporateexternal functionalityfromthelikesofYoyoWallet,eitherthrough thenewOpenBankingframeworkorindividualbanking initiatives.Thecompanybelievesitspartnershipwith StarlingBankwillbeseenasapioneeringmomentforretail banking.
Everybankisnowsettinggoalstokeepupwiththis growingmarket.YoyoWallethasalreadypartneredwith StarlingBankandVisa,andthecompanyaimstointegrate
itsfunctionalityintomoretraditionalbankingappsfocusingattentiononthepersonalisationofthepayments experiencetocreateretailerloyalty,regardlessofpayment method.
There are very few moments in any industry sector where visible transformations take place. In banking, these moments usually come about when you see a combination of tech evolution, enhanced consumer expectations, and regulatory change. And it’s a moment when creativity can blossom. The banking sector is now going through one of these rare moments.
"And it’s not about replacing "traditional" with "emerging" - it’s about transforming what’s already there to create a banking experience that adds real value for the customer in a digital age," addsAlain.
Itwasaround2000B.C.whenthefirst‘banks’came
intoexistence,makingloanstofarmersandmerchants whocarriedgoodsbetweencities.Overthecourseof fourmillennia,mankindhascomeaverylongwayinterms ofwhatitexpectsfromthefinanceindustry.
Today,financialtechnologyallowsustoeasilyandsecurely sendandreceivemoneyandcommoditiestoandfromany partoftheworldwhilesittingatourdesks.Withthis conveniencealsocomescomplexityandtheaverageperson hardlyunderstandsthemechanismsbehindevensimple, everydaytransactions.
Onepersonwithanintimateunderstandingofthefinancial arenahasbeensharinghisknowledgeandinsightwiththe worldthroughhisbooksandblogs.
HisnameisChrisSkinner.
Anindependentcommentatoronthefinancialmarketsand onFintech,ChrisholdsadegreeinManagementScience andapost-graddegreeinInsurance,alongwithadiploma inIndustrialStudies. StartinghiscareerasaSalesManager,hehasheldseveral positionsinseveralprestigiouscompanies.Chrishasbeen
What will banking look like ten years from now, how will it work and who will make it happen?
‘‘
writingblogsforoveradecadeandstillwriteseverysingle day.Hehasalsowrittenseveralbooksontopicsranging fromEuropeanbankingregulationstothecreditcrisisand evenonthefutureofbanking.
Chrisstartedwritingwhenherealizedthathehadthe abilitytotakeverycomplexideasandarticulatethemina conversationalway.Peoplelikehisbooksbecausethey tacklecomplicatedsubjectslikeblockchain, cryptocurrenciesandmachinelearningwhichare increasinglyrelevanttotheFintechindustryandexplain theminawaythatpeopleofallagescanunderstand.
Hislastthreebookshavebeenparticularlypopular. Digital Bank, whichcameoutin2014describesthechallengesof creatingatrulydigitalbankandthemethodstoovercome them.Hissecondbook, ValueWeb showedhowFintech firmsarebuildingtheinternetofvalueforIoTusingthe latesttechnologiesofapps,APIsandanalytics.
Chris’slatestbook, Digital Human showshowtechnology canbecomethebasisofinclusionforeveryoneonthe planet.Thisbookisexceptionalbecauseitalsosummarizes hisexperiencesoftravellingtheworldoverthelastthirty yearsandsomeoftheuniquediscoveriesintotheoriginsof humankindthatChrishasmade.
ManyofChrisSkinner’sbookswerenotplannedbut insteadtriggeredbyparticularinteractionsandincidents. Digital Bank,thefirstbookthathewroteseriously,was conceiveduponarequestfromaclient.Atthatpoint,he hadbeenbloggingforadecadeanddecidedtotakehis postsandeditthemintochapters.
SincethenChrishaslaunchedafutureslabinNCR,the ATMCompanyinthe1990s,anetworkcalledtheGlobal FutureForuminUnisysinthe2000s,andalargenetwork calledShapingTomorrowwhenhebecameindependentin the2000s.
Hespendsaconsiderablepartofhistimelookingatthe futureoffinancebecausehesaysthatitis‘theonlything nobodyknows,buteverybodyisgoingthere’.This forward-lookingapproachbeganmanyyearsagoafterhe gaveapresentationataconferenceandoneofthefeedback formssaid,“Tell me something I don’t know.”
Chris’scurrentfocusonthefuturealsocentersonteaching othershowtomakemoneyfromit.
Chrisacknowledgesthattheroleofabankerhaschanged overtheyears,especiallyintherecentpast.Tenyearsago,
allbankerstalkedaboutwereregulationsandrisks;now, theytalkabouttechnologyandspeed.
Fastcyclechangecombinedwithcompletelytrustworthy riskmanagementisaverydifferentroletojustdoingrisk managementandthat’sthebigchange.
Chrisadvisesaspiringfinancialexpertstonotaccept‘no’ forananswerandtochallengeeverything.Hebelievesthat ‘there are no dumb questions, just stupid answers.’
Heemphasizesthattomakeitbiginthefinanceindustry, bankersmustlearnhowtocodeascoding,orgainan understandingofitbecauseithasbecomeasimportant todayasbeingabletospeakEnglish.Thiswillhelpthem focusoncustomerexperiencethroughdigitalrelationships.
Enthusiastsshouldhaveapassionforthethingsfinance represents–economicsuccess,wealth,power–andhow technologyisdemocratizing,decentralizing,and redistributingassets.MoneyandTechnologyareatodds witheachother,andtoday’sbankerneedstounderstand thatdivideandbridgeit.
Fromapersonalperspective,Chrisrecentlybecamea fatherforthefirsttimeandhismaingoalhasshiftedto givinghissonsthebestchildhoodanyonecanhave.
Fromabusinessperspective,hesaysthathisaimistoleave alastingmarkonthefinancialservicesindustryinitsroad todigitalization,somethingthatcanbearguedhehas alreadydone.
Thewaypeoplemakepaymentsarechangingfasterduetotheimprovedintegrationofdigitaltechnology.Thishas
benefitedtheindustrywithincreasedcompetitionandconsumerdemands.
ThechangescanbewitnessedinTravel,E-commerce,HouseholdBillpaymentsetc.Therecentintegrationoftechnologyin paymentsolutionsmakestransactionsfastandseamlessandcanbedoneatthecomfortofyourhomes.
Althoughwearewitnessingaconsiderablechangeinthepaymentsolutionindustry,thereisstillaconsistentuseofthecash andcards,whichsolelydependsonthegeographicalsetting.Insomeplaces,peopleprefercashandcards,whileinother places,theyencouragethemoreuseofdigitalsolutions;forexample:TheUnitedStatesandCanada.Analysishasshownthat
intheseareas,theyarelikelytoswitchcompletelyto technologyenabledpaymentsolutions.
Thepaymentsolutionprocesseswillbecomemore innovativebecauseofthefollowingdisruptivetrends;
Astheyoungeragedmassesareturninguptotechnology morethanthetraditionalmediums,thereisanotionthat mostpaymentsolutionswillbedonethroughdigitalenabledmediumsratherthancashorcheque.Thiswill resultinmoreengagementofmobilephonesanddigital softwareapplications.
Variousbusinessoutletsareacceptingmoreofmobile paymentwhichishelpingthemtoimprovecustomer experience.Theadditionofinstantalerts,appreciation notificationsandinstantpaymentdeliveryismakingthis innovationmoreinteresting.
