Overthepastfewyears,globalfintechindustryhaswitnessedamassivesurgeinthe
investmentsector Theinvestorsaredeployedasmuchas$16.6billionacrossmorethan 1000dealstoVCbackedfintechcompanies.Withanunprecedentedamountoffunding, 2018couldbetheyearoffintech.So,herearesomeofthetrendsthatcouldeventuallyshapethe financiallandscape.
Cryptocurrenciesareinragethisdays,andit’snotasecretthatnewlyemergingcurrencieshavebeen amassivebusinessduringthelasttwelvemonths,especiallyaftertheexponentialriseofBitcoin. ManypeoplearealsolaunchingtheircryptocurrenciesthroughICOs,whicheventuallymeansthat consumershavemuchmorechoicethanbeforewhenitcomestowhichcryptocurrencytouse. However,fewmerchantsnowadaysarelaunchingspuriouscryptocurrenciesinordertomakesome quickcash.So,thecryptocurrencymarkethasalotofmaturingtodo,butit’salsotheonetowatch outfor
Historically,thefintechmarkethasbeencorneredbyvarioussmallstartupsthathavebeenableto outmaneuvertheglobalconglomeratestoinnovateatpaceandtocapturepublic’simagination. However,timeshavechanged,andthosestartupsarenowfacingstiffcompetitionfromlargerand moreestablishedfirmsthatareadaptingtonewtechnologies.So,thegoodnewsisfortheindustryis
thatthiscompetitionwilleventuallyhelptofosterinnovation,forcingalltheorganizationstodo theirbest.
NearFieldCommunicationisalreadychanginglivesofpeoplearoundtheworldandnowit’s changinghowpeoplemakepayments.Invariouscountriesaroundtheplanet,NFCisbeingused toenablecontactlesspaymentswherepeoplecanholdtheirdebit/creditcardsnearareader Nowadays,mostofthecellphonemanufacturersarealsoaddingthisfeatureintheirphones,and thebestthingisthatthetechnologycaneasilybeimplantedintoapersonsothattheycanpay withawaveoftheirhands.
Still,thetrendsthatIhavetalkedaboutaresuretobethesourceofmuchofthatdisruption,at leastinthenextcoupleofyears.WhatIcansay,though, thatthesetrendsaregoingtobealot offuntowatch,whetheryou’reapassiveobserverorwhetherit’syourcompanythat’sleading thecharge.
So,tohighlightcompaniesthatareworkingendlesslywiththeirinnovativesolutions,Insights Successhasshortlisted“The20MostInnovativeFinTechSolutionProviders2018.”
OurCoverStoryfeaturesAdvisorSoftware,Inc.,whichsimplifiestheprocessbybringingtried andtestedfunctionalitytothesystemsyoualreadyuse.ASIfocusesonadvancingthescienceof wealthplanningsofinancialadvisorscanfocusontheartofadvicedelivery
Itprovidescloudplatformstoempowertoday’sadvisorandwealthmanagementcompanies. Customizedtosuittheneedsofeachclient,thesoftwareaddressesarangeofadvisorfunctional needs,includingDigitalAdvice,Planning,ProposalGeneration,PortfolioConstruction, Rebalancing,andInvestmentAnalytics.
ASIisthefirstorganizationtodevelopanindependent,enterprise-levelportfoliorebalancing solution,aswellasthefirstgoal-driven,end-to-endtechnologyplatformdesignedtoevolvewith theclientastheirneeds,circumstances,andoverallcapitalmarketconditionschange.
HappyReading!
Kaustav Roy
Intoday’sdigitalworld,simplethingslikemakinga dinnerreservationorhailingacabcanbedonewith theclickofabutton.Evencomplicatedand complexfunctionslikewealthmanagementareslowly movingtowardsautomation.
Thewealthmanagementsectorisexperiencing disruptivechangesasclientsnowexpecttobeserved digitally,beitviaaself-directedtoolorwiththehelpof anadvisor.Wealthmanagerswholeveragethese technologiesfuture-proofthemselvesandlaythe groundworkforsuccessintermsofscale,clientservices, andbusinessgrowth.
However,thesetransitionscanbeachallenge,evenfor themosttech-savvyfinancialadvisor AdvisorSoftware (ASI)simplifiestheprocessbybringingautomated functionalitytothesystemsyoualreadyuse.ASIfocuses onadvancingthescienceofwealthplanningsofinancial advisorscanfocusontheartofadvicedelivery.
Itprovidescloudplatformstoempowertoday’sadvisor andwealthmanagementcompanies.Customizedtosuit theneedsofeachclient,ASI’Sproductsaddressarange ofadvisorfunctionalneeds,includingDigitalAdvice, Planning,ProposalGeneration,PortfolioConstruction, Rebalancing,andInvestmentAnalytics.
ASIisthefirstorganizationtodevelopanindependent, enterprise-levelportfoliorebalancingsolution,aswellas thefirstgoal-driven,end-to-endfinancialtechnology platformdesignedtoevolvewiththeclientastheir needs,circumstances,andoverallcapitalmarket conditionschange.
Thecompanyispoweredbyaresearchteamthat providesin-depthanalyticsforitsproductswith sophisticatedMonteCarlosolutions,riskmodeling, stresstesting,andholisticfinancialplanning.Complex problemsaresolvedandpresentedinasimpleandeasyto-understanduserinterface.
AVeteranLeader AdvisorSoftware’sFounder,andcurrentlythe ChairmanandCEO,AndrewRuddisanexpertin assetallocation,modernportfoliotheory,risk management,andperformancemeasurement.When foundingASIin2001,Andrewwantedtocreatea companythatwoulddeliverworldclassanalyticstothe retailfinancialservicesmarket.
Heisalsoaco-founderandformerchairmanofBarra, Inc.,whereheservedasCEOfrom1984to1999.Dr. RuddwasalsoProfessorofFinanceandOperations ResearchatCornellUniversityinIthaca,NewYork.
Andrewhasco-authoredtwoindustry-leadingbookson institutionalinvesting, Modern Portfolio Theory: The Principles of Investment Management and Option Pricing Additionally,hehaswrittenvariousjournal articlesandresearchpapersonawiderangeofdomestic andinternationalinvestmentpracticesandtheories.
“We develop functionality and user interfaces to your specs, then host and maintain your solutions.”
Dr.RuddreceivedhisBachelorofSciencedegreewith HonorsinMathematicsandPhysicsfromSussex UniversityinEngland,andearnedaM.Sc.inOperations Research,anM.B.AinFinanceandInternational Business,andaPh.D.inFinanceandOperations ResearchfromtheUniversityofCalifornia,Berkeley
“While technology can improve the way advisors manage the financial lives of their clients, the advisorclient relationship is the most important part of the equation. All of our applications have been developed with this in mind, advancing the science of wealth planning so advisors can focus on the art of advice delivery,” assertsAndrew.
AdvisorSoftware’sproductsaddressadvisors’functional needs.Theyareaimedatawiderangeoffinancial institutionsandprofessionals,enablingasset managementfirms,broker-dealers,banks,insurance companies,onlinebrokerages,custodians,andproviders ofinvestmentservicesandproductstodelivermore insightful,actionableinvestmentadviceandbuild stronger,moreprofitableclientrelationships.
Thecompanyhasalreadybuiltaloyalclientbaseof RIAs,banks,assetmanagers,warehouses,and
independentbroker-dealers.Itsclientsenjoysomeofthe lowesttime-to-marketratesintheindustry.
AdvisorSoftware’sintegrationswithpopulartoolsand custodiansletadvisorsmoveseamlesslybetween applicationsandautomateroutineworkflows,saving themtimeandunlockingnewoperationalefficiencies. Theorganizationhelpadvisorsandleadingfinancial enterprisescreateoperationalalphathroughtechnology
Technologicalelementslikebehavioralquestionnaire, Behavioral IQ®, aresometimesregardedasan additionalexpenseorawaytocutdownonhuman wealthmanagers.However,theseproductsactuallysave financialadvisorstimebyguidingclientstoward investmentsthatmakesenseforthemandalsokeepthem comfortablewhilegeneratingrevenueforthefirm.
ClientstodaywantpersonalizedexperiencesandASI believesthatitiseveryfinancialadvisor’sdutyto provideit.Technologyismerelyawaytoscaleyour businessfunctions.
AdvisorSoftware’suniqueattributesaretheunrivalled depthofitsAPItechnologyandtheindependentresearch itemploys.Withover175uniqueAPIsandpatented technology,itisabletobuildcustomizedsolutionsfor enterprisesofanysize.ASIcandeployitsroboadvisor platforminamatterofdays,notweeksormonths.
AllofitssoftwareapplicationsandAPIsaresoldstrictly asaSaaSmodel.Theorganizationdoesnotchargebased onbasispointsorAssetsUnderManagement(AUM).
“Our technology addresses a range of an advisor’s functional needs including Digital Advice, Planning, Proposal Generation, Portfolio Construction, Rebalancing, and Investment Analytics.”
JustbecauseAdvisorSoftware’stoolhelpsaclientadd30%newbusiness doesnotmeanalargercheckforASI.Thismodelhelpswithbudgetingandis thebasisofthesolid,long-termrelationshipsASIenjoyswithmanyofits customers.
AdvisorSoftware’srecentgrowthisfueledpartlybyitsone-of-a-kindWealth ManagementCloudplatform–anend-to-endsuiteofsophisticatedanalytics, APIsandSaaSapplicationsforthewealthmanagementindustry
Usedbythousandsoffinancialprofessionals,ASI’sportfolioofservicesand resourcesencompass:Goal-BasedFinancialPlanning;RiskTolerance Assessment;Rebalancing;DigitalAdvice;ProposalGeneration;Investment Planning;PortfolioAnalysis;PortfolioManagement;Reporting,andAlerts.
ASI’swealthmanagementcloudisone-of-a-kindplatformthathelpsfinancial institutionsandwealthmanagerstodeliverbetteradvicetotheircustomerin amoreflexible,efficientandscalableway.
Ÿ Digital Advisor: Thissmart,scalabledigitalapplicationautomatesonboardingandadvicedelivery,soadvisorscanfocusondeepening relationshipswithclients.DigitalAdvisorisacomplete,turnkey automatedinvestingsolutionfromleadgenerationandmodelselection, throughportfoliomonitoringandrebalancing,soclientscanefficiently serveaccountsofanysize.
Ÿ Behavioral IQ: ASIhasbuiltaninnovative,research-baseddigital solutionthatmeasuresaperson’srelevantbehaviorsandknowledge, uniquelycreatingameasureofboththeirabilityandpropensityfor makingappropriatefinancialdecisions.
We provide cloud platforms to empower today’s advisor and wealth management companies. Customized to suit the needs of each of our clients, ASI’s products address a range of advisor functional needs, including Digital Advice, Planning, Proposal Generation, Portfolio Construction, Rebalancing, and Investment Analytics
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Portfolio Rebalancer: Portfolio Rebalancerisaportfolio managementapplicationthat scalestofirmsofanysize.It includesportfolioconstruction andmodelmanagement, investmentproposalgeneration, accountmonitoring,portfolio rebalancing,diagnostics,and reporting.IthelpsASI’sclientsto growtheirtoplineandincrease operationalefficiencywiththe wealthmanagementindustry’s mostcompleteportfolio rebalancingapp.
Ÿ Client Acquisition: ASIClient AcquisitionSolutionisan institutional-caliberportfolio constructionandproposal generationplatformthatallows advisorstocreatemore personalizedinvestmentplans, delivermoreconsistentadvice, andconvertmoreprospectsto clients.
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Forexample,ASIbuiltthefirstselfdirectadviceapplicationfor Sharebuilderlongbeforeother organizationssawthebenefitof workflowautomationwithrobo advisors.AdvisorSoftware welcomesthosechallengesand enjoyseducatingpeopleaboutnew andimprovedwaystorunawealth managementbusiness.
goalgamiPro: ASIbelievesthat goalgamiProisthebestFinancial Planningsoftwaresolutionfor
Ÿ
financialadvisorswithtoolittle timeontheirhands.With goalgamiPro,onecancreategoalbasedfinancialplansconsistingof ahouseholdbalancesheetand cashflowplan,thengenerate professionalgoalachievement reportsforyourclientsinamatter ofminutes.
Wealth Management APIs: WealthManagementAPIShelps toleverageASI’srobustlibraryof APIs.Theorganizationhasbuild anddeliverend-to-end,extensible APIsthatcanbeusedwithinyour existingwealthmanagement applications.
AResearch-DrivenCompany AdvisorSoftwarewasthefirstinthe industrytodevelopmanyofthe wealthmanagementapplicationsand APIsthatarewidelyusedtoday Drivenbyindependentresearch, AdvisorSoftwareoftenuncovers needsintheindustrybeforethe professionalsonthefrontlines realizetheyhavetheneed.
AdvisorSoftwarebelievesthatthe comingyearswillbequiteexciting fortheorganization.Thecompany seesbehavioralfinancebecoming moreintegratedwithholistic financialplanningandretirement planning.Itwantstohelpadvisors usetoolslikeBehavioralIQtocoach theirclientsaboutinvestingwhile managingnotjusttheirtolerancefor riskbutalsotheirtoleranceforloss.
EnteringtheEverCompetitive Vertical AndrewRudd’sprincipalmotivation infoundingASIwastherealization thatfinancialadvisorswouldbenefit fromaninstitutionalapproach towardsportfoliomanagement,and thattechnologycouldenrichthe advisor-clientrelationship.
EachnewinitiativelaunchedbyASI sharesthegoalofimprovingthe qualityofservicesprovidedtothe end-client.Toachievethis,ASI introducedapplicationover investmentadvice,financial planning,morerecentlybehavioral finance(BehavioralIQ)andDigital Adviceplatform.Thisgoal-based investmentplatformallowsclientsto eitherbeself-directedoradvisor assistedenablingastreamlined approachtoonboardingand maintainingthenewandexisting clients.
If you have technologists on hand and you want to control the UI/UX experience, our functional APIs will plug right into your existing user interface.
AdvisorSoftwareInc. advisorsoftware.com
AgileFinancial agile-ft.com
AndrewRudd Founder Chairman&CEO
KalpeshDesai CEO
AdvisorSoftware’smissionistoadvancethescienceofwealth planningsofinancialadvisorscanfocusontheartofadvice delivery.
AgileFinancialTechnologiesisledbycaptainsoftheindustry whoenvisionedthecreationofanunparalleledenterprisethat wouldbeanagiletechnologypartnertoleadingplayersinthe BFSI(Banking,FinancialServicesandInsurance)sector
Auka auka.io
Aukaisatechnologycompanythatenablesretailbankstoissue mobilepaymentproductstoitsprivateandmerchantcustomers.
EricMouilleron Founder&CEO
DanielDoderlein Founder Bankable bnkbl.com
BriteCore britecore.com
Capco capco.com
EquitableFinancial Solutions efsol.com.au
PhilReynolds CEO
LanceLevy CEO
UsmanSiddiqui Managingdirector
Gavin meetgavin.com
MatthijsNelemans Co-founder&CEO
Bankableofferswhite-labelandAPI-basedpaymentsolutions, includinge-wallets,m-wallets,remittanceservices,P2P transfersandprepaidcardprograms.
BriteCoreisanenterprise-levelinsuranceprocessingsuite.Built fromthegroundupusingthelatestinmodern technology,BriteCorecombinescore,data,anddigitalsolutions intoasingleplatform.
