FinTech Magazine - December 2020

Providing brighter financial futures through digital tech www.fintechmagazine.com

DECEMBER 2020

THE FINANCIAL DISRUPTION BROS. Entrepreneurs Gabino and Stephen Roche outline how their company is introducing some much-needed disruption to an inefficient financial system

FINTECH LEADERS

MODERNISING ISLAMIC INSURANCE IN MALAYSIA

Avoid the Top 5 Most Common Open Source Vulnerabilities Within Financial Organizations Learn what open source vulnerabilities are commonly found in financial services organizations.

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FOREWORD

A

s a difficult 2020 finally comes to

(takaful) and professional insurance

an end, it’s worth reflecting on how

respectively fresh, customer-centric

admirably the financial services industry has risen to the challenges of COVID-19.

Whether through technological innovation, strong cultural foundations or visionary leadership, we can’t help but be impressed by how adaptable and customer focused companies have proven themselves to be.

In our cover story this month, entrepreneurs Gabino and Stephen Roche outline how their company, Saphyre, is introducing some much-needed disruption to an inefficient financial system. Capable of streamlining processes in order to help its clients achieve revenue faster, readers will find out about the company’s unique and valuable offering: “We chose to take on this endeavor

and modern.

Christmas came early for us this month as we spoke to a wide selection of highprofile companies and thought leaders on a variety of important topics. These included: Stripe, Mettle and WIREX on partner networks in banking; Deloitte and Broadridge Financial Services on IoT; and ING on its philosophy of ‘local innovation for a global impact’.

Finally, our Top 10 this month is certainly a ‘must read’; arranged by their value in USD, we count down the fintechs that have distinguished themselves as being true market leaders.

Happy holidays to all and to all a great 2021.

because the status quo wasn’t serving people’s best interests,” explained Stephen. ”We just cut through the bureaucracy and deliver what the client actually needs.”

Will Girling william.girling@bizclikmedia.com

Also, PruBSN and Wesleyan, two very different yet highly influential insurers, outlined the ways they’re keeping Islamic f i nte c hma ga z i n e. com

03

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PUBLISHED BY

PRODUCTION DIRECTORS

Georgia Allen Daniela Kianickovรก

Jordan Hubbard Michael Banyard MANAGING DIRECTOR

EDITOR-IN-CHIEF

Will Girling DEPUTY EDITOR

Rhys Thomas EDITORAL DIRECTOR

Scott Birch CREATIVE TEAM

Oscar Hathaway Sophia Forte Sophie-Ann Pinnell Hector Penrose Sam Hubbard Mimi Gunn

PRODUCTION MANAGER

Owen Martin Philline Vicente

Lewis Vaughan MEDIA SALES DIRECTOR

James White

VIDEO PRODUCTION MANAGER

Kieran Waite DIGITAL VIDEO PRODUCERS

Sam Kemp Evelyn Huang DIGITAL MARKETING EXECUTIVE

Evelyn Howat

DIGITAL MEDIA DIRECTOR

Jason Westgate CHIEF OPERATIONS OFFICER

Stacy Norman PRESIDENT & CEO

Glen White

PROJECT DIRECTORS

Jake Megeary fintechmagazine.com

CONTENTS

SOPHISTICATED YET SIMPLE PRE-TRADE ONBOARDING

10

IoT:

Changing payments, society and the customer experience

24

34 HOW TO FORM AN ENTERPRISE AUTOMATION STRATEGY FOR PAYMENTS

44

62

INNOVATING LOCALLY FOR A GLOBAL IMPACT IN FINTECH

56 Fintech Leaders

Fintech and banks: competing through collaboration

66

84 Prudential BSN Takaful Berhad

102 Wesleyan

140

122

Kensington Mortgages

PwC

152 Canada Brokerlink Inc.

166 Protective Insurance

10

SOPHISTICATED YET SIMPLE PRE-TRADE ONBOARDING WRITTEN BY

WILL GIRLING PRODUCED BY

MICHAEL BANYARD

DECEMBER 2020

11

f i nt e c hma ga z in e. com

SAPHYRE

Stephen and Gabino Roche, President and CEO, discuss overcoming risk-aversion in finance and how Saphyre is disrupting an inefficient system