· Customer-FocusedStrategyasaPriority One retained customer is one attained success. ~ Chidiebere Moses Ogbodo Customerexperiencepostbusinessencounteriswhat makesadifferenceintheindustry.Digitalbankingsolutions areimprovingthewaycustomersfeelaftermakingtheir payments.Inthepastyears,oneneedtostandinaqueuein thebankbeforetheycanmakeeventhesmallest transaction,buttheintegrationoftechnologyinnovationhas reducedthestresstothelowestlevel.Wecanwitness improvedservicesandinstantexpensemanagementwhich ishelpingeveryonethatisusingthismediumtostayabove thecrowd
Acustomertendstocheckbackonthesales-personwho gavethematipordiscountafterpurchase.Thisisalso applicableinpaymentsolution.Afterpeoplemakesa purchaseonlineorevenviacardsandtheselleroffersthem acertainpercentageofdiscount,theywillalwayswantto comeback.Thegoodnewsisthatmostbusinessenterprises aresupportingthisideaincollaborationwiththefinance institutions.
Theinnovationinpaymentsolutionisincorporating feasibilityofresourcemanagementbetweenthefinancial andnon-financialorganizations.Throughthisdevelopment,
theresultwillleadtoeasymergingofboththetraditional mediumofresourcemanagementconceptswiththerecent anddigitalizedconcepts.Variousfinancialorganizations thatmaynotbeabletohandletheprocessofmigrating fromthetraditionalformattothedigitalizedplatformfinds easeindoingsobypartneringwithtechnologycompanies.
Organizationalgrowthismeasuredbothinmarketvalue, infrastructureandtheextentoftheirnetworks.The integrationofdigitaltechnologyadvancesinpayment provisionshelpsespeciallythefinance-oriented establishmentstoeasilyexpandtheirreach,eventothe mosthiddenplacesintheworld.Thishelpstotouchthe livesofpeoplenomattertheclassandstatusanditrepays withtremendouscustomergrowth.
Securityishugeconcernwhenmoneyisinvolved.People aresoconsciousandveryinquisitiveabouthowtheir moneywilltravelfromthesendertothereceiver.Inso manycases,theywilleventhinkthatsuchplatformsas digitalizedmediumsarenottrustworthyasasinglewrong numbercandirecttheirmoneytounknowndestination. Thetransactionasoftheoldwastruecheques.Buttoday, therewillbealimitedneedforthosemethods,rather, paymentwillsimplybedonebyinputtingacertain usernameandpasswordandyourdashboardwillbeopened. Throughthispage,youcaneasilymakeeverypayment.The ageofdigitalizationisturningthewholeprocessintocodebasedandthisraisesthequestionofhowtostaysafe.Itis alsobelievedthatforsecuritypurposes,theinstant notificationoftransaction,linkingofsecuredemailand encryptiontoindividualdataanddisaster-recovery provisionswillleadtheinnovationtobetterdirection.This concernhasabigdealwithblockchain,augmentedreality, IoTandbiometrics.
Youmaybeaskinghowthefuturewilllooklikewithtechenabledpaymentsolutions.Astheworldisgrowingand globalizationisgainingagoodground,peopleblendsinto whattheyseethatisworkingwell.So,asdigitalpayment solutionismakingeventhelifeofthelaymanonstreet easy,morepeopleinthenearfuturewillcompletelyadopt thisinnovation.Itwillnotharmthefinancialinstitutions, butitwillbegreatiftheycanmigrateorbetterintegrate someformoftechnologystrategiesintheirfinancial solutions.Thischangemaybeslow,butitwillbeconsistent asthetechnologychangesarenotgivingroomfor procrastination.
JoeSeunghyunChoistheCo-founderandFounding
CEOofLATTICE80andCo-founderand ChairmanofMarvelstoneGroupwhichowns 100%ofLATTICE80.Joeisanentrepreneurandhedge fundmanagerwhohasbuiltacoupleofassetmanagement companiesandworkedonfinancialinstitutionM&Adeals directly.
Joe’sroleinLATTICE80istoopenoperationsinmore citiesandbuildaglobalnetwork.
Joediversifieshisbankingsolutionsintwoanglesamong whichfirstoneishiscloseworkwithFintechsvia LATTICE80platform.Byworkingwithcreative entrepreneurs,Joeandhiscompanyalwayshaveaccessto newideasandinnovations.Secondangleistheirfocuson socialangles.Joeandhisteamarespecializedandfocused inemergingmarketsolutionsandserviceswithsocial impact.
Asanentrepreneur,Joe’sjourneyhasalwaysbeenbasedon hiswayofcontributiontosocialimpact.Asastudent,he dreamedofworkingwiththeUnitedNations.Hehasbeen volunteeredinNepalasapartofhisKoreannational serviceforover2years.Inearly20s,hefoundhimself drawntowardsthefinancialworldandwonderedhowhe candirecthisskillstobringpositivechanges.
Joe’sfirstexperienceinbuildinganassetmanagement companyandquanthedgefundfromscratchgavehim manyvaluablelessons,andheconsidereditasan achievementtoanextent.Itwasbothenjoyableand challengingforhimtobeabletocreateanewbusinessas anentrepreneurandaninvestor.
Joe’ssecondventureofdevelopingafinancialgroupwith partnerstoacquirea$2Bdollarassetmanagementcompany wasanothersteppingstone.Theexperienceexposedhimto
newideasofhowinnovationcanbeincorporatedto optimizeresourcesintraditionalbusinessesovertime,and theimportanceofhavingateamwithasimilarlongterm visiontomakeitcometrue.
Thisledhimtohisthirdexperimentofbuildinganext generationfinancialgroup,MarvelstoneGroup.With LATTICE80,Joe,beingthegroup’sinnovationarm,brings theexistingecosystemsandstakeholderstogetheruptoa newlevelwhichbringsnewwavesofnewsolutionsand extendsthecompany’sfinancialreachtomoremarketsand untappedsegments.Itisimportanttocollaborateandgrow togethersothatJoeandhisteamcanmakeadifference.
th
Joerecentlyfinishedhis60 travelspending2weeksin Europeand2weeksinAsiawhichhasbeenquite challenging.ButJoewillcontinuehisjourneyasitiswith meetingFintechStartupsandotherstakeholderswhoare buildingthefutureofbankingandmakingtheworlda betterplace,ashefindsitbetterfortheinnovativefutureof bankingsector.
AsperJoe’spointofview,itisexpectedthatevery entrepreneurfaceschallengeseverydaywhereexpected workchallengescanbemanaged,butfewusualthingsthat arenotdirectlyworkrelatedcanbemorechallenging. Peoplemanagementordevelopingaprogressivework cultureiscrucialforanygrowingstartup.Whileonecan countonhis/hertrustworthypeopletobethesupporters,it canbeobservedthattheremaybedistractorsandevenhave todealwithnewchallengeslikefakenewsandInternet trollingthesedays.ButJoeisfortunatetohavebothhis partnersashisstrongpillarsofsupport.
AccordingtoJoe,withascendinthenumberofpivotaland ground-breakingfinancialtechnology,theroleofbankeris
continuallyevolvingandhastobechangedasperthe requirements.Asanewgenerationofcustomers(millenials) gearingupandchangingthedemands,bankerswillneedto evolvetofitintoanewcultureofcreatingtheright customerexperience,alongsideagreaterunderstandingon applicationoftechnologiestosupportthat.Joestatesthat, “I am lucky to be in the position to meet many Fintech companies all over the world. While Core banking is very much still the same, we see that technology is making banking more efficient and smarter.”Withthis,Joe mentionedChallengerBanksasanexamplefortherelative concern.
Itisstillayoungprojectfocusingoninnovationand experimentation.Joe’sjobinthesecondyearistoenter morecitiesandbuildpartnershipsglobally.Hisnearfuture goalistoopenin10citiesandinitiatemoreproductsto bringmoreservicestostartups,investorsandcorporates alike,andasaFintechstartupandplatform,thecompany’s futuregoalistogetlistedeventually.