Capcoisactivelytransformingthefutureoffinance,tocreatea resilientmarketoftransparency,trustandcapitalstrength.
EquitableFinancialSolutions(orEFSOL)wasestablishedin May2011asaproprietarylimitedcompany.Itsmissionistobe theleadingproviderinalternativeandinnovativefinancial solutions.
Gavinistheworld’sfirstrisk-sharingservice.
Governance.io Governance.io
Governance.ioturnsitsclient’sdataintovaluablebusiness intelligence
JochemDavids CEO
BertBoerman CEO Insureapp insureapp.com
InsureAppistheworld’sfirstlifestyle-basedinsuranceand offersarevolutionaryapproachtocustomerengagement.It blendsuser’slifestyle-patternsandadapttotheirreal-timeneeds byofferingindividualizedandon-demandinsurance.
IntelligentBanking Solutions
ibshome.com
Jabil jabil.com
Moven moven.com
MyBucks mybucks.com
CindyDaley DirectorofOperations
GaryCantrell CIO
IBS(IntelligentBankingSolutions,Inc.),isexclusively dedicatedtocollectionandrecoverysoftwareforthebanking industrysinceit’sinceptionin1989.IBS’banksoftware solutionshavebeenlicensedtoalmost900financialinstitutions.
Jabilisaproductsolutionscompanyfocusedonempowering brandsthathavetheirsightssetonempoweringtheworld.
BrettKing Founder&CEO
DaveVanNiekerk CEO
Movenisagroupoftechnologists,strategists,designers,data scientists,andfinancialservicesspecialistsonamissiontobring bankingtothedigitalandmobileage.
MyBucksisaFintechcompanythatembracestechnologyasa meanstoprovidefinancialproductsandservicestothelowand middle-incomecustomersegment,predominantlyinhighgrowthemergingmarkets.
PayTabs paytabs.com
AbdulazizAljouf Founder&CEO
PayTabs,offersitsclientsone-stoprevolutionarysolutionsfor allyourrequirementstomanagetheirbusinessonline.
SE2,LLC. se2.com
GautamThakkar CEO
Souqalmal
Souqalmal.com
AmbareenMusa CEO&founder
Se2,anEldridgeIndustriesportfoliocompany,isaleading technologyandthirdpartyadministrationcompanyfocusedon theNorthAmericanlifeandannuityinsuranceindustry
Souqalmalisknownforitscorevalue:Trust.Asateam,itthrives tobuilduptransparencyintheFinancialServicesindustryandbe achampionforconsumers.
TransMeritMerchant Services transmerit.com
VIPRSolutions viprsolutions.com
Zorrosign,Inc. zorrosign.com
GeorgeCsahiouni Co-founder
BOBBROWN CEO&Co-founder, RichardBrown Director&Co-founder
TransMeritMerchantServices’goalistofullyunderstandeachmerchant’s businesssothatitcanofferacustomizedprogramperfectlysuitedtothe needsofthatspecificenterprise.Byvaluingtheuniquenessofitsclients,it isbetterabletohelpthemdevelopnewbusiness.
VIPRisanaward-winningproviderofsophisticatedsoftware solutionsfortheinsurancemarket.Itsunrivalledmarketinsight hassecureditsreputationasanindustryinnovator
ShamshHadi CEO&Co-Founder
ZorroSign’scuttingedgetechnologyauthenticatesthesignatory, thesignatureandthedocumentbyensuringithasnotbeen revised,revoked,replacedorcancelled,beitonlineoronpaper
Carol Fitzgerald President & CEO BuzzBack
Themarketresearchlandscapeisindisruption–how wecaptureconsumerinsightsischanging drasticallyfromhowitwasdoneyearsago.Agileis thenewmantraformostmarketersthesedays–it’sabout beingfaster,cheaperANDsmarter.Isitpossibletohaveall 3?
Further,Agileisn’ttheonlyA-word–there’sArtificial IntelligenceandAutomationaswell.TheseA’scomprise someofthemajorfactorsdisruptingourlandscape.So, whatdoesitallmeanandhowdoesitimpactyou?
Ispendagooddealoftimevisitingclients–infact;Icount thecompaniesIvisityearafteryear,that’scompanies, not individuals.Lastyear129,theyearbefore105–allglobal andacrossmanysectors.
Here’swhatIamhearing(andseeingofcourse):
Ÿ ConsumercompaniescontinuetofocusonMillennials, andnowGenZ;thesearemobile-centricconsumers, theybalkattraditionalresearch,&moreimportantly, usevisuals&video(SnapChat,Instagram,YouTube)to communicate&curatebehavior.Howyoutalktothem needstochange-meaninghowyoucollectandcapture whatthey’redoing.
Ÿ
Today’sconsumersareinformed‘digitalspenders,’ accordingtoHarvardBusinessReview–theyintegrate mobiledevicesforinformationseekingandpurchase, bothin-storeandonline.Theyareinformedand connected,makingin-contextlearningmorecriticalfor consumerclosenessandactivation.Further,becauseof theirrelationshipwithmobiledevices,thereisinherent intimacy,enablingmarketerstogainfromricher understanding,bothviaactiveandpassive‘data capture.’
Ÿ
Howconsumersuseinformationandcommunicateis shiftingtowhatGooglereferstoasmicromoments.We liveinaworlddrivenbyinstantsharing,YouTube videos,TEDTalks,etc.Marketersneedtoshifttheir approachesandfocustohowtheycaptureconsumer information–bothactivelyandpassively Thisaddsto thedisruption.
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Healthcarecompaniesaresomewhatstillfocusedon oldergenerations(Boomers,Xers),buthowthis informationisdeliveredisshiftingtoonlinesourcesof healthinformation,andcompliancemechanismsgo beyondthelife-savingpilltoappsandotherwaysto reinforceusageofnewtreatmentsandmedications.And it’sthesamewithdoctors–tabletsandmobiledevices
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areusedfortheirdailywork,thereforeresearchneedsto conformwithvideointerviews,etc.
Ÿ Navigatingthislearningalsohasitssetofbuzzwords andnewrequirements. AIandautomationarethe2018 buzzwordsontopofbeingAgile.Clientsarerearchitectingprocessesanddisciplines.Theemergenceof Zappistore,Wizer,Audience,andotherself-serve platformsalso,hasgainedacceptanceofferingan automatedwayformarketerstogetfastresultsusing standardapproaches.Infact,it’sresultedinashiftto marketersbecomingmoreempoweredforresearch ‘buying’asinsightsteamscontinuetoshrink.
AtBuzzBack,we’vebeenpioneeringinnovationininsights formorethan17years.Infact,thismonth,weturn18 emergingasaleaderininnovation.Sometimeswedon’t explicitlyusethewordagile,becausewe’vealwaysbeen agile.Thatmeansprovidinginsightsatdifferentstagesin yourinnovationjourney–sometimeswithstageseven conductedinparallel–fasterandmoreaffordably,making iteasyforyourteamtomoveforward.
You’llbenefitfromauniqueexperiencethatcombines:
Ÿ Researchguidance–researchsteering,whetheryou’re aninsightsexpertorattheearlystagesofdevelopinga brand.Ourseasonedresearchersguideatmultiplesteps alongtheway
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Interactivetechniques–ourproprietaryprojectives yieldgreaterdepthandunderstanding,usinginteractive technologytoengage–especiallyyoungergenerations accustomedtolivinginadigitally-centricenvironment
Depthofreporting–combiningvisual,verbal, emotionalandcontextualunderstanding,illustrating consumerclosenessinbothconsumergeneratedand passivedatacapture.Yourlearningneedsto conceptually,conciselyandquicklydelivera‘story’ that’seasilydigestableandshareable
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Fasterdelivery–automationtogiveyouresultsinjust afewdays–evenhours–tobringyouconsumer closeness
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Holisticviewbecauseyourjourneyhasmultiplesteps, andkeythemesneedtofittogetherwhenyou’ve completedthesteps.
Overtheyears,hundredsofbrandshavereliedonour techniquestobetterconnecttoconsumers,breakthrough marketingchallenges,andfast-tracktheirinnovation–with provenresultsbringingnewproductstomarket.
Whenitcomestodeterminingyournextstepsinmarketing, howdoyouplantogetallA’s?
Digitizedpaymentmethods aregainingworldwide attentionforalltheright reasons.Theyenableuserstopay bills,purchaseproductsandservices, andchecktheiraccountbalances online,nomatterwheretheyare.
Adigitizedmethodofpaymentis moresecureandconvenientthanthe conventionalcashpaymentgateway. Itisalsoaveryhelpfulfeaturefor usersinremoteareas.Wireless paymentgatewaysystemsaresoeasy touseandadaptablethataboutthirty percentofsmartphoneusersemploy them.
AukastartedasmCASH,Norway’s firstmobilewallet.mCASHwasthe firstfully-licensedfinancialservices companytoruncompletelyonthe Googlecloudplatform.In2015, Norway’ssecondlargestbank, SpareBank1,acquiredtheexclusive brandingandusageofmCASHinan attempttokeepupwithNorway’s largestbank,DNBanditsmobile platform,Vipps.
Aukawasformedoffthebackofthis acquisition.In2016,itwaslaunched internationallytohelpbanksinother regionscreateandlaunchtheirown
white-labelmobilepayment solutions.
TheEuropeanPSD2andGDPR paymentsanddataregulation systemsarestimulatingbank business.Bankswereonthe defensivewiththirdpartiestaking overconsumerinterfacewhile returnsoncardpayments diminishing.
banksintheworldwhohave monetizedandincreasedtheir customershareusingthismodelof mobilepayments.
Transforming
Auka’sFounder,DanielDöderlein, believedformanyyearsthatsending moneytopeersshouldbeaseasyas sendingatextmessage.The introductionofthesmartphonemade thatideapossible.
Aukaoffersthemanewchannelfor recruitingcustomersandcreating newrevenuestreamsthroughits provenmobilepaymentsplatform. Allthisisstreamlinedthrough Auka’swhite-labelconsumerand merchantapps,whichareownedand brandedbytheissuingbanksona SaaSmodel.
Aukahastheuniqueexperienceof buildingandlaunchingamobile paymentsplatformincludingP2Pand P2Mpaymentfunctionalityina regionwhereasolutionlikethisdid notpreviouslyexist.
BanksinScandinaviautilizethe sameunderlyingformulathatpowers Tencent’sWeChatPayandAlipay Scandinavianbanksaretheonly
Truetohisvision,Danielstarted workingonarevolutionarypayment platform.In2010,afterthreeyearsof studyingboththeproprietary Norwegianandtheinternational paymentnetworks,Danielcompleted hisdesignandlauncheditas mCASH.Hehadcreatedthefirst technologyofitskindin Scandinavia.
Danielisanaward-winningserial entrepreneur.Hefoundedoneof Norway’sfirstdomainandweb hostingcompanieswhenhewasjust 17.Today,hehasmorethantwenty yearsofexperienceinthefieldsof IT,media,marketingandmobile.
DanielisalsoontheGoogleCloud CustomerAdvisoryBoard.Hehas
contributedextensivelytoseveralITandtelecom startups.Thisexperiencehasenabledhimtodevelopa vastnetworkinrelatedfieldsandbuildmarket-leading products.
Additionally,Danielregularlyspeaksatvariousbanking andtechconferencesonupcomingbankingdisruption andmobilepayments.Heishighlysought-afterforhis remarkableinsightandvision,andhasgiventalksat GoogleNextinEurope,theParisFintechforum,Viva TechandLondonFintechWeek.
AukaisoneofthefirstcompaniestolaunchaD2C mobilewallet.Withanadmirabletechexperienceand abilitytocreateasolutionthecompanyhasfirst-hand learning’soflaunchingaservicelikethisinmarket.
Aukahasastringoffirststoitsname.Itwasthefirstto developmobilepaymenttechnologyintheNordic countries,thefirsttolaunchmobilepaymentsinNorway, andtheworld’sfirstregulatedfinancialservices companytorun100%onpubliccloud.
AukaisoneofthepartnersofGoogleCloud’sAdvisory Board.Ithasgivenregionalbankstheabilitytocreate theirownwhite-labelmobilepaymentsoptions.Its innovativesolutionhashelpedthemtoretainandacquire customers,gainanewchannelthroughwhichto monetizepayments,andalsotopreventthird-party disruption.
Theregulatorytechnicalstandardswhichguidethe implementationofthesecondpaymentsservices directive(PSD2)expireinSeptember2019.
“BanksintheEUarerequiredtohavetheiropen bankingsystemsinplacetoconnectwiththird-partiesby then.Theymustpublishtheircomplianceplanssix monthspriortothis.
“Additionally,theymusthavesolutionstowardoffthe onslaughtofdisruptionandcompetitionfromthirdparties,fintechsandotherbanks.”
Aukapartnerswithbanksinthistransitionperiodtohelp themstrengthentheirdigitalpaymentschannelsinthis periodofregulatory-drivenandglobalbankingchange.
“Auka’s platform enables retail banks to provide innovative products and services to consumers and businesses without the overheads from legacy IT.”
Daniel Döderlein Founder
A serial innovator, published author, Founder and CEO of SPLICE Software, Tara Kelly is passionate about technology’s potential to change lives for the better. She has consistently channeled that belief into developing technologies that enhance operations, enable better service delivery, and improve the customer experience. This has resulted in creating three customer experience companies and turning an innovative idea into a patented, proprietary technology (US Patent Number 9348812) that harnesses data streams to create personalized, automated messages.
SPLICE solutions were included in Gartner’s “Cool Vendors in Insurance, 2016” report and Forrester’s “IoT and Analytics Startups Can Turn Insurers into the ‘Good Guys’” brief.
Organizationslikepropertyandcasualty insurancecompanies,utilitiesandother businessesthathelppeoplerecoverfrom naturaldisastersaregearingupforthe2018Atlantic hurricaneseason,whichbeginsonJune1.Everyoneis hopingit’snotasactiveaslastyear’shurricane season,whichwasamongthemostdestructiveon record,withsixmajorhurricanesandmorethan$280 billionindamages.
Recoveryisstillongoinginmanyareas,notably PuertoRico.Buthurricanesaren’ttheonlydangerto livesandpropertythatinsurersmustaddress.Wildfires canoccuratanytimeoftheyear,especiallyunder droughtconditionsandwhenwindsarehigh.Floods occuryear-roundandcancausecatastrophicdamage, ascantornados,hail,blizzardsandarangeofother weather-relatedevents.
Organizationsthatneedtourgentlycommunicatewith customersoremployeesbeforeandafteraweather eventoftenencounterdifficultiesbecausetheydon’t havethecontactinformationtheyneed.Eitherthedata theyhaveisoutofdate,orthey’reusingachannel (workemailaddresses,landlines,etc.)thatthepeople they’retryingtocontactaren’tmonitoringduringthe emergency.
Afteradisaster,organizationsencounterevenmore difficultiesincommunicating.Customersmayhave lefttheareaorareinalocationwherethe infrastructuresufferedsignificantdamage.
Organizationsthataretryingtomovecrewsintoplace toaddressthedamageoftenhavetroublemobilizing theirpeoplebecauseofcommunicationbreakdowns anddifficultyvisualizingconditionsontheground.