I

n an era of increasing digital sophistication, the extent to which out-dated technologies, techniques and processes

continue to weigh down even the largest companies in finance is surprising. Not content with simply disrupting the pre-trade space with an integrated onboarding platform, Saphyre offers 12

clients an intuitive, easy-to-use experience that belies its sophistication. Founded in 2017, it is an iconoclastic company that desires to break down barriers in a sector easily siloed and fundamentally believes in creating a streamlined and user-friendly alternative that enables customers to generate revenue faster.

“I’ve always built technology products from scratch; that’s always been kind of my thing,” states Gabino Roche, CEO. An experienced and successful business-technology leader with 20 years of expertise gained from executive roles at some of the world’s most prestigious organisations, he says that the knowledge gained from these companies regarding product R&D has been invaluable to the development of Saphyre. “I learned

DECEMBER 2020

13

f i nt e c hma ga z in e. com

SAPHYRE

“ I’ve always built technology products from scratch; that’s always been kind of my thing” — Gabino Roche, CEO, Saphyre

what five of the major US banks were doing in this space and then also what their clients in the arena needed.”

The process of mapping these two aspects together would prove crucial to the company’s development. Also adding to Saphyre’s strong leadership is Gabino’s brother, Stephen Roche, President. With a background focusing on business development and emerging communications tech, Stephen says that new innovation has always “enthralled” him. “I’ve worked with a

14

lot of Fortune 1000 entities and it’s always been a challenge to introduce new technology: companies always view it and the associated operations as an expense. However, it’s also been a good learning experience because I would help them realize a successful model, and that has allowed me to advise the Saphyre team on how best to allocate resources and grow.”

Allowing clients to digitise their emails, faxes and spreadsheets through an accessible platform and powered by ATTOM ((AI Tracking of Transactions and Operational Metadata), its patented artificial intelligence (AI) workflow management DECEMBER 2020

Speed Your Onboardings CLICK TO WATCH

|

0:41

15 technology, Saphyre integrates data

by focusing on both cost-reduction

sharing, real-time messaging and

and increased revenue, the company

transparency. Developing a successful

has been able to gain attention quickly.

product for pre-trade was an inte-

“Clients can start trading and making

gral part of Saphyre’s development.

money straight away, meanwhile the

However, as Gabino explains, this

custodians are also making money

was only half the battle in establishing

by collecting interest and fees. Our

the company’s place in the market.

overall strategy is to digitize the pre-

“The other half was actually planning

trade space, not just for the benefit

the adoption strategy; how do you

of trading, but also for trading and

get clients, individual users, or even

post-trade.”

institutions to adopt a new technology

Core to Saphyre’s ethos is the idea

that’s never existed before?”

of ‘levelling the playing field’ or, in

A believer in appealing to the “selfish

the company’s own words, “disrupt-

interests of the client”, he relates that,

ing a broken system”; it is adamantly f i nt e c hma ga z in e. com

SAPHYRE

16

opposed to the innovation-stifling

Wary that some firms were initially

bureaucracy that permeates so many

reticent to take notice at first because

aspects of finance. “We chose to

of (unrelated) unfruitful tech initia-

take on this endeavor because the

tives that spawned risk-aversiveness,

status quo wasn’t serving people’s

Saphyre’s first mission was to prove

best interests,” explains Stephen.

that it could outperform expectations,

DECEMBER 2020

which, Stephen continues, it soon did.

designers, and a second team of

“I started with the company in May of

coders, to whom the middle and back-

2017. We released our first product in

office operations are taught in order to

the fall of 2017 and we went live with

establish the appropriate context as

our first client in March of 2018. We

they work. “What that does is structure

just cut through the bureaucracy and

things so that the technology team

deliver what the client actually needs.”

is uninterrupted, and they know what

Maintaining a spirit of innovation

we give them is solid because we’ve

among its staff is also highly important

already validated it several times with

at Saphyre, which it achieves through

our innovation team,” Gabino explains.

genuine employee empowerment and

“Working at some other financial

a dual-layered workforce dynamic: one

institutions three and a half years ago,

team consisting of product managers,

you would never have seen those two

industry experts and user experience

things combined together.”

