FinTech Magazine - April 2020

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APRIL 2020

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FOREWORD

W

elcome to the April edition of FinTech magazine.

Mastercard is a name synonymous with the global financial services industry. And yet, behind the more than 50 years of payments technology innovation, and the more than 2.5 billion Mastercard-embossed cards in circulation globally, lies a hugely important supply chain and procurement operation that few are aware of. It is this aspect of the business that appears in this month’s cover feature.

We speak with Mastercard’s Director, Sourcing and Supplier Management, Mark Bromley, to find out just how this essential function continues to drive the business forward. A seasoned financial services jumio.com veteran with previous stints at Barclays Investment Bank and American Express, Bromley is responsible for building sourcing strategies that align with Mastercard’s corporate vision.

More recently, this has included implementing the Mastercard Start Path, a process that enables the seamless onboarding of startups into the Mastercard ecosystem.

This issue also includes deep-dives into the worlds of many leading companies, such as Telstra, OTIP, United Asia Finance and Loan Market.

Our feature content takes a sweeping view across many of the most important trends driving fintech. For example, we explore Accenture’s views and insights into what the cybersecurity threat landscape may look like in 2020. The eight virtual banks disrupting Hong Kong’s financial sector also fall under our radar, as do the latest AI and machine learning developments in the insurtech sector.

We wish all of our readers safety and good health at this challenging time.

Matt High matthew.high@bizclikmedia.com

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03

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CONTENTS

EVOLVING SUPPLY CHAIN

10 28

ACCENTURE: FINTECH, CYBERSECURITY AND HOW TO MANAGE RISK

40 62

52

AI

ARTIFICIAL INTELLIGENCE: ENABLING INSURANCE IN A CHANGING WORLD

80 FINTECH EVENTS

84 OTIP

100

120

Telstra Purple

Zimnat

134

150

Loan Market

Grant Thornton

172

160 Raiffeisen Bank

United Asia Finance

10

EVOLVING SUPPLY CHAIN WRITTEN BY

AMBER DONOVAN-STEVENS PRODUCED BY

CHARLOTTE CLARKE

APRIL 2020

11

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MASTERCARD

Mark Bromley, Director, Sourcing and Supplier Management, Mastercard, details the pivotal role of supply chain in driving the financial giant as a world leader

M

astercard is a name that is synonymous with the global financial services sector; a payment network that financially

unites countries on a global scale through its partnerships with merchants, consumers and government entities. With over 2.5 billion cards 12

embossed with Mastercard’s logo, it remains one of the most recognised brands today.

The secret to the provider’s success may be in part attributed to its market tenure, having been around for half a century, but in an ever-changing industry increasingly populated by disruptive startups, unicorns and innovators, the giant has also taken considerable steps to remain relevant. From the nurturing of startups through to its sustainable initiatives, Mastercard has proven time and again that it is ethically and practically invaluable to its customers, and every year, the cooperation receives numerous accolades. So far in 2020, it has already been awarded Fortune’s Blue Ribbon Companies 2020, it has been recognised as one of the World’s Most Admired Companies by APRIL 2020

13

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MASTERCARD

“ I don’t like the thought of procurement just being seen as a process that uses rubber stamps to get something done” — Mark Bromley, Director, Sourcing and Supplier Management, Mastercard

Fortune and ranked in Bloomberg’s 2020 Gender Equality Index. As well as receiving a perfect score on the Human Rights Campaign’s 2020 Corporate Equality Index, Mastercard is listed

as one of America’s Most Responsible Companies

by Newsweek.

14

Mark Bromley, Director, Sourcing and Supplier Management, Mastercard, provides an insight into the way in which the company is innovating its processes to be more accessible to startups. Bromley has worked with Mastercard for a little over four years, having previously worked with Barclays Investment Bank as a Global Sourcing Manager and Head of Transactional Sourcing, and as a Procurement Analyst for American Express previous to that.

As Director of Sourcing and Supplier Management, he is responsible for building sourcing strategies that align with the corporate vision, and Bromley and his team were recently awarded APRIL 2020

Debit Mastercard – Everyday Priceless CLICK TO WATCH

|

0:30

15 the Bias For Speed award from

process from several months down

Mastercard’s Head of Legal for the

to just two weeks.

implementation of a process that

The onboarding process took

allows the seamless onboarding of

Bromley and his teams six months

startups into the Mastercard ecosys-

to create, and was culminated from

tem, The Mastercard Start Path.

numerous workshops and meetings

“We see the value of startups and want

that gathered a number of departments

to be a partner to these companies,”

across the organisation, including

says Bromley, “and we wanted to

finance, supply chain, risk, business

create a process that did not control

and legal. “To get all these departments

design for startups, but more speed

together with one goal in a global com-

to market.” It is from this goal that

pany is quite an achievement, and

Bromley and his teams moved to

something I am personally proud of.”

create a process that allowed for a

The new on-boarding process

startup to complete the onboarding

platform added a great amount of w w w.f i nte c hma ga z i n e. com

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MASTERCARD

18

efficiency to a once timely process,

says Bromley. He enthuses that this

allowing for a faster cataloging and

is overcome by taking a more consul-

shortlisting of fintech and startup

tative role, where those in supply chain

applicants. Bromley shares that once

reach out across the company and

these companies apply through the

suggest processes based on their

aforementioned portal, they are

extensive knowledge of Mastercard’s

manually reviewed by Mastercard,

partners and processes. “So much of

and around six are taken into the

our work with fintechs, startups and

Mastercard ecosystem, giving them

SMEs is about revenue generation,

access to it’s diverse network, as well

and with that, speed to market prod-

as six months of mentoring. “I don’t like

ucts. As a result the supply chain

the thought of procurement just being

teams work closely with product

seen as a process that uses rubber

teams to ensure that each startup

stamps to get something done,”

entering our ecosystem is

APRIL 2020

receiving the best support and con-

received by stakeholders, without

nected with the best-matched

whom, the success of the new process

companies in the network.” Start Path

would not have been possible. “The

was recently named The Best

process is only as good as the support

Innovation Program in 2020 by

you receive for it. Our senior stakehold-

Tearsheet, a testament to Mastercard’s

ers understand that supply chains are

collaborative approach to innovation.

diversifying and as a result have been

One of Bromley’s favourite aspects of Mastercard is the culture. “It’s very

exceptionally supportive,” he says.

This work that Bromley has led is a part

inclusive,” he shares. “It’s great to be

of Mastercard Labs (R&D innovation

a part of a company that talks the talk

team), of which there are eight globally.

and walks the walk.” He commends

The labs specialise in VR, AI, AR and

the work of president and CEO, Ajay

blockchain, with an exploration into how

Banga, who works tirelessly to ensure

these technologies can drive company

diversity and inclusion. Bromley shares

value while also providing new innova-

that the new process was well

tions to the 20,000 banks and 60 million

E XE CU T I VE PRO FI LE

Mark Bromley Mark Bromley has global exposure and experience of sourcing in international locations mostly focused in EMEA, APAC and the US, and more than 14 years’ experience in the Procurement sector across multiple categories including Software, Hardware, IT Services, Marketing & Advertising, Payment Solutions and Data. With more than two and a half years of team management based in Singapore, a proven track record of delivering savings and implementing various contractual frameworks and procurement processes. , he also has international experience with four years based in Singapore. w w w.f i nte c hma ga z i n e. com

19

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CUSTOMER CENTRICITY

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INNOVATION

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FACT BOX

Driving diversity through procurement “Our supply chain is diverse, and it is essential that we embrace it as a company, both in our own company and through our partnerships.” One partner of particular note is Gibbs Hybrid.

“Farida Gibbs is from a womenowned business, and a business woman whose approach I greatly respect,” shares Bromley. “After a number of meetings with Mastercard, we onboarded Gibbs Hybrid into our ecosystem, and they have been working with our New York labs team.” Bromley explains that Gibbs Hybrid understands Mastercard’s brand

and compliments the company well. He also shares that there are a number of initiatives that Mastercard champions, from the Women Leadership Workshop, through to its burgeoning LGBT+ group. “We want our own people within the company to feel comfortable, so that they can accelerate with full support, and this is embodied from our CEO, right through to our most recent onboarded startup. It’s great to see such diversity; it nurtures culture and builds a strong company with people that enjoy what they do.”

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21

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“

Creation Agency understands the Mastercard brand well; they are a hungry, responsive and dedicated team that always looks at the bigger picture.

“

There’s a reason why these brands chose Creation Agency...

Mark Bromley, Mastercard Director, Sourcing & Supplier Management © Creation Agency 2020. All rights reserved. All third party logos mentioned herein may be the registered trademarks of their respective owners.

“ So much of our work with fintechs, startups and SMEs is about revenue generation, and with that, speed to market products” — Mark Bromley, Director, Sourcing and Supplier Management, Mastercard

merchants it supports. In addition to his work with the innovation labs, Bromley has two other areas of responsibility within

the remit of the supply chain: cyber and intelligence solutions, and card products.

“Looking at what our cybersecurity team is doing is both amazing and challenging,” Bromley says. “One bad experience can lose a customer permanently, and larger companies are constantly the target of cyberattacks, so we need to ensure that our customers and their assets are protected at all times.” The cyber group specifically focuses on securing the payments in Mastercard’s ecosystem and leveraging the suppliers that enter into the ecosystem in strengthening the company’s cybersecurity. Bromley shares that Mastercard is also looking to expand it’s Artificial Intelligence Academy to drive its cybersecurity capabilities. w w w.f i nte c hma ga z i n e. com

23

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Partnership spotlight SHI One long standing partner within the technology space is SHI. “SHI are a strategic partner to Mastercard in the technology space, says Bromley, “they provide a reliable and important service to our business over a number of years, a trusted partner who we look forward to working with on our journey into the digital age.”

Creation Agency ”All companies are a key part of our success and Creation Agency is one of our more recent

additions to our partnership portfolio. Creation Agency understands the Mastercard brand well; they are a hungry, responsive and dedicated team that always looks at the bigger picture.”

Freestyle IT “Freestyle IT have been a trusted VAR partner to Mastercard for several years now. Albeit a small company, they punch above their weight and no task is too difficult for them to handle. They are reliable and trusted by our stakeholders.”

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25

MASTERCARD

1966

Year founded

$12.5bn+ Revenue in US dollars (2017)

16,000 Number of employees

“ It’s great to be a part of a company that talks the talk and walks the walk” — Mark Bromley, Director, Sourcing and Supplier Management, Mastercard APRIL 2020

As well as keeping payments safe, Mastercard needs to ensure that its vast number of products are well tailored to customers and competitive in the marketplace. “There are 2.5 billion Mastercards out there. Our teams are working on those products and working with partners, particularly within the

but I have every faith that with their support we will continue to really drive change at Mastercard.” He asserts that the future for supply chain and procurement will continue to change. “We will no longer be a retrospective outfit within the company, but a proactive partner across the board that will innovate and collaborate both internally and externally, to deliver the company’s strategic objectives.”

“Industry-wide, supply chain has the chance to do a lot more than just be a paper-pushing function. Push yourselves and lead your team through change to make procurement a go-to partner within the organisation.” Though many companies have yet to adopt this mentality with regards to procurement, it is loyalty space, to create a better expe-

evident that this approach is deeply

rience for our users.”

embedded in Mastercard’s culture,

Bromley acknowledges that there

which will undoubtedly continue to

is still a long way to go in streamlining

position it as a global leader in the

the procurement process, but he

payment’s industry.

looks ahead with anticipation. “I’ve had great support from both the leadership team and the wider Mastercard team; it hasn’t been easy, w w w.f i nte c hma ga z i n e. com

27

FINTECH

28

ACCENTURE: FINTECH, CYBERSECURITY AND HOW TO MANAGE RISK WRITTEN BY

APRIL 2020

MATT HIGH

29

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FINTECH

What is the cybersecurity threat landscape for fintechs and the financial services sector in 2020?

T

he pace of digital transformation across the financial land-

scape continues to quicken. In such an environment the digital or cyber threat proposition evolves rapidly, making it essential to maintain the highest 30

standards of technology and preparedness, and keep up to date with the impact of cyber trends. According to Accenture’s 2019 Ninth Annual Cost of Cybercrime report, financial services incurred the highest cybercrime costs among all industries studied in 2018.

In this research, Accenture explains:

Across all industries, Accenture found that information theft is the most expensive and fastest rising conse-

“As industries evolve and disrupt the

quence of cybercrime. However,

current environment, threats are dra-

it noted that there are several drivers

matically expanding while becoming

behind the evolving global cybersecurity

more complex. This requires more

threat for all sectors:

security innovation to protect com-

● Evolving targets: data is no longer

pany ecosystems. The subsequent

the only target according to

cost to our organisations and econo-

Accenture. Rather, companies

mies is substantial — and growing.”

worldwide are seeing their core

APRIL 2020

31

“ As industries evolve and disrupt the current environment, threats are dramatically expanding while becoming more complex” ­— Accenture, 2019 Ninth Annual Cost of Cybercrime

systems — controls systems and infrastructure — being hacked, which can lead to greater disruption. ● Evolving impact: it’s no longer just about theft. For example, cyberattacks are changing approach from simply stealing data to destroying or altering it to create distrust.

Today, data integrity itself is vulnerable. ● Evolving techniques: attack methods are adapting quickly. w w w.f in tech ma ga zi n e . c o m

From Inspiration

to Innovation

To know more, visit us at www.capgemini.com.au/insurance or email us at capgemini.marketing.au@capgemini.com

Accenture: gaining ground on the cyber attacker CLICK TO WATCH

|

1:17

33

“ The largest financial services industry data breach occurred in September 2017 when Equifax, one of the three largest consumer credit reporting agencies, exposed the personal information of 147 million people”

Accenture found a focus on “the human layer” that targets the weakest link — people — through phishing and malicious insiders.

FINTECHS AND BANKING: CYBERSECURITY THREAT The largest financial services industry data breach occurred in September 2017 when Equifax, one of the three largest consumer credit reporting agencies, exposed the personal information of 147 million people. The breach was caused by an unpatched w w w.f in tech ma ga zi n e . c o m

FINTECH

34

APRIL 2020

DID YOU KNOW?

Top 10 FinServ data breaches, according to Digital Guardian’s Data Insider blog: 10. Citifinancial, 2005: The subsidiary of Citigroup lost a box of computer tapes that held sensitive information on 3.9 million customers.

addressed and credit card details.

9. Educational Credit Management Corp., 2010: Theft of the company’s ‘portable media’ impacted 3.3 million and, while it did not involve financial or banking information, it did see the loss of social security numbers.

4. JPMorgan Chase, 2014: A data breach by the banking giant affected 76 million households and seven million small businesses — personal information rather than financial information was leaked.