Fortunately,it’spossibletoplanahead,gatherneeded dataanddeploytechnologies,includingartificial intelligence(AI)anddatavisualizationtools,toenable criticalcommunicationwhensecondscount.For businesseslikepropertyandcasualtyinsurance companies,usingtherighttechnologyassetscan
SPLICE Software creates stronger connections and improves the customer experience by delivering personalized messages to your customers via their channels of choice, at the most critical points along the customer journey. Our cloud-based Dialog Suite™ uses Big Data & Articial Intelligence to deliver Data-Driven Dialogs® that can be leveraged across phone, SMS messaging, and AI-assisted devices like Amazon Alexa and Google Home. It’s just part of how SPLICE combines art & science to help you connect with your clients in new ways. Our award-winning Suite enables Retailers, Insurance companies, and Financial Services rms to collect and manage customers’ permissions and preferences so you can personalize, communicate, test, and measure like never before.
enablecommunicationwithcustomersbeforeandafter disasterstrikes.
Itallstartswithdata.Companiesthatneedtocommunicate withcustomers(orstaff)duringanemergencyshould preparebygatheringsmalldata,suchascompletecontact information,makingsuretodistinguishbetweencellphone andlandlinenumbers.They’llalsoneedtogetpermission tomakecontactandaskwhichchannelspeopleprefer,e.g., text,email,voicemail,socialmedia,etc.
Withthesmalldatatakencareofthroughpre-disaster outreachanddatacleanupprojects,organizationscanput bigdataandAItoworkbeforeandafteradisasterto communicatewithcustomersandemployees.Insurance companiescanreachouttocustomerswhoareinanarea threatenedbyadisaster,providinghelpfulinformation onmakingaclaim.
SortingcustomerinformationbyZIPcodetopinpoint customersinthepathofdanger,insurerscanusebigdata andAItosendautomatedmessagesviathechannel customersprefer,remindingthemtomovetoasafe locationandincludingtipsonwhatdocumentation they’llneedtofileclaimsandinstructionsonhowto contacttheinsurancecompanyoncethedangerhas passed.
Thistypeofoutreachishelpfultobothcustomersand thecompaniesthatsendthecommunication.Itcanhelp insurersavoidlossesbywarningcustomersofimpending danger,andinstructionshelpcustomersreceivethe promptservicetheyneedafteradisasterstrikes. Personalizedoutreachalsohelpsstrengthenthebond betweenbrandsandthecustomerstheyserve.
Oncetheimmediatedangerhaspassed,organizations likeutilities,claimsadjusters,emergencyresponse teams,etc.,needtodeployfieldcrews.Asoftware solutionthatcanharnessAI,advanceddatavisualization capabilitiesandmasscommunicationstoolscandeliver theinformationdecision-makersneedwithspeedand accuracy.
Bigdataisessential,butinformationaloneisn’tenough —decision-makersneedtobeabletovisualizeitto maketherightcallsandcommunicatewithaffected
stakeholders.Forexample,afterahurricanehasmoved throughanarea,powerrestorationandcivilengineering crewsmaybeonhand,butwithoutanaccurateviewof conditionsontheground,it’simpossibletodeployassets effectively.
Aweathereventthatknocksoutpoweranddamages infrastructurecandelayrecoveryefforts,leaving customersstrandedandcrewsidledjustwhentheneed forhelpismostacute.However,adatavisualizationapp thattakesinbigdatafrommultiplesourcescanprovide clarityonconditionsontheground,allowingleadersto makeinformeddecisions.
Pictureutilityteamleaderswithseveralpower restorationcrewsinadisasterzone.Datapouringin fromsocialmedia,weatherservicesandothersources canhelpthempinpointwhichcrewstosendtoaddress specificsiteswithinfrastructuredamage.Butdata visualizationtoolsthatshowconditionsinrealtime,such asroadandbridgeclosures,canhelpthemtakedecisive actionimmediately.
The Secret Sauce Is Simplicity
Emergencymanagementtoolsthatintegratebigand smalldataandleveragethepowerofcrowdknowledge andAIcanprovidecriticalinformationthatcanbe visualizedandunderstoodinseconds.Theabilitytosend masscommunicationsisalsoimportant.Automated voicemessagescandelivercatastrophewarnings,postcatastropheserviceupdates,officeclosurenotifications andmuchmore.
Speedandaccuracyareimportant,butsimplicityisthe secretsauce.Asoftwareplatformthatintegratesallof theseelementsandallowsthepeoplewhoaremanaging criticaleventstovisualizecomplex,evolvingfactorsin realtimecanbeagame-changer Whether communicatingwithcustomersoremployees,when secondscount,bigdataandAIareindispensableallies.
Theglobalmarketplace, insurancecompanies, FinTechs,andnationaland internationalbanksneedareliable, secureandagiletransactionalplatform thatcaneliminatepayment inefficiencies.Oneofthekeyplayers ofthisfieldistheLondonbased FinTech,Bankable.
Bankableprovidesarangeofpayment solutionsundera“Bankingasa Service”model.Currentlydeployed solutionsincludedigitalbanking, virtualaccountservices,card managementandprocessingservices andpaymentprocessingservices.
Bankable’sclientbaserangesfrom globalcorporates,incumbentbanks andinsurers,toSME’sandFinTechs wholeveragetheBankableplatformto streamlinetheirpaymentsprocesses andgeneratenewnetrevenue opportunities.WithBankable’s productsandservices,banksare enabledtofocusontheirbrandand products,andtoquicklylaunch productsinnewterritoriesandeasily targetnewcategoriesofcustomers. Largecorporatescanleveragetheir servicestoimprovepayroll,expense andpurchasemanagementwiththeir cardprogrammes.FinTechscan quicklylaunchinnovativepayment toolsfornichetargetgroups,andlarge insurancecompaniesobtain streamlinedprocessesincludingadmin &fraudmanagement,withreal-time financialsupporttobeneficiaries.
Bankable’soverallcompetitive advantageistheircapacitytoserve globalclientsonvariouslevels:legally,
commerciallyandofcourse technically.Bankable’skeyadded valueindeedliesinthestrong technologytheyprovide,with Bankable’sVirtualAccount Managementplatformasthecore featuretothebroaderpaymentservice Bankableenable.TheBankable platformenablestheircustomersto quicklygotomarket,withafull turnkeysolutiondependingontheir businessneeds,viaasinglemultichannelplatform.Bankableisglobally connectedtocustodianbanks, processors,cardmanufacturersand othersuppliersinthepayments ecosystem,andtheyalsoprovide programmemanagementservices–enablingBankabletodeliveranendto-endsolutionforcorporateand consumerpaymentprogrammes. Bankable’suniqueinteroperable platformasaservicecanbedeployed inwhite-labelorviaAPItoprovide real-timepaymentsolutions.Bankable targetsbothB2BandB2B2Cclients withseveralproducts,including DigitalBanking,aVirtualLedger Manager(VLM)andPaymentCards Programs.
VirtualLedgerManager:Bankable’s VLMisasolutionthatprovidesa faster,clearer,andmorescalable operatingmodelforcashmanagement withitshigh-levelcapacitytoprocess standardisedandproprietarydatainall machine-readablebankformats.Itis applicabletoanybankaccountandcan beeasilyintegratedtothegeneral bankingprisminwhichcorporates evolve.
TheBankablevirtualaccountstructure isadatasegregationandsecurity system,whichprovideslarge
corporateswiththeabilitytoreplicate theiroperationalsystem.Asaresult, thisallowsanyclienttocreatean unlimitednumberofvirtualaccounts andentities(countries,division, businessunitsetc.)formoneyinand moneyout.VLMautomaticallydeals withthereconciliationofinboundand outboundpaymentsthatoccurfromthe virtualaccounts.Italsoenables transactionstobeinitiatedfromthose accounts.
DigitalBanking:Bankable’sDigital Bankingplatformareleveragedby banks,FinTechs,Telco’sandretailers tolaunchadigitalbankfromscratch.
Bankabletechnologycanbedeployed togenerateaccountswithIBANs,issue paymentcardslinkedtotheaccounts, andaccesspaymentsschemes, includingFasterPayments,SEPA transfersandSWIFTpayments.The coreofthesolutionsistheAccount ManagementSystem,whichhandles alltheaccountingandreconciliation andprovidesconnectivityto Bankable’sancillaryservices.
Corporateandconsumercard programmes:Bankable’splatformcan beleveragedbycorporatestolaunch cardprogrammestoimprovetheir expense,payroll,andpurchase managementprocesses,andcanbe usedbydistributorstodeploycard programstargetedatconsumers.
Ÿ Forcorporateprogrammes–Bankableoffersafullywhitelabelledself-serviceplatformfor SME’sandcorporatestoissue VISAandMastercardprepaidcards toemployeesforexpenses, purchasing,payroll,incentivesetc.
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Itgivesclientscost-effectivecentralisationoftheir paymentsasitreplacescashandchecks,aswell facilitatesreal-timereportingonemployeespending.
bankingsolution,whichcanbedeployedfeaturingboth physicalandvirtualcards.
EricMouilleronfoundedBankablewiththevisionof eliminatingpaymentinefficiencies.PriortoBankable,he co-foundedValtech,anITproject-basedsoftware consultingcompany.
In1999,ValtechhadanIPOonEuronextandby2000,it hadgrownintoamultinationalcompanywith12officesin 8countries,withmorethan1,200employeesandamarket capofUSD1.5billion.Beforeco-foundingValtech,Eric wasamarketingstrategistfortheNewYorkTimesandthen atGroupeHersant.
AsaFounderandCEOofBankable,Ericbuildsacultureof diversityandpassioninwhattheydo,andheinspireshis employeestogivetheirbestandhelpthecompanygrow.
AftersuccessfullyleadingValtech,Ericmovedontonew entrepreneurialendeavorsintheFinTechindustry Thiswas afterheattendedthefirstMastercardprepaidconferencein PragueinMay2007,aneventwhichprovidedhimwith insightsintothepaymentspaceinEurope.
BankablewaslaunchedinDecember2009,inthewakeof thegame-changingEuropeanPaymentServicesDirective (PSD1).ThislegislationdisruptedtheEuropeanfinance industryasitforcedtheindustrytobemoreopenand competitive-freedfromregulatoryyokes,non-banking playerswerefinallyabletothrive.BythenBankable,the globalarchitectofinnovativepaymentsolutionsproviding “BankingasaService”,wasset-upbydesigntolegally, technicallyandcommerciallybuildlonglastingpartnership withbanksandglobalcorporates.
Since2012,Bankablestandsas“thefriendliestFinTechto incumbents”;thiswascontroversialatthetime,becausein thosedays,mostFinTechsaimedtodestroythebanking industry.Despitethegeneralapprehensionand competitiveness,Bankablethatyearsignedtheirfirstbank partnershipwithDeutscheBank,GlobalTransaction Banking.Today,Bankableispartneringwithseveral Europeanbanks,Moneyou(asubsidiaryofABNAMRO) beingoneofthem.Thisrelationshipevolvedintoa successfulpartnership–resultinginafullydigital challengerbankforconsumerswithin6monthsofthefirst initialmeeting.
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Forconsumerprogrammes–Bankable’splatformcan beusedbylargecorporations,banks,non-bankfinancial institutions,FinTechs,etc.tolaunchtheirownconsumer programmes.Theplatformcanbeleveragedintoalight
Bankableisnowinthemidstofitsexponentialgrowth, planningtoextenditsrangeofservicestotheUSA,the Middle-East,AfricaandtheAsia-Pacificregionby2020.
“Bankable provides a range of payment solutions under a ‘Banking as a Service’ model.”
Eric Mouilleron Founder & CEO
Entireorganizationsaredrivenontechnologythatno longermeetstheexpectationsofendusers. Particularlyinthefinancialspace.Financial institutionshavenotoriouslystruggledtokeeppacewith technology.Many,ifnotall,desktopsthatpowerWall Streetareprogrammedinwhatarenowreferredtoas “legacy”languages:Java,.NET,andC++.Thisbecomes increasinglyproblematicthelongertheysitthere.The degradationofuserexperienceandfunctionalitycreates seriousconsequencesforaproduct(andthebottomline), especiallywhencomparedtotheirmoderncounterparts.
TheriseofmodernUXandUIhasfundamentallychanged thewaybusinessleadersandorganizationsthinkabout productdevelopment.Astechnologyevolvedoverthe years,sodidconsumerexpectations.Engineersimproved theirmethodsandcraft,betterproductsweredelivered,and consumersreapedthebenefitsofaninteractive,intuitiveUI thatdeliveredagreatUX.However,thatsamedeliverable quicklyconditionedandinfluencedusers’expectations, makingitevenharderforengineerstokeeppace.Users wantand expect abeautifullydesigned,modern,interactive experienceonanydevice,anywhere.
Dan Schleifer Co-founder ChartIQ
In today’s world of hyper expectations, user experience must be the leading driver in determining product strategy.
Webtechnologies—HTML5,CSS,andJavaScripttoname afew—arewhatdeliverthemodernUXthatusershave cometoexpect.Thesetechnologiescameandconquered. They’reresponsibleforthe“mobilefirst”andcloud movementsthattransformedbusinessesaroundtheworld. Webtechnologieshavehadsuchabigimpactonthebottom linethattheyarenowacornerstoneofanygreatcompany orproductstrategy
Butthefinancialspaceisalwaysalittletough.Developing toolsforfinancialprofessionalsisn’tthesameasbuildinga taxiserviceapp,achatplatform,orafooddeliveryapp. Theneedsoffinancialprofessionals—analystsandtraders inparticular—arefarmorecomplexandrequiretechnical sophisticationandindustry-specificintel.
Withhelpfromexpertsinthefield,institutionsbeganto delivertheexperiencemodernusersdemanded.Web technologiesplayedahugeroleasdevicesproliferatedand
cross-platformtechnologybecameessential.Butthroughall ofthis,therewasonedeviceandtoolthatwasoverlooked: thedesktoptradingterminal.Thelastmileofweb technologiesisbringingtheirinherentadvantagestothe institutionaldesktoptradingstation.
Thedesktopiskinginthefinancialindustrythankstoits sheerpower,performance,andefficiency.Rightnowa proprietaryterminalsitsonthedeskof325Kofthemost influentialdecision-makersinfinance.Closeyoureyesand imaginethetradingfloorfullofpaperticketsandrunners. OneofthefirstindustryrevolutionsmovedWallStreet fromprinttocomputers.Andnow,we’reinthemidstof anothergreatrevolutionasHTML5,CSS,andJavaScript arebeingappliedtofinancialtechnology.
Powerusersinfinanceneedaccesstoalotofdata—and quickly.Thisexplainsthelargeinvestmentinthedesktop computerand12+monitorsetup.Butwhatifyoucould takeallthedatawithinthosemonitorsandhaveeach monitor’scontentstalktoeachother,fitononescreen,or stretchoutacrossmanyscreensdependingonyour preference?Whatifyoucouldfillmultipleareasonyour screenwiththedatathatmatteredmosttoyourown organization?Andwhatwouldhappentoyourbusinessif youcouldintegrateyourlegacyandnativeapplicationsinto thesameplatformasyourmodernwebtechnologies?AND theycouldallinteroperate?Thisisthefutureofthe desktop:oneexperiencepoweredbymanyapps.Itssmarter, better-looking,andmorepowerful.Andit’sfinallyhere.