Joedescribestheattributesthateverybankershouldpossess thewillingnesstolearnnewthingsandshouldbeadaptable tochange.Hefurtherexplainsthatbanksfacecontinuous pressurefromanever-changingglobalenvironmenteven thoughnobodyhasseensignificantdevelopmentsyet.Just bybeingopentochangeandnewsolutions,bankerswillbe abletostandoutamongtheirpeers.
Joe’sadviceistolistentothecustomersandtakeadvantage overtheexistingbankswithlegacysystemsforthe emergingbankingenthusiasts.
“Build the world’s largest network and grow via partnerships rather than competing.”
Individualswithentrepreneurial
mindsetsareoftendrawnto opportunities,innovation,andnew valuecreation.Entrepreneurial characteristicsincludetheabilityto takecalculatedrisksandacceptthe realitiesofchangeanduncertainty. Onepersonalitywithsuchamarvelous mindsetisMatthiasKröner,aleader indigitalbanking.
Startinghiscareerinthehotelindustry, Matthiasgainedadeepknowledgeof customerservice.Withhis entrepreneurialmindset,hefounded Germany’sdirectbankDABinhis thirties.Hethenventuredoutwhenthe companywassold,ultimatelycofoundingFidorBankin2009.Fidor fulfilledtheneedforanopenbankthat valuedtransparencyandgavevoiceto customers.Fidorwasstartedwitha uniquecommunityconceptthat enabledcustomerstoincreasetheir financialknowledge,sharetheirskills, askquestions,reviewproducts,and makesuggestions.Today,itisproudto countover750,000activecommunity members,andhasexpandedits activitiestocreatebankstogetherwith partners.
AsCEOofbothFidorBankandFidor Solutions,Matthiasdrivesallstrategic decisionstowardsscalingand expandingthegroupinternationally. Underhisleadership,Fidoris continuingtoflourishandhasdoubled itssizeyear-on-year.
Matthias’sjourneyhasalwaysbeen centeredaroundlearning:whathecan learnfromhiscustomers,whathecan learnfromhismistakes,andwhathe candotokeephisgoalsfrontofmind. Consequently,Fidorhasadoptedan agileculturewherebyit’salways innovating.
Whenheestablishedthebank,it neededtoreachcustomerswithoutthe helpofhugefundsormarketing budgets.Therefore,thebankbuilta socialmediaanddigitalmarketing strategyarounditscommunitytobuild itsownbrandandreachcustomersin themosteffectiveway.
WithFidorSolutions,theneedwasto developinawaythatpromoted innovation.ThebankselecteditsB2B partnerscarefullytofocusonsuccess. Itnowworkswithbignames-whether theyarecorporationslookingfor solutionsorpartnerscomplementing Fidor’soffering,fromfintechstolargesystemintegrators.
Thebankgivescustomersthefreedom tocreate. Withthisattitude,Matthias wantscustomerstomanagetheir moneythroughbeingabletodomore, notless.Hewantstogivefreedomand controlbacktotheconsumer,tocreate theirownfuture,whateverthatlooks liketothem.
Thisapproachgoesforbusinessestoo. B2Bcustomersshouldbeabletocreate theirownbanksandnotfeelheld hostagebytheirITcapabilities.
AccordingtoMatthias,techhasgrown somuchoverthepastfewyearsandis notshowinganysignsofslowing, hence,bankersmustbeabletobetter servicetheircustomersandfocuson beinganequalpartner,ratherthan dictatingterms.
ConnectingCustomersonaPersonal Level
Matthiasstronglybelievesinhavinga connectionwithcustomers.Forthat reason,Fidoraimstodesignsolutions
andofferingsthataredirectlyrelevant toitscommunity.Thebanklooksafter suchanapproachandalways welcomesfeedback.
Talkingaboutthevitalattributesthat everybankermustpossess,Matthias says, “A technologically-based mindset is essential. The reality is that, today, people don’t go to banks. They turn to their phones or tablets to bank online. So the question, and the challenge, is then how do we make this process frictionless and add value?” Hefurther adds,“Whilst banking managers have been focused on numbers over the years, there is now a need to change.
Leadership must now focus on creating the right culture to succeed. An agile structure that adapts to customers’ changing behaviors is a must”.
CustomizedServicesforthe Customers
Fidorcreatestechnologythataddresses theneedsofitscustomersthroughits threerobustpillars:
- Bank / customer co-creation:The bankworkstogetherwiththe customers,usingitscommunityasa platform.Customersshareinvaluable informationandrecommendationsthat drivethebank’sroadmapanddesign solutionsthatmakeanimpact.Fidoris currentlyworkingonnewfeatures together,withitscustomers,in responsetoPSD2.
- Co-entrepreneurial spirit:Thebank collaborateswithotherorganizationsto createnewbankingconcepts,andwith fintechstodriveinnovation.Thiscoentrepreneurialspiritfasttracksthe deliveryofinnovativesolutionsto customers.
- Cross-industry approach:Fidor doesn’tjustworkwithbanks,butalso withretailersandtelecom organizationstocreatebusinessmodels focusedonusecasesandcustomer valueforrespectiveverticals.Its knowledgeaboutthecustomersand theirlifestylesisbroad,andthe convergencebetweenbankingand
otherindustriesmeansthatconsumers canmoreeasilybankwithpurpose.
SolutionsfortheFuture
BelongingtoEuropeasahome market,Fidorisgrowingandbringing solutionstoitsbankandnon-bank partners,leveragingitsEUbanking licence.OutsideoftheEU,thebank focusespurelyontechnologyand adaptingitselftotherespectiveneeds ofdifferentmarkets.Forexample,the bank’sdigitalbankingplatform, fidorOS,isshariacompliantinthe MiddleEast,whereitisamandatory requirementforoneofitspartners, AbuDhabiIslamicBank.
Consumerdemandsareevolving rapidly.AsFidor’sbusinessmodel continuestoevolvetomeetthese needs,thebankisfocusedonmaking consumers’experiencesbetterthrough itsmarketplace.Thismarketplacestore givesconsumerstheopportunityto discoverfintechandbankingofferings theycantrust,andhelpthembuild theirwealthwhileenablingbanksto innovateanddiversifytheirofferings.
The reality is that people turn to their smart device everyday - why should banking be different?
Inthiseraofchangingtechnologies,theBigData domainhasevolvedinaveryshortperiodoftime.It playsthemostpivotalroleacrossallindustries.The abilityofBigDatatominecriticaldatahasradicallyaltered thedynamicsofthewaybusinessesfunction,drivesales, andattractcustomers.Ithasbecomeanessential componentofbusinessstrategynowadays.Abusinesstastes successbyuncoveringinsightslockedinsidedata.The overlayingtrendswillexaminetheevolvingways enterprisescanrealizebetterbusinessvaluewithBigData andhowimprovingbusinessintelligencecanhelp transformorganizationalprocessesandthecustomer experience.Thereisademandforbetterdatamanagement frommostofthebusinessexecutivesforcomplianceand increasedconfidencetosteerthebusiness.Itwillhelpthem inmorerapidadoptionofBigDataandinnovativeand transformativedataanalytictechnologies.
Inthispresentyear,businesseswillmovebeyondjustdata handlingtoleveragingtheinsightsthatBigDatauncovers. Asunderstanding,managing,andmanipulatingBigData hasnowbecomefairlyubiquitous,mostofthecompanies havetheabilitytodealwithit.Miningdatawillbethe centerofattractionanditwillhelpeffectivelytomeet organizationalrequirementsandforprecisetargetingof productsandservices.Aninsight-drivenapproachwill facilitateanevolvedcustomerexperience,competitiveness, advancedsecurityandoperationalefficiency.