E X E C U T I V E P R O FILE :

Gabino Roche Title: CEO & Co-Founder

Industry: Financial Services

Location: United States Gabino is an experienced and successful business-technology leader with 20 years of expertise gained from executive roles at some of the world’s most prestigious organisations, including McKinsey, AT&T and JP Morgan Chase.

“I’ve always built technology products from scratch; that’s always been kind of my thing.” Holding a BSc in Business Management Information Systems from Seton Hall University (1993 to 1998) and an MBA in Global Management from the University of Phoenix (2000 to 2003), he is highly knowledgeable on industry trends, industry-leading approaches and the contemporary needs of clients. f i nt e c hma ga z in e. com

17

SAPHYRE

18

E X E C U T I V E P R O FILE :

Stephen Roche Title: President & Co-Founder Industry: Financial Services Location: United States Stephen has a background focusing on business development and emerging communications tech. He has acquired a large amount of experience working for AT&T prior to co-founding Saphyre with his brother. “I’ve worked with a lot of Fortune 1000 entities and it’s always been a challenge to introduce new technology. However, it’s also been a good learning experience because I would help them realize a successful model, and that has allowed me to advise the Saphyre team on how best to allocate resources and grow.”

DECEMBER 2020

to support a business, that would undermine how advanced our platform really is.” In some respects, market differentiation hasn’t been difficult for Saphyre at all: possessing a portfolio of 48 patents and a unique offering in the pre-trade market, Gabino states that, prior to the company’s formation, there was no competition at all.

Therefore, Saphyre’s team has been able to instead focus on raising the digital transformation of pre-trade to a higher standard. “When institutions in the finance space make investments, they invest in trading and post-trade because that’s where the money’s to be made. I’m not suggesting that pre-trade gets ignored, but you’d be Boosting Saphyre’s standing in a

surprised by the amount of Windows

cautious industry has been one of its

95 and legacy infrastructure that still

key challenges, particularly when other

exists out there.”

companies in the space compound the issue by over-promising and underdelivering. “And then, when you have a fintech startup saying, ‘We can do all these things too,’ people might look at our size and question it,” says Stephen.

“However, we’re bringing a phenomenal user experience,” Gabino adds, “If we needed to hire armies of people

“ We chose to take on this endeavor because the status quo wasn’t serving people’s best interests” — Stephen Roche, President, Saphyre f i nt e c hma ga z in e. com

19

SAPHYRE

“ Our overall strategy is to digitize the pre-trade space, not just for the benefit of trading, but also for trading and post-trade” — Gabino Roche, CEO, Saphyre Any ‘glass ceiling’ that might have impeded Saphyre has been coun20

tenanced by the announcement in mid-September that it had struck a partnership with JP Morgan and BlackRock. Deployed to digitize their account opening workflow, produce

news.” Indeed, the partnership can be

improved scalability and remove

viewed as simultaneously a validation

manual processes, the two companies’

of Saphyre’s value and an illustration

choice to leverage Saphyre’s technol-

of the importance of collaboration, no

ogy has given it a significant credibility

matter how large a financial institution

boost. “We were selected because

might be, a conclusion that Gabino

Saphyre is the only one in this space,

concurs with: “If you try to be the

and [JP Morgan and Blackrock] were

master of many things, you’ll be the

tired of pseudo-monopoly financial

master of none. Saphyre has opted to

firms dealing with 1980s technology or

be the master of one thing, which we

faxing data information,” says Stephen.

do extremely well.”