Financialfirmsemploythousandsofdesktopappsfor trading,marketresearch,andcollaboration.Theycanbe modernorlegacyapps.Theycanbelicensedfromthirdpartyvendorsorbuiltin-house.Theycanbebuiltwith differenttechnologiessuchasJava,.Net,Angular,orFlash. Butnomatterthesituation,financialinstitutionsarefaced withahodgepodgeofdisparate,splinteredapplications acrosstheentireorganization,anddefinitelyontheuser’s desktop.Theseappsmightprovideinsightandpowerand individuallybegreat,butthey’rejustasingleappona page,unawareofitssurroundings.
Withinthelastfiveyears,softwareframeworkscalled containershavegivenustheabilitytohavemultipletypes ofapplicationsworktogetheronthedesktop,regardlessof language.Thelatesttechdevelopmentisbuildingadvanced functionalityontopofthecontainer,becausethecontainer isn’tenough.WhenHTML5andJavaScriptareusedontop ofacontainer,theycanleverageAPIs,amicroservice architecture,andmodernfunctionalitytobringusersanew platformexperience—anopenterminalexperience.
Anopenterminalexperienceisexactlywhatfinancial institutionsneedtosolvetheheadachesassociatedwith theiroutdatedtechnology.Itallowslargeorganizations,
steepedinlegacyarchitecture,achancetopreservethe currentappsthatpowertheirbusinesswhilesimultaneously buildingforwardinHTML5.Theopenterminal accomplishesthisbymakingitpossiblefororganizationsto embedtheirownnativeapplicationsintoamodern, interoperatingplatformthatconnectsandsyncsdata.The finalproductisthefunctionalitythatenduserswant.And that’sbeenalongtimecomingforWallStreet’sdarling:the desktop.Yourchoiceofdataandcomponents.Allworking seamlesslytogether.
“The move to bring powerful web functionality and integrate disparate systems into a unified user experience is redefining the institutional trading terminal as we know it.”
Individualwindowscanbeeasilyconnectedwiththetouch ofabuttonsothattheycommunicatewithoneanotherand synchronizedata.Thisallowsforafederatedapproach, wherecomponentsarelooselycoupled,butintegratedintoa unifiedwhole.Withthesenewdevelopments,organizations can,forthefirsttimeever,reducetheirdependenceonthe proprietaryterminalandchoosethedatathatisrelevantto theirorganization.Whendatasourcesareinterconnected, synchronized,andorganizedtobestmeettheendusers’ needs...theentireworkflowismadeefficient.
AtChartIQ,we’vebeenworkingwithHTML5foryearsto guidelargefinancialinstitutionsthroughtheinevitable upgradeprocess.Webuiltouropenterminalplatform, Finsemble,tohelpthesesameinstitutionsdelivera compellingandefficientuserexperienceonthedesktop. Finsembleisamiddleroadbetweenthepowerful-but-rigid legacyenvironmentandthedynamic-but-constrained browserenvironment.APIsallowwindowcommunication andsyncing,andclient-sideintegrationisfastandeasy You canlearnhowtostartrevolutionizingyourdesktoptrading terminalat chartiq.com
WithFinsemble,customizedworkspacesandworkflowsare quicktoassemblefordevelopers.Andtheyareflexible,so theuniquerequirementsofeachandeveryorganizationare individuallymet.Embeddingnativeapplicationsintoan HTML5environmentallowstheselarge,legacy-drivenorgs tofinallydeliverthebestpossibleuserexperience.
DanSchleiferisaCo-founderofChartIQ,afront-end softwarecompanythatspecializesinHTML5functionality andAPIsforcapitalmarketsclients.ChartIQprovidestools thatmakemigratingandupdatingtomoderninterfaceseasy forlargefinancialinstitutions.Learnmoreat chartiq.com
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 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.
Weareatatimeinwhichtechnologyadvancesatanincrediblepace,unlikeothergenerations,today’ssocietyis
accompanyingtechnology,allowingittodevelopwithoutfearoflookingback.Unfortunately,regulationand lawscannotadvanceatthesamespeed,andthatiscreatingdangerousgapsthatcandestabilizetheeconomyas weknowittoday.
Thecrisiswehaveexperiencedduringthelastdecadehasshowntheshameoftheeconomicsystem,anditsfragilityinsome aspects,suchasitsbankingdependence.Thelatterhasallowedalternativeinvestmenttohatch,andwithitmanyfintech tools,blockchainsystems,toolsbasedonpeertopeer,etc...
Theproblemweareexperiencingis that,withthementalityofbreakingthe rulessoastowritethemagain (somethingthatinprincipleshouldbe positiveforsociety),weareforgetting thebasicrulesonwhichoursocietyis based;dataprotection,righttoprivacy, capitalcontrols,orprotectionof retailers,arebasicrulesthatshouldnot beforgotten,becauseifwedoso,we aregoingbackintimedespitebeingin themostadvancedtechnologicalcycle inhistory Andthiscanleadtoaspiral asmuchormoredangerousthanthe criseswehaveexperiencedinrecent decades.
Donotmistakethepassionnecessary toadvanceinadisruptivebusiness, withmovingforwardatanyprice,the nextdecadewillbemarkedbymajor changesinmanysectors:Fintech, Insurtech,Foodtech,Legaltech,etc.As wecanseeintheirnames,theyallrely ontechnology,inwhichinmostofthe casesthereisnoregulationor jurisprudence,sowemustbecautious withtherulesonwhichwewrite, becauseifwedoitinthewrongway wewillbewastingtheopportunitythat isbeinggiventous.
Aclearexampleoftheaboveisthatthe majorityofcryptocurrencies,whichas weallknowarewrittenunder Blockchaintechnology.The blockchaintechnologyisveryreliable, butitisnotinfallible,and unfortunatelythestatesarenot preparedforitssupervisionand control,soeventhoughitssurvivaland developmentisclear,herethemarket isnotreadytohatch,andunfortunately weareseeinghowitadvancesata speedofmadness,andpossiblywewill seescarysituations,becausethevested interestsareveryhigh,andpossibly somearenotentirelylicit.
Anotherexample,arethefamous ICOs,in2017wehaveseenhowthe
Francisco Mariscal is a Founding Partner of Fellow Funders. Telecommunications and industrial organization engineer from Universidad Europa, he has a master’s degree in Quantitative Finance from AFI and an Executive MBA from EAE Business School.
clearthatcrises,likewars,generate poverty,althoughinthelongterm theseallowthepillarsuponwhichthe economiesarebuilttobemoresolid, andwiththatcomescertaineconomic evolutionandimprovement,atleastto date.Therefore,myinsistenceon control,atleastinwhataffectscitizens, thecompaniescantakerisks,but withouttransferringthemtopeople.
volumeundermanagementwiththis typeofproducthasmultipliedby5in directinvestmentonthesametypeof asset,Idonotsaythatthatisbadin itself.Butwhenweseethatcompanies thathavenotbeenabletofinance themselvesbynormalalternative investments,managenotonlytodoit bythismethod,butalsoobtainthree timesthecapitaltheyneeded,itlooks likewearefacingabubble,andthatif itisnotcontrolledcanonlybring problemstothesystem,andpossibly theonesthatwillpayforthiswillbe theusualones,theretailinvestors.All thiswillbringfearintothetoolsthat arebeingbornnow,andcouldendup becomingamerefrustratedattempt, insteadofacomplementofthefuture. Bothexamplesdescribedaboveare allowingustogenerateinflationin valueandprice,somethingwhichwe allknowwhatitwillbringus...Itis
Ingeneral,thefintechsectorhasahuge marketforitsdevelopmentpotential, disintermediationandthecreationof valuefortheuserwillmarkthenext decade.Thenewgenerationswant productsthatprovidevalueandthatdo notgeneratecaptivityofanythingor anyone.Andthisismyreflection,to generatevaluetotheuser,itis somethingmorethanjusttoprovidea friendlyandeasytousetool,wemust protecttheusersandexplaintherisks tobeassumed.Weareseeinghow manyinvestmentplatformssellhighriskproductstotheirusersthrough marketingtools.Itisclearthatwe couldnotliveonabankingproduct eternally.Butwhatcannotbeallowed isthattherulesofprotectionforretail investorsareviolated,becauseindoing sowewillbedestroyingacomplement ofvaluetothetraditionalbanking product.
Asaconclusionofalltheabove, almostalltheFintechtoolshavealong lifeahead,theregulationistracking behind,butifwewantittolastover time,wemustnotforgetthebasicrules ofuserprotectioninallitsaspects. Althoughtherearenorulesinmost caseswemustusecommonsense, whichinmanycasesweare demonstratingthatitistheleast commonofallthesenses.Usersare ourloudspeakertochangethings,and ifwemistreatthem,alltheywillsayis thatweareanotherfailedattemptat evolution.
BriteCoreisafullymanaged, cloud-basedinsurance softwaresystemthatcombines core,data,anddigitalsolutionsintoa single,comprehensivesuite.Founded bytwocousins,PhilReynolds(CEO) andChrisReynolds(COO), BriteCorewasbackedinitsearly initiativesbyaconsortiumofmutual insuranceproviders.
Sinceitslaunch,BriteCorehasrapidly evolvedtosupportdifferenttypesof insurance.Today,itmanagesbillions ofdollarsinpremiumfor approximately50companiesacrossthe USandCanada.BriteCoreisfueling innovationforinsurancecarriers, MGAs,andInsurTechstartupsthrough itsopensource,API-drivenplatform thatisstable,flexible,andadaptable.
BriteCoreoffersmulti-line,multi-state, andmulti-locationpoliciesfor personal,commercial,auto,and specialtylinesofbusiness.Core modulesincludePolicies,Claims, Billing,Reporting,Analytics,CRM, RulesandRating,Document Management,AgentQuotingand Inquiry,PolicyholderAccess,and MobileApplications.Thecompany’s extensibleplatformcanbecustomized toanybrand,product,orworkflow, employingawide-varietyoffeatures andfunctionality.
Thebest-of-breedmentalityofthe 2000sgaverisetoheavilyfragmented ITsystemsthatdonotoperate seamlesslytogether.Today,many carriersspendthemajorityoftheirIT budgetandtimemanagingsystem integrationsinsteadofdriving innovation.BriteCorehelpsthese strugglinginsurersovercomeinertiaby offeringalicensingmodelthat supportsongoinginnovation,scales relativetopremiumvolumes,replaces periodicandcostlyupgradeswitha simplemonthlysubscription,and managesdailyupgradepathsfor clients.
BriteCore’soriginwithdomestic mutualinsurancecarriershelpedthe companybuildastrongservicearm experiencedinallareasofinsurance operations.Itsindustry-leading technologymakeBriteCorethebest possiblechoiceforprovidersseeking toinnovate,automate,ordisrupt.
BriteCoreprovidesacommunityto aligncommoninterestsandtoolingto empowercustomerdifferentiation.The company’scustomer-centricfocus mixedwithitstech-firstmentality enablesinsurersto:
Ÿ Testnewproductsandquickly bringthemtomarket
Ÿ Adoptnewtechnologiestoimprove operationandefficiency
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Embracethespeed,storage,and securityofcloudcomputing
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Automatebusinessworkflowsand processes
Ÿ Deployproductswithina reasonabletimeframeandbudget
BriteCore’ssolutionsprovidemany benefits,includingthefollowing:
ComprehensiveInsurance ProcessingSuite:Allmodules(listed above)worktogetherseamlesslyand reliably.
AutomatedSaaSwithDedicated Support:Thefuturisticsolutiondoes notrequireITorsupportresourcesto deployandmaintainsolutions. BriteCore’sapproachbenefitsclients bysmoothingthescalingcostwith limitedmanagementoverheadandby performingincrementalreleases, manageddailyupgrades,and perpetuallymodernsoftware.
DedicatedResourcesand CommunitySource:BriteCoreoffers personalizedimplementationplans withdedicatedmigrationandeducation resources.Aligningcoreobjectives withdedicatedtechsolutionshas produceda100%implementation successrateforthepastfiveyears.
ProductandPlatform:BriteCorecan beusedbothasaproductwithauser interfaceandasanAPI-driven platform.Insurerscanextend
BriteCorethroughcodecontributionorconfigurethe systemusinguser-friendlymanagementtoolsand interfaces.
ComprehensiveTestingandReview:Insurerswho participateinBriteCore’sCommunitySourceCode Contributionprogramfollowthesameworkflowas BriteCoreengineerswhenextendingcoresystem functionality.Maturedevelopmentprocessesbackedby thousandsofregressiontestsensuretheplatformremains stableandsecure.Asmoremembersparticipate, compoundingresultsareachieved.
Realizingtheinsurancesoftwarefieldiscompetitive, BriteCoreemployskeystrategiestostandoutamongits rivals.Belowareafewdifferentiatingfactorsthatgive BriteCoreacompetitiveedge:
TechnologyLeader:BriteCoreclaimsitstechstackis decadesaheadofitscompetitors’.Builtwithmodern technologiessuchasDocker,AWS,andPython,the softwareisnimbleandresponsive.Theplatformisalso fullyaccessibleviaAPI,openinganendlessnumberof possibilities.
OngoingInnovation:BriteCoreiscommittedtoongoing innovation,makingitthelastsystemclientswilleverneed topurchase.Aspartofitsupgradepath,offeredatno additionalcosttocustomers,thecompanyisreplacingits currentproductwithanewsuiteofmicroservices, expandingthepossibilitiesforcurrentandfuturecarriers.
DedicatedResources:BriteCoreunderstandseveryfacet ofitsclients’operationsandinvestsheavilyinthe education,resources,andtoolingrequiredforproducing consistentsuccessfuloutcomes.
TrueMonthlySaaSSubscriptionModel:BriteCoreisa webservice,fundedbyamonthlysubscriptionfee,hosting fee,andoptionalservicesretainer.TheSaaSmodelreplaces largecapitalexpenditureswithasmoothmonthlyoperating expensethatreducesthebarriertoentryandreplacescostly upgradeswithcontinuoussoftwarereleases..
BriteCoreCEOPhilReynoldsstartedlifeaftercollegeas aprofessionalmusician.In2004,hejoinedhiscousinChris ReynoldstofoundIntuitiveWebSolutions(IWS)and createBriteCore.Philholdsacertificatein“Leading ChangeinComplexOrganizations”fromtheMassachusetts InstituteofTechnology,andspeaksfrequentlyon organizationaldesignandtechnologicalinnovationfor propertycasualtycarriers.Philreceivedthe“Governor’s MissouriEntrepreneuroftheYear”awardfromthe GovernorJayNixonandledIWStothe#288spotonthe Inc.500list.Underhisinstrumentalleadership,BriteCore hasgeneratedabout$35minrevenuesinceitsinitial launch.BriteCoreaimstoexpanditsreachbyimprovingits capabilities.Itsnewsuiteofmicroservicesunder developmentisdesignedtomeettheneedsofTier1carriers bothdomesticallyandglobally
“We seek to fuel innovation for insurance carriers, MGAs, and InsurTech startups through an open source, API-driven platform that is flexible, is adaptable, and increases speed to market”
Phil Reynolds CEOTamesRietdijk CEO BusinessForensics
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 Executive Officer at BusinessForensics and his area of expertise lies with Product management, Forensic investigations and Data analytics. He is responsible for the design and development of the various BusinessForensics propositions applicable for the banking, investment and insurance industries.