Today,everyoneisdependentonthedigitaltechnologyand ourdependencehasreachedanunprecedentedlevel.Cyberattackshavealsobecomemuchmoreprevalent.An increasedoccurrenceofransomwarehasbeenregistered acrosstheglobeandcybercriminalsarenowtargeting personaldataanddevices.Concerningtheprimeindustry, cybersecuritycanonlybepossiblethroughbigdata
analyticswhichwillbecomeamajorareaofinvestmentand willgrowswiftly.Itisnecessaryfortheenterprisesandthe governmentagenciestoupgradetheirsecuritysystemsto next-generationsoftwarewhichcanaddressultra-modern securitythreats.
Itcanbesaidthattheanalyticswillnotremainisolatedtoa fewdepartmentslikemarketingandriskmanagement.On theotherhanditwillinfusetheentireenterprise.To understandthedynamicsofbusinessoperations,data analyticswillbeutilizedandwillalsorevealwaysand meanstoincreaseefficiency.Hencetoderiveoverall businessstrategy,insightsfrommultipledepartmentswill beintegratedandredundantprocesseswillbeeliminated.It willalsohelpthedepartmentstoincreaseefficiency, growth,andproductivity.
Ifthedemandexpandsfurther,thetalentgapindata analyticswillsoar.Itisexpectedthatorganizationsand academicinstitutionswillcollaboratecloselytogenerate skillsandtalenttomeetthedemandfordataengineers.The functionsofallcorporateemployeeswillbeexpectedto understand,appreciateandworkwithanalyticssinceit emergesasoneofthekeyinstrumentsinevery organization.Theacademicinstitutionsarealsolooking forwardtoputtogetherdegreeprogramsindatascience.
TherewillbeatransitionfromInternetofThings(IoT)to InternetofPeople(IoP).Interactions,predictiveanalytics aroundhumanbehavior,andothersubjectiveareaswill growandstarttofilterallindustryverticals.Forexample, hospitalswillincreasinglydeploymachinelearning techniquestopredictthelikelihoodoftherelapseofa disease.Thiswillenablethemtoworkoutapatient’s readmissionpreciselyatthetimeoftheinitialdischarge.
Businesseswillhavetolearnanddeploytraditional,scientifictechniquesofpattern-matchingandartificialintelligencefor analyticsusecases.Forexample,techniquestoanalyzegenesequencesinDNAarebeingusedintext-matchingalgorithmsto processbulkemails.Itisexpectedtoseeveryclosecollaborationbetweendatascientistsandthescientificcommunity. For example,imageprocessingiswidelyusedin‘tagging’insocialmedia,whilevoicerecognitionisusedinapps.
Therewillbebriskmovingintheorganizationsfromon-premiseplatformstocloudandhybridenvironments.Around44 percentofapplicationsusedbyFortune500organizationsarealreadyonthecloud,andmorethan50percentofIT applicationswillmovetothecloudbytheendoftheyear.Therewillbeariseindemandforanalyticstoolsthataresimple, flexible,andcapableofhandlingavarietyofdatasources.Hadoopenablestostoreanextremelylargevolumeofdataata significantlylowerpricepointandhenceitwillcontinuetobecomeincreasinglypopular.Theshareofunstructureddatain thedatawarehousewillcontinuetoincrease,whichwillfurthercauseforHadoop.Hadoop,now,ispastthebusiness relevanceandscalabilityassessmentphaseanditsadoptionisexpectedtoacceleratestrongly.
Weareadvancingtowardsacompletelynewerainthedomainofanalytics.Bigdataisdisruptiveandithaspavedtheway forpioneeringideasandinnovativetechniquesacrossindustryverticals.Itisnowdrivingthestreamofdisruptionand expandingthescopeofopportunitiesforpreviouslyuntouchedmarketsegments.OrganizationsneedtoleverageBigData analyticstoitsfullcapacitysoastothriveinthiscompetitiveworld.
MessageSolutionTechnologiesInc.has
historicallybeenrecognizedasatechnology innovator,creatingvaluefromunstructureddata. Assuch,MessageSolutionhasbecomeoneofthemost influentialvoicesinITindustryaswellasthebanking sector.
BasedintheSiliconValley,MessageSolutionfocuseson world-classcompliancearchiving,eDiscovery,backupand datasecuritysolutions.MessageSolutionmanagementteam iscomprisedofdedicatedprofessionalsfromIBMveterans toStanfordgraduates,thatprovideenterprisesoftware solutionsinvariousindustriesaroundtheglobe.
MessageSolutiondesignstheproductsandservicestobe scalable,robust,andcompatiblewithallmajoremailand filesystemstomeetclients’compliance,eDiscoveryand datasecurityneeds.MessageSolutioncatersitsplatforms andservicestobankingandfinancialpartnersfor companiesassmallas25employeesuptoglobal enterprisesaslargeas130,000users.Ultimately,the companystrivestoprovidesolutionsthatmitigaterisk, reducecostsandincreaseROIforitspartnersandglobal enterprisecustomers.MessageSolutionoperatesglobally withproductsdeployedin50countriesofproviding exceptionalservicesthatgarnercontinualgrowth worldwide.
MessageSolutionhasundertakenthetaskofbuilding unifiedarchivingandeDiscoverysolutions.Microsoft Office,ExchangeOn-premise,IBMDomino,andall enterprisefileenvironmentssuchasSharePointandOffice 365OneDriveareallsupportedbyMessageSolution platforms.
The2010Dodd-FrankWallStreetReformandConsumer ProtectionActaddedalayerofaccountabilityandmore costsofdoingbusinessinbankingsector,whichalso spurredmergeracquisitionactivity.MessageSolution addressesthenewdevelopmentandtheneedswiththe softwaresolutionsthatenablecompliance,reducelitigation
costs,andprovidesinstantaccountabilityofdigitalassets forlargeandsmallbusinesses.
Furthermore,MessageSolutionimplementedenterpriseclassfunctionsandfeaturesforglobalbankingentitiesfor communitybankstolargefinancialinstitutionstomeet globalcompliancerequirementsincludingFRCP,Frank Dodd,FINRAfortheU.S.financialorganizations,and GDPRforEuropeanmarketsandassociatedNorth Americanmarkets.
DeliveringHybridServicestoSME’s&Global Enterprise
MessageSolution’suniquePIIProtectionFramework (PersonalIdentifiableInformation)andinnovative architectureinenterpriseinformationarchivingand eDiscoveryaredesignedtosupportalargevolumeof unstructureddataforretentionmanagementanddatasearch inalllanguages.Scalabilityandvirtualcapabilityarethe company’sbiggeststrength.
MessageSolutionAdvancedeDiscoveryPlatformmakesit easytotrackandmaplegacyPIIfromemailandfileservers whileasecuredemailgatewayblocksandredactsOutlook emailssubjecttoPIIpolicies.TheMessageSolution PlatformalsoenablescomplianceofficerstoprotectPIIand privacyandprovidespermissionsforauditexportand searchanalytics.
ItisfieldproventheMessageSolutionPlatformcan concurrentlysupportover25,000activeusersper VM/server,whichwouldnormallyrequire5to6serversto dothejobbythe’leadingvendors’inthecompliance archivingeDiscoverymarket.Inaclusteredenvironment, MessageSolutionsavesenterprisesandISPs(Internet ServiceProviders)dozensofhardwareserver configurationsinadatacenteroperationoracloud environment.
Also,independentofathird-partydatabase,the MessageSolutionPlatformisavirtualappliancethatis installedovertheInternet.MessageSolutionisthefirstin themarketthathasdeliveredglobalsysteminstallationand configurationwithacompleteonlinedeploymentprocess, includingthemulti-geographicinstallationsacrossthe world.