“It’s our reputation and consistency of execution that has led to this great DECEMBER 2020

Emerging from the COVID-19 pandemic relatively unfazed, owing

21

S A P HY RE’S SU PP O RT

Saphyre’s new partners have been vocal in their support for the company: “Saphyre has been instrumental in transforming the account opening experience for our clients. J.P. Morgan was an early adopter of Saphyre and is now live in production after successfully testing its value proposition for over 6 months,” said Naveen TV, Managing Director, JP Morgan’s Securities Services.

“With powerful workflow features and enhanced visibility into the account opening lifecycle, Saphyre has enabled BlackRock to eliminate manual processes to support the account opening workflow across custodians and broker-dealers,” commented Liliane Ancona, Managing Director, BlackRock.

The full details of Saphyre’s momentous partnership with JP Morgan and BlackRock can be found here.

f i nt e c hma ga z in e. com

SAPHYRE

22

to its high-tech operational infrastructure, Gabino even posits that certain aspects of the business, such as setting up meetings, may have become easier. “Traditionally, I would have to fly across the world, go to people’s offices, make pitches, etc. Now, relying on Zoom and Microsoft Teams, I’m actually more busy because I don’t have to allocate that additional travel DECEMBER 2020

“ If you try to be the master of many things, you’ll be the master of none. Saphyre has opted to be the master of one thing, which we do extremely well” — Gabino Roche, CEO, Saphyre

23

time; I’ve got meetings back-to-back.”

streamline the entire experience and

Subsequently, Saphyre has been

make it more user friendly,” concludes

able to concentrate on its mission

Gabino. “In the world today everything

for 2021: eliminating 70% of manual

is siloed, but we’re breaking down

post-trade activities, a complement to

those walls and bringing it all together.”

its uncontested work in the pre-trade space and demonstrating its holistic, end-to-end grasp of the trade process.

“Our model is sophisticated yet simple; we’re constantly exploring how to f i nt e c hma ga z in e. com

FINTECH

IoT: Changing payments, society and the customer experience

Speaking with experts from Deloitte, Broadridge FS, Infinity Works and Crown Agents Bank, we discover the broad changes in fintech being facilitated by IoT

24

T

he proliferation of connected devices across so many aspects of our lives made it practically inevitable that finance

would one day capitalise on their availability. Using modern smart and IoT (internet of things) devices, fintech has opened the possibilities of integrating products and services with customers’ daily lives, enabling greater overall engagement, convenience and allowing businesses to meet the needs of unmet communities. Effectively dissolving ‘office hours’ and facilitating automated ‘round-the-clock, service, customers can now receive a faster and more personalised experience, with the enterprise benefits of increased operational efficiency and easy scalability, as well as mutually beneficial augmented cybersecurity.

DECEMBER 2020

25

WRITTEN BY

WILL GIRLING f in t e c hm a g a z in e . c o m

LEADERSHIP

CHANGING THE CUSTOMER EXPERIENCE

date – relatively unconstrained regula-

It was, perhaps, the early innova-

tory frameworks that the tech sector

tions observed in insurtech and

operates in, progress has been able

proptech that awakened the broader

to be made swiftly.

fintech sector to the possibilities of IoT. Michael Tae, Head of Strategy,

IoT’s capacity to elevate the customer

Broadridge Financial Solutions, says,

experience can be broadly summa-

“While financial services firms have

rised into three key aspects:

been deriving insights from customer data for quite a while, the nature of IoT is that it’s always on and allows for the collection of data from users’ daily lives.” Jim Eckenrode, Managing 26

Director of Deloitte’s Center for

• •

Real-time data gathering 24/7 connection to the service provider via a device

• Personalisation and customisation of service

Financial Services, adds: “Using sensor data to adjust insurance premiums,

Richard Poole, Principal Consultant

control building temperature, and

at Infinity Works, relates a personal

facilitate contactless payments are all

account of his own experience to out-

examples of the possibilities.” Indeed,

line the difference that IoT/connected

because of the exploratory and – to

devices have had on payments: “Some

“ Part of the firm’s US Financial Services industry team, DCFS is a source of up-to-the-minute insights on the most important issues facing senior-level decision-makers in the industry” — Jim Eckenrode, Managing Director of the Centre for Financial Services (DCFS), Deloitte DECEMBER 2020