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,additionalrequirementsapply totheconfidentiality,originationandaudittrailofdata;
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Replacing current solutionsbeing ‘end-of-lifecycle’ forwhichsafeguarding thehistoryasbuiltupin theircurrentsystemmaybea specificissue,inadditiontoa potentialoperationalriskwhen solutionsceasetofunction;
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ReducingtheirITexpenses:keepingoldagedsystems up-and-runningisdifficultandexpensive,resources understandingthesesystemsaregrowingscarce,andsuch asituationisdefinitelystallingITinnovations,where theyseemtoberequiredtoadoptnewtechnology;
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Processingtoomanyoperationalriskissues, imposingareputationalriskforboththebankandits leaders,istroubledbyalargenumberoffalsepositive alerts,takingupvaluabletimeandresources.Theseis onlyanexampleofreasonsforagrowingbacklog.
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Respondingtofindingsfromregulatorsand supervisors,whichneedtoberesolvedimminentlyatthe riskoflargefines,negativecareerimplicationsoreven licenseconsequences;
BusinessForensicsalsoaimsforbanksandinsurance companiestorebuildtrust.Yetwerealizethattowinthe war,ittakesadifferentapproach.Webelievethatbanksand insurancecompaniesneedtoreorganizethemselvesinorder toimprovetheiroperatingmodelsandtosafeguardthe integrityoftheiremployeesandclients.Yes,thisinvolves newrules®ulations.Butthatisnotenough.
Sustainabilityrequiresbanksandinsurancesfirmsto embracetheirfuturewithconfidence.Thisalsoinvolves newtechnologiesandnewdata,whichinturnwillbring themnewrisks.Iteveninvolvesnewcompetition.
Webelievethattrulygood-naturedbanksandinsurance firmscanbecompliantwithnewrulesandregulations. Embracenewtechnologiesandnewdata.Timelyidentify newrisks.Facetheirnewcompetitionwithconfidence.To createanorganizationthatisincontrol.Bydesign.Only thenwilltheybeabletoavoidcrime,coincidenceand prejudice.AndthatiswhereBusinessForensicscomesin.
Weachievethatlevelofcontrolforourcustomersby continuouslymonitoringtheircompliance-andintegrity risks,frommultipleangles.Theresult:atransparentand truthfulviewon‘whatishappening,hereandnow’intheir organization.Ourfocusonriskallowsthemtorespond effectivelytoemergingchallenges,inordertokeepthebad guysout(intermsofclientsandemployees).Bylearning fromourcustomer’sexperience,oursystemcontinuously improvestheirresponsivenessandresilience.Improves theirlevelofcontrol.Controlbringsconfidence,andonly withconfidencecanyoubuildabrightfuture.
BusinessForensicsaimstobethetrustedpartnerofchoice forbanksandinsurancecompaniesaimingtorebuildtrust. Tous,partnershipmeanscooperatingtoreduceallrelevant compliance-andintegrityriskstolevelsthatareacceptable forbanksandinsurancefirms,fortheirclientsandfor societyasawhole.Ourapproachfollows7standardsteps:
Ÿ Anexperiencedteamthatunderstandsandis passionateabout(big)dataanalysis,machinelearning and(cyber)security,bringingsustainablefintech innovationtoyourcompany,
Ÿ Westructureyourdatainsuchawaythatyouare preparedforeverypossibleoutcome,asitisimpossible topredictwhatyouwillcomeacrossduringyour analyses.
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Wedeliverafinegrained,adaptableconfiguration becauseeveryorganizationisuniqueandthesystem mustresembleyourspecificsituationasmuchas possible.
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Asaresult,yourorganizationfeelsasifitis‘Designed forControl’,havingprotectedboththeprivacyof individualsandvalueofyourassets.
Inthiscomplexfinancialworld,BusinessForensicsprovides acoherentpackageoffuture-proofsolutionstothemajor challengesfacingallfinancialinstitutionsinthecoming decades: Ÿ
Implementingnewlawsandregulations, Ÿ Becomingmoreresponsivetonewemergingrisks, Ÿ Theincreasingvolume,complexityandvelocityof (new)data, Ÿ Embracingnewtechnologies,beingabletodrive businessinnovation, Ÿ Preparingforthenewcompetition:technology platforms,cryptocurrencies,fintechetc.
BusinessForensicsprovidesastructuredapproachto reducingabankorinsurer’sriskprofileswhilereducing theircostofcompliance,andatthesametimeimproving theirdamagerecoveryrates.
Trustacceleratesperformance.Betweenbanksandtheir clients,manandmachine,oldandyoung.
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Theresultsorourjointanalysismustresultinan increasedawarenessandunderstandingofwhatis happeninghereandnowwithinyourorganization,with afocuson(integrity)risk.
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Thisimprovedinsightintheidentifiedriskswillallow youtodecidehowtobestrespondtothem,inorderto reducepotentialdamagesasmuchandassoonas possible.
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Ourcollaborativelearningapproachallowsyour organizationtocontinuouslyimproveitsresilienceand pro-activelyreduceitsriskprofilethroughautomated feedbackloops,
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.
Thefoundersoccasionallyforgetaboutimplementingimportantfundamentalsofsecurityandstartrunningafter
shiningtechnology Thesecuritybudgetsarelimited,sotheyneedtobesureaboutcoveringhighestbreachareas beforemovingontootherthings.
IBMreportedthatmorethanabillionpersonaldatawasstolenandleakedin2014alone,whichmadeitthehighest recordednumberinthelast18years.Criminalsarealwaysastepaheadoftheexistingsecuritysystems.Socompanies shouldhavebeststrategiesandpracticesforenterprisesecurity
Sohowdoweensuretohavethebestsecuritysystems?Itallhastodowithhavingasolidfoundation,whichstartswith thesebasicpractices.
Firewallsarethefirstlineofdefenseforanyenterprise.Itbasicallycontrolstheflowofthedataanddecidesthedirection offlowofdata.Thefirewallkeepsharmfulfilesfrombreachingthenetworkandcompromisingtheassets.Thetraditional processforimplementingfirewallsisattheexternalperimeterofthenetwork,buttoincludeinternalfirewallsisthe popularstrategy Thisisoneofthebestpracticesofcompaniesbymakingitthesecondlineofdefensetokeepunwanted andsuspicioustrafficaway
Routersaremainlyusedtocontroltheflowofthenetworktraffic.Butroutersdohavesecurityfeaturestoo.Modern routersarefullofsecurityfeatureslikeIDS/IPSfunctionality,qualityserviceandtrafficmanagementtoolsandstrong VPNdataencryptionfeatures.ButveryfewpeopleuseIPSfeaturesandfirewallfunctionsintheirrouters.Tohave improvedsecurityposturecompaniesneedtouseallthesecurityfeaturesofrouters.
Itishighlycommontoreceiveemailsfromthesuspicioussources.Theemailisthemaintargetforthecriminals.An86 percentoftheemailsintheworldarespam.Evenifthelatestfiltersareabletoremovemostofthespamemails, companiesshouldkeepupdatingthecurrentprotocols.Iftheno,ofspamemailsarelarge,thenitonlymeansthecompany isatgreaterriskofgettingmalware.
Tomakesureyourcomputerpatchedandupdatedisanecessarystepifyouaregoingtowardsfullyprotectedenterprise.If youcan’tmaintainitright,thenupdatingalreadyinstalledapplicationsisanimportantstepinenterprisesecurity.Noone
cancreate100percentperfectapplications,butonecanmakechangesaccordinglytryingtokeepitwiththepace.Thus, makingsureyourapplicationisupdatewillletyouknowtheholesprogrammerhasfixed.
Youmaywonderthatwhysecuringlaptopsandmobilesisinthelist.Butitistruethatsecuringlaptopsandmobilephones thatcontainsensitivedataofenterprises.Unlikedesktopcomputersthatarefixed,laptopsandmobilesareportableand thusareathigherriskofbeingstolen.Makingsureyouhavetakensomeextrastepstosecurelaptopsandmobilesisas importantasimplementingstrongfirewalls.Encryptinglaptopsandmobileswiththehelpofsoftwaresisagreattacticto befollowedforsecuredenterprises.
Thisisthemostobviousfeatureofall.Ifcompaniesaren’tusingWPA2wirelesssecurity,thentheyneedtostartusingit. Manymethodsofwirelesssecurityare insecureandcanbecompromisedinminutes.IfcompanieshavewirelessWPA2 installed,thenitwillbedifficulttobreachforcriminals.
VerizonDataBreachInvestigationsReportstatedthattheattacksagainstwebapplicationsintherecentyearshave increasedatanalarmingrate,withover51percentofthevictims.SimpleURLfilteringisnolongersufficient,asattacks arebecomingmorefrequentandcomplex.ThefeaturesthatneedtobeconsideredforwebsecuritysystemsareAV Scanning,IPreputation,MalwareScanning,anddataleakagepreventionfunction.Awebsecurityshouldhavetheability tocorrectlyscanthewebtraffic.
Makingsurethatemployeesareeducatedaboutsafeandonlinehabitsisascrucialassecuringenterprisewithtopclass antivirusandfirewalls.Educatingemployeesaboutwhattheyaredoingandhowtobepre-defensiveismoreeffectivethan expectingITsecuritystafftotakestepslater.Becauseprotectingendusersagainstthemselvesisthemostdifficultthingto do.So,employeesmustunderstandhowimportantitistokeepcompany’sdatasafeandthemeasurestheycantaketo protectit.
Whiletheworldisapproachingwithmoreandmorecybertheftandcrimes,thesesimpleandstandardtoolsbased foundationofenterprisesecuritycanprotectthecompaniesfromsuchattacks.
Thefintechlandscapeisquicklybecominglarger andmorecompetitive.Fintechisheretostay.In myview,fintechcompaniesaregenerallymore flexible,havelowcostsandaremoreopentonew technologies.Fintechcompaniesseemtobetter understandhumanbehaviourandhaveasuperior valuepropositionwithwhichtheyaremoreableto createrealvalueforcustomers,forexamplewitha frictionlesscustomerjourney.Ontheotherhand: financialinstitutions‘have’thecustomersanddata, butmoveslowly,missnewdigitalskillsandhavea highcost/incomeratio.Itseemsevidentthatstrong partnershipsbetweenfintechandfinancialswill bringthemostnow.
Creditriskhasdoubledsincethe2007creditcrunch. Banks,creditcardproviders,e-tailers,telcooperators andutilityprovidershaveastrongbackwardfocuswhen itcomestomanagingtheirfinancialrisk.Often,they predictcapitalreservationstobethesameasoverthepast years.Also,theyapplysupertraditionalundifferentiated andexpensivetreatmentswhencustomersdefaultorchurn. Andtheyfacedifficultiesonboardingcustomersegments.
Globallythereisalackofreliablecreditinformation. Accordingto2017WorldBankdata,only30.8%ofthe globalpopulationislistedinaprivatecreditregistrywith informationonrepaymenthistory,unpaiddebtsorcredit outstanding.Thismakesithardforlenderstoassesstherisk andcreditworthinessofanewthinfilecustomerusing traditionalcreditscoremodels.Oftenthisresultsin rejectingtheapplicationforcreditwhereasmanyof thesepeoplemaybecreditworthy
DiederickvanThiel CEO&Co-founderConsumers’andSME’sbehaviourandneedsare changingfast.Self-directedmillennialsforcenew
valuesincludinganewdigitalcustomerexperience. Becauseoftheimmensedataexplosionwithstructuredand unstructureddata,onlybigdatadrivenmodels,Machine LearningalgorithmsandArtificialIntelligence(AI)can tacklethistoservetherightsolutionstotherightcustomer Traditionaltechnologyissimplynotabletodealwiththese challenges.
Thegoodnews:thesolutionsexist.Behaviouraldrivenrisk predictionsandtreatmentsonanindividuallevelwill increaseacceptancerates,reducesdefaults,lowercostsand improvecustomersatisfaction.
TogetherwithUKFinextraResearch,AdviceRobo conductedasurveyofleadersfromfinancialinstitutions. Forbetterandresponsiblelending,75%valuebigdata applicationsasbeneficialforbetterriskassessments.83% ofthelendersseemachinelearningbasedscoringasa majorhelpinproperriskassessments.Thisshowsthatthe industryitselfseestheopportunityofusingnew technologiesforcreditscoring.So,whywait?
AdviceRobousesnewdigitaltechnologiestoextendaccess tofinancialservices.Weareconvincedthattechnology makesthedifferencetoachievefinancialinclusion.Thatis whyAdviceRobobringsanewcreditscoreandrisk approach.
Basedonmotivationalinsights,AdviceRobodevelopeda psychometriccredittesttoaddnonfinancialdataofthinfile consumersegments.Byapplyingthesebigbehaviouraldata andmachinelearningweareabletorevealadditional informationsoalendercanassesspeople’sriskbetter.
AdviceRobooffersthissolutionasawhitelabelpluginto beintegratedintheonboarding.Applicantsfilloutan onlineinterviewandwithinsecondsthelendergetsthe applicantscreditscoreandaprofileviaanAPI.Basedon this,heinstantlycanapproveorrejecttheapplicant. Validationandcalibrationisdonewithafeedbackloop wherealenderregularlyprovidesanonymizeddata.This securetechnologyhasproventoincreaseacceptance(on average+15%)atsameorbetterrisklevels(upto38% lowerthanaveragedefaultrate).Thatishowweridethe waves,feelfreetojoin.
Foundedin2013,AdviceRoboisaninternationalcredit scoringcompanyapplyingpsychometricstosupport lending.Ouraimistofinanciallyincludeeverycitizenon
Diederick van Thiel is CEO and Co-founder of AdviceRobo. 20 years of leadership in boards of Vodafone, KPN Mobile, ING and currently Ikano. Since 2009 FinTech entrepreneur founding and growing robo advice companies like eyeOpen (sold to Aegon TransAmerica), AdviceGames and AdviceRobo. Super passionate about the crossing between technology and psychology, digital strategy, leadership of successful innovations, value creation from innovation and new business modelling and surfing.
earth,equippingmenandwomentobecomebetter borrowersbypreventingfinancialrisks.Toseriously increaseglobalfinancialwellbeing,webelievethat everyoneshouldhaveaccesstocapital.
AdviceRobohasaclientbasecomprising(nextgen)banks, creditcardproviders,mortgageIFA’sandcrowdfunding platforms.HeadquarteredinAmsterdam&London,the companyhasoperationsalloverEuropeandinLatin America.Thecompanywaslistedin2017KPMG&H2 VenturesglobalFintech100andThe2017European FinTech50,the50hottestfintechfirmsinEurope.
Beingasuccessfulentrepreneurforyearsnow,taughtmeto ridethewaves.Makinguseofchange,e.g.theupcoming changesinregulationorconsumerbehaviour.Being disruptiveattherightmomentanddaretopivotthe companyarecrucialforsuccess.Also,Ilearnedthe achievementsofacompanydependonthepeoplearound, thebalance,thecombinationandtheinteractionofdifferent personalities.Motivatingpeopletobeanentrepreneur themselves,beinginspirationalandchallengingtheteamto thinkandactoutoftheboxmakesmegobeyondmyhappy graph.Theeffectofmakingacomplimentinsteadoffiring someoneatabigmistakeinastartupphaseisofgreat value.Toorganiseandstimulatefeedbackfromtheteamas wellascustomers,intrinsicallylistentothatandactonthat isthekeytosuccess.