AsaMicrosoftISVandcloudarchivingeDiscoveryvendor, MessageSolutionprovidesunifiedpoliciesforretentionand sharedaccesstoemail,fileservers,andSharePoint.This ensuresthatenterprisesandorganizationshavetheagilityto searchandaccountforallemailcommunicationandrelated filesondemand.
Initially,globalconglomeratesonlycollaboratedwith
knownproviderssuchasIBMorMicrosoft.Inorderto attractglobalprojectsandimplementation, MessageSolutiondesigneditsproductstobebold, advanced,andcapableofsupportingultralargeenterprise environments.Theproductdevelopmentteaminnovated moreadministrator-friendlyfunctionsandfeature-rich solutionstopenetratetheglobalenterprisemarkets.This processrequiredadditionaldevelopmentresourcesand commitmenttothemarketplace.Thankstoaninitial architecturaldesignthatfocusesonsupportinglarge environments,MessageSolution’sleading-edge technologieshavebeenimplementedbylargeenterprises, internationalbanks,andthe financialinstitutionsaroundtheworldtoday.
Recognizedbytheindustrysurveyforexcellenttechnical supportandservices,MessageSolutionhasbeenthefirst choiceoftheglobalcompaniesofallsizes.Evenaftersome enterpriseclientsmademultiplechangesinemailandfile environments(forexamplefromIBMDominoor GroupWisetoMicrosoftExchange,thentoExchange OnlineandOneDriveinMicrosoftOffice365),they continuedusingtheMessageSolutionPlatformbecauseof itscommitmentinprovidingadvancedtechnologiesin compliancearchivingandeDiscoverysolutions.
MessageSolutioneffectivelyhelpsenterprisecustomersstay incompliancebyprovidingthemostcost-effectivesolution inthemarketplace.Thecompanydemonstratesits commitmenttocustomers,andvaluesitslong-term relationshipwithglobalclients.
MessageSolutionemphasizesonbuildingtrustand aintainingstrongrelationshipwithitsglobalpartnersand clients.Itsgoalistoexpandinthebankingindustryand embarkonmorechannelpartnerships,managedservice
providers,andsystemintegratorsinallmarketsectors.To achievethem,MessageSolutionwillcontinuetoimprove, build,andenhancetheirproductsandservicestoprovide excellenceinwhatitdoesbest.
MessageSolutionhasbeenworkingwithbanksand financialinstitutionstoensureprivacyprotectionfortheir clients.AsofMayof2018,GDPRbecameeffective.Thus, MessageSolutionprovideditsEuropeanpartnersandNorth AmericanbusinessesthathavecustomersfromEuropewith compliancearchivingeDiscoveryservicestoprotectand stayingcompliantatthesametime.InJune2018,the CaliforniaConsumerPrivacyAct(AB375)waspassed, whichgivesconsumerstherighttoown,control,andensure thattheirpersonaldataisprotectedandsecuredinfinancial companies’storagedatabase.Tobesure,MessageSolution ispreparingtheirpartnersandclientswiththeadventof AB375.
“MessageSolutionhasoneofthebestarchivingsolutionsI haveseenandIwouldliketocontinueonallbrowsers,it’s competitiveandeasytouse.”-PhilipAustin,Shiroki NorthAmerica,Inc
“ThedesignofMessageSolutionEnterpriseEmailArchive, particularlyitsremotesupportcapabilitythatreduces installationrequirementsandeliminatescostsassociated withon-siteinstallation,canreduceIT-relatedsupport costs.”-MichaelOsterman,OstermanResearch
“MessageSolution’sarchivingproductsareeasytouseand customersupportisexcellent.Customersupporthashigh satisfaction.”-GartnerMagicQuadrant2014
MessageSolution is the global technology leader in enterprise compliance archiving, eDiscovery, and data security—delivering in cloud, on premise, and service provider hosted platforms.
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Takingintoconsiderationthedrivetotransformthe fintechecosystem,devisingcontemporary accelerationstrategies,democraticentrepreneurship qualities,andaknackforinnovation,NektariosLiolioshas beenrecognizedasaninfluentialvoiceinbanking. NektariosistheCo-founderandCEOof StartupbootcampFinTech,theorganizationbehindthe globalindustry-focusedinnovationprograms.
Workingtoaddresstherelationshipbetweencorporatesand startups,Nektariosworkscloselywithindustrypartnersand investorsaroundtheworldinkeyFinTechhubsincluding London,NewYork,MexicoCity,MumbaiandSingapore. Drivenbyentrepreneurship,collaborationandthedesireto changetheindustry,Nektariosisaglobalnomad,travel geek,andsneakerfreaker.
“SinceIsteppedintotheworldofFinTechinnovation almostadecadeago,onthesurfaceitappearsthatwehave comealongway,inreality,despiteallthenoiseand #fintecheverywhere,Iseesolittleofrealchange,”states Nektarios.Hehopesthatthiswillchangeoverthenext10 yearsascorporatesunderstandstartupsbetterandrealize thattheseproblemscanbetackled.
Nektariosalsocomprehendsthatbylisteningtoadvicefrom outsidetheorganization,basedonexperienceanddata, corporatescanstarttounderstandtheimportanceoftheir roleandhowbesttoapproachinnovation.
Addressingthemisinterpretedqualitythatstartupsdeliver, Nektariosexpresses,“Weregularlyhearbankscomplaining abouthowFinTechstartupsaren’tofferingtheright solutionsthattheycanplugdirectlyintotheirbusinesses. Manybigfinancialservicescompaniesjoinan accelerator/incubator/labaspartoftheirquesttofindthese mythicalproblem-solvingstartups,butwhenonestarts
Liolios Co-founder and CEO
Nektarios
diggingalittledeeperitbecomesveryclear,veryquickly thatthereislittleunderstandingofthevaluethatstartups canactuallyprovide.”
“Corporatesneedtounderstandthatstartupswillnotsolve alloftheirproblems.Itisveryraretofindanyonewhohas putinserioustimeandeffortintryingtobestrategicabout innovationbeforegettingstarted,”headds.
AccordingtoNektarios,whathe’smissingmostisthe recognitionthatthelargeorganizationsneedtoworkon themselvestobestartup-ready,inthesamewaytheyexpect thestartupstobeenterprise-ready.Heexpressesthatwhen askedhoworganizationsmeasurethesuccessoftheir initiativesorwhatsuccesslookslike,theresponsesare generallyalotofcorporatewaffle.
Healsoassertsthatmostoftheseorganizationsdon’t incentivizeinnovationacrosstheranks.“Sayingthat,we shouldgivesomecredittothosebanksthathavecreateda meaningfulinnovationstrategyandareembracing innovationbetterthanothers,butnoonehasreallycracked ityet,”headds.
Corporatesneedtodefinewhattheywanttochange internallyandacknowledgethatthiswon’thappenwithout investinginchangingthecompanycultureiswhat Nektariossuggests.EmbracinganR&Dmentalitywhich meanstryingmultiplethingsatthesametime,lookingat failingasanimportantpartoftheprocess,andtofindthe onethingthatwillactuallyworkisthekeytobringabouta change,accordingtohim.Moreover,buildingaportfolioof differentinnovationinitiatives,lookingatthedifferent innovationhorizons,butalso,beingpatientdoestherestof thework,hesays.
Nektariosassertsthatmoststartupsarenotaddressingthe issuesthatarecentraltoabank’sP&L.Banksshouldfocus onwhatthey’regoodat–beclearinwhattheircoreassets areandletotherssolvetheproblemstheycan’tfocuson.