8. CheckFree Corp., 2009: Cybercriminals hijacked and redirected site traffic to a malicious site, to which 5 million customers logged in with their credentials.

7. Data Processors International, 2003: A hacker breached security systems to steal up to 8 million credit card numbers, including 2.2 million Mastercard-issued cards and 3.4 million issued by Visa.

6. Korea Credit Bureau, 2014: An employee copied databases that held customer details for 20 million people, including ID numbers,

5. CardSystems Solutions Inc., 2005: Systems were accessed by a hacker, which resulted in 40 million credit card numbers being compromised.

3. TRW Information Systems, 1984: Theft of a credit file password gave access to the credit histories of 90 million people, including names, addresses, social security numbers and more.

2. Heartland Payment Systems, 2008: Systems were hacked at the payment processing firm that affected 130 million customers.

1. Equifax Inc., 2017: 143 million accounts in the US were compromised by a data breach that involved personal information; the hackers also stole more than 200,000 credit card numbers.

w w w.f in tech ma ga zi n e . c o m

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FINTECH

AC C E N T U R E

Ninth Annual Cost of Cybercrime: key findings Accenture’s report takes in many industries and sectors worldwide, including banking. It found that: ● Banking had the highest average annual cost of cybercrime by industry in 2018, at $18.37mn.

36

● The average number of security breaches rose in 2018 to 145, representing an 11% increase over the previous year and a 65% increase over the previous five years. ● Globally in those industries surveyed, the annual cost of cybercrime rose by 12% to $13.0mn in 2018, up from $11.7mn in 2017. ● The time required to resolve the average cybersecurity incident has increased dramatically — malware by 89%, denial of service by 65% and social engineering attacks by 22%. ● The frequency of some attacks has increased. Web-based attacks, for example, have increased by 8% while malware, botnet and ransomware attacks have also been more regular.

APRIL 2020

Apache Struts vulnerability — Apache Struts being a framework on one of the company’s US-based web applications. It saw the names, social security numbers, dates of birth and other information being disclosed and resulted in several members of Equifax’s C-suite stepping down.

This was by no means an isolated incident. After Equifax, other significant financial services data breaches have seen as many as 130 million, 90 million and 76 million people and households affected. In a 10 December blog, Be Safe: Cybercrime in the Financial Services Industry, Accenture defined a cyberattack as “malicious activity conducted against an organisation through the IT infrastructure via the internal or external networks or the internet. Cyberattacks also include attacks against industrial control systems.” Malicious insider attack, or threats from inside a company’s firewall are the most dangerous, it says, costing an average of $243,000 per incident and taking more than 50 days to resolve.

As to why this is concerning for banks and financial services institu-

“ In the banking and capital markets, only 18% of Chief Information Security Officers (CISOs) believed their employees to be held responsible for cybersecurity”

tions, Accenture found in its research that, in the banking and capital markets, only 18% of Chief Information Security Officers (CISOs) believed their employees to be held responsible for cybersecurity. Historically, banks and other organisations had one mission: to keep money and information w w w.f in tech ma ga zi n e . c o m

37

FINTECH

safe from all. Beyond that, says

24% said they were using cyber ana-

Accenture, additional investment in

lytics and user behaviour analysis

preventing insiders from accessing

to their advantage. The latter figure

data or other information was never

had actually decreased from 31%

prioritised. That a market now exists

a year previously.

for that data highlights the severity

Accenture calls this trend discour-

of this issue.

aging, noting that it “suggests financial services firms are struggling to keep

38

TECHNOLOGY VS CYBERATTACK

up with the rapid pace of new technol-

Innovative and advanced technolo-

ogies and, as a result, are not making

gies are not being used to their full

the appropriate investments to increase

potential in cybersecurity applications,

operations efficiency and reduce risk”.

Accenture finds. For example,

Because the cyber threat landscape

it reports that only one-third of compa-

continues to diversify, more focused

nies are deploying technologies such

investment in the right technology

as machine learning or AI, while only

can pay dividends. Accordingly, FACT BOX

Accenture’s three steps to unlocking value in cybersecurity 1. Prioritise the protection of people-based assets: countering internal threats such as malicious insiders, and a rise in phishing and ransomware attacks 2. Invest so as to limit business disruption and information loss: this is becoming an increasing concern for businesses worldwide

APRIL 2020

as a result of GDPR and CCPA regulations 3. Implement technologies that reduce rising costs: this includes automation, security intelligence and advanced analytics to manage the increasing costs of discovering attacks.

Read more from Accenture here.

it sets out five key steps for financial services companies to take to begin corrective action: ● Increase defenses against webbased attacks ● Focus on reducing ransomware occurrences ● Invest to prevent disruption to business

respectively). The largest proportion of investment is being made in security intelligence and threat sharing (79%), although Accenture expects technolo-

● Increase the deployment of tech-

gies such as AI and machine learning

nologies that have a high return

to take precedence in the future due

on investment, such as automa-

to their delivering the highest cost

tion, machine learning and AI

savings for enterprises.

● Manage the use of ‘less effective’

The blog also calculates that, over

technologies liek enterprise gov-

the next five years $347bn of eco-

ernance, advanced perimeter

nomic value is at risk for the banking

control and the extensive use

sector and $47bn for the capital

of data loss prevention.

markets. This can be prevented by measures such as greater employee

CYBERSECURITY: MAN VS MACHINE

education around the threats that

Despite malicious insider attacks

exist, a focus on privileged access

growing at pace, Accenture reveals in

management to ensure no single

its Cybercrime in Banking and Capital

employee can compromise security,

Markets: Technology and Human

and the use of technologies such as

Vulnerabilities blog that spending

advanced analytics and automation.

on the ‘human layer’ of cybersecurity is insufficient — with only 9% of total budget being spent upon it (network and application layers have the most investment at 37% and 27% w w w.f in tech ma ga zi n e . c o m

39

BANKING

40

APRIL 2020

HONG KONG’S VIRTUAL BANK DIGITAL TRANSFORMATION

A closer look at the eight virtual banks digitally disrupting Hong Kong’s fintech sector WRITTEN BY

HARRY MENE AR

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41

BANKING

D

igital banking and innovative fin-

techs, startups and unicorns have irreversibly disrupted the world

of finance over the last decade. While in

Europe (particularly in the UK) and the US,

these digital-first, digital-only or mobile banks have risen to a place in the market where they are competing with traditional banking houses, incumbents and financial institutions, the wider world of finance has been slower to adapt.

In the UK, digital challenger banks like Monzo, Revolut and Starling have attained 42

strong brand recognition and significant market penetration, with a combined user base of around 11 million people. European virtual bank N26 alone has five million customers. By offering flexible, digital-first services to an increasingly tech-savvy generation of customers, these challenger banks are pushing a wave of digital disruption across their home regions’ banking sectors, as well as fighting fiercely to establish a beachhead in the US market.

THE VIRTUAL BANK REVOLUTION IN HONG KONG While virtual banks are being established worldwide (and more and more legacy banks are improving their digital offerings) APRIL 2020

43

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Hong Kong FinTech Week 2020 Official Trailer CLICK TO WATCH

|

1:22

45

“ These virtual banks will need to think of some strategy to build up their brand awareness” — Gary Ng Kwun-ho, Partner, PwC

Here we take a closer look at the virtual banking landscape in Hong Kong, following the government awarding

adoption in the APAC, African and South

eight digital banking licenses. You can

American regions has yet to reach the

see more about each of these in the

scale of Europe or the US. This might

box out section.

be about to change, as a new wave of banking licenses are issued across Asia,

WHAT IS A VIRTUAL BANK?

prompting fierce competition between a

The Hong Kong Government defines

new generation of virtual banks, as they

a virtual bank as “a bank which primar-

compete to attract customers away

ily delivers retail banking services

from both incumbents and each other.

through the internet or other forms w w w.f i nte c hma ga z i n e. com

BANKING

HONG LONG’S EIGHT VIRTUAL BANKS With the intention of launching their Hong Kong offerings within the next nine months, meet Hong Kong's first eight virtual banks: Ant SME

46

A subsidiary of Ant Financial, the virtual bank is reportedly going to target the Hong Kong SME market, and is dedicated to providing inclusive banking solutions to smaller businesses in the nation’s economy.

Insight Fintech A joint venture between smartphone brand Xiaomi and AMTD Group, with Xiaomi owning 90% of the company, Insight Fintech provides capital markets and advisory, asset management, insurance brokerage, and strategic investment services. According to a recent press release, the bank will use Xiaomi’s strong foothold

APRIL 2020

in the IoT technology space to create modern, integrated banking solutions that are easier to use and more accessible than traditional alternatives.

Fusion Bank The Hong Kong challenger with the most impressive backing is Fusion Bank (originally branded as Infinium), which is a joint venture between Chinese giants Tencent and ICBC, with additional support from Hillhouse Capital.

Fusion Bank is reportedly looking to provide a full-service virtual banking experience, particularly highlighting small-value deposit services to the under-banked. The bank’s service also won’t require any minimum account balance, or low-balance fees both to the general public and SMEs. Livi VB Another of Hong Kong’s new challenger banks to have backing from mainland Chinese financial giants, Livi VB is a joint venture

by the Bank of China, JD Digits and Jardines. Worth an estimated $2bn, the resulting company has huge cash reserves behind it and plans to use cutting edge fintech solutions driven by artificial intelligence (AI), blockchain and Big Data to deliver a truly seamless digital experience comparable to some of the leading European virtual banks.

SC Digital Backed by global finance giant Standard Chartered (alongside PCCW Limited, HKT and Ctrip Hong Kong) SC Digital is looking to corner the retail banking market in Hong Kong. In addition to standard digital banking solutions, the virtual bank is looking to offer retailers and shoppers better ways of spending and transferring money.

WeLab A truly homegrown Hong Kong fintech, WeLab is also looking to enter the retail banking space, with an offering powered by AI, machine learning (ML) and Big

Data. In a press release announcing the company’s new license, founder and CEO Simon Loong said: “WeLab will fully dedicate its resources to provide seamless digital financial services built for the customer, leveraging on the proven track record, cumulative knowledge and experience over the last six years.”

Zhong An Virtual Finance (ZA Bank) The first virtual bank in Hong Kong to launch its pilot programme in March 2020, ZA Bank already has a leg up on brand recognition and is looking to tempt a wave of new customers to its platform with a bold new campaign.

Ping An One Connect A virtual bank that falls under the banner of Ping An Insurance Group, China’s largest insurer by market value. Will initially offer lending to individuals and SMEs, and will subsequently develop new products and markets overseas.

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47

BANKING

of electronic channels instead of phys-

48

However, the financial industry

ical branches.” Because of reduced

being the traditional and risk-averse

overheads, virtual banks often offer

place that it is, adoption was a slow

lower fees on things like currency

process. Back in 2014, consulting firm

conversion, ATM withdrawals and

McKinsey found that “across Europe,

overdrafts. Also, by dint of the fact

retail banks have digitised only 20-40%

that their digital interfaces are their

of their processes; 90% of European

only point of contact with customers,

banks invest less than 0.5% of their

they tend to have more powerful appli-

total spending on digital.” The rela-

cations, with services like Monzo’s

tively slow adoption of virtual banking

money saving vaults, or have the ability

services by legacy banks has led

to buy and trade cryptocurrencies

to a rise of digitally focused “chal-

baked in. The possibilities of virtual

lenger banks” that focus primarily

banking are growing almost as fast

(or entirely) on financial services

as the industry’s customer base.

through online applications and other digital mediums.

As the increasingly lucrative opportunities behind digital banking have become apparent, the industry has experienced significant growth.

In 2018, the global digital banking market was worth US$5.1bn and it is expected to reach $16.2bn by the end of 2025, representing a CAGR of 15.3% during 2019-2025. A large portion of that expansion is expected to come from high-growth markets like APAC, where digital banking services are only just starting to achieve adoption.

APRIL 2020

HONG KONG AND DIGITAL BANKING

Hong Kong Monetary Authority

With a national GDP of $341.4bn

announced that, from a crowd of

(placing it between Singapore and

29 hopefuls, eight virtual banks had

Iran), Hong Kong is an economic pow-

been selected to receive licenses

erhouse that punches far above its

to operate in the country.

weight, considering its tiny landmass and relatively small population of

ZA BANK: DIGITAL-ONLY INNOVATOR

7.3 million people. The special admin-

As of March 2020, ZA Bank has

istrative region’s economy is also

kicked off the race to establish a

heavily rooted in the financial sector,

virtual banking industry in Hong Kong

which benefits from low taxation, leg-

in style. The company has quickly

islation that favours free trade, and

attracted almost 2,000 users to its

a currency pegged to the US Dollar.

digital-only service with a combina-

Hong Kong’s banking sector is quite traditional, but last year the

tion of high deposit interest rates and low lending rates.

Fireside Chat with Starling Bank and Revolut on Digital-only Banks at the Hong Kong FinTech Week CLICK TO WATCH

|

26:33

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49

BANKING

FACT BOX

Top 10 most important technologies in Hong Kong digital banking

50

According to KPMG’s Hong Kong Banking Report 2019, technology will prove crucial to the growth of the digital and virtual banking market. In particular, many banks are seeking to harness AI to stay ahead of the competition, as well as other innovations such as quantum computing, augmented reality and more. Here are the top 10 technologies that industry leaders in Hong Kong believe will drive the greatest transformation in Hong Kong’s banking revolution.

APRIL 2020

• Internet of Things (IoT) • Robotic process automation (RPA) •A I, machine learning and cognitive computing • Blockchain • Robotics and automation • Augmented reality • Virtual reality • S ocial networking, collaboration technologies •B iotech, digital health and genetics •O n-demand marketplace platforms

“ WeLab will fully dedicate its resources to provide seamless digital financial services built for the customer” — Simon Loong, Founder and CEO, WeLab

offer high interest rates as a way to capture the public attention,” said Gary Ng Kwun-ho, a partner at PwC

A recent report by the South

who specialises in virtual banking

China Morning Post found that ZA

practice. “Customers can benefit if

Bank has been “offering up to a very

they add the competitive pressure to

juicy 6.8% interest rate on deposits”

challenge traditional banks and their

which is extraordinarily high — but

digital banking services.”

only to 50 lucky winners who sign

2020 will be a defining year for

up the most users to the service.

fintechs and virtual banking in the

The effort to create a buzz also risks

APAC region, as Singapore, South

starting a “rate war” among the new

Korea, Hong Kong and China all

fintechs in Hong Kong, as they are

increase efforts to digitally disrupt

forced to compete to offer the flashiest

their banking industries. The current

packages to a population already heav-

race to reshape the Hong Kong fin-

ily invested in a legacy banking economy.

tech sector is providing an illuminat-

WeLab VB, may also offer some

ing amount of insight into what the

“promotional interest rates” as a

process will look like. One thing is

short-term strategy when it is launched

for sure, virtual banks in Asia are

later this year, according to group

willing to bend over backwards for

founder Simon Loong, the South China

a slice of this very big, and very valu-

Morning Post reports.

able pie. The race has only just begun.