Theinsuranceindustryisa majorcomponentofthe economybyvirtueofthe amountofpremiumsitcollects,the scaleofitsinvestmentand,more fundamentally,theessentialsocialand economicroleitplaysbycovering personalandbusinessrisks.However, thecurrentinsurancemarketismore focusedonsustainingit’srevenue generationthanqualitativeinsurance offering.Traditionalplayersare lookingtoselltheinsurancepolicy basedonmandatoryobligationsortoa buyer’sfearswhichinfluenceshimto buyapolicy.Itismerelytoughtofind aninsurancecompanythatismainly focusedoncustomerneedsratherthan theprofitgaining.Veryfewinsurance companiesofferpersonalized insurancestoday,anddeliveritjust-intimeandthroughtherightchannel.
InsureAppisthecompanythathas builttheworld’sfirstlifestyle-based insuranceplatform.Thecompany generatesalifestyleprofileoftheuser andautomaticallyengageswith personalisedinsuranceproductsbased onreal-timeneeds.
AnIncredibleInsurancePlatform InsureAppisatechnologysupplierfor sectorslikeAutomotive,On-demand insuranceandHealth&Wellbeing.It’s
forfirsttimethatactuallifestyle patternsandprofilesareappliedto engagewithacustomerforan insuranceproduct.TheInsureApp platformisincrediblyversatileand offersthreeverydistinctivevalue propositions.
ThefirstprepositionisLifestyle-based Telematics,wherebesidesdriving-style ofauseralsothepurposeandcontext ofatripistakenintoaccount.This enablesabetter,costeffectiverisk modeling.Additionallytheplatform engageswithuserstocoachforsafer driving.
Thesecondvaluepropositionaimsat embeddedinsurance,wherethe InsureAppplatformisembedded withinanexistingappineither FinancialServices,TelecomOperators, UtilitiesorRetail.Itofferscross-and upsellingofinsurancestotheuser, basedon auser’sprofileandlifestyle patterns.Thisgeneratesanadditional revenuestreamforthedistributorof theappandanewdistributionchannel fortheinsurer.
Thethirdpropositionaimstoimprove HealthandWellbeing.InsureApp utilizesit’suserinsightstogeneratea holisticviewonaperson’shealth. Besideslookingatthephysicalactivity
ofauser,theInsureAppplatformalso accountsthesocialactivitiesand Work-Lifebalance.Thisproposition canbeappliedbyHealthandLife (re)insurersorbyHRdepartmentsof largecorporates.
RevolutionaryApproachto CustomerEngagement InsureAppoffersarevolutionary approachtocustomerengagement. Throughit’smobileSaaSplatform InsureAppblendswithit’suser’s lifestyle-patternsandadapts interactionsandinsuranceproductsto theirreal-timeneeds.
Byapplyingtheworld’smost sophisticatedAItechnologies InsureAppinterpretsdatagathered fromsmartphonesensors,IoTdevices andorservicestocontextualizehuman behavior
BasedonthisInsureAppcan automaticallyengageandinterctwith theuser.Thisincludescommercialtriggers,aimedatcross-andup-selling ofinsurancesandcoaching-triggers aimedtochangebehaviour(eg.coach forsaferdriving).Theseare personalized,multichannel notifications(mobile,web,email and/ordevices)basedonreal-time eventsanduserpatterns.
Finally,InsureAppcustomizesandpersonalizesthe insuranceproducts.Theplatformcanintegratewithan existinginsurancebackendorwithit’spartneredcloudbasedInsurance-as-a-Serviceplatformincludingactuarial models(automotive),dynamicpricingorpricingbasedon
machinelearning,directquotation,comparisonandinstant policyissuance.
AVisionaryLeaderonaMission “Insurancetodayisratherdull.Itisfarfrompersonal,based onverylimiteddataandsoldbecauseofmandatory obligationsortoabuyer’sfears.Thismakesinsurancea belowlow-interestproduct,thatdoesn’tmeetthedemands ofthenewgenerationofconsumers.Theyexpect personalizedproducts,deliveredjust-in-timeandpaidper use.WithInsureAppwemakeinsuranceextremely-smart andhyper-personalized”,explains , of JochemDavids CEO InsureApp.
DavidshasaresourcefulbackgroundinbothIT,M&Aand Insurance.PriortoInsureApphesuccessfullylauncheda in-housedevelopedSaaSplatformforautomatedclaims management,withinalargeEuropeanorganizationfocused onoutsourcingofinsurer’sback-officeactivities.Before that,Davidshascontributedinnumerousinternational M&AactivitieswithinEuropeforthissameorganization. ThisexperiencehasbeenthekeybehindDavids’ professionaltrails,andhisinsightfulleadershiphasbeena majorempoweringaspectforInsureApp.
RemarkableEmergence InsureAppisarelativelynewcompany Asinthecaseof otherimpendingstart-upsInsureApphasalsowitnesseda struggleinraisingawarenessandtractioninitially.Although itwastoughtomakeamarkinthetraditionalInsurance sectorthecompanyhasemergedasthemarketleaderwithin ayearofitsinception.It’semphasizeonaclearandconcise proposition,atargetedsalesprocessandpickingtheright stagesforconferenceshasquicklypaidoffandthe companyhasnowpartneredwithrenownedinternational playersofvarioussector Thecompanynowenvisions closingitsSeriesAfundraisinginthesecondhalfofthis yearbycontractingafewoftheseinternationalplayers.
TodayInsureAppisdominatingthepersonalizedinsurance spaceandmanyoftheindustryleadershaveadmiredthe platform.Aftergainingaconstructiveresponseinit’s regionalmarket,thecompanyhasdecidedtoroll-outthe productininternationalinsurancemarkets.Beginningwith theEuropeanmarketInsureAppisalsoaimingtocatalyze inU.S.andAsianmarketsoon.
“We blend with our user’s lifestylepatterns and adapt interactions and insurance products to customer’s realtime needs.”
Jochem Davids CEO
Wefirststartedusingsteamandwater toboostproduction.Wethenmovedon tousingelectricity,oilandsteelto createmassproduction.Afterthat,we wereintroducedtoinformationand communicationtechnology(ICT)in the1980s,aroundthetimetheDigital Erastarted.Finally,wereachapointin timethatserved(andcontinually serves…)asaturningpointformany people;theFourthIndustrial Revolutiona.k.aIndustry4.0.
Thetechnologicalbreakthroughsthat haveaccompaniedtheFourth Revolutionincludeartificial intelligence,3Dprinting,TheInternet ofThings,roboticsandmanyother technologicaldevelopments.
We,moreoftenthannot,underestimate thespeedandrateofchangethatis occurringintoday’sworldandhow fastwe’rebranchingoutoftheDigital Revolutionintosomethingbiggerand moreambitious.Wethereforetendto overlookorratherdismisshowthese technologicaladvancementshave shapedourdailylivesandnotto mentiontheimpacttheyhavefroma businessperspective.
WiththeapproachoftheFourth Revolution,longcommutes,physical laborandlowpayhavelongbeena distantmemory.Withtheavailable technology,peoplecannowspend moretimewiththeirlovedoneswhile alsoworkingfull-timejobsand receivingsteadyincomes.Youcannow connectwithyourcoworkersand managersfromacrosstheglobewitha clickofabuttonorcommunicatewith themthroughasmalldevice.
Likewise,e-commerceandonline shoppinghavetransformedourlives onawholedifferentscale.Youdon’t
havetogotoChinaortheUSAtoget certainproductsyoucan’tgetlocally, allyouhavetodoisorderitonlineand it’llbethereatyourthresholdwithout youtakingonesinglestepoutsidethe door
Becauseofalltheservicesthatwecan nowobtainwithoutmucheffortonour part,customerexpectationshave definitelyincreasedoverthepastfew years.Google,YouTube,Uber, Anghami(orSpotify),Amazonand manyotheronlineserviceshaveraised thebarforcustomerexpectationsbya lot.Theupcominggenerationof consumersaremillennialswhogrew upwithtechnology,soyoucan’t expectthemtodowhateverwas tolerableforpeopleafewdecadesago; likereadinginstructionmanuals, orderingfoodonthephoneorbe placedonawaitinglist.Whydothat whentheyhaveGoogletheretoanswer theireveryquestionwheneverthey want?Orbookahotelroomonphone whenyoucanjustuseAirbnbtobook oneinseconds?
Businessesandindustriesareseeinga riseinnewtechnologiesthatarebeing createdtoenhanceexistingservices. Thisiswhymanystartupsandfreshfacedentrepreneurstodayarethriving andgrowingfasterthanever,pushing asideallbiggercompetitorsby providingbetterqualityandfaster servicesforconvenientandreasonable prices.
Thereasonforthesuccessofthese businessesisalsobecausethey’re veeringawayfromthetraditional methodsofprovidingservicesand puttingemphasisonstrengtheningtheir relationshipswiththeirconsumers (B2C)andbusinesses(B2B).
Businessesshouldthereforeplacemore focusonbuildingadeeperconnection withclientswhetherthatclientisa companyorjustaregularcustomer
Thedemandsandfocusofcustomers areshiftingmoretowardsmobileand
onlineservices,likeaccessingcertain dataorusingplatformsthatmeettheir socialneeds.We’retalkingabout thingslikeday-to-dayactivitiesof orderingfood,shoppingandtraveling thatareeasilyaccessibleviamobileor computer.Furthermore,thisforces companiestostartconsidering providingservicesanddesigningthem tothecostumers’likingsotheycanget themselvesbackonthebusiness market.
TheFourthRevolutionhasamajor effectonbusinessesfromcustomer expectationstoorganizationalforms. It’sfact;economyrevolvesaroundthe consumers,therefore,howtheyare servedandwhatkindofservices they’regettingshouldbecomethemost importantaspectbusinessesand entrepreneursneedtotakeinto consideration.Businessesneedtobe abletoturntheirphysicalproductsinto online-basedorautomatedservicesthat enhancecustomerexperiences. Nowadays,anythingonlineor technologicalwillbeautomatically viewedbytheclientasmoredurable andlong-lasting.
Thenewerahasforcedcompaniesand start-upsaliketore-examinehowthey runtheirbusinessesortheservicesor productstheyprovide.Both entrepreneursandexecutivesneedto understandandstopunderestimating theevolutionarychangesthatare constantlyhappeningintheworld aroundus.Customersarebecoming moredemanding,theywantmoreand expectmorefromcompanies.The bottomlineissimplythis;weneed extremelycreativebusinessleadersand entrepreneurstotaketherails,because they’retheoneswhowilltruly improvetheeconomyandprovide innovativewaystomakelifeforyour averageJoeeasier
MyBucksisaFrankfurt-listed financialtechnology (fintech)company, embracingtechnologyasameansto providefinancialproductsandservices inpredominantlyhigh-growth emergingmarkets.Throughitsbrands, Haraka,GetBucks,GetBanked, GetSure,OportunityBankandNew FinanceBank,theorganizationoffers consumerloansandbankingsolutions, includinginsuranceproducts.
TheMyBucksproductofferingenables itscustomerstomanagetheirfinancial affairseasilyandconveniently.Its productsaresimpleandtrustworthyin comparisontotraditional,nontechnologicalmethods–ultimately workingtowardsenhancingefficiency andaccessibilityforthecustomer
TheaimofMyBucksistoenablea financialinclusionthroughtechnology byconnectingtheunbankedand financiallyexcluded withfinance opportunities,alongsideregular consumerssearchingforfast,efficient financialservices.Asavirtualbank, theorganizationstrivestocontinueits upwardgrowthcurve,strengthening intoagloballyrecognizedbrandthatis aninnovatorinthefintechindustry.
Withmorethan21yearsofexperience, DaveVanNiekerkisoneofthe foundingmembersandExecutive Chairman. ofMyBucks.Hebeganhis financialcareerinthecreationand managementoftheonetimeSouth Africanfinancialgiant, African Bank
Anentrepreneurbynature,Daveopted toembarkonhisown,foundinghis ownmicro-financebusiness,Blue FinancialServices,backin2001.Later in2006,hewentontolistthecompany ontheJohannesburgStockExchange inSouthAfrica.AsanAfricanmicrofinancepioneer,Davehaswitnessed Africafirst-handanditsgrowthover thelast21years,fuelinghispassion forpioneeringthepromotionof investmentinmanyAfricancountries, particularlyinthefinancialandmicrofinancesector.Hecontinuestocreate ground-breakingbusinessmodelsthat makefinancialinclusionforpeople acrosstheAfricancontinentareality (addsomethingonestablishing GetBucks2012)
EmpoweringPeoplebyProviding UniqueServices
MyBucksoffersclientsanumberof uniqueservicesthateventuallyhelp drivefinancialinclusion.Amongan increasingstableofinnovative products,HarakaandWhatsapp lendingareparticularlyinteresting. MyBucksHaraka,whichmeans “quickly”inSwahili,isarevolutionary appwhereborrowersbeginwithsmall loansthatbridgeshort-termliquidity gaps,allthewhilebuildingupacredit history.Harakaisofferedincountries likeKenya,Zimbabwe,Uganda,and Swaziland.
AnotheruniqueofferingbyMyBucks isitsWhatsapplending,whichwas recentlylaunchedinSouthAfrica. Whatsapplendingisasafeand convenientwaytoenquireaboutloans,
applyforloans,signelectronic contracts,andrequestbalances. ProductsfromMyBucksarebuilt aroundefficiency,ease,and accessibility.
MyBucksfinanciallyempowersthose whodonothaveaccesstotraditional financialservicesandwhohavebeen previouslyexcluded.InAfrica,thisis ofvitalimportanceasfartoomany peoplewithincredibleideasandvision simplyhavenoaccesstofinance. MyBucksbridgesthatfinancialgap andusesitstechnologytoprovide instantaccesstofinancialservices throughbothitsvirtualandphysical channel.Accordingtotheorganization, withthefourthindustrialrevolution underwayacrossallcontinents, customers’livesarebecomingmore andmoredrivenbytechnology Thisis whereMyBuckscomesintoenableits customersachievefinancialinclusion throughvirtualtechnology.
That’snotall,MyBucksalwaystriesto educateitscustomersinmaking prudentlendingdecisions.Withaneye onlongtermgrowth,MyBucks developsproductstoaddressspecific needsincludingeducational, agricultural,orSMMEloans.
AnOrganizationwhichisonthe Edge
MyBucksiscurrentlyontheleading edgeofdigitization.Itisthefirst fintechbusinessinAfricatomakethe useofcredittechnologythatis supportedbyanin-houseartificial intelligenceteam.Inthemicrofinance
industry,AIplaysagreatrolespeciallyinpredicting whetherornotsomeonecanpaybackaloan.MyBucks’ creditdecisionandscoringsystemcontinuouslylearns customerbehavioralpatternfromtheloanhistoryandis thenabletoveryaccuratelypredictacustomer’sprobability ofdefaultforaparticularproductatanygiventime.
Toservebest,MyBucksembracesadigitalmindsetinall aspectsofthebusiness.Theorganization’sholisticdigital strategyfocusesonengagingitscustomerswithgreat experiences,radicallyimprovingoperationsforits employees,leveragingtechnologytodeliver,andenabling attractivecost-to-incomeratios.
MyBucksappliesatransparentandresponsibleapproachto providingfundingthatadherestolocalregulationinthe marketswhereweoperate.
Inaddition,MyBucksaimstomakeadifferencenotjust sociallybuteconomically.Itscompetitiveadvantage emanatesfromtheorganization’sextensiveknowledgeof theAfricanfinanciallandscapeinparticular;thecontinent’s challengesandopportunitieswithinitsregulatory environment;aswellasanin-depthunderstandingofthe socio-economicdrivingforcesthatmotivatebehavior withintheregion.