“Stoptryingtodoeverything.Itgoesbacktosettinga clearerpath-figureoutwhattheendgoalisandcreatea roadmapthatwillhelpgetyouthere.Ifbankshadabetter ideaastowhattheywereactuallytryingtoachieve,they mightbemorepatientandbepreparedtoexperiment,”he advises.
Outsideoffinancialservices,someindustrieshavestarted togettheirheadsaroundthis.“Shouldwebelooking outsideofourownindustrytolearnhowtoaddresssomeof ourpainpoints?”asksNektarios.“Successandthereal evolutionoffinancialserviceswillcomefromrecognizing thatstartupscan’tsolveeveryproblem.Someexisting challengescanonlybeaddressedbytheincumbents.They haveto‘buildit’themselvesbutithastohappen,’startup-
style’,whilstcontinuingtoengagewithstartupsforallthe otherthings,”heasserts.
“Forthistohappen,aseriouschangeinternallywithin banksisrequired,anduntilthen,wewillcontinuetobe frustratedthatwe’renotevolvingasanindustryand keepingupwiththeneedsofthecustomer,”addsNektarios.
Startupbootcampiscontinuouslygrowingandexpandingits globalfootprint.InFinTechalone,ithasplanstocontinue toexpandintonewmarketswherethepotentialtobepartof aFinTechhubisinforesight.Thecompanyisalso continuallylookingatnewwaystoengagewithcustomers bylisteningtothechallengesandpainpointsandbuilding newinnovationprogrammodelstohelpaddresstheirkey concerns.
Startupbootcampfocusesonfindingsynergiesbetween emergingandestablishedcompanies.Itfinetuneseach innovationprogramtoenablecorporate/startup collaboration.Thisallowsitspartnerstofindnewlinesof revenue,providesolutionsfortheircustomers,gain innovationinsights,improveinternalprocesses,and leapfrogcompetitionbyinnovatingfaster.
Eachprogramtheorganizationconductsissupportedby corporatepartnerswhoareofferedtheopportunitytogain accesstoaglobalpoolofearlyandlatestagetechnology startups.Thecompanytakestheguesswork,outofwhich startupwouldbethebestfitforeachbusiness.Partnersalso benefitdirectlyfromitsprogramsthroughinnovation initiativesaimedatassistingwiththeirowninnovation painpoints.
With Startupbootcamp, you gain access to the most relevant connections in your industry.
Abankisafinancialinstitutionlicensedtoreceivedepositsandmakeloans.Banks mayalsoprovidefinancialservices,suchaswealthmanagement,currency exchange,andsafedeposits.Therearetwotypesofbanks:commercial/retail banksandinvestmentbanks.Inmostcountries,banksareregulatedbythenational governmentorcentralbank.Banksactaspaymentagentsbyconductingcheckingor currentaccountsforcustomers,payingchequesdrawnbycustomersinthebank,and collectingchequesdepositedtocustomers'currentaccounts.Banksalsoenable customerpaymentsviaotherpaymentmethodssuchasAutomatedClearingHouse (ACH),Wiretransfersortelegraphictransfer,EFTPOS,andautomatedteller machines(ATMs).
Breakingdownthedifferentkindof'Banks’
Commercialbanksaretypicallyconcernedwithmanagingwithdrawalsandreceiving depositsaswellassupplyingshort-termloanstoindividualsandsmallbusinesses. Consumersprimarilyusethesebanksforbasiccheckingandsavingaccounts, certificatesofdeposits(CDs)andhomemortgages.Examplesofcommercialbanks includeJPMorganChase&Co.andBankofAmericaCorp.
Investmentbanksfocusonprovidingcorporateclientswithservicessuchasunderwritingandassistingwithmerger andacquisition(M&A)activity.MorganStanleyandGoldmanSachsGroupInc.areexamplesofU.S.investment banks.
Centralbanksarechieflyresponsibleforcurrencystability,controllinginflationandmonetarypolicyandoverseeing moneysupply.Someoftheworld'smajorcentralbanksincludetheU.S.FederalReserveBank,theEuropeanCentral Bank,theBankofEngland,theBankofJapan,theSwissNationalBankandthePeople'sBankofChina.
Whilemanybankshavebothabrick-and-mortarandonlinepresence,somebankshaveonlyanonlinepresence. Online-onlybanksoftenofferconsumershigherinterestratesandlowerfees.Convenience,interestratesandfeesare thedrivingfactorsinconsumers'decisionsofwhichbanktodobusinesswith.Asanalternativetobanks,consumers canopttouseacreditunion
Abankcangeneraterevenueinavarietyofdifferentwaysincludinginterest,transactionfees,andfinancialadvice. Traditionally,themostsignificantmethodisviacharginginterestonthecapitalitlendsouttocustomers.Thebankprofits fromthelevelofinterestitpaysfordepositsandothersourcesoffunds,andthelevelofinterestitchargesinitslending
activities.Thisdifferenceisreferredtoasthespread betweenthecostoffundsandtheloaninterestrate. Historically,profitabilityfromlendingactivitieshasbeen cyclicalanddependentontheneedsandstrengthsofloan customersandthestageoftheeconomiccycle.Feesand financialadviceconstituteamorestablerevenuestreamand bankshavethereforeplacedmoreemphasisonthese revenuelinestosmooththeirfinancialperformance.Inthe past20years,Americanbankshavetakenmanymeasures toensurethattheyremainprofitablewhilerespondingto increasinglychangingmarketconditions.
Loansareilliquidwhenalenderneedsrelationship - specific skillstocollectthem.Consequently,iftherelationship lenderneedsfundsbeforetheloanmatures,anindividual maydemandtoliquidateearlyorrequireareturnpremium. Borrowersalsorisklosingfunding.Thecostsofilliquidity areavoidediftherelationshiplenderisabankwithafragile capitalstructure,subjecttoruns.Fragilitycommitsbanksto createliquidity,enablingdepositorstowithdrawwhen needed,whilebufferingborrowersfromdepositors' liquidityneeds.Stabilizationpolicies,suchascapital requirements,narrowbanking,andsuspensionof convertibility,mayreduceliquiditycreation.
Ifyoulivepaychecktopaycheck,themostyou'reeverat riskoflosingorhavingstolenistheamountofyourlast paycheck–asumyouclearlycan'taffordtoloseifmoney istight.Keepingyourmoneysecureisparamount.And onceyouhavemorethanafewhundreddollarstoyour name,you'llwanttoprotectyoursavings.
Themostsecureplacetoputyourmoneyisabankaccount. AslongasyouchoosealegitimatebankthathasFederal DepositInsuranceCorporation(FDIC)insurance(ora creditunionthathasNationalCreditUnionAssociation insurance),anymoneyyouputinthebank(uptoFDIC insurancelimits)isprotected.Todate,theguarantee providedbytheFDIChasprovedtobecompletelyreliable, evenduringtimesoffinancialcrisislikethe2008recession orthesavings-and-loancrisisoftheearly1990s.
Onceyouareearningmoremoneythanyouneedtogetby eachmonth,you'llwanttogobeyondacheckingaccount andstartsavingandinvestingyourmoneytogiveyourself morefinancialsecurity.Withmoneyinsavings,youcan handleirregularexpenseslikecarrepairseveniftheydon't fitintoyourmonthlybudget.Alargeenoughemergency fundcantideyouoverduringaperiodofunemployment.
Andonceyouhaveseveralmonths'worthofemergency savings,you'llwanttotransferyourextrasavingsintoa retirementaccount.Yousimplycan'ttakeadvantageofthe opportunitytoearnmoneyinthestockmarketorearn interestondepositsifyou'reonlywillingtokeepyour moneyunderyourmattressoronaprepaiddebitcard.