“As new entrants, these virtual banks will need to think of some strategy to build up their brand awareness and w w w.f i nte c hma ga z i n e. com

51

INSURTECH

AI

52

APRIL 2020

ARTIFICIAL INTELLIGENCE: ENABLING INSURANCE IN A CHANGING WORLD WRITTEN BY

53

HARRY MENE AR

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INSURTECH

Here, we present the global megatrends that risk disrupting the insurance industry, and some of the insurtechs using AI to navigate an increasingly uncertain market

I

nsurance is an industry that thrives on predictability. The more certain the outcome, the more insurance firms can be

sure to offer fair rates and generate value

for customers and shareholders alike.

As such, it’s an industry that has been slow to adopt new technologies and adapt to 54

global change. Today, however, change is here, and more is on the way.

Global megatrends, from the imminent arrival of the self-driving car to accelerating climate change, threaten to disrupt the insurance sector in a way that’s never been seen before. For players in the insurance space, knowledge and certainty represent security and survival, and those who fail to adapt risk being permanently consigned to the uncited Wikipedia subheadings of history.

To survive and thrive in the increasingly entropic age of the fourth industrial revolution, insurers are turning to cutting edge technologies like artificial intelligence (AI) and machine learning (ML) in order to better understand the world in which they APRIL 2020

55

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Better Business Decisions FICO powers decisions that help people and businesses around the world prosper. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

LEARN MORE

Š 2019 Fair Isaac Corporation. All rights reserved.

CONTACT US

“ 2019 was not the new normal. The world’s weather will continue to become ever-more extreme and people around the world will continue to pay the price” — Christian Aid, Counting the Cost of 2019: a year of climate breakdown

increase compared to pre-industrial levels, the effects are becoming increasingly severe. Last year, wildfires in Australia killed over one biilion animals,

operate and the risks that it poses to

endangered hundreds of species, and

their customers. New, technology-

caused an estimated US$100bn in

driven insurance firms — known as

damages to homes and infrastructure.

insurtechs — are able to be more agile

Global flooding, cyclones and storms

than their legacy counterparts, allow-

meant that, last year, Christian Aid

ing them to offer more value to their

estimated that global damages due to

clients, and generate more value for

weather-based disasters exceeded

their shareholders.

$140bn, and the trend shows no sign

Here are some of the global

of slowing down. Christian Aid’s report

megatrends that risk disrupting the

makes it clear that “2019 was not the

insurance industry, and some of the

new normal. The world’s weather will

insurtechs using AI and ML to navi-

continue to become ever-more extreme

gate these increasingly uncertain

and people around the world will con-

waters.

tinue to pay the price.”

The challenge laid at the feet of

CLIMATE CHANGE

insurers is to adapt to these challenges

How do you insure against an existen-

without raising premiums in a way that

tial threat? As global carbon emissions

financially cripples customers. In the

continue to rise, and the world creeps

United States, the number of people

ever close to a 2°C temperature

living in the midwestern flood plains w w w.f i nte c hma ga z i n e. com

57

INSURTECH

" How do insurers gain enough insight into changing weather patterns to reduce premiums and get their most vulnerable customers covered again?

AI could hold the answer"

58

with flooding insurance has fallen by

analysis, “advanced analytics could

15% in the past decade, as working

further help companies assess histori-

class families decide to take the risk

cal weather records, insured prop-

in the face of rising premiums due to

erty data, and assumptions regarding

increased uncertainty and risk. The

future climate conditions to improve

cost of insurance has been rising by

risk selection and pricing.”

between 5% and 7% year-on-year

The combination of AI with the

since 2011 and, according to Dick

growing number of Internet of Things

Thomas, a 69-year-old retired laborer

(IoT) devices around the world is

in Craig, Missouri, whose family home

allowing companies and scientific

flooded last year, if he’d bought flood

institutions to better track and under-

insurance, We wouldn’t [have been]

stand global weather patterns. Ben

able to eat. You’ve got to do what

Dickson recently wrote for The Next

you’ve got to do. We took a chance,

Web that “ubiquitous connectivity

and it bit us.”

enables us to aggregate that data

So, how do insurers gain enough

in cloud servers for further process-

insight into changing weather patterns

ing by machine learning algorithms.”

to reduce premiums and get their most

This aggregation of data for AI analy-

vulnerable customers covered again?

sis allows insurers to better under-

AI could hold the answer.

stand the risks facing their customers

According to Deloitte’s recent APRIL 2020

and tailor their offering accordingly.

UNDERSTORY

shared with several major insurance

One company at the forefront of this

brands. According to a recent report

marriage between AI and IoT in the

by IBM, one of those companies esti-

insurance sector is Understory,

mates that the technology has already

a Madison, Wisconsin-based startup

saved it as much as 20% in claims

that is working to disrupt the insurance

by improving claim accuracy after

sector through the distribution of what,

recent storms.

at first glance, appear to be stainless steel washing up bowls.

These devices are actually IoT sen-

Understory isn't alone. According to Deloitte, “Several leading insurance companies were first in the air, secur-

sors that measure the intensity of hail

ing FAA permission as early as 2015

storms, which cause billions of dollars

to use drones for aerial data collection,

in economic damage every year. The

catastrophe response, research and

devices are currently installed in six US

development, underwriting, and claims

cities, and the data they collect is being

resolution support.�

What happens next in Insurance: AI and Machine Learning CLICK TO WATCH

|

8:48

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INSURTECH

60

DRIVING INNOVATION

insurance industry by as much as 60%,

Climate change isn’t the only global

potentially hurting some of the indus-

trend predicted to have a lasting effect

try’s biggest players.

on the insurance sector. Auto insurance accounts for as much as 40% of

HYPER-PERSONALISED RISK

the insurance industry’s annual reve-

One of the ways in which companies

nue. As driverless vehicles grow closer

are looking to adapt to changes like

to becoming a reality, their promise

the rise of the self-driving car and cli-

of radically safer transportation is

mate instability is through AI-driven

threatening to disrupt a huge part

personalisation. By ingesting large

of the insurance space. A 2015 report

amounts of data — particularly from

by KPMG predicted that the advent

wearable monitors and IoT connected

of driverless cars could shrink the auto

systems — insurers are increasingly

APRIL 2020

“ Advanced analytics could further help companies assess historical weather records, insured property data, and assumptions regarding future climate conditions” — Deloitte

its founding in 2015. Lemonade uses AI to power its entirely in-application service, which can automatically assess, evaluate and pay out a claim in a few seconds. A customer can undergo the entire claims process while chatting exclusively to the company’s customer service AI-powered chatbot, Jim.

AI AUTHENTICITY

able to tailor policies to individual

Artificial intelligence is a tool that isn’t

consumers.

always on the side of the insurer. The

Financial models that were once

ability for the technology to alter and

dependent upon statistical sampling

adjust images and video in order to

of past performance to forecast future

distort the truth has some insurers

outcomes can now sample datasets

worried. To combat this, AI-driven

in real time to adjust rates on a case-

insurtech startup Attestiv is looking

by-case basis.

to tackle the growing impact of deep-

This, combined with more and

fake videos, tampered photos and

more powerful chatbots and cus-

manipulated audio on insurance

tomer-facing applications are sup-

claims. By using distributed ledgers

porting the rise of a new generation

and proprietary deep learning models,

of AI-powered insurtechs.

Attestiv is selling its services to the insurance industry. Its offering vali-

LEMONADE

dates the authenticity of photos and

Disrupting the homeowners and rent-

videos from the point of capture to the

ers insurance market, Lemonade is

present. The service could go a long

the most highly-funded insurtech to

way towards accelerating genuine

date, having raised $480mn since

claims and dismissing fraudulent ones. w w w.f i nte c hma ga z i n e. com

61

T O P 10

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APRIL 2020

Challenger banks and fintechs

With the rise of digital-only banks, the sector has become more competitive than ever. In no particular order, FinTech Magazine lists the top 10 challenger banks launched by incumbents

WRITTEN BY

AMBER DONOVAN-STEVENS

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63

T O P 10

What is Your Money Doing :30 CLICK TO WATCH

|

0:30

64

10

Ally bank

(GMAC) [ HQ: S A ND Y, U T, US ]

Ally bank has been around since 2004 and belongs to parent company Ally Financial. The online-only bank is particularly renowned for its high interest savings accounts. It is worth noting that each month Ally will start to charge US$10 from the sixth outbound transfer onwards, but that’s a worthy compromise given its high interest rates of 1.60%, which is compounded daily. Customers can access over 43,000 ATMs, and Ally will reimburse $10 per statement cycle for any fees charged using an out-of-network ATM in the US.

APRIL 2020

09

Marcus

(Goldman Sachs) [ H Q: LON DO N, U K ]

The new challenger bank from Goldman Sachs has borrowed its name from Marcus Goldman, who founded the parent company in 1869. The creation of Marcus is a part of Goldman Sachs’ strategy to add US$5bn to its revenue by 2020. The online bank is fee-free and offers high interest savings accounts, with bonus rates available to all customers. Up to £85,000 of any money held by the bank is protected by the Financial Services Compensation Scheme (FSCS).

65

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Loved by users.

Loathed by fraudsters.

Identity verification through informed AI.

Learn how Jumio is using informed AI to deliver identity verification as it should be.

Visit jumio.com

08

Imagin Bank

67

(CaixaBank)

[ H Q: VAL E N CIA , S PA IN ]

Imagin Bank is CaixaBank’s digital, Spanish-only bank designed for millennials. Much like other challenger banks in Europe, Imagin is fee-free, with a number of personal finance tools and offers current accounts, debit cards and consumer loans. Over a third of CaixaBank’s customers are aged between 18 and 35, lending its legacy customer base strongly to the digital-only bank. jumio.com

CaixaBank’s CEO Gonzalo Gortázar comments: “What we have created is a simple service offering; one that charges customers no maintenance fees but is comprehensive enough to cover all of the financial services demanded by the young target market.”

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T O P 10

07

Liv

(Emirates NBD)

[ HQ: DUBAI, UAE ]

Liv has built upon the success of Emirates NBD, currently boasting over 300,000 clients since its inception in 2017. The digital lifestyle bank launched for millennials gained an estimated 10,000 new users a month, the same growth rate as that of parent company, Emirates NBD. “This shows us that there was demand and we are meeting that demand,” shares Richard Morton, Associate Vice President for Legal, Emirates NBD, in an exclusive interview with FinTech Magazine. The app features a real-time expense tracker, financial “goals” to assist with in-app saving, and a number of deals and events tailored to its 68

target audience.

Liv. Brand video CLICK TO WATCH

APRIL 2020

|

0:39

69

Emirates NBD unveils E20

06

E20

(Emirates NBD) [ H Q: D U BA I, UA E ]

Still in beta mode, the widely anticipated digital bank E20 was designed with SMEs in mind at the end of 2019 . One of two challenger banks launched by Emirates NBD, E20 will allow business owners to conduct international and local transfers, generate invoices, track receivables and view P&L statements. It can also share information on VAT returns. “E20 will help business owners manage their finances and cash flows efficiently and in an affordable manner while also powering their decision-making and growth plans,� said Shayne Nelson, Group CEO of Emirates NBD.

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Make Every Customer Interaction Count Create innovative & delightful customer experiences with programmable communications. www.nexmo.com | sales@nexmo.com |

05

BĂł

(NatWest) [ H Q: LON DO N, U K ]

Bó is one of the newest challengers to be launched by a legacy bank, entering into the market at the end of 2019. A part of NatWest, the account is designed to be secondary to the legacy bank, allowing the tracking of monthly spending. Like a prepaid debit card, this service is similar to the early versions of Monzo. According to the site, customer’s finances and data are protected under the Financial Services Compensation Scheme (FSCS).

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T O P 10

72

04

Openbank

(Groupe Santander) [ H Q : M AD R I D , S PAI N ] Openbank, a popular subsidiary of Grupo Santander, is the digitalonly bank headquartered in Spain. Founded in 1995 by Banco Santander, the website was launched the following year, making it one of the older digital banks around. Today there are 1.35 million accounts registered with the bank. Stand-out features include its 24/7 support line, open to customers at all times. Openbank allows customers to deposit or withdraw cash fee free from over 4,500 ATMs across the Santander services in Spain. As of last year, it began its expansion across Europe to Germany, the Netherlands and Portugal.

APRIL 2020

03

LightStream

(Truist)

[ H Q: AT L A NTA , GA , U S ]

From financing your kids’ education through to buying a boat, provider LightStream, a division of SunTrust Bank, which recently merged with Branch Banking and Trust Company (BB&T) to become Truist, has “loans for just about everything.”

LightSteam combines its lending products with proprietary technology so that consumers with strong credit profiles can receive highly competitive, fixed rate financing via a digital process. It does not charge fees on personal loans, and offers US$100 to dissatisfied customers.

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AMERICAS | APAC | EMEA FIND OUT MORE

T O P 10

02 iZettle

(PayPal) [ HQ: STOCKHOLM, SWEDEN ]

iZettle is a Swedish financial technology company founded 76

by Jacob de Geer and Magnus Nilsson in April 2010. It launched its first app in 2011, making it the first company to develop chip-card readers and apps for smartphonebased mobile commerce which meet international security requirements. The fintech derives its name from a stylised portmanteau of “I settle” in reference to settling debt. The company was acquired by PayPal in September 2018 for US$2.2bn. Bill Ready, Chief Operating Officer, PayPal. “iZettle brings a suite of products and services that allows merchants to meet their customers where they are - online, in store or via mobile. This is another step in our journey toward democratising commerce tools to help businesses of all sizes thrive.”

APRIL 2020

77

Discover the new way to do business CLICK TO WATCH

|

0:15

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T O P 10

Holvi

(BBVA) [ HQ: HELSINKI, FINLAND ] BBVA-backed fintech Holvi is a payment service launched in 2011, designed for freelancers and entrepreneurs. The platform provides financial management tools as well as a business account to help these individuals better manage their funds. The FinTech is headed

by CEO AJ Suominen, whom you may recognise from a number of other institutions such as Nokia, Habbo Hotel and Sulake. Holvi has recently announced that it will be expanding into the UK. Suominen had this to say: “[The UK] is the biggest sole trader market in Europe. There are nearly six million small businesses and three78

quarters of those have no employees, i.e. they are one-person operations. If you want to make it big in Europe in this area you have to be in the UK at some point.�

APRIL 2020

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EVENTS & A S S O C I AT I O N S

The biggest events and conferences around the world for fintech leaders

11 NOV 2020 INTERACTIVE EVENT

Future of Banking Live [ MoCA SYDNEY, AUSTRALIA ]

POSTPONED TO A LATER DATE THIS YEAR

KNOW Identity 80

“The world is changing rapidly and it is hard to keep track of all developments,” said Marcel van Oost, host and brand

[ LAS VEGAS, NEVADA ]

ambassador of Future of Banking Live.