TacklingUnevenRoadsandPreparingfortheFuture Foundedbackin2012,MyBuckshasestablisheditselfasa marketpioneerwhenitcomestomodernfinancialservices. Thecompanyhasshownextraordinarygrowthsince2012 andhasaglobalfootprintofsevenMFIoperations,five bankingoperations,withoperationsinelevenAfrican countriesaswellasoperationsinEuropeandAustralia offeringcredit,banking,andinsuranceproducts.
Whenitcomestothefuture,MyBuckshasanumberofkey strategicinitiativesinitspipeline.Theorganizationwants tofurtherexpanditsglobalfintechofferingbycollaborating withvariouslocalpartners;eitherthroughthelicensingof itstechnologyorthroughpartneringinnewmarkets.The teamofMyBucksisalsoexploringtheuseofbiometric securitysystemstoconvenientlyverifytheidentityofits customerswithouttheuseoftraditionalPINs,passwords, andtokens.Biometricsecurityiswell-suitedforthe financialservicesindustryandoffersadvantagesbothfor thefinancialservicesprovideraswellasconsumers.
MyBuckshopestoworkmorewithPeer-2-Peer(P2P) lendingmarketplace,whereininvestorscanparticipatein loansoriginatedbynon-bankloanoriginators.Additionally, traditionalbalancesheetlendersareabletoconnecttothe P2Pmarketplace,therebyreapingtheadvantagesofthe lendingmodeltofundtheirloans.Itisalsoworthnoting thatthecompanyisplanningtoameliorateitssuiteof digitaltransferproducts,whichincludesbothmobilemoney andonlinemoneytransfer. MyBuck’sdigitaltransfer productsensurethatitscustomerscantransfermoneyina fast,secure,convenient,andaffordablemanner
“Our
Financialtechnology,asector focusedondevelopingnew technologiestodisrupt traditionalfinancialmarkets,is growingrapidly.Anumberoffintech firmshavetransitionedfrombeinga start-uptobeingvaluedatbillionsof dollars.Butstart-upsaren’ttheonly companiesdisruptingthefinancial servicessector,ascompetitionfrom establishedFintechscontinuestoput pressureonmainstreamfinancial institutions.OnesuchbigfirmisSE2, anEldridgeportfoliocompanythatisa leadingtechnologyandThirdParty Administrator(TPA)focusedonthe NorthAmericanlifeandannuity insuranceindustry.SE2hashadan unmatchedtrackrecordinoptimizing back-officeoperationstofuture-proof insurancecompaniesusingtheir BusinessProcessasaService(BPaaS) solutions.
TheInceptionStory SE2was bornoutofSecurityBenefit, apremierretirementcompanyand industryleaderwitha125-yearhistory. SecurityBenefitinvestedindeveloping strongbackofficeandtechnology capabilitiesandissteepedinthe insurancedomainwhicheventuallyled toSE2becomingaseparateentity,first takingonanexternalclientin2005. Thedecisiontopursuethisventureand enterthisverticalcameafterthe realizationthattherewasopportunity forsignificantheadroomgrowthwithin
thelifeandannuitythirdparty administrationservicemarketwhichat thattimewaspenetratedlessthan15%.
HeadquarteredinTopeka,KS,SE2was establishedintheyear2005witha visiontobetheserviceproviderof choicefortheend-to-end administrationoflifeandannuity policies.Since2005,SE2hasgoneon tobecomeoneofthelargestannuity TPAprovidersintheindustry; providingdependable,unparalleled customerexperienceatalowcost. Theyarecontinuallyinvestingintheir stateofthearttechnology,responding toexternaldemands(customeror industry)andinternaldrivers(internal stakeholders).
GautamThakkar,CEOofSE2isa seasonedleaderwithmorethan25 years’experienceinglobalconsulting, technologyservices,business operationsandM&Aacrossvarious industries.Asaleader,Gautamdrives businessstrategyandday-to-day executionforSE2.Gautamisdeeply passionateaboutbuildingandfostering ahighperformanceenergizing workplacecultureandfindingdifferent waystoaddvaluetoallofSE2 employeesandclients.
PriortoSE2,GautamwastheCEOof InfosysBPOwhereheledaglobal teamof30,000professionals.Having
workedforlargecorporationsacross theglobe,Gautamdrawsuponhis extensiveleadershipexperienceof havingadvisedseveralclientson businesstransformationand organizationalstrategies.Heis constantlyseekingwaystoimprovethe clientexperienceandhelpingbuild SE2intoaleadingtechnologyand domainbusinesspartnertotheU.S. LifeandAnnuityInsuranceindustry
Bytheendof2017,SE2releasedSE2 DigitalDirectLife,thefirstnotouch, end-to-endlifeinsuranceasaservice solution.Itautomatestheentire customeracquisitionprocess,from applicationtoapproval,from underwritingtopolicyissue. Customersgetastreamlined,notouch onlineapplicationprocessthattakes justminutestocompleteandrequires justmomentstogetapproved. Underwritingtimeisreducedform monthstominutesandapplication costsarereducedbyasmuchas200%. SE2DigitalDirectLifeisbuiltonthe SE2AurumPlatform.Itsopenplug andplayarchitecturegivesinsurersthe flexibilitytointegratewiththeir systemsandotherexternaldatasources usingindustrystandardprotocols.
Backin2000,SecurityBenefitLife decidedto"reinventthebackoffice" andtransformeditsoperations,
customerserviceandtechnologyplatform.Thiseliminated legacymainframesystemsandreplacedthemwithfullyintegrated,state-of-the-art,distributedenterprisesystems;
streamlinedfinancialandnon-financialprocessesina paperlessenvironment.In2004theyexaminedthe insuranceserviceandthetechnologymarketand determineditwasbothunderservedandpoorlyserved.
Laterin2005,SE2wasincorporatedasaseparatecompany tobringitssolutionstotheinsurancemarketandlaterthat yearsigneditsfirstexternalclient.SE2’sgrowth–andthe advancementsininsurancetechnologyautomation/ digitizationlaunchedasignificantcapitalprogramwithin SE2. Thecompanycallsthisasits10X10strategy.They willscaletheinfrastructureinpreparationfor10xgrowth–andadvancethetechnology10yearsaheadoftheindustry
SE2helpsclientsincreasespeedtomarket,accelerate productinnovation,expandintonewmarketsegments, variabilizecostofopenblocks,andstreamline administrationcostofclosedandacquiredblocks. Bornout ofaninsurancecompanySecurityBenefitLife,SE2 combinestheirpeerlessinsuranceindustrydomain knowledgewiththeirleading-edgeadministration technologyplatformAurumtohelpclientsaccelerate productinnovation,launchproductsrapidly,expandinto newmarketsegments,streamlineefficiencies,shifttoa variablecostmodelandmaximizeprofitswhilesimplifying complianceanddramaticallyimprovingthecustomer experience.
AtthecoreofeverythingthatSE2doesandthedecisionsit makesisasingularfocusondeliveringasuperiorcustomer experiencetoitscarrierpartners,itsdistributionnetwork andtheendcustomer.SE2’sparentcompany,Eldridge Industrieshasmadeconsiderable capitalinvestmentsto futureproofSE2’stechnologyplatform,Aurum,inareas suchasautomation,predictiveandprescriptiveanalytics, insightsdrivencognitivecomputing,API/Service enablementandBlockchain.SE2’sgoalistostay10years aheadoftheindustryinordertoprovidetheirclientswith themostinnovativeandstate-of-thearttechnologyplatform andeco-systemtostayaheadofcompetition.
“We
Gautam Thakkar CEO
Hello Joey, can you turn on the lights please!
ManythingswegottoseeonlyinHollywoodmoviesare nowbecomingrealityinourdaytodaylifeliketalkingtoa machineandgettingthingsdone,whothoughtwe’dbe doingwhatvoice-basedAIassistantslikeAmazonAlexa, GoogleHomeandApple’sSiriallowustothesedays! ArtificialIntelligence,MachineLearning,BigData,Cloud technologieswithgreatComputingPowerareallhelping humanizemachines.
Inthepasttwodecades,searchengineslikeGooglehave playedaveryimportantpartinourlivesandmadeiteasier
foreveryonetohaveaccesstoinformationattheir fingertipsatanytime.Ofcourse,searchengineswouldnot havebeenpossibleifwedidnothavetheinventionofthe internet,thecomputerandsoon.Thisphenomenon(search engines)hasimpactedandmadelifeeasierforpeople acrossallindustriesandprofessionsbypresenting information,allaccessibleinoneplace.Subsequently,this ledtotheriseinimportanceofpagerankingsand organizationsspendalotoftimeandmoneyin SEO(Optimization)andSEM(Marketing)andit’saverybig partoftherevenuestreamforsearchengineandsocial mediaplatformproviders.
Overtime,asmoreandmoreorganizationsbroughttheir presenceonline,thesearchstartedbecomingmorecrowded
andsaturatedinawayaffectingourabilitytofindtheright informationquicklybecauselet’sfaceit–thereareonlyso manyresultsthefirstpageofasearchenginecanfit! Combinethatwiththeever-reducingattentionspanof peoplethesedays(especiallytheyoungergeneration)and wehaveaconcoctionthatcombinestolimitthe effectivenessontheindustrychanging‘searchandfind’ wayofsourcinginformation.
Technologyisalsobeingusedtounderstandconsumer behaviourandpredicttheirneedstopresentmore optimised,personalisedsearchresults,advertisementand optionspro-actively Thesetrendsraisequestionsabout howprivateouronlineactivitiesarebutlet’sfaceit,is anythingontheinternetprivatethesedays?Privacyissoon becomingamythinthisworldwithaferociousappetitefor informationonbehaviourwhichmakesmewonder–is thereabetterwaytogoaboutthis?Isourcompromisefor privacyandovercrowdingofsearchenginespointingusin thedirectionofsomethingthatismoreefficient?Areweat theendofour‘SearchandFind’habit?
Foramajorityofthepopulation,mobilephones (smartphones)areanall-pervasive,must-havethathave transcendedtraditionalhurdlestotechnologylikeage,cost, relevancetonameafew Thepasttwodecadeshaveseena mobilitytechrevolutionofsorts,wherewehavebeen successfulinharnessingthepowerofthepersonalcomputer andpackagingitindevicesthatwouldofferalotmore conveniencethanalaptopwould.Themobilephonedevice hasevolvedfromahumblecallingandtextingdeviceto essentiallybeingacomputerandcamerainyourpocketand theykeepgettingsmartereveryyear.Otherdeviceslike laptops,tabletsandwearableshavealsomaturedoverthat periodbutthecrucialadvantagesmartphoneshaveisof thembeingsmalltocarrybutstillareextremelypotent whenitcomestopresentingpower,usefulnessandmobility, theperfectpackage.Yet.
Ourworldisnowcentredaroundsmartphonestothepoint thatmostofusfeelincompletewithouthavingthem around.Smartphoneshavereachedthetechnological maturityandIoT(Internetofthings)havebecomeareality -thesehaveledtoanerawheremostofourinteractionsand transactionsstart(andinmanycasestheygetcompleted) overthemobilephone.Theyareeverywhere,andtheyare heretostay.
AsGooglealsorankshigherthewebpagesoptimizedfor mobileandCustomerexperienceovermobiledevicesiskey tothesuccessofanyproductandservicesofferedandhence weseeorganizationsrevampingtheirwebsitesanddigital platformsmakingitmobilefriendly,spendingmillionsof dollarsonUI(Design)andUX(Experience).
Butdespitemakingthewebpagesresponsiveandproviding abetterexperience,smartphoneshaveissuesofhavinga smallrealestate(screensize)andlowattentionspanofthe userasmostofthetimeusageonthemobileisonthego. Flickingfromonewebpagetoanotherandyouhavealready lostthecustomer Toovercomesomeofthesechallengeson smartphones,wegotSirioniPhonesandsubsequently GoogleAssistant.
Althoughstillinaninfancystagevirtualassistants/chatbots aregraduallybecomingpartofourlifeasmoreandmore usecasesarebeingcreatedacrossdifferentindustries.The advancementinArtificialIntelligenceandMachine Learningtechnologiesaremakingitpossibletoprovide morepersonalizedservicestocustomersanditisplayinga significantroleintheadoptionofthesetechnologiesby organizationsaswellascustomers.
Thewholeideaofhavingonechannelforallinformation andinteractionsopensawholenewworldofpossibilities withimplicationstoeverysphereofcustomeranduser engagement.
Virtualassistantsarefastbecominga‘gatewaytoalldigital interactions’andtheyarenotonlygoingtochangethe existingdigitalchannelsandplatformsbutalsophysical deviceslikeremotecontrolsandotherphysicalbuttonson variousappliances,instruments,devicesandvehicles.
TheVirtualassistantsaregoingtochangeour‘Searchand Find’habitto‘AskandSelect’andwilltrulyprovide personalizedserviceswhilegettingbetterwithevery interaction.Wewillseemoreandmoreservicesgetting convergedinthevirtualassistantsandinsomewaythey maybeouranswertoprivacyprotections.
**Disclaimer:Anynamesoforganisationsandproducts mentionedinthearticleareforreferencepurposesonly.No illreputeintendedinanyway
Nearlytenyearsago,two brothers,BobandRichard Brownsetouttocreatethe mostsophisticatedandinnovative softwaresolutionsfortheinsurance industry.TheresultwasVIPR.
Theentrepreneurialduo’svisionwasto changetheinsurancebusinessthrough effectiveITsystems.Thiswouldnot onlyhelpmodernizethemarketbut alsomakeitpossiblefortheindustryto understandandinterprethugeswathes ofdata,anissuetheindustrywas findingdifficulttosolve.
Withvastquantitiesofdataflooding themarketinadisorganizedandnonstandardformat,andincreasing regulatorypressuresontheindustry, VIPRsawamassiveopportunity. The companydevelopedaportfolioof productsthatallowsinsurersto standardize,cleanseandvalidate incomingdataquicklyandeasily TheseincludeActiveUnderwriter,a quoteandbindsolution;Intrali,adata managementproduct;Intarga,an onlineworkflowtool;andActive Reports,areportingtool.
AlthoughVIPR’sproductsarenow widelyusedintheinsurancemarket, thecompanyisalwaysattheforefront ofthelatestdevelopments. They believethatlisteningtotheirclientsis whathasmadethemasuccess,andthat thisapproachisimperativetodeliver
productsandservicesthatmeetsthe needsoftheindustryanditsclients.
VIPR’sproductshelpinsurersbetter understandtheirdataandmanageback officeprocesses.However,evenwith modernsystemsinplace,theinsurance industryoccasionallyneedshuman
interventionandthiscancausea problem,especiallyinorganizations whichareunder-resourced. Furthermore,ontheclientside,staff turnover,inadequatetrainingandtime constraintscreateaknowledgegapand inconsistenciesinsoftwareusage.
AccordingtoVIPR,thishasbecome moreapparentwithintheindustryasit embracesnewtechnologies.In responsetothistheylaunched VIPR Managed Service (VMS) inconjunction withLondonconsultants,JDXtooffer afully-managedservice.Thisis operatedbyskilledstafftotakethe pressureoffclientswhodon’thavethe internalresourcesorexpertiseto managetheirmission-criticalsystems.
AllVMSstaffarevigorouslytrainedin VIPRproducts.Astrainees,they receiveone-to-onetrainingoveran intensiveweek-longcourse,where theygethands-ontrainingwithVIPR systems.Thisisfollowedbybotha practicalandtheoryexamfor certification.Thetrainingprovides eachwithawidebreadthofexperience andtheskillstoallowthemtofully understandandaddressissuesraised byclients.