Asageneralpolicy,banksholdontocustomerdepositsto protectthemselvesfromfraud.Whenyoulookupyour bankaccountbalanceattheATMoronlineaftermakinga deposit,youmayseeadifferencebetweenyouraccount balanceandyouravailablebalance.Thisletsyouknowthat adeposityou'vemadehasn'tclearedyet.It'sextremely importanttobeawareofhowyourbank'sdepositholds policyworkssothatyouaren'tpenalizedfortryingtomake apaymentwithmoneyyoudon'tyethaveaccessto.The bank'sholdpolicywillalwaysapplytobusinessdays,not calendardays.Abusinessdayisanydaythatisnota Saturday,Sundayorfederalholiday.
Manybanksofferautomaticsavingsplans,andthesecanbe agreatwaytodeveloparegularhabitofsavingmoney.At somebanks,establishingsuchaplanisalsoawaytoobtain lowerbankingfees.Anautomaticsavingsplanissomething youneedtosetup.Itsimplyinvolveschoosingaspecific sumofanamountthatyou'rewillingtohaveautomatically transferredfromyourcheckingaccounttoyoursavings account,usuallyonceamonthandonthesamedayevery month(exceptwhenthatdayfallsonaweekendor holiday).Althoughsomepeoplearenervousabouttheidea ofcommittingtosaveacertainamountautomaticallyeach month,mostoftheinvestmentleaderssaythatpaying yourselffirstisakeycomponentofbuildingwealth.The othermajorbenefitofestablishinganautomaticsavings planisthatyoudon'thavetoremembertosetasidemoney forsavingseachmonth–yourbankwilldoitforyou.
Banksprovidesecurityandconvenienceformanagingyour moneyandsometimesallowyoutomakemoneybyearning interest.Convenienceandfeesaretwoofthemost importantthingstoconsiderwhenchoosingabank, whetheryouareopeningachecking,savingsormoney marketaccountorputtingfundsintoacertificateofdeposit. Besuretodevelopmethodstostayontopofyouraccount balancesinordertoavoidfees,declinedtransactionsand bouncedpayments.Toprotectyourmoneyfromelectronic theft,identitytheftandotherformsoffraud,it'simportant toimplementbasicprecautionssuchashaving complexpasswords,safeguardingyourPINandonly conductingonlineandmobilebankingthroughsecure internetconnections.
Sankalp Shangari CEO and Founder
Backintheday,bankingwasindisputableandwasauniform business,whereclientelewasreliantonwhatthebanks offered;whereasinthepresentscenario,digitalizationhasled toacompletemodernizationinthebankingstructure.Disruptingthe traditionalbankingsystemisadigitalbankernamedSankalp Shangari,theCEOandFounderofLALAWorld,playing reformativerolesinthisdigitalera.Sankalpavidlyconfrontsnew competition,regulations,technology,customerexpectations, challenges,andopportunitiesinordertomeetthecustomer’s requirementsandexpectations.
Atanearlystage,Sankalprecognizedtheworldofmodern bankingthroughhisformaleducationandhisprofessional experiences.Duringhiscareer,hepursuedMaster’sDegree inFinancefromtheCASSBusinessSchoolwhich polishedhisentrepreneurshipskillandcontinuedto understandabouttheinternationalfinances.Priorto LALAWorld,hegainedhisleadershipexperienceat MacquarieDeutscheBankandwithJPMorgan ChaseinLondonandSingapore. Thisexperienceaidedhimtoimbibethe characteristicsofrecognizingtalentsand employingthemtoachievethebestresults. Sankalpincorporatedthiswithhispassionfor Blockchaintechnologywhichledtothe establishmentofLALAWorldthatseekstouse technologytomakeasocialdifference.AstheCEOof LALAWorld,hisroleistoseekoutnewwaysinwhichtechnology canbeutilizedforalleviatingpovertyandalsotodevelopnew modelsforsocialbusinessthatcanhelpthesocietyatalarge scale.
Duringhisinitialdays,eachofhisfamilymembershad residedindifferentcountriesandhadwitnessedthe problemsfacedbydis-advantagedandunbankedpeoplein
thosecountries.Sankalp’smotherwasespecially empathetictowardstheseproblemsfacedbymigrant workers,whichcompassedhimtomoveherthoughtsand ideastowardsaworldofpossibilitieswhereallthesecould besolved.Hepushedhimselftoworktowardsrealizingher dreamwhicheventuallybecamehisowndream.
Intheyear2013,SankalpgotacquaintedwithBlockchain Technologyasatoolanddevelopedanewsetofideas whichbecamehislife-changingmoment.Finally,he comprehendedtheroadmapofbringinghismissiontolife whichwasnon-existentbefore.
CurrentlyLALAWorldproductscanbeusedbyanyone whowantstoattainfinancialfreedom,sinceitsprimefocus hasalwaysbeentheunbanked.Thecompanyrealizesthat thebiggestchallengefacedbytheseunbankedpeopleis thatofanabsenceofcredibletransactionhistoryagainst whichtheycanavailloans.
So,allofthecompany’sbankingsolutionsarebasedonthe creationofauniqueidentifiercalledLALAID.Thiscanbe usedbyanybodyintheworldjustbyprovidingthemobile numberandemailidtoavailbasicservicesintheLALA APP.Further,byaddingmoreinformationanduploading documentsintheapp,theLALAIDcanbebuilttoactasa globalidentificationdocument.Thiscanalsobeutilizedby itspartnerserviceproviderstoavaildifferentservices. Apartfromthis,anotherfeaturethatsetsthecompanyina uniquespacefromotherbankingsolutionsistheLALA Score.Thus,bybuildingonLALAScore,anyunbanked canavailloansviaitslendingarmLALALends.LALA Scorerateseachindividualbasedonvariousparameters, andbasedonthisratings/score,theycanavailloans.
Duringtheinitialphaseofestablishingthecompany, Sankalphadtofacespecificissuesrelatedtofindingthe rightpeopleforhisteamwhosharethesamevisionand whowouldworkwithhimpassionately.Secondly,finding someonefortheroleofanexemplaryleaderandmanager whokepthispeopletogether,recognizedtheirtalentand providedanexemplarygrowthpathtotheircareers.
Buildingateamofhard-workingpersonnelandsharingan equallevelofmotivationtoachievethegoalwasthe biggesthurdlethatheovercameinhisjourney.Today,the ‘LALAfamily’membersarestandingstrongbesideshim
andclockinginseveralhoursoftheirwakinglifetorealize theshareddreamofalleviatingpoverty.
DuetothecollectiveeffortsofLALAfamilyforovertwo years,hehasmanagedtoexpandthecompanyatan exponentialrate.Healsotakesprideinlaunchingthefirst ICO(InitialCoinOffering)thathasdelivereditsworking productswithin6months.
Nowadays,exhibitionofaspecificsetofcharacteristicsis expectedfromallbankers.Therearesomeskillsthatcould bedevelopedwithresilienceandpractice.Recognizingthis Sankalpsuggeststheemergingbankerstoespeciallypolish theircomprehensionoftechnology.Inaddition,he mentions, “If a banker is acquainted with new technologies and can incorporate those to enhance security, decrease costs and streamline banking processes, then that person can go a long way.”
Theultimategoalofthecompanyistosupporttheinclusion ofthe2.5billionunbankedpeople.Thisisahumongous taskfortheorganisationandhenceSankalphasdividedthe journeyintosub-goals.Theyintendtoachieveacustomer baseofonemillionby2019,provideloansofaroundUSD Tenmillionbytheendoffinancialyear2019andtheyare workingtowardsachievingthe100millionmarkin customerengagementbytheendof2021.
Utilizing emerging technologies as a tool to successfully develop and run multiple social businesses for alleviating poverty.