The KNOW Identity conference is

“Future of banking: Live aims to provide

focused on digital identity, trust and

an ecosystem for the pioneers of digital

the data economy, with an emphasis

banking. I believe that this event will be

on uniting and transforming the mil-

educative and meaningful for anybody

lions of non-interoperable platforms

who is interested in challenger banks and

operating today. Key topics of discus-

the future of banking.” With over 300

sion will include biometrics and

attendees and five speakers, the event

multi-factor authentication, privileged

will be an intimate conference on disrup-

access management, cloud IAM and

tion in the Australian banking scene. The

ISaaS, Customer Identity and Access

five speakers include: Eric Wilson,

Management (CIAM), and many other

Founder and CEO at Xinja, Steve

trending topics around identity in the

Weston, co-founder and CEO at Volt,

payments industry today. Over 2,000

Dominic Pym, co-founder at Up, Robert

thought leaders are currently regis-

Bell, CEO at 86 400, Joseph Healy co-

tered to attend from 500 companies

founder and co-CEO at Judo Bank and

more than 35 countries.

Van Oost.

APRIL 2020

EDITED BY

AMBER DONOVAN-STEVENS

NEW DATE:19-20 APR 2020

IFGS Finance [ GUILDHALL, LONDON ]

IFGS is back for its sixth installment, taking place at London’s Guildhall, where

21-22 APR 2020

more than 2,500 senior delegates will

Finnosec

congregate to showcase the top

[ NAIROBI, KENYA ]

advancements of the industry. Speakers

The Financial Infrastructure Security

from some of the hottest fintechs will

Summit 2020 focuses on one of the

be delivering keynotes, including Anne

fastest growing economies in the world:

Boden, CEO and Founder, Starling Bank,

Africa. Despite the speed of growth in

David Blumberg, Founder & Managing

the nation, 90% of African organisations

Partner, Blumberg Capital, Des McDaid,

are operating below the poverty line,

Managing Director, Marcus by Goldman

placing them at a significantly higher risk

Sachs. “The UK is a world-leading and

of cyberattacks. As a result, last year

unique ecosystem for FinTech,” says

The Central Bank of Kenya proposed

Charlotte Crosswell, CEO, Innovate

new guidelines for cybersecurity stand-

Finance. “It has deep reserves of entre-

ards in order to fight fraud. There will be

preneurial and tech talent, progressive

speakers from notable organisations

regulators and policy-makers, steadfast

providing insights into how to lower this

financial institutions, investor and pro-

statistic such as: Standard Chartered,

fessional expertise, and a supportive

Barclays, Equity Bank, Bancabc,

government. All of this combined ensures

Ecobank Transnational, and Isaca

it will remain the capital of fintech.”

Kenya Chapter.

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81

This is the action that brings inspiration A vision is only valuable if it can be implemented.

At Sopra Steria Next, we design strategies grounded in your company’s reality that deliver tangible, lasting results with a positive impact for all.

Sopra Steria Next, digital transformation consulting.

Click here to find out more

>

EVENTS & A S S O C I AT I O N S

EDITED BY

AMBER DONOVAN-STEVENS

POSTPONED UNTIL FURTHER NOTICE

Banking Summit [ SYDNEY, AUSTRALIA ]

4-6 MAY 2020

FIMA: Financial Data Innovation

This exclusive invitation-only event will welcome over 100 C-suite executives from across Australia’s largest banks to Doltone House in Sydney. Open

[ BOSTON, MA, US ]

Banking, Digital Transformation and

Financial Information Management

the move to cognitive banking will be

(FIMA) was first launched in 2005, and

the topics at the centre of discussion

is one of the longer standing financial

for this year’s edition of the banking

management events in the US. It has

summit. Notable representatives speak-

evolved over the last 15 years to include

ing on behalf of their companies include:

data management. This year’s three-

Judo, UBank, Commonwealth Bank,

day event will host 450 guests from

ING, DBS, Australian Competition

145 companies. The first day’s itinerary

and Consumer Commission (ACCC),

focuses on the theme of leveraging

Macquarie Group, Volt, Citi, AMP and

data as a strategic asset. Day two will

86400. Dr Luke Deer, Researcher and

focus on ensuring data is fit for purpose

Tutor, Finance Discipline, University

and protected, and day three will be

of Sydney Business School will also

on the future of data management.

be opening the conference.

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84

APRIL 2020

Doing everything with its members in mind WRITTEN BY

WILL GIRLING PRODUCED BY

JAKE MEGEARY

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85

O N TA R I O T E A C H E R S I N S U R A N C E P L A N

Stacey Rous, Executive VP and Chief Financial Officer, explains how OTIP’s unwavering dedication to its members is being augmented with technological developments

F

ounded iFounded in 1977 and currently managed and owned by four teaching affiliates (AEFO, ETFO, OECTA and

OSSTF) in Ontario, Canada, the Ontario Teachers Insurance Plan (OTIP) was established on the 86

basis that nobody understands education better than educators. A not-for-profit organisation, OTIP is committed to providing the very best insurance benefits to its members, using its collective industry insights to go above and beyond the needs of the teaching and education professionals it serves.

Starting out handling long-term disability insurance, OTIP has subsequently grown to over 700 dedicated staff and covers a wide range of auto, home and health insurance.

Joining the company in 2016, Stacey Rous, EVP and CFO, came from an accountancy background originally, but gradually gained experience in insurance from some of the top companies in the sector, including Allianz. “I have a property, accident and sickness and group benefits background too,” she explains. “My career has really been about change: APRIL 2020

87

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O N TA R I O T E A C H E R S I N S U R A N C E P L A N

“ Insurance is our business, but it’s the people we work with every day that are important” — Stacey Rous, Exec VP and Chief Financial Officer, OTIP

I adapt to change and I try to implement change very quickly in businesses.”

Rous considers her executive leadership skills and ability to identify problems and subsequently bolster a company’s operations and finances to be the reason OTIP sought her out. What sealed the deal for her was an outstanding corporate culture that clearly centralises the wants and needs of its members.

“It’s all about the people,” Rous says.

“Insurance is our business, but it’s the people we work with every day that are

88

so important to our success.”

When she started with the company almost four years ago, Rous says that it was an intense transition period as OTIP was expanding. “I quickly saw that our project management office and parts of our operations were not adequately staffed and really needed ramping up.”

Meeting the workload demand required strong management skills and a clear vision of the company’s overall goals.

“You can use technology down the road after you ramp up your growth. You can’t do it in the beginning; you really need people to get something as large as what we were doing off the ground,” Rous explains.

APRIL 2020

The OTIP Story CLICK TO WATCH

|

1:53

89 Utilising technology whilst always

service-oriented and we want people

keeping business people-centric is a

that have empathy and care for them.”

philosophy which informs both Rous’s

Therefore, OTIP is careful to ensure

approach to being a CFO and OTIP’s

that any technology introduced to the

method of operating. “Great success

company has the end-user in mind

is built on people, not on technol-

and will benefit their members directly.

ogy,” she says, “but technology is the

“It is so important to make sure that our

enabler that helps keep your work-

workforce is equipped with the neces-

force engaged.” For this reason, the

sary tools to be able to do their job

company seeks out individuals with

well. I always say, ‘we are not for profit,

creative flair, drive and passion to help

but we’re not for loss either.”

deliver quality and member-focused

Serving approximately 20% of the

services to Ontario’s education com-

teaching and education staff in the

munity. “At OTIP, our job is to look

province prior to 2016, she states

after our members, so we’re very

that OTIP now supports almost 100% w w w.f i nte c hma ga z i n e. com

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- more than half a million members

across Ontario. With a vision of

and their dependents. “OTIP’s growth

always fulfilling the insurance needs

came from our expertise in the indus-

of the province’s educators, the

try and the backing of the four Ontario

company funnels any profits directly

teaching unions saying, ‘OTIP needs

back into its members’ benefits

to do this work’.” Taking a strong and

programmes. The ‘not for profit but

positive stance, OTIP operates with

not for loss’ attitude also means that

the conviction that once someone

the latest innovations in technology

experiences its service they won’t

are trialled and considered for use.

want to go anywhere else. The organi-

“We need those technologies because

sation achieves this by maintaining

as times change and new teach-

care and empathy for its members at

ers join the profession, they expect

all times, and this approach appears

choice in the platforms we offer

to be swiftly winning over educators

them,” explains Rous.

OTIP Sponsorship of Schools Projects and Initiatives CLICK TO WATCH

|

1:54

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91

O N TA R I O T E A C H E R S I N S U R A N C E P L A N

92

One particular innovation which had

own this, and come up with a creative

a large impact is what OTIP calls ‘mid-

solution to solve this problem.” What

dleware’. In the wake of its increasing

resulted was the development of a

membership, Rous says, data was

unique computer programme which

being collected in very large quanti-

allowed OTIP to maximise its capac-

ties from over 70 school boards and

ity for data processing, allowing the

across four separate teaching unions.

company itself to produce a member’s

It was soon discovered that some of

eligibility for benefits. “OTIP is ‘in the

the information had been transmit-

middle’ between the school board and

ted incorrectly, causing hardship to

the member and that is how the term

members who were unable to access

‘middleware’ got coined,” explains

the benefits they needed. “We took a

Rous. “Now, instead of relying on

step back and said, ‘our members are

others to ensure our members’ infor-

in a crisis’,” she says, “We needed to

mation is accurate, OTIP has taken

APRIL 2020

E XE CU T I VE PRO FI LE

Stacey Rous Stacey Rous is the Executive Vice President and Chief Financial Officer at OTIP, Ontario Teachers Insurance Plan.

Responsible for Finance and IT strategy, including financial operations of the company and accountable for the Project Management Office, Stacey is an accomplished financial executive known for achieving financial and service benchmarks by creating a compelling vision, clearly communicating strategies and providing strong leadership.

She has more than 25 years of progressive leadership experience in operational finance. Stacey has provided executive financial leadership to the Waterloo Wellington Local Health Integration Network, Allianz Global Assistance and Cowan Insurance Group of Companies.

Stacey is an MBA graduate from Athabasca University and holder of CPA designations in Canada and the US. Throughout her career, she has continued to seek educational opportunities and certifications that enhance her finance and operational capabilities, including: Chartered Professional Accountant (CPA, CMA) designation, Certified Public Accountant (US designation) and Chartered Global Management Accountant (CGMA) designation.

Outside of her role with OTIP, Stacey is actively involved in building strong partnerships with communities to make a positive impact on social issues such as social isolations, poverty, inequality and mental health. She currently serves on the Board of the YMCA for Kitchener Waterloo, the Canadian Mental Health Association for Waterloo Wellington and International Women’s Forum Waterloo.

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93

Success begins and ends with people.

We help organizations optimize the health and productivity of their people, through innovative and entrepreneurial solutions.

Our technology, people and processes help organizations simplify administration burden and increase productivity, while providing industry-leading member support.

Morneau Shepell takes a holistic approach to benefits administration, retirement services, absence management and employee assistance.

We provide the tools and expertise to help organizations solve complex problems to improve productivity and engagement, well-being, and financial security.

adminsolutions@morneaushepell.com www.morneaushepell.com

“ You can use technology down the road after you ramp up your growth.

You can’t do it in the beginning; you really need people to get something as large as what we were doing off the ground” — Stacey Rous, Exec VP and Chief Financial Officer, OTIP

partnered with Brooklin Consulting, experts at productivity enhancement, to help us make the necessary changes to improve service and quality for our members.” Working with numerous insurance, tech and admin companies, one other partner singled out for special praise by Rous is the HR services company Morneau Shepell, which helped OTIP implement a new health and dental administration platform just prior to its explosive growth. “Morneau Shepell has been working with us since 2014. It has walked side-by-

control of the situation and brought

side with us, living through and

an operational stability that would not

helping OTIP with the difficult times

have been possible without the mid-

and always coming up with creative

dleware solution.”

ideas. Morneau Shepell really cares

As with any organisation, in

about our members and we couldn’t

order to deliver a superior service,

be where we are today without them.”

a company cannot function alone.

Other companies lauded by Rous

OTIP recognises this and has built

include Waterloo-based Economical

important partnerships with local and

Insurance (“they’re a huge partner

international businesses to assist in

for us”), Aviva Canada and Robotic

its mission. “Operational Excellence

Process Automation Implementation

is at the centre of the member jour-

Inc (RPAi Inc), the latter enabling

ney,” Rous explains. “Given our need

OTIP’s first utilisation of robotics.

to improve a number of temporary

“People sometimes get scared

and inefficient processes, we have

when they hear about robotics and w w w.f i nte c hma ga z i n e. com

95

Making a positive impact SOLUTIONS-DRIVEN CONSULTING

3:1 ROI

90%

100%

or greater achieved by the end of a project

of our clients achieve scheduled results

of our clients have agreed to be references for us

Your Trusted Robotics & AI Partner RPA pioneers, providing a full range of RPA and related AI implementation services (vision, change management, COE development, product selection, staff training, Robot training, AI upskilling and ongoing mentoring and support).

Some of our Partners include Blue Prism, UiPath, Microsoft Cognitive Services, Trust Portal.

Learn More

CO M PAN Y FACT S

Serving approximately 20% of the education staff in the province prior to 2016, Rous states that OTIP now supports almost 100% - more than 500,000 members and their dependents.

97 automation because they think it will take away their jobs. However, robots are simply an extension of your workforce, designed to take away the repetitive administrative tasks and allow employees to focus on valueadded work for our members,” Rous emphasises. Demonstrating that OTIP is willing to try out anything if it appears beneficial for its membership, Rous clarifies: “what the company is doing today in robotics

“ At OTIP, our job is to look after our members, so we’re very serviceoriented and we want people that have empathy and can care for them” — Stacey Rous, Exec VP and Chief Financial Officer, OTIP

is small, but we’re branching out into other areas of the business to help with process automation.” w w w.f i nte c hma ga z i n e. com

O N TA R I O T E A C H E R S I N S U R A N C E P L A N

Adding another crucial component to OTIP’s everyday computing infrastructure is Applied Systems’™ (AS) ‘Epic™ ’ Broker Management System.

A long-term provider of software solutions to the insurance sector, AS’s product allows OTIP to gain a holistic view of its business, integrating P&C, benefits and sales into one application. One of the most widely used agency management systems around the world, Epic provides OTIP with an essential method of managing rela98

tionships with its members, as well as

“ What we’re trying to do is take away the repetitive administrative tasks and allow them to focus on value-added work for our members” — Stacey Rous, Exec VP and Chief Financial Officer, OTIP

APRIL 2020

1977

Year founded

$1.6bn

Revenue in Canadian dollars

accounting functions and core administrative capabilities relating to insurance.