Thisnewserviceisanattractiveoption forVIPR’sclientstoeaseinternal pressuresandallowsthemtofocuson theirday-to-dayjobs.
capabilitiesofVIPR’sbest-sellingIntralisoftwarewith ACORDSolutionsGroup’sDeleGate–aplatformthat allowsthesmoothandsecuretransmissionofdata. Data canbesentinXMLformat,conformingtoanexact specificationthatiscapturedquicklyinadefinedand consistentlayout,andthereforesimplifyingtheexchangeof dataamongMGA’s,MGU’sandbrokerswiththeircarriers. AdditionallyasXMLisfarmorerobustthanExcel documents,theyarelesslikelytohavetyposanderrors.
Bob Brown CEO & Co-founderThe Undisputed Leaders
VIPR was founded in 2009 by Bob Brown and Richard Brown. Prior to VIPR, the brothers successfully launched Moneynet.co.uk in 1996, the first personal finance comparison site in the UK. They subsequently sold the company and began a new venture launching VIPR.
Bob Brown, CEO of VIPR, started his career in the insurance market working as a Lloyd’s broker for more than 20 years, including 15 years with Marsh. At VIPR, he is responsible for overall strategy and sales, including expanding VIPR on a global scale.
As the Director of VIPR, Richard oversees management of the business and is fully involved in client relations, as well as product strategy and development.
Mostrecently,VIPRhasjoinedforceswithACORD SolutionsGroup(ASG),whoareaimingtoassistinthe provisionoffullautomationservicesfortheglobal insuranceindustry.Together,thetwohavelaunchedan industry-firstsolution;anautomateddataexchangefor‘US toLondon’insurancecompanies,whichenablesstraightthroughprocessingofbordereauxreports.Thisnewoffering willimprovethespeed,accuracyandefficiencyofdata exchangeglobally.
Inordertoachieveanautomatedtransferofdataexchange, theyhavecreatedasolutionwhichintegratesthe
BobBrownstates‘Thisisamajorstepforwardforthe insuranceindustrywhichhasbeenoutofreachuntilnow Wearethrilledtodeliverthisnewsolutiontothemarket.”
Clients are the driving force behindVIPR’s innovations and as such VIPR’s business model is centered around them. It was the needs ofVIPR’s clients that led to their most recent launchwithACORDSolutionsGroup.
What truly makes VIPR different is the fact that they tailor solutionsforeachclient,providingsolutionsthatdeliverwhat theclientneedsinordertodrivetheirbusinessforward..Bob Brown states “Our tailored approach and our flexibility is whatwe’vefoundtoreallyattractnewclients -it’swhatthey want.”
VIPRformstrongbondswithitsclientsfromtheveryfirst meeting. Evenafterproductimplementation,VIPR maintainsitsrelationshipsandinvitesclientstoregularuser groupmeetingssoinsightscanbeshared.Itisoftenthese meetingsthatdeterminefutureinnovationsatthecompany
Aswithmostnewbusinesses,thegreatestchallengeVIPR facedwasdevelopingapresenceintheindustry.Getting tractioninarelativelyunknownmarketwasarather difficultaffair.
Althoughittookawhiletogetitsfirstfewcustomerson board,theysoonbecameloyaladvocatesandhavebeen crucialtothesuccessanddevelopmentoftheVIPRbrand.
Today,VIPRhasgrownintoanaward-winningbusiness, highlyregardedamongstitspeers.Lastyear,itfeatured withinanumberofrespectedpublications,includinga contributiontotheParliamentaryReviewcommissionedby theChancelloroftheExchequer
Whenitcomestothefuture,VIPR’sgoalistocontinue growingasabusiness,expandingacrosstheU.S.and Europe. www.viprsolutions.com
Theelectronicsignaturewasa digitalbreakthroughthatcame inthe‘90sbyoneofthe originalco-foundersofZorroSign. Manygovernmentagenciesand companies,includingtheDMV,USPS, UPS,andFederatedDepartmentStores benefitedfromthisrevolutionary technology.
In2015,ZorroSign,Inc.wasborn.It rd th usesacombinationof3 and4 generationofelectronicsignature technologyasoneofthekey componentsofitsunifiedplatform.It isacompleteadvancedDigital TransactionManagement(DTM) solution.Furthermore,ituses permission-basedprivatedistributed ledgertosecureelectronicallysigned documentsagainsttamperandfraud.
Theideaistoprovideahighlysecure, flexible,seamless,androbust enterprise-gradesolutiontosupport end-to-endflowofdocumentsignature ceremoniesforanysituation,any industry,anydepartment,andfor signatorieslocatedanywhereandusing anydevice.
WhenaSerialEntrepreneurTook Charge ShamshHadiistheCo-founderand CEOofZorroSign.
Shamshisaserialentrepreneurwitha deep-rootedlovefortechnology.He hasworked,investedin,andstarted numerouscompaniesinfinancial services,hospitality,healthcareand education.
Beforeco-foundingZorroSign,he servedasManagingDirectorat
ArabianDreamsDeluxeHotel Apartments,BrownOrangeSolutions LLC,SitaraInvestmentFZC,and enTrust&Title.Healsoworkedat SwiftDevelopmentLimitedasaCOO.
MinimizeorEliminateShelf-Ware time
ZorroSign’smostuniqueofferingisthe 4n6(Forensics)Token.Byusinga privateblockchain,itcaptures documentDNAandtheaudittrailasit passesthroughdifferentlevelsof approvals.
Whentheneedarises,ZorroSignhelps ensurethatthedocument(signedusing ZorroSign),isthelatestofficialone.It canalsoverifythatthedocumentwas nottamperedwith,revised,rejected, revokedorthesignatureforgedpostexecution.ZorroSign,throughitslifetimedocumentescrow,canofferall partiestheassurancethatthedocument willneverexpire,withoutanyadded costtothecustomer.
ZorroSignoffersmultipledeployment configurationstomeettheneedsofits globalcustomersacrossmany industries.Itisprimarilyavailableasa securepublicCloudSaaSapplication, alsoasafullymanagedprivateCloud POD,andasanon-premisemodel. ZorroSigncustomerscanalsouseits RESTAPItointegrateZorroSigninto theircurrentapplicationinfrastructure andbusinessprocesses.
ZorroSignoffersaKickStartservice whichisdesignedtogetitsnew customersupandrunningwithinhours ofsigningup.ZorroSign’sgoalisto minimizeoreliminateshelf-waretime thattraditionallyhasplaguedthe
enterpriseapplicationindustrybecause softwareimplementationstaketoolong andcosttoomuchmoney
AccordingtoZorroSign,thebiggest benefititscustomersgainisthepeace ofmindknowingthattheir electronicallysigneddocumentsare secureagainsttamperingandfraud,are legallybinding,neverexpire,don’t requirethirdpartydigitalcertificates (whichcostextraandexpireeveryyear ortwo),andthattheycanbevalidated andauthenticatedwhenneeded.
Anothermajorbenefitistheabilityto digitallytransformmanualand partiallydigitalbusinessprocessesthat involvedocumentsignatures.Lastly, eliminatingpaperoutoftheequation significantlyreducestimeandcostof doingbusiness.
Thesebenefitsareenjoyedby ZorroSign’scustomersinthelegal, education,government,financial services,healthcare,non-profit,and high-techindustries.
Itgoesbacktothevisionfor ZorroSign.Theco-foundersdidnotsee asolutioninthemarketthataddressed therealproblemdocumentdigitization hadcreated.Theyfeltthatnothavinga waytosecuredigitaldocumentswould bedetrimenttotheoveralldigital transformationmovement.
Whatwasneededwasahighly advancedandcuttingedgetechnical solutionthatcapturesthedocuments
audittrailwhichcanbeupheldinthecourtoflaw-while beingsociallyresponsibleandsavingtheenvironment.It hadbeenover10yearssincetheeSignActwaspassedand yeteSignatureswerenotmainstream.Therewasavery
smallpercentagereductioninuseofpaper,andtherewas nosignificantdigitaltransformationtakingplace.
Today,electronicsignaturesareverycommon.Anyonecan takeapictureoftheirsignatureandsuperimposeitona document.Theycanalsoaltertheentiredocumentand signatureusingfreesoftwarelikeAdobeReaderorMac Previewafterithasbeensigned.ZorroSign’spatentedreal encryptedeSignatureisembeddedinthedocumentjustlike apenmakesamarkonphysicalpaper.
ZorroSign’spatent-pendingproprietaryDocument4n6 (Forensics)technologyprotectsitscustomersby highlightingwhethertheirpaperanddigitalversionsof ZorroSign’eddocumentshavebeenforged,tamperedwith, cancelled,expired,orrejected.Theprivateblockchainalso providesafullHIPAAandSarbanes-Oxley-compliantaudit trail,biometricsinformation,anddigitalattachments.
Fundamentally,ZorroSignputssecurityandprivacyatthe forefrontofeverydesignandpolicydecisionitmakes.
Asaprivatelyheldandfundedcompany,ZorroSignfaced theinitialhurdleofenteringamarketdominatedbya coupleofhouseholdnamescustomerswerealreadyfamiliar with,andaccustomedtothewaythosesolutionsworked.
Secondly,educatingthemarketthattheireSignaturemay notbereal,thattheirdocumentscouldexpirewithouta currentdigitalcertificateandtheywouldnotnecessarily holdupincourtwasaveryexpensiveandtime-consuming task.
However,oncecustomersrealizedthattherewasabetter andmoresecuresolutionavailableatasignificantlylower pricepoint,itbecameoneofthefastestgrowingadvanced DTMsolutionsinthemarket.
ThereistremendousopportunitytosolidifyZorroSign’s leadershipintheareasofBlockchain,mobile,AIandML. Theorganizationwillalsocontinuetosolvethemost complexanddifficultproblemsrelatedtothesecurityof digitaltransactionsandelectronicsignaturesusedaround theworld.
Animportantthingaboutsuccessful entrepreneurshipisanabilityto foreseethefutureandrespond–quicklyandintelligently–totherapidlychangingexternalenvironment.Anumberof companieshavefallenfromheightsbecause theyfailedtoforeseehowevolvingtechnologies wouldrenderthemobsoleteiftheyfailedtoact intime.TheFortuneMagazinepublished itsfirstlistof500largestcorporationsin 1955.Manyofthesecompanies, hugelysuccessfulatsome point,donotappearonthe listtoday.Whilemany succumbedtothe changingbusiness dynamics,afewof
thoseleftexistasshadowsoftheir
formerglory.Hindsighttellsusthat mostofthesecompaniesfocused toomuchonthepresent,failingto anticipatecustomers’futureneeds, whicharelargelydrivenby innovationsbroughtaboutby technologies.Whilethesignsof imminentshiftarealwaystherefor everyonetosee,onlythosewhotake cognizanceofthesesignsandactin timesucceed.
Nootherbusinesshasbeenmore impactedbythebreakthroughsin technologythanfinancialservices. Therehasbeenamassivegrowthinthe adoptionofmobileandonlinebanking inthelastcoupleofyearsandnewer technologytrendsinmobileand computingtechnologiescontinueto shapethefinancialservicessectorlike neverbefore.Almosteveryproductor serviceofferedbyfinancialinstitutions todayisenabledbytechnology.These tech-enabledproduct/servicesinthe financialsectorprovideagreat customerexperienceandensure survivalandgrowthofthecompanies. Asastakeholderofasectorsocrucial, herearesomekeytrendsthatwefeel willdetermineinthewaythefinancial sectorevolvesinthecomingyears.
Inthedigitalera,dataisoneofthe mostvaluableresourcesforindustries. Infact,someoftheworld’slargest globalcorporationssuchasGoogleand Amazonarebuiltonthecustomer insightsgainedthroughuseof informationtechnology.Accessto qualitydataandabilitytoextract insightsoutofthatwillbekeyto successinfinancialservices.With moreandmoredatageneratedalmost everypassingmoment,andnewmore powerfultoolsavailable,datawillbe increasinglyusedtoexpedite operationsandtechnologyprocesses. Playersinthefinancialservicessector
generateatremendousamountof customerinsightdatathathasthe potentialtodriverealvaluefor stakeholders,byallowingbanksto betterunderstandtheirneeds.
BlockchaintogoMainstream Blockchain-adecentralized, distributed,ledgerthatstartedwith bitcoin-removesconflictsbybeing independentofindividualparticipants. Anumberofstartupsinthefinancial servicessectorhavestartedapplying thistemper-proofandtransparent technologythatrecordsfinancial transactionsbetweentwopartiesinan efficientandverifiableway,todevelop new,decentralizedbusinessmodels thathavepotentialtobethenextbig thinginbusiness.Notrestrictedto financialservices,theBlockchainhas numerouspotentialapplicationsin government,healthcare,supplychain etc.,makingitincreasinglyuniversal. Withrealusecases,westronglyfeel thatthedistributedledgertechnology willbethemainstreaminthenext coupleofyears.
ArtificialIntelligence(AI)toBecome NaturalChoice ArtificialIntelligenceandMachine Learning(ML)allowcomputersto learn,withoutanyspecific programmedcommands“instructing” themhowtooperate.AI/MLenable computerstoaltertheirprogramming ontheirownandresponddifferentlyon thebasisofnewly-available information.Today,almostevery companyinthefinancialsectorisusing AI/MLtoreducecosts,savetime,add valueandenhancecustomer experience.Forbusinesses,AIpowers twokeyusecasesthatwillmake AI/MLtechnologymoremainstreamNaturalLanguageProcessing(NLP) andtheBigData.Financialfirmshave begunbuildinginterfacessuchasNLPpoweredChatbots/RoboAdvisorsthat analyzeandunderstandhowcustomers
spend,invest,andmakefinancial decisions,sotheycanoffercustomized investmentadvicetotheircustomers. Asvoicerecognitiontechnology improves,virtualassistantswill becomeincreasinglyuseful.AI/ML alsoallowssoftwareprogramsto analyzelargesetsofunstructureddata. Infact,ML-poweredminingofdata (BigData)allowsuserstodraw valuableinsightsfrommuchlargersets ofdatathanwerepreviously accessible.WefeelthatBigDatacould potentiallyhelpfinancialsectorisby improvingfrauddetectionand compliance.
Fintech
Withthewiderspreadofinternetenableddevicessuchasmobile phones/Tablets,consumersarenotonly movingtowardmobilebanking,but alsotowardcompletelynewwaysof spendingandmanagingtheirmoney. Technology-drivenspecialized boutiquefinancialservicesfirms, popularlyknownasfinancial technology,orFinTechfirms,are outcomesofinnovativeapplicationsof softwareanddigitalplatformsthat deliverfinancialservicestoconsumers muchmoreefficientlyandcosteffectivelythantraditionalbanksand theyaremucheasiertouse.Today, Fintechfirmsareofferingconsumers morechoiceandfreedom,accessto investments,refinancing,borrowingor transferringmoneyacrossborders. Fintechhavehugepotentialinthe contextoffinancialinclusion,akey enablertoreducingpovertyand boostingprosperity.Globally,around2 billionpeoplestilldon’thaveaccessto formalfinancialservicesandmorethan 50%ofadultsinthepoorest householdsarestillunbanked.Withits lowentry-barriersandhugeimpact, Fintechhavepotentialtoacceleratethe processofFinancialInclusionlike neverseeninthehistory