Tames Rietdijk (1966) started his career in 1987 at KPMG as accountant (division financial institutions) and has been working mostly for software companies since 1994 in different positions from Product Manager to CTO. Since 2005 Tames has been certified as Anti Money Laundering Specialist by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and he is a tutor at the Radboud Management Academy.
Tames is Chief Operations Officer at BusinessForensics and for the clients in the financial industry (banks and insurance companies) he is a trusted advisor for CFO's, CRO's and Fraud Departments because of his Risk management background combined with a thorough knowledge of software and technology.
In his vision on Risk management Tames calls for Risk based supervision instead of traditional Rule based supervision. Risk based supervision requires trend analyses with a total view instead of a snapshot of a specific event. For Risk management to be effective, more is needed than just detection of risks and that is the reason why the BusinessForensics platform offers a total solution in data mining, big data processing up until case management and sanctioning.
Duetoseveralincidentswithinthefinancialsector relatedtotheirintegrity,peopleandsocietyin generalhavelosttheirtrustinbanksandinsurance firms.Mostofthebanksandinsurancefirmsknowthis betterthananybodyelse.Regulatorsandsupervisorsare almostfuriouslytryingtorestorethistrustbyimposing strictrulesuponthemthatfocusonpreventingtheprevious incidentsfromhappeningagain.Eventhoughthismight winthemsomebattles,Iwilldefinitelynotwinthemthe war,astheissuestheyarestrugglingwitharefarmore complex:
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Tryingtomanagetheirdata:volume,privacy, complexity,security,availabilityetc.Especiallyina contextoffinanceandrisk,additionalrequirements
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applytotheconfidentiality,originationandaudittrailof data;
ReducingtheirITexpenses:keepingoldagedsystems up-and-runningisdifficultandexpensive,resources understandingthesesystemsaregrowingscarce,and suchasituationisdefinitelystallingITinnovations, wheretheyseemtoberequiredtoadoptnew technology;
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Respondingtofindingsfromregulatorsand supervisors,whichneedtoberesolvedimminentlyat theriskoflargefines,negativecareerimplicationsor evenlicenseconsequences;
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Replacingcurrentsolutionsbeing‘end-of-lifecycle’
forwhichsafeguardingthehistoryasbuiltupintheir currentsystemmaybeaspecificissue,inadditiontoa potentialoperationalriskwhensolutionsceaseto function;
Ÿ Processingtoomanyoperationalriskissues, imposingareputationalriskforboththebankandits leaders,istroubledbyalargenumberoffalsepositive alerts,takingupvaluabletimeandresources.Theseis onlyanexampleofreasonsforagrowingbacklog.
Ÿ BusinessForensicsalsoaimsforbanksandinsurance companiestorebuildtrust.Yetwerealizethattowinthe war,ittakesadifferentapproach.Webelievethatbanks andinsurancecompaniesneedtoreorganizethemselves inordertoimprovetheiroperatingmodelsandto safeguardtheintegrityoftheiremployeesandclients. Yes,thisinvolvesnewrules®ulations.Butthatis notenough.Sustainabilityrequiresbanksandinsurances firmstoembracetheirfuturewithconfidence.Thisalso involvesnewtechnologiesandnewdata,whichinturn willbringthemnewrisks.Iteveninvolvesnew competition.
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TamesRietdijk CEO BusinessForensics
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Webelievethattrulygood-naturedbanksandinsurance firmscanbecompliantwithnewrulesandregulations. Embracenewtechnologiesandnewdata.Timely identifynewrisks.Facetheirnewcompetitionwith confidence.Tocreateanorganizationthatisincontrol. Bydesign.Onlythenwilltheybeabletoavoidcrime, coincidenceandprejudice.Andthatiswhere BusinessForensicscomesin.
Weachievethatlevelofcontrolforourcustomersby continuouslymonitoringtheircompliance-andintegrity risks,frommultipleangles.Theresult:atransparentand truthfulviewon‘whatishappening,hereandnow’in theirorganization.Ourfocusonriskallowsthemto respond
Ÿ effectivelytoemergingchallenges,inordertokeepthe badguysout(intermsofclientsandemployees).By learningfromourcustomer’sexperience,oursystem continuouslyimprovestheirresponsivenessand resilience.Improvestheirlevelofcontrol.Control bringsconfidence,andonlywithconfidencecanyou buildabrightfuture.
The team at BusinessForensics consists of consultants, architects and developers with offices in The Hague and Singapore, and has been offering software and know-how for monitoring and managing compliance and integrity risks since 1998, amongst which are financial and economic crime risks. Preferred customers are those banks and insurcance firms that take pride in maintaining or (when necessary) rebuilding the trust of their clients, who do not view compliance as a burden but feel the inherent need to 'do the right thing'. So as partners, we can keep crime, abuse and coincidence away from their clients.
The forensic platform (the HQ products) provides real-time (big) data analysis of network, transactions and signal of evolving risks and threat. These are presented users in an accessible and understandable way, providing context and situational awareness. As a result, companies and institutions can discover these risks early and immediately take measures aimed at limiting possible damage as much as possible and optimizing chances for recovery. Compliance is also demonstrated by measuring good behavior. Confidence in our system increases by minimizing the number of false positive alerts. In addition, unnecessary (reputational) damage is reduced and corporate agility is greatly improved. Trust improves performance; between man and machine, young and old, customer and supplier.
Ÿ BusinessForensicsaimstobethetrustedpartnerof choiceforbanksandinsurancecompaniesaimingto rebuildtrust.Tous,partnershipmeanscooperatingto reduceallrelevantcompliance-andintegrityrisksto levelsthatareacceptableforbanksandinsurancefirms, fortheirclientsandforsocietyasawhole.Our approachfollows7standardsteps:
Ÿ Anexperiencedteamthatunderstandsandis passionateabout(big)dataanalysis,machinelearning and(cyber)security,bringingsustainablefintech innovationtoyourcompany,
Ÿ Westructureyourdatainsuchawaythatyouare preparedforeverypossibleoutcome,asitisimpossible topredictwhatyouwillcomeacrossduringyour analyses.
Ÿ Wedeliverafinegrained,adaptableconfiguration becauseeveryorganizationisuniqueandthesystem mustresembleyourspecificsituationasmuchas possible.
Ÿ Theresultsorourjointanalysismustresultinan increasedawarenessandunderstandingofwhatis happeninghereandnowwithinyourorganization,with afocuson(integrity)risk.
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Thisimprovedinsightintheidentifiedriskswillallow youtodecidehowtobestrespondtothem,inorderto reducepotentialdamagesasmuchandassoonas possible.
pro-activelyreduceitsriskprofilethroughautomated feedbackloops, Ÿ Asaresult,yourorganizationfeelsasifitis‘Designed forControl’,havingprotectedboththeprivacyof individualsandvalueofyourassets. Ÿ
Inthiscomplexfinancialworld,BusinessForensics providesacoherentpackageoffuture-proofsolutionsto themajorchallengesfacingallfinancialinstitutionsin thecomingdecades:
Implementingnewlawsandregulations,
Becomingmoreresponsivetonewemergingrisks,
Theincreasingvolume,complexityandvelocityof (new)data,
Embracingnewtechnologies,beingabletodrive businessinnovation,
Preparingforthenewcompetition:technology platforms,cryptocurrencies,fintechetc. Ÿ
BusinessForensicsprovidesastructuredapproachto reducingabankorinsurer’sriskprofileswhilereducing theircostofcompliance,andatthesametime improvingtheirdamagerecoveryrates. Ÿ
Trustacceleratesperformance.Betweenbanksandtheir clients,manandmachine,oldandyoung.
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Ourcollaborativelearningapproachallowsyour organizationtocontinuouslyimproveitsresilienceand