The last few years have been a challenging and transformative time for OTIP. Not only has the company striven to link technology to each member’s experience in a meaningful way, but recent events - such as the ongoing Ontario teacher strikes

700

Number of employees

- have conspired to make life for the province’s educators even more challenging. Despite this, the company is confident that no other business understands education from an insurance perspective as it does, and it is by bringing technology and people together that OTIP hopes to further distinguish itself. “We’re really about ease of doing business and ensuring that we can leverage the technology to get things right,” Rous states.

“Everything we do is for our members.”

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100

Shining a light on digital transformation

APRIL 2020

101

WRITTEN BY

MATT HIGH PRODUCED BY

JAMES PEPPER

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TELSTRA PURPLE

Telstra Purple was set up to solve the many issues businesses face when undertaking a digital transformation project, as Matt Williams and Adrian Spink explain

T

elstra Purple is a technology services business with a team of 1,500 technology experts across the globe specialising in

network, security, cloud, collaboration, software, data and analytics, and design. Bringing together Telstra Enterprise’s business technology services capabilities and a number of recently acquired 102

companies, Telstra Purple was set up to solve the many issues businesses face when undertaking a digital transformation project. It is focused on outcome-based, transformative tech solutions.

Whilst digital transformation is the strategic priority for most businesses today, there are a vast number of opportunities as well as stumbling blocks to consider at the planning stage. The proliferation of new technologies, the migration to the cloud, increasing volumes of data and the rapidly evolving cyber threat landscape makes it an ever more challenging headache for business leaders. Cloud, the foundation for the agile business world, allows organisations to scale infrastructure as needed to support changing business priorities and host new digital services. Getting cloud right is a critical part of transforming a business, but it isn’t easy.

APRIL 2020

103

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TELSTRA PURPLE

Introducing Connected Intelligence for Mobile, Web, IoT, and 5G • Accelerate development and innovation • Optimize performance and functionality • Ensure digital business success

Mobile

5G

IoT

Web

Learn More

105

“ Technology is driving massive change in business, more so now than at any point in my 24-year career” — Matt Williams Head of Telstra, EMEA Telstra’s 2019 “Disruptive Decision-

people think, most businesses are still in the early stages of digital transformation. The report also reveals that the most digitally mature companies are set apart precisely because they are more likely to focus on people and processes than technology.

RESISTANCE TO CHANGE Successful transformation initiatives

Making” research report looks at the

must of course be underpinned by the

challenges IT leaders face today when

foundational technology pillars of cloud,

making the right decisions on how

security and networks, but it is never

to approach digital transformation.

solely about the technology. Technology

It reveals that despite what many

is redundant without people and w w w.f i nte c hma ga z i n e. com

TELSTRA PURPLE

purpose. Any new business transfor-

roles, CIOs often face and have to deal

mation project must begin with a

with conflicting advice, resistance to

proactive and adaptive culture across

change and poor decision-making

the organisation — embraced by the

from across the business.

board, business leaders and employees.

Yet, it is reported time and time again

106

“Technology is driving massive change in business, more so now than at any

that the biggest challenge with any

point in my 24-year career” says Matt

transformation project is organisational

Williams, Telstra’s Head of EMEA.

resistance to change. Apart from having

In EMEA, Williams has considerable

the technology skills and responsibility

experience of working with leading

for driving new growth, entering new

organisations through their transforma-

markets and innovating, IT leaders are

tion journeys. “We’re seeing enterprises

now expected to play a critical role

increasingly grapple with what this

in influencing mindsets and steering

level of change really means, and

new workplace behavioural practices.

how it impacts their business.”

As part of this changing nature of their

PEOPLE, PURPOSE AND TECHNOLOGY Coupled with this, as business and technology becomes even more connected, CIOs are starting to take ownership of new disciplines.

According to The 2019 State of the CIO research, 77% of responding IT leaders plan to devote more time to business strategy over the next three years compared with transformational work (74%) such as implementing new systems and architectures or functional responsibilities (58%) like security management or cost control initiatives.

APRIL 2020

People Bringing Purpose to Technology -Telstra Purple EMEA CLICK TO WATCH

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1:45

107 Telstra’s Disruptive Decision-Making

as a whole. Business leaders need to

report investigated how the four key

take a step back for a broader, objective

factors of people, processes, technol-

view. Only once business goals are

ogy understanding and partnerships

defined, can a coherent technology

contribute to organisations’ decision-

strategy be built.

making ability and effectiveness in

The focus on people and the broader

digital transformation. Many companies

culture, which enable any successful

that struggle digitally are those that lack

transformation, is deeply rooted

visionary executives who are clear on

in Telstra Purple’s approach. It’s also

what needs to be done for the business

a subject that resonates deeply with

“ It’s all about the people and those people bringing purpose to technology”

Adrian Spink, Head of Telstra Purple

— Adrian Spink Head of Telstra Purple, EMEA

in EMEA. “It’s all about the people and those people bringing purpose to technology,” states Spink. “Despite my background, I’m not a huge fan of the term w w w.f i nte c hma ga z i n e. com

TELSTRA PURPLE

108

APRIL 2020

CASE STUDY

How Telstra Purple Helped London City Airport initiate a ‘Smart Airport’ experience One example of the Telstra Purple

basic elements that had to be

team’s digital transformation work

addressed first, so that initial stage

is an extensive programme with

was about ensuring everything

London City Airport to help the

was stable, robust and resilient.

airport achieve record passenger

In collaboration with the airport,

numbers. The work involved business

we carefully planned the full digital

case development, enterprise

transformation journey in order to

architecture work, operating model

roll out a truly ‘smart’ airport, which

design, business continuity and

resulted in passenger growth and

security strategy.

enhanced customer experience.

With the aim of attracting more passengers and dynamically managing traffic through the terminal, the ‘Smart Airport’ programme uses business intelligence and analytics from 190 cameras across the airport to make smarter decisions and prioritise investment.

“The work goes back some seven years, so it’s been a real journey in the truest sense of the word,” explains Adrian Spink, Head of Telstra Purple in EMEA. “The airport was working with legacy technology across many of its key areas, to the

This included some really groundbreaking technologies, including check-in screen systems, sensor technologies to manage passenger flow through the terminal, work on expanding both airline partners and the physical building and, most recently, the deployment of the UK’s first digital air traffic control tower which will go live later on this year.”

This wide-ranging transformation project led to an increase in passenger numbers of 25% over the past four years and helped reduce overall turnaround times.

point where there were some really

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109

TELSTRA PURPLE

110

Supporting your strategies to get you where you need to be ‘consulting’. It’s too broad — and dare

to come together, and Telstra Purple

I say — smacks of slick presenta-

is experienced in making it happen.”

tions and boilerplate reports. We

To support this ‘people-first’ effort,

have very strong capabilities in the

CIOs should look to create a cross-

advisory space, of course, as well as

departmental team of ‘digital natives’

in working with some of the largest enterprises in the market.

“But really, we are a people-first

— individuals who exhibit traits like cooperation, openness and selfmotivation who will support the

services company. We deal in digital

culture of change and help others in

and technology transformations, but

the organisation to recognise the

you simply can’t do anything in the

benefits too. They must also con-

world of technology today without a

tinue to oversee the adoption of a

massive focus on people and culture.

measured and considered approach,

CIOs, employees and the board need

counter-balancing new technologies

APRIL 2020

“ The threat landscape is ever changing, and there are still many organisations out there that have yet to invest in a permanent security executive or leader” — Matt Williams Head of Telstra, EMEA

and ways of working with information security implications and risks.

CREATING STRONG FOUNDATIONS: CLOUD, NETWORK AND SECURITY Telstra’s Disruptive DecisionMaking Report found that the top digital transformation priorities for senior decision-makers were security and protecting digital assets, followed by optimising existing technology in order to move faster than the competition.

Matt Willams

E XE CU T I VE PRO FI LE

111

Matt Williams is Head of EMEA for Telstra, based in London. He is responsible for developing and driving the business strategy for three divisions in Enterprise, Wholesale and Professional services across EMEA, and delivering upon the company’s financial goals. Matt joined Telstra in 2009 and was most recently Director of Enterprise Accounts for the EMEA region. In this role he was accountable and responsible for retention and sales growth for the Enterprise customer base. Matt has over two decades of experience in telecommunications and technology markets, having held several senior sales leadership positions throughout his career. Matt holds a BA in Business Administration (Marketing) from the University of East London. w w w.f i nte c hma ga z i n e. com

#BREACH&ATTACKSIMULATION AttackIQ, a leader in the emerging market of continuous security validation, provide enterprise customers insight into the efficacy of their security and leverages the industry standard post breach framework, Mitre ATT&CK.

UNLOCK THE FULL POTENTIAL OF YOUR DIGITAL TRANSFORMATION With Telstra and Equinix on your side, you can bring to bear the industry’s most powerful cloud ecosystems, network connectivity solutions and multicloud interconnection services wherever in the world you need them.

Combined, our technology, global reach and industry knowledge make us the right partners to help businesses transform their infrastructures to exploit the opportunities of the digital age in full.

For more information on how Telstra and Equinix can help enable your digital transformation, visit Equinix.co.uk/partners/telstra/

LEARN MORE

For the majority of CIOs, finding

in EMEA experiencing a security attack

the time for transformation projects is

in 2019. This was a finding in Telstra’s

not easy when their day job is managing

2019 Security Report, which is based

the essential infrastructure pillars of

on interviews with around 1,300 profes-

cloud, network and security. These ele-

sionals across 13 countries. Thus, time

ments are the foundations that allow

is sucked into reactive work rather

a business to scale, host and deliver

than proactive initiatives, meaning

new digital services and applications

businesses have to take their eye off

across the globe and are complex

the prize and transformation projects

and time-intensive to get right.

are delayed.

Just getting security, privacy and

According to a survey by the Harvard

compliance right is a full-time job, with

Business Review, one of the biggest

more than half (52%) of organisations

hurdles to digital transformation is

Adrian Spink

E XE CU T I VE PRO FI LE

113

Adrian heads Telstra Purple across EMEA, where he is responsible for the growth of the business in the region and aligning it to Telstra’s strategy. He has over 30 years’ experience in running IT infrastructure and security services across the automotive, oil & gas and financial services sectors and in working with blue-chip CIO clients to deliver strategic change to their organisations. Prior to joining Telstra Purple, Adrian was the CEO of Company85, which was acquired by Telstra in 2017. His consulting experience includes CSC, IBM and Symantec, where he led the EMEA services organisation through a management buyout to create Company85. Outside of work, Adrian enjoys skiing with his family and occasionally dreams about still making it as a creative midfielder for Leeds United. w w w.f i nte c hma ga z i n e. com

TELSTRA PURPLE

C O M PA N Y FACT S

• A team of 1,500 technology experts across the globe specialising in network, cloud, security, collaboration, software, data and analytics and design.

114

• Built on a foundation of acquisitions we are a powerhouse of demonstrable experience and expertise.

• We’re committed to collaboration. We bring the best people across our organisation together with yours to design, build and deliver outcomebased solutions.

• We’ve built strong partnerships with industry leaders including Microsoft, AWS and Cisco but always deliver purpose-built solutions with people at the centre.

APRIL 2020

115

w w w.f i nte c hma ga z i n e. com

In today's interconnected world, you're only as secure as your most vulnerable partner, and you can't secure your third-party network if you're using traditional Third-Party Cyber Risk Management methods like security ratings and spreadsheet assessments.

Whether you're preparing for APRA CPS 234 or simply looking to protect your data from third-party breaches, join our movement for innovative TPCRM. Learn more at CyberGRX.com.

a company’s inability to experiment

driving technology change. It’s more

quickly, with more than half (53%) of

about using technology in an efficient

senior executives maintaining that

way to bring about wider changes to

it is a key barrier of success.

the way business is conducted.”

Spink agrees: “It’s never just about introduced. Pushing technology for tech-

HIRE EXPERTISE TO REDUCE THREAT AND COMPLEXITY

nology’s sake leads to failure quickly.

With deep expertise in cloud, networks

CIOs face the challenge of increasing

and security as well as technology

operational efficiencies and delivering

change planning, Telstra Purple’s point

more consistent and stable IT perfor-

of difference is its multi-faceted

mance to the business. But we have

approach to digital transformation

transitioned from a ‘tech-first’ approach

problem solving. Fundamentally,

to an environment today in which we see

the business draws on its technical

employee and consumer behaviour

knowledge and project management

the actual products or solutions being

APRIL 2020

“ Unlike many consultancies which offer ‘out-of-the-box’ solutions to very typical business-driven problems, our engagement comes in the form of close, collaborative partnerships” — Adrian Spink Head of Telstra Purple, EMEA

produces a high-risk and complex decision-making environment that requires deep expertise. Telstra’s vast global network spans nearly 400,000 kilometres and has 2,000 points of presence connecting enterprises to the world’s fastest growing markets, especially in Asia Pacific.

As all CIOs and CDOs are aware, one consequence of the increasing use of technology by enterprises is the

experience in deploying a well-planned

exposure to new forms of cyber risk.

transformation strategy that delivers

According to Williams, one consequence

against organisational and operational

of the greater use of technology by

objectives such as cost saving,

enterprises is exposure to new forms

efficiencies and the ability to scale.

of cyber risk. “The threat landscape is

Based on decades of advisory and

ever changing,” he says, “and there are

delivery experience, Telstra Purple

still many organisations out there that

reduces the complexity of choice

have yet to invest in a permanent secu-

and makes cloud easier to consume.

rity executive or leader. We can deliver

Whether moving a single application or

skills and expertise at every stage of the

hundreds, Telstra Purple, helps find the

security lifecycle, working with busi-

right target operating model for each

nesses to help them set the appropriate

organisation, speeds up platform trans-

standards and build out that intrinsic cul-

formation and ensures a smooth and

ture of compliance and security that’s

secure transition with minimal impact.

necessary in their organisations.”

Matching the rise in cloud applications,

Spink adds: “Unlike many consultan-

the network becomes increasingly busi-

cies which offer ‘out-of-the-box’

ness-critical. The need to secure

solutions to very typical business-driven

application delivery to a network of dis-

problems, our engagement comes in the

tributed enterprises and mobile workers

form of close, collaborative partnerships. w w w.f i nte c hma ga z i n e. com

117

TELSTRA PURPLE

118

APRIL 2020

We roll our sleeves up and deliver, and that’s the big differentiator for Telstra Purple — we don’t just consult or offer a standard solution, we stand by what we promise. We consider ourselves a true partner and we work with everyone in the organisation to solve the challenge.”

Williams sums up: “Transformation strategy is so important. The expertise we have across our organisation means our approach is focused more on advice, guidance and the provision of purposeful, tailored solutions. To fully realise the transformative benefits, it’s essential to partner with companies that have deep experience in both the pitfalls of transformation projects as well as the recipes for success. Our difference is our focus on the people within the business and the purpose behind the evolution — it’s the people that give the purpose to any technology.”

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119

120

INSURANCE AGAINST ALL ODDS

WRITTEN BY

JOHN O’HANLON PRODUCED BY

JUSTIN BRAND

APRIL 2020

121

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Z I M N AT

Zimnat is making a virtue out of necessity and creating opportunity from adversity as it takes its digital future into its own control

T

o be in business in Zimbabwe is to face a multiplicity of challenges. High rates of inflation following decades of fiscal

instability make daily life difficult for everyone.

For an insurance company to show growth against this background, however, is a sure sign that it is 122

in tune with its market, and growth is just what Zimnat has succeeded in achieving over the last two years. “Survival is no kind of a business strategy,” says CEO Mustafa Sachak. “The opportunities are there: people need to insure their lives and their assets, expand existing business and start new ones.” The market for Zimnat falls into four main categories, general insurance including motor insurance, life cover, microfinance (limited duration loans) and asset management.

Sachak is determined that Zimnat customers should not only be as well served as those in any other part of the world, but that each individual experience, each interaction, should be exciting, enabling and energising. In a society where queuing, economising and frustration are only too

APRIL 2020

123

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Z I M N AT

“ The opportunities are there: people need to insure their lives and their assets, expand existing business and start new ones” — Mustafa Sachak, CEO, Masawara PLC (MASA)

familiar, he wants them to take away a more positive impression when they look for cover or seek to borrow money.

The global insurance industry is being transformed by technology and Zimbabweans are not going to miss out if he has anything to do with it.

It’s not easy for Zimbabwe businesses to get access to foreign currency. Turning this situation into an opportunity has been Mustafa Sachak’s mission. “We needed a core banking system to run the microfi-

124

nance operation, so we created an in-house team to develop that.” The system is in beta testing, he confirms, and with that in place it will be possible to develop other digital capabilities around it.

The company is now able to adapt to the changing demographic of its customer base. Whereas in the past it would have focused on Generation X, people born before 1980, it is today typically engaging with Millennials who form the majority of the working population in Zimbabwe. These customers are digital natives with corresponding expectations.

Understanding this, Zimnat is looking APRIL 2020

Zimnat #makinglifebetter Official Advert CLICK TO WATCH

|

1:00

125 at developing behavioural and predic-

process automation (RPA) is truly

tive analytics that will learn from the

transformative, he enthuses. “As I

customer’s social habits and net-

often say, our aim as a business is

works. “At its simplest, if a policy is

to be number one for customer expe-

due for renewal, behavioural analysis

rience - to really wow the customer

can allow us to personalise their

and create raving fans for Zimnat.

reminder and look at whether other

That is why we developed software

products could be of benefit to them;

bots to perform some of the most

it has been shown to improve our

repetitive tasks that were taking

renewal rate and provide opportuni-

up time in the back office. This way

ties for cross-selling and upselling,”

we have achieved a 92% reduction

says Sachak.

in the time it takes to process a loan

In 2019 Zimnat started implement-

application. Customers needing

ing a powerful new tool that is

a loan typically need a quick turna-

streamlining its business. Robotic

round of their application. “Where w w w.f i nte c hma ga z i n e. com

1946

it formerly took up to a week from loan application to completion we

Year founded

can now turn it round in hours and pay the customer via mobile money.�

Staff are freed from repetitive tasks so they can be allocated to more fulfilling work, work that both adds value to the business and

$92mn

Revenue in US dollars (asset base)

serves the customer better. Having proved it within the microfinance, the teams have created further bots to bring the benefits of RPA to the life

500+

insurance business, again cutting processing times.

Number of employees

E XE CU T I VE PRO FI LE

Mustafa Sachak Mustafa Sachak is a results-oriented leader with over 25 years of multidisciplinary and international business experience ranging from process engineering, manufacturing operations management, general management to corporate multibusiness unit management. He has a proven track record in dealing with turnaround, reorganisation and growth challenges with companies operating under very difficult macro-economic conditions.

Sachak possesses a collaborative and hands-on management style, with a demonstrated talent for managing a diverse set of businesses and dealing with different cultures and operating environments. w w w.f i nte c hma ga z i n e. com

127

Z I M N AT

128

Data is the key to this transforma-

repetition. Simply, with the data avail-

tion, and Zimnat recently added two

able at their fingertips and a much

members of staff to its team dedi-

better and broader picture of the

cated to data capture and analytics.

customer, staff can concentrate on

There’s a mountain of data available

adding value and understanding their

within the four business units, and

current and future needs. A refined

refining the data lake is simplifying

data lake is essential to RPA, deliver-

decision making, and freeing staff

ing the further major advantage of

and customers from the burden of

minimising processing errors, lower-

form-filling, manual processes and

ing business risk and ultimately

APRIL 2020

delivering a fast and reliable digital service to all those raving fans.

The technology is being extended across all business units, and having control of it in-house circumvents the problems associated with using third-party platforms. Apart from the currency issue, maintenance, customisation and further development are in the control of the company, and an opportunity is created by being able to generate hard currency by selling or licensing the software abroad for hard currency.

“A key advantage for us here has been our partnership with Sanlam, one of the biggest internationally active insurance groups in the world and the largest non-banking financial services company in Africa,” explains

“ Our aim as a business is to be number 1 for customer experience.

To really WOW the customer. To create raving fans for Zimnat!”

— Mustafa Sachak, CEO, Masawara PLC (MASA)

Sachak. “Sanlam acquired a 40% interest in Zimnat in 2015, and through this partnership we gained many advantages, from training and secondment opportunities that have helped attract top talent to the digital teams, to the access it gives us to wider African markets. Our in-house fintech capacity has been boosted through Sanlam’s considerable w w w.f i nte c hma ga z i n e. com

129

Z I M N AT

130

APRIL 2020

“ Where it formerly took up to a week from loan application to completion we can now turn it round in hours and pay the customer via mobile money” — Mustafa Sachak, CEO, Masawara PLC (MASA)

reservoir of technical expertise and product knowledge.”

Within Zimbabwe itself, the backing of Sanlam increases client confidence in the long-term stability of the business, an important asset in the prevailing economic environment.

For its part, Sanlam has gained valuable access to a company that has proved it can thrive and grow in a difficult economic environment, and to a valuable source of talent to support its own growth. It’s worth mentioning here that as well as the data and services that exist within Zimnat and Sanlam, Zimnat’s majority shareholder the Mauritius-based w w w.f i nte c hma ga z i n e. com

131

SECURING SECURING YOUR YOUR TOMORROW, TOMORROW, TOGETHER TOGETHER We provide We provide sound sound reinsurance reinsurance and financial and financial services services to Zimbabwe to Zimbabwe and entire and entire AfricanAfrican Insurance Insurance market. market.

Over the Overyears the years we have we have shownshown excellent excellent serviceservice in the inmarkets the markets we we serve. serve.

Our reassurance Our reassurance to our to clients our clients is thatis that we have wethe have same the commitment same commitment to excellence to excellence as theyasdothey anddo theand resources the resources to backtoitback up. it up.

LEARN MORE LEARN MORE

“ If a policy is due for renewal, behavioural analysis can allow us to personalise their reminder and look at whether other products could be of benefit to them” — Mustafa Sachak, CEO, Masawara PLC (MASA)

to use is behavioural analytics.

“Behavioural and predictive analytics gathers data from a person’s preferences, social media interactions, travel habits, apps and more to personalise our product offering for them, and predict their wider needs whether in real time or in the future.

When customers’ policy renewal date comes along, for example, we can do more than simply remind them: behavioural analytics allow us to customise the most cost effec-

pan-African Masawara group has

tive package for them, and suggest

interests including health, hospitality,

other products and services availa-

real estate and ICT. Partnerships

ble within the group.”

like these confirm Zimnat’s position as a key asset in the national economy.

Zimnat’s digital transformation

It’s a vision for the company that he is keen to deliver, while accepting it won’t happen overnight. “Different

is a never ending process, Sachak

leaders within the organisation will

noted. He wants to be alive to the

be able to move at different speeds.

changing needs and expectations

We need to experiment, take a 360

of Generation Z and even Generation

degree view of the business as a whole,

Alpha. Young people are not tradi-

and help all our people to understand

tionally thought to be interested in

that vision.”

insurance products but they soon will be, and for many in Zimbabwe responsibility comes early. They need protection as much as anyone.

Another technique Sachak is keen w w w.f i nte c hma ga z i n e. com

133

134

Digitising borrowing for the broker WRITTEN BY

JOHN O’HANLON PRODUCED BY

ANDREW STUBBINGS

APRIL 2020

135

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LOAN MARKET

A key player in the Australian real estate and mortgage lending ecosystem, Loan Market has effectively digitised its offering with the development and implementation of its in-house platform MyCRM

W

hether it is a matter of entrepreneurship or business transformation, two essential ingredients for success are a visionary

leader and an excellent team. As we shall see, this is precisely the combination that has helped Loan 136

Market Group become such a powerful force in helping customers reach their property and financial dreams throughout Australia and New Zealand.

Identifying the right property is hard enough, but the biggest hurdle for all but a lucky few is financing the purchase and finding the right mortgage package. The same challenges exist in financing business equipment, vehicles and more.

Loan Market is a sister company to the 118 year-old Ray White Property Group, the largest real estate company in Australia, New Zealand and Indonesia, and has a proud 25-year history of being family owned and run. Loan Market is led by Executive Chairman, Sam White - the great grandson of the legendary Ray White - who has spent his career helping brokers deliver a client experience that sets the benchmark for the industry.

APRIL 2020

137

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LOAN MARKET

Jason Furnell, Chief Customer Experience Officer, accepts the Australian Broking Awards 2019 Technology Platform of the Year award for MyCRM 138 Loan Market started as an aggregator for the different sources of finance like banks and mutual companies and

“ My focus when I joined the company as a project manager was to assess the current state of corporate reporting and see how to manage it all better”

today is an essential partner for mortgage brokers throughout the region, to whom it makes four promises: • We will save you time • We will keep you safe • We will help you find and keep clients • We will enable you to grow your business To deliver these in a better way, Loan

— Joanne Church, COO, MyCRM APRIL 2020

Market’s visionary White announced his determination to transform the business from its former aggregator

MyCRM: Loan Market’s multi awardwinning complete business solution CLICK TO WATCH

|

2:37

139 model into a full online partner to every

back in 2012 was completely manual,

stakeholder in the chain from borrower

using Excel spreadsheets and a lot of

to lender. It should take advantage,

cut-and-paste,” she recalls. “My focus

he felt, of the exponentially-growing

when I joined the company as a project

volume of data in the market, providing

manager was to assess the current

the ability for a mortgage customer to

state of corporate reporting and see

choose to interact with a broker online

how to manage it all better; at that

with an entirely paperless solution,

time we didn’t have a technology team

or offline, blending that with paper

though, and were not ready to invest in

records as the customer prefers.

software development.”

This was no small task. One person

Loan Market had been using a num-

who has been part of the transforma-

ber of third party platforms including

tion from its outset is Joanne Church,

Symmetry, later acquired by Tenemos,

Chief Operations Officer of Loan

for loan processing and NextGen.

Market’s bespoke MyCRM. “Reporting

Net’s ApplyOnline portal for loan w w w.f i nte c hma ga z i n e. com

LOAN MARKET

140

Joanne Church receives the Curiosity Award from the White family at their annual company conference in 2020.

submission. Salesforce had been found

brokers could use to share information

in Australia to be an effective data man-

and gather support and enhanced with

agement and reporting tool so Church

existing modules such as Chatter.

introduced it, obtaining the necessary

The new intranet, which Loan Market

licences and building it out into an

branded as Oneview, was a huge

intranet platform supporting corporate

improvement in communicating with

reporting and training. Into this intranet,

the broker community and, crucially,

Church incorporated eBroker (later

with the real estate group. Church

branded as Connect leads manager),

sums up the effectiveness of Oneview:

a tool that allowed property managers

“By the end of 2015 we had gone from

and real estate agents to refer clients

nothing to having a corporate platform

through to the mortgage broker and

that could manage referrals, manage

vice versa. Fundamentally, it was a

onboarding, provide reporting as well as

community Salesforce platform that

a vehicle for engaging with our brokers.�

APRIL 2020

Much had been done to advance

development at that stage and we

the digital vision. However, the plat-

were happy to let the Kiwis continue to

form, being made up from third-party

use that particular piece of software.”

elements rather than custom built for

This was the original MyCRM, and

the specialised world of mortgages

it was the benchmark in White’s mind

meant that it could not become the

when, in January 2016, he decided

fully integrated system that Loan

to make the leap from the existing

Market needed. “A key event in the

software Loan Market had used to

story was the 2013 acquisition of a

developing a custom-built platform:

platform that was already operating

one that would be free of limitations

in New Zealand. It was very success-

imposed by things like data integration

ful but we didn’t adopt it regionally

between the three core systems. “I

because the company was not

was proud of what we had managed

quite ready to jump into software

to get in place,” says Church, “but we

E XE CU T I VE PRO FI LE

Joanne Church Joanne’s passions are people, process and getting stuff done.

Her key strength is understanding complex problems, distilling them into understandable components and finding ways to solve them. She is fuelled by nurturing people and helping them grow. She has also learnt that communication is key and prides herself on her ability to bridge the gap between business and technology with effective communication.

Currently, as Chief Operations Officer for Loan Market’s MyCRM technology, Joanne leads the team (both onshore and offshore) that provides support to the users of MyCRM in Australia. She also oversees general operations and contributes to the ongoing development of the platform.

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141

Secure Agreement Automation Transform financial agreement processes into seamless, legally binding and secure digital experiences

Scan to download the agreement automation best practices paper, or visit OneSpan.com/agreement-automation

she continues. “The team we put together really started in December

“ We wanted to allow the brokers to create a truly online experience for their clients while still giving them the benefit of their advice and know-how”

2014 when we acquired a company called Split It and with it a comparison site called Better Bills,” she said. “We wanted comparison functionality for mortgage loans, empowering customers to do their own research and compare products.”

A house purchase is a big thing for most people. Today’s purchasers, while they know they should

— Joanne Church, COO, MyCRM

place themselves in the hands of a professional, like to come to that conversation fully abreast of the facts.

Loan comparison was subsequently

had little control over the development

built into the Loan Market website,

and maintenance of the third party

and the person leading the devel-

applications. We wanted to allow the

opment of this customer interface

brokers to create a truly online experi-

was Jason Furnell, one of the key

ence for their clients while still giving

members of the development team.

them the benefit of their advice and

He also went on to steer the creation

know-how. Sam made it clear that

of the Online Fact Find, a significant

he wanted the Loan Market to be the

differentiator in the market. Furnellis

master of its own destiny online. He

now Chief Customer Experience

decided to create a team that could

Officer of Loan Market, leading inno-

make that happen under the direction

vative solutions across the platform.

of CIO Eric Plumpton.”

One essential aspect of transformation is having the right team in place,

Further development of MyCRM was led by James Punnett, who had been instrumental in building the w w w.f i nte c hma ga z i n e. com

143

LOAN MARKET

BOOST YOUR BUSINESS MAKE LENDING EASY WITH APPLYONLINE ®

allowing Loan Market to manage and report on the performance of brokers within its network - formed the core of the transformation team.

Church’s current focus as Chief Operations Officer of MyCRM is on improving support processes through the helpdesk and training teams. However, it is important to acknowledge the contribution of other key members of the team, she insists. Tran Zha, for example, was part of the founding team with Punnett that built the first version and now oversees the technical platform and original version of the software in

direction as MyCRM Chief Technology

New Zealand. Punnett led the devel-

Officer. Mathew Camp, who joined

opment of the upgrade to MyCRM,

Loan Market in April 2018 as the first

customising it with features required

Product Manager, has also made a

by the mortgage brokers and their

significant contribution. “Mat has revo-

assistants. He also spearheaded

lutionised the development process

the integration with NextGen.Net’s

by implementing proper product man-

ApplyOnline which remains a vital

agement and agile practices. This has

aspect of the digital process as it

greatly contributed to the improved

allows straight-through-processing of

quality of the platform and ongoing

the loan application to the appropriate

improvements,” says Church.

lender via electronic lodgement. The

The change management challenge

‘three Js’ Furnell, Punnett, and Church

in scaling up from the Symmetry tool

- who herself led the development

to MyCRM was a massive undertaking

of the Corporate section of MyCRM,

and one that she confesses to have w w w.f i nte c hma ga z i n e. com

145

LOAN MARKET

INSIGHT

How Online Fact Find helped Jacob Decru grow his business Jumping into the digital pool may be scary, but once you are in the water’s lovely, as one broker has proved by going paperless.

146

In October 2019 Jacob Decru achieved his first $10mn month by leveraging Loan Market’s digital fact finder tool, a part of its transformational MyCRM platform. Online Fact Find gathers the data relevant to a customer, empowering the client and broker to collaborate when putting an application together. It saves the broker a significant amount of time and removes the chance of client double-handling and frustration. “It’s incredible to me now,” Decru says, “to think that just 18 months ago I was filling out mortgage applications by hand.”

Since he moved from banking to broking in 2012, Decru has been

APRIL 2020

consistently successful, so his enthusiasm for this tool really means something. Now, when he books an appointment with a new client, as well as sending all the information about himself, he sends a link to a ‘partial fact find’. Nearly 90% of clients seize the opportunity to engage on the platform. And once they have done so, the chances that they will proceed with the application go up significantly.

The subsequent hour-long faceto-face meeting is a different animal now. Instead of spending the time exploring the data, the meeting is more strategic and beneficial. “For instance, if they’re a first-time buyer, I can explain to them what a conveyancer does or another part of the real estate journey,” Decru explains “It’s really

reshaped my relationships with clients; my connections are so much stronger.” At the end of the meeting the client fills out the remaining information in the full Online Fact Find. Decru’s credit manager reviews the information in the morning and points out any omissions for the client to complete. “The tool really engages the client and provides a lot of confidence when you couple it with proven face-to-face strategies,” he says.

The Online Fact Find and using Onespan Sign were part of Decru’s digital overhaul in 2019.

A member of Loan Market’s Elite Group, he has enhanced database e-comms, Google Reviews and his Instagram and Facebook profiles over that year.

147

Over 2019, more than 20,000 fact finds were created and distributed

by Loan Market brokers, with almost 85% of the network using the tool. Decru then rounds out the digital process by sending documents to the client to sign electronically through eSign, powered by Onespan Sign. This means the client has a completely paperless end-to-end journey which saves time for both the client and broker.

w w w.f i nte c hma ga z i n e. com

LOAN MARKET

initially underestimated. “I think the key takeaway from our experience could be to not underestimate the value of data migration, and the importance of that data to the people who have cultivated its capture over many years. To that I would add that it is important to take users on the journey with you when making major changes.

MyCRM was built and continues to be enhanced with close collaboration with our user base. We feel this sets us apart from other technology 148

platforms and aggregators. We use an in-built tool to allow users to suggest enhancements and vote on ideas, and this is what guides our prioritisation for development.”

It’s worth noting, she adds, that an important milestone in the transformation of the lending process has been the ability to finalise a contract by signing digitally. By adopting an e-signature solution called eSign, powered by OneSpan Sign, Loan Market crossed the final bridge to paperless lending. OneSpan Sign balances ease of use with the high-

“ MyCRM was built and continues to be enhanced with close collaboration with our user base.

We feel this sets us apart from other technology platforms. and aggregators”

est levels of security and compliance to deliver a risk-free e-signature APRIL 2020

— Joanne Church, COO, MyCRM

recommendation of Commissioner Kenneth Hayne, the BID legislation passed in February 2020 and takes effect from July 1. It seeks to introduce a duty for mortgage brokers to act in their clients’ best interests. Loan Market stresses that its brokers have been fulfilling this requirement all along. But once it is enshrined in legislation, the formalised requirement will give brokers and their customers an even closer bond - a distinct advantage over direct lending channels MyCRM is ideally placed to take on these changes as the technology already provides the aspects required by the legislation, and the best interest solution. It offers a highly professional

principle has always been embedded

experience for the broker.

in its mission statement. There may

So the four promises we started

be some small tweaks, but mostly it

with remain Loan Market’s pledge

will be a training process to ensure

to its brokers and each one of them

users adopt the tools effectively and

is significantly enabled by MyCRM.

efficiently to ensure accurate record

Anyone who has even a partial

keeping. The aggregator believes they

acquaintance with Australian fintech

are in the best place in the industry

will know about the ‘Best Interests

to support their brokers through the

Duty’ (BID) legislation following the

impending changes.

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. A w w w.f i nte c hma ga z i n e. com

149

150

Drawing the financial roadmap for Australian businesses WRITTEN BY

WILL GIRLING PRODUCED BY

ANDREW STUBBINGS

APRIL 2020

151

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GRANT THORNTON AUSTRALIA

Grant Thornton Australia is an accountancy firm which has built a reputation for exceptional customer service, profound expertise and an innovative mindset

P

art of Grant Thornton International - the sixth-largest network of accounting and consulting professionals in the world,

Grant Thornton Australia (GTA) was founded in 2007 and has been dedicated to providing first152

class accountancy services to companies across the country, enabling them to reach their full potential. A well-respected brand globally, Grant Thornton’s Australian branch has garnered a reputation for innovation, a customer-centric approach and an outstanding understanding of its clients and business. Employing over 1,300 people in offices that encompass the perimeter of the entire country (Adelaide, Brisbane, Cairns, Melbourne, Perth and Sydney), the company is celebrated for its approachable method of working almost as much as its sector knowledge and experience.

The breadth of GTA’s experience is wide and varied - from manufacturing, finance and life sciences to energy, healthcare and technology, the company is well-versed in the unique intricacies of each sector and can help businesses plan the best routes APRIL 2020

153

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GRANT THORNTON AUSTRALIA

“ A well-respected brand globally, Grant Thornton’s Australian branch has garnered a reputation for innovation, a customer-centric approach and an outstanding understanding of its 154 clients�

for expansion, development and/or general strategy. Capable of offering a full suite of services, including audits, tax, private and financial advice and consultations, GTA is able to accommodate almost any accounting issue.

Priding itself on providing solutions which transcend merely perfunctory compliance measures, the company actively works to identify, resolve and improve critical underlying issues experienced by a client whilst conducting its audits. Possessing storied experience in all aspects of the process, GTA is able to undertake one-off reviews and generate procedure reports, amongst other things. With a firm conviction that performing high-quality independent audits can considerably help a business, the company employs the latest technology and industry techniques to deliver an effective and profitable service to its customers.

Not just committed to helping established companies remain in top financial condition, GTA also offers a variety of tax services to assist those just starting out. Offering distinct teams with specific expertise in areas such as

APRIL 2020

About Grant Thornton: Global CEO Peter Bodin CLICK TO WATCH

|

1:24

155

corporate tax, international tax and pay-

Recognising that Australia and the

roll assurance, GTA can help fledgling

APAC (Asia-Pacific) region has fertile

businesses understand the com-

investment and growth opportunities,

plexities of their industry and regain tax

GTA is able to leverage its 85 regional

losses in subsequent years. The com-

offices throughout the Asian continent

pany can help businesses understand

to give its Australian clients unique

the best way to launch R&D (research

insider knowledge upon which they

and development) initiatives and how to

can make informed decisions. At a

benefit from government tax incentives.

time when roughly two-thirds of the

Additionally, if a company is considering

country’s goods and services are

an international expansion, GTA is able

traded with Asia, GTA is poised to

to advise on mergers, acquisitions and

offer businesses expert guidance on

any issues that might arise from interna-

how to enter and invest in valuable

tional taxation.

markets like China, Japan and India. w w w.f i nte c hma ga z i n e. com

www.financialforce.com

157 The company’s leaders also have key

allows GTA to manage resources,

relationships with financial hubs in

projects and drive value for its client’s

Singapore and Hong Kong, making it the

ventures. GTA utilises the company’s

ideal partner for those looking to make

Financial Management and Revenue

valuable connections as well as advice.

Recognition solutions to provide its

Despite the company’s impres-

sturdy accounting and reporting

sive success, both in Australia and

capabilities, whilst FinancialForce’s

elsewhere, it would not have been

‘Salesforce Einstein Analytics’ and

able to achieve its goal of provid-

‘Sales Cloud’ applications allow GTA to

ing best-in-class service to clients

unlock the value of its data and gain a

without first-class partners. One

comprehensive understanding of per-

such collaborator is FinancialForce,

formance information.

a professional services automation

Dedicated not just to its clients,

(PSA) provider, which united with GTA

employees and shareholders, GTA has

in 2018. A partner in the true sense of

demonstrated its care for the wider

the word, FinancialForce’s platform

Australian community with a number w w w.f i nte c hma ga z i n e. com

GRANT THORNTON AUSTRALIA

158

“ The company employs the latest technology and industry techniques to deliver an effective and profitable service” APRIL 2020

of initiatives to provide a roadmap during difficult times. Recently, GTA organised a fund (the Grant Thornton Bushfire Response Program) when the Australian bushfire crisis was underway in late 2019/early 2020. With the company able to donate AU$250,000 to relief efforts, CEO Greg Keith expressed his pride with the company in a press release, stating that he was “very proud of the manner in which our people, the broader Australian community, and our friends overseas are supporting those directly impacted.”

Also, in the wake of the World Health Organisation (WHO) declaring COVID-19 (coronavirus) a public health emergency, GTA was quick to offer its advice and support to any clients or guests who might want to seek it out. The depth of the company’s care for Australia is matched only by its expertise in its industry, and GTA is set to continue the enviable legacy it has established nationwide.

w w w.f i nte c hma ga z i n e. com

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160

A SUPERIOR CUSTOMER EXPERIENCE WRITTEN BY

WILL GIRLING

APRIL 2020

PRODUCED BY

JAMES PEPPER

161

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RAIFFEISEN BANK KOSOVO

Shukri Mustafa, COO/CIO of Raiffeisen Bank Kosovo, describes the bank’s mission to use continuous innovation to improve the customer experience

T

he story of Raiffeisen Bank Kosovo (RBK) begins in 2002, when the Austria-based company Raiffeisen Bank International

AG (RBI) established itself in the territory.

Following the 100% acquisition of the American 162

Bank of Kosovo’s shares, RBI rebranded it with its current name in 2003. Offering its individual and corporate customers a wide variety of products and solutions, including financial services, asset management and loans, RBK also prides itself on an innovative approach to banking, which ensures its clients receive the highest-quality experience possible. Leveraged through careful research of the latest technology and strategic investment in its IT and Operations departments, RBK’s thoroughly modern outlook was awarded the first Registered Quality Assurance ISO 20000 certification in Kosovo.

Heading up RBK’s digital transformation is Shukri Mustafa, Chief Operating Officer and Chief Information Officer. Coming from a financial, insurance and banking background, Mustafa’s previous APRIL 2020

163

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RAIFFEISEN BANK KOSOVO

“ We are upgrading our core banking system, which will help our front line staff know our customers better by having the analytical CRM in front of them”

experience as an entrepreneur, non-profit manager and relationship manager illustrated to him early on how important linking the customer experience with technology is. When he became a member of RBK’s board in 2007, the Bank implemented a three-point-plan to drive the changes it considered to be necessary: updating out-dated systems, creating an infra-

164

— Shukri Mustafa, COO/CIO, Raiffeissen Bank Kosovo

APRIL 2020

structural shift and introducing new business applications. “The legacy of our systems made us consider ‘if we

Agile E-banking CLICK TO WATCH

|

4:26

165

want to be at the cutting-edge and

Mustafa expounds. “We are upgrading

ready ourselves for the digital changes

our core banking system, which will

that the market will require, RBK will

help our front line staff know our cus-

need to change’,” he says. “So, that’s

tomers better by having the analytical

where we started.”

CRM (customer relationship manage-

Introducing a suite of new electronic

ment software) in front of them.” RBK

services, including e-banking and

has also introduced Viber banking - a

mobile banking, RBK fully embraced

cross-platform IM (instant messag-

the digital era by providing its custom-

ing) application - which enables the

ers with next-gen communications

company to give its clients convenient

and intuitive services. “We introduced

access to necessary services, such

chatbots to assist customer service

as account information, processing

and gain a better understanding of

transactions, balance enquiries and

what people think about our products,”

statement history. Viber also gives w w w.f i nte c hma ga z i n e. com

STRONGER TOGETHER InfoSoft Systems, specialized in system integration, provides technological consultation, implementation and support services to small, medium and large size organizations. One of first ICT companies, Infosoft Systems has become a regional leader.

With over 300 employees in Albania, Kosovo, North Macedonia and several international partnerships, its collaborative approach delivers innovative solutions. InfoSoft Systems is part of the larger InfoSoft Group, which comprises 15 business units.

LEARN MORE

open doors and encourage new stu-

Looking ahead to 2020 and beyond,

dents to work for us. We achieve that

RBK, like every bank, must explore

by introducing fresh ideas and ways of

ways to retain its customers and attract

working that young people would like

new ones. “It’s hard to try and market

to see.” The bank is also organising

for Generation X and Y. RBK is meas-

‘hackathons’ at the university, wherein

uring itself at all times to guarantee

students can experiment and explore

customer satisfaction and keeping the

the potential of data analytics. The

organisation alert and agile,” Mustafa

bank’s spirited attitude also led to it

says. This makes defining a clear

recently employing QR coupons in

corporate strategy and liaising closely

stores, utilising augmented reality

with partner companies absolutely

through a downloadable app, in order

essential. Collaborators like InfoSoft

to make banking a more enjoyable,

Systems and Temenos , providers

interactive and fun experience.

of specialised system integration

E XE CU T I VE PRO FI LE

Shukri Mustafa Shukri Mustafa is a Board Member and Chief Operation Officer at Raiffeisen Bank Kosovo. He is responsible for IT and operations management in the bank. Mr Mustafa leads agile teams that deliver measurable results using tools such as Agile module and Canban. He has 12 years’ experience in managing operations and IT in his current role. He is also a consultant in Raiffeisen Bank Albania for Operations, IT Area, Project office, Cost Management, Facility Management, Lean Management and IT Security.

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RAIFFEISEN BANK KOSOVO

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APRIL 2020

“RBK is measuring itself at all times to guarantee customer satisfaction and keeping the organisation alert and agile” — Shukri Mustafa, COO/CIO, Raiffeissen Bank Kosovo

solutions, have been essential in helping RBK shape its approach. “As a bank, we invite our partners to sit with us so that they can understand what we want, conduct market research for us and come up with different ideas,” he explains. “InfoSoft Systems and Temenos go further: it looks at things from the client’s perspective and helps us stay one step ahead.”

When asked how he would characterise his methodology for implementing digital transformation, Mustafa says that it’s based on offering w w w.f i nte c hma ga z i n e. com

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RAIFFEISEN BANK KOSOVO

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“ We want to become the most recommended financial service group on the market”

RBK the opportunity to engage with its customer base in a revolutionary way via personalised promotional activities.

Displaying a keen awareness that the symbiosis of people and technology can yield highly successful results, RBK has become a champion of innovative fintech startups and emerging talent within the sector. A platinum sponsor of the University for Business

— Shukri Mustafa, COO/CIO, Raiffeissen Bank Kosovo

APRIL 2020

and Technology, Mustafa explains that the company is dedicated to investing in the people who will help to shape the bank going forward. “RBK wants to

encryption. Account fraud, transaction monitoring, data leakage prevention, incident handling, threat intelligence - these are things that clients aren’t directly aware of, yet they’re vital to making clients feel safe when they use our digital channels.”

Although investing in the newest technology can yield a more modern experience, what RBK is achieving is a rare feat: a service which feels personal, secure and cutting-edge.

Its corporate culture, which prioritises delivering superlative customer experience, is what helps set the bank apart from its competitors. RBK is striving to unite its customers with the superior customer service and making

digital age’s greatest opportunities in

the banking procedure as easy as pos-

a way which feels innovative and fresh.

sible. Whether it is through the use of

“Making sure the customer has an easy

artificial intelligence or machine learn-

experience is very important to us,”

ing software to make data easier to

Mustafa concludes. “The customer

navigate or enhanced security features

experience is RBK’s mission and its

to put customers at ease, RBK is con-

vision. We want to continue to be the

stantly exploring people-centric ways

number one Bank in Kosovo”.

of modernising its products. “We have introduced fingerprinting, face recognition and biometrics,” he explains.

That’s on the side our clients see, but, behind the scenes, we also invest a lot in security - especially on data w w w.f i nte c hma ga z i n e. com

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Digital transformation in money lending WRITTEN BY

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WILLIAM SMITH PRODUCED BY

NATHAN HOLMES

APRIL 2020

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UNITED ASIA FINANCE LIMITED

Akihiro Nagahara, Managing Director and CEO of consumer finance company United Asia Finance Limited, discusses the technologies maintaining the company’s position as Hong Kong’s largest money lender

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U

nited Asia Finance Limited (UA) is the biggest money lender in Hong Kong.

Founded in 1993 by Managing Director

and CEO Akihiro Nagahara, who introduced the concept of unsecured personal loans into the Hong Kong market in 1977, earning Nagahara the nickname ‘Father of Personal Loan of Hong Kong’. UA is now the biggest consumer finance company in Hong Kong, with the largest variety of all-round personal loan products and the most comprehensive online and offline channels, including the most extensive branch network of a total 49 branches located at different locations throughout Hong Kong.

Born in Taiwan, Nagahara joined a company after graduation in Tokyo in 1976. He initiated and helped to start up the consumer lending business

APRIL 2020

175

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UNITED ASIA FINANCE LIMITED

“ UA is the first finance company in the market to introduce online personal loans, namely the ‘i-Money’ internet personal loan as early as the year 2000, at a time when even many other finance companies had not yet joined the market. In 2015, our mobile app ‘One Click to Loan’ was launched, further offering convenient and hassle-free loan experiences for customers”

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— Akihiro Nagahara, Managing Director & CEO, United Asia Finance

for his company in Japan which turned out to be very successful. Despite not speaking Cantonese at that time, in 1977, Nagahara was dispatched to venture to Hong Kong by his boss at the time, bringing the idea of the unsecured personal loan to the city.

He was able to do so thanks to the deposit-taking companies ordinance instituted in 1976, allowing an overseas company with a minimum capital of HK$2.8mn to set up JCG Finance in Hong Kong. The personal loan business grew fast and successfully until being sold in 1990, at which time there were 30 branches.

In 1993, with investment by Allied Group, Nagahara opened United Asia Finance Limited, with profits recorded from the very first year. In 2007, the company achieved the milestone of expanding to Mainland China, with the first branch opening at Shenzhen, thus becoming the first Hong Kong finance company to start a consumer finance business in the Mainland.

Now, there are branches in 15 cities throughout Mainland China. Since 1996, ITOCHU has been a shareholder. In 2005, a majority stake in the

APRIL 2020

UA CLICK TO WATCH

|

0:32

177 company was acquired by Sun Hung

up such department, again showing

Kai & Co. Limited from Allied Group.

its continuous promise and commit-

Having recently celebrated its 25th anniversary, the company is

ment to offer the best consumer loan services for customers.

gearing up to ward off the rise of

Lee’s role actually comprises

virtual banks, as CIO Aaron Lee

two complementary halves, as he

emphasises. “Keeping the business

explains. “My role is CIO at UA, yet I

model competitive with virtual banks

supervise different responsibilities

is the reason we have to be ready to

for the company. I oversee traditional

transform for the digital generation.”

IT functions and make sure the IT

A sentiment shared by Nagahara, the

operation runs harmoniously, while

Fintech and Innovation Department

simultaneously implementing digital

was officially set up in January

strategies to enhance the competi-

2019 by UA, being the first and only

tiveness of our business to keep our

finance company in the market to set

leading position in the industry.” w w w.f in t e c hm a g a z in e . c o m

UNITED ASIA FINANCE LIMITED

178

One of these strategies consists of

UA has to remain on top of the

a move towards an “open consumer

requirements of respective statutory

loan platform”, which in practice means

and regulatory government institutions

providing greater transparency to

of the industry, and the representa-

customers and improving the access

tive industry associations Licensed

of third party services via APIs. “We

Money Lenders Association. “One

have our API gateway to talk with our

example of the requirements is in cus-

external business partners. Our organi-

tomer information protection, because

sation’s architecture is based around

Hong Kong has very strong require-

Kubernetes, and we’re setting up a new

ments regarding the handling of such

generation of online app, web and legacy

information. Another is in anti-money

applications using the Pivotal Container

laundering. The money lenders’ regu-

Service as an integration platform.”

lator has very detailed Electronic

APRIL 2020

E XE CU T I VE PRO FI LE

Akihiro Nagahara

Mr Akihiro Nagahara is the Managing Director and CEO of United Asia Finance Limited, with over 40 years of experience in the consumer credit market in Japan and Hong Kong. Mr Nagahara introduced the idea of unsecured personal loans from Japan to Hong Kong in 1977. With his inf luence and contribution in the consumer finance industry in Hong Kong, the nickname of “Father of Personal Loans of Hong Kong” is given to Mr Nagahra.

Mr Nagahara established the first personal finance company with scale in Hong Kong and is the Founding Chairman of the Hong Kong Licensed Money Lenders Association.

Mr Nagahara is keen on servicing the community and very supportive of charities and has been the Director of Po Leung Kuk. Mr Nagahara holds a Bachelor’s degree in Law from National Taiwan University and a Master’s degree in Law from Japan Hitotsubashi University; he then completed a Doctoral degree at the same University. Mr Nagahara has been conferred Honorary Fellowship by The Chinese University of Hong Kong in 2016, in recognition of his remarkable contributions to the University and the community.

In 2012, Mr Nagahara was awarded “Person of the Year in the Chinese Microfinance Industry” by the China Microfinance Association; and in 2013, was awarded “CAPITAL Leaders of Excellence” by the Capital Magazine in recognition of his continued and outstanding contribution to the consumer lending industry in Hong Kong. w w w.f in t e c hm a g a z in e . c o m

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“ We aim to keep our leading status as the most influential and largest money lender in Hong Kong” — Akihiro Nagahara, Managing Director & CEO, United Asia Finance

Know Your Customer (EKYC) due diligence procedures.”

The EKYC requirement itself serves as an opportunity, as Lee explains. “In Hong Kong, we use the EKYC approval with a Hong Kong ID. As part of the licensing process, this Hong Kong ID card is associated with the likeness or image and then we can detect abnormalities or approve loans. We plan to launch the latest ‘Yes UA’ app in 2020 with the EKYC solution associated. We first launched the app in August, 2019, which was a huge success,

APRIL 2019

significantly increasing our digital

loan processing purely online.” Hong

business volume by 20%.”

Kong citizens will be able to use the

The philosophy underpinning the

app with their Hong Kong ID card,

success of the app is based around

even the newly-issued one for part

ease of use. “We would like to use

of the population, with its embed-

our online apps to enhance the ulti-

ded hologram.” says Lee. “The Hong

mate convenience of the customer

Kong ID card is the key and eases

experience, and put the structure of

the whole application process. You

E XE CU T I VE PRO FI LE

Aaron Lee Aaron Lee is responsible for formulating digital transformation services strategies and deploying fintech and DX solutions, including, but not limited, to digital and online, AI, Big Data, blockchain, cognitive and machine learning and robotic process automation, to transform UA’s capabilities in finance services innovations, strengthening the company’s market leading and drive business revenue.

Since 1998, he has occupied senior regional management roles in firms such as Atos, Microsoft and Sybase, in which provided enterprise advisory consulting and business services to a portfolio of sizable clients within the Asia Pacific and Greater China regions. He is an expert in digital transformation, with more than 24 years of experience in IT strategic planning, project management and strategic partnership and alliance formation with first tier IT Solution providers.

He graduated from the Said Business School of Oxford University and Staffordshire University.

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UNITED ASIA FINANCE LIMITED

apply for the loan and then go through the application procedure to approval. Once that’s done you receive the money directly through the Faster Payment System, transferred to your account. Everything is done without annoyance to you.”

The approval part of the process relies on data, and Lee is overseeing the transformation in both the format of data UA collects and how it is analysed. “We are going to build up a 360-degree view of customer 182

information.” Currently UA collects customer information for processing the loan, much of it from credit reference agency TransUnion. From this information, however, only the transaction data at the respective financial institution can be gleaned.

“Traditionally we only get the loanrelated information. We grab your financial data, your address, your name and so on, and then you apply for a loan. Then we’ll collect your financial information and consolidate it with the rest. We would like to know our customers more by referencing data derived from online channels, and we’re considering it a multi APRIL 2020

“We try to understand each customer that comes to us, their problems and needs, then our experienced staff will share professional advice with them regarding the options of the best loan solution plan to solve their problems” — Akihiro Nagahara, Managing Director & CEO, United Asia Finance

intelligence platform that we can use with our attribution customer data.”

It’s a direction that Lee is hoping to further explore, collecting data from new and varied sources. “We would like to associate more of the social information with traditional customer information. Maybe we can understand our customer more from different aspects of their online behaviors like their online browsing. We would like to consolidate it together to build up that 360-degree view and offer the most suitable loan services for each single customer to best serve his financial needs.”

The complexity of such a system has required the support of a number of expert partners. “Because we would like to acquire more data, we use an enterprise scale database as our traditional database. Our relationship with Oracle has lasted over ten years, which is why we choose them as our transactional database and data warehouse platform.” Owing to the volumes of data created, UA has also found it necessary to move to the cloud. “As we convert data into a big data platform, we’re moving it w w w.f in t e c hm a g a z in e . c o m

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UNITED ASIA FINANCE LIMITED

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Visit us at www.vmware.com/hk © 2019 VMware, Inc. VMware and Realize What’s Possible are trademarks of VMware, Inc.

185 to big PaaS players. Again, the relationship is there. While Oracle is our traditional database platform, we’re extending it to an object database meaning we can move all of our reasoning and other 360 degree data into a single platform.”

The transformation of its technology offerings is an ongoing process and is in service of retaining its prime position, as Lee emphasises.

“We aim to keep our leading status as the most influential and largest money lender in Hong Kong by further enhancing our capability. w w w.f in t e c hm a g a z in e . c o m

UNITED ASIA FINANCE LIMITED

This is our vision. The feedback we have received for our technology has been very positive so far,” reasserted by Akihiro Nagahara.

Thanks to Akihiro Nagahara’s insight and understanding of the market with his rich experience, the innovative loan products UA has pioneered over the last 27 years will continue to serve it in good stead for the future, from debts consolidation loans to property owner’s loans to personal loans which can be pro186

cessed entirely over the phone. In 2000, UA pioneered the “i-Money Internet Personal Loan”, becoming

“ Keeping the business model competitive with virtual banks is the reason we have to be ready to transform for the digital generation” — Aaron Lee, CIO, United Asia Finance Limited

the first money lender to introduce online loan services in the market.

The whole loan application, from approval to disbursement, could all be completed online without the need to show up in person.

The service motto of UA is to always offer caring and personalised services for customers. “We try to understand each customer that comes to us, their problems and needs, then our experienced staff will share professional advice with

APRIL 2020

1993

Year founded

630+ Number of employees

them regarding the options of the

and loyal staff and company service

best loan solution plan to solve their

that puts the customer first, inspiring

problems, helping customers to let

the slogan: “Let go of your worries.

go of their worries and enjoy life

YES, UA!”

again,” says Nagahara. “This humanised and caring approach, together with the pace we keep up with technology and the outside world makes UA different and outstanding, with the support and recognition of the public and customers for more than a quarter of a century in Hong Kong.”

Alongside this stand experienced w w w.f in t e c hm a g a z in e . c o m

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