27

years ago, I decided to try out one of the

APPLICATIONS

neobank offerings. One of the first things

As demonstrated by Poole, this direct

I did was to play around with the bank’s

communication and sense of ‘fun’ is

integrated payment notifications. I cre-

something that was totally foreign from

ated an event for a merchant payment

traditional, paper-based interactions

from our joint bank account (my partner’s

between customers and service pro-

hairdresser) so that I’d receive a mobile

viders. As such, the ability for modern

notification to my device reminding me

fintechs to create engaged and genu-

to comment on the hair cut. Furthermore,

inely enthusiastic communities has

I was able to make sure the payment

never been readily more available. The

came from a designated virtual pot and

finance industry appears to be aware

then logged on a Google sheet.”

of this fact; Eckenrode’s research f in t e c hm a g a z in e . c o m

LEADERSHIP

28

article, ‘The derivative effect: How finan-

Poole adds that Infinity Works

cial services can make IoT technology

has been collaborating with Starling

pay off’, found that sensor device instal-

Bank to develop the latter’s use of

lation has experienced between 20%

IoT, “We’ve primarily worked with chal-

and 100% compound annual growth

lenger banks to build a flexible, secure

among banks, capital markets, invest-

and scalable set of services that

ment managers and more. A survey

allow for innovative uses.” However,

conducted by Deloitte in the summer of

even from a non-challenger bank

2020, he tells us, found that COVID-19

perspective, Marshall makes it clear

had only served to broaden IoT’s appeal.

that CAB has been pursuing greater

DECEMBER 2020

connectivity both for its security and

contend that it is in the payments

developmental capacities. “One of the

sphere where connected devices

most exciting is our move into biom-

truly excel. “Payments may be an

etric payments and security with our

area particularly ripe for transfor-

new partner, Paycode. Its technology

mation through IoT. Contactless

directly addresses the connectivity

payments have seen a significant

challenges in Africa and other emerg-

uptake during the pandemic and

ing markets: our goal is to reach 100

integrated functionality in connected

million financially excluded individuals

devices for ‘on-the-go’ payment

in rural Africa and beyond by 2025;

capabilities will likely accelerate,”

making sure that those in remote

suggests Eckenrode.

areas can still access financial services is key to our mission.”

Other commentators consider the specifics of IoT’s transformative potential to be largely irrelevant; the

TRANSFORMATIVE POTENTIAL

important thing is that it aids deci-

For Marshall, financial inclusion through

sion-making broadly. “As IoT usage

IoT, available both offline and online,

moves from repetitive automation

signifies the technology’s most transformative potential in modern fintech.

However, Eckenrode and Poole

“ I joined Broadridge in 2017 and currently lead Broadridge’s Corporate Strategy function. This includes work around M&A, investments, partnerships, strategic planning, and supporting growth initiatives across our business lines” — Michael Tae, Head of Strategy, Broadridge Financial Solutions

f in t e c hm a g a z in e . c o m

29

FINTECH

In addition to enhanced personalisation, another distinct benefit for payments is the increased ease with which transactions can be completed: “We are moving to a future where payments become so easy and convenient that most charges will be invisible at the point of sale,” says Poole. “In the short term, using radio-frequency

30

to influencing true decisioning, it

identification (RFID) could result in

becomes more transformative,” states

seamless public transport payments.

Tae. “So much of wealth managers’

Amazon has gone a step further by

ability to assist a client depends on

combining QR codes, RFID and com-

their ability to understand them at

puter algorithms.” It should be noted

a deeper level. By gathering data on

that, in this instance, making payments

client behavior, interests, preferences,

as easy as possible for the customer

and more, a wealth manager will be

takes strategic priority. “Amazon’s

able to tailor offerings with respect

single click-to-buy innovation was a

to risk tolerance.”

milestone in the digital space. It feels

“ I’m a principal consultant at Infinity Works, specialising in helping businesses transform and modernise their digital customer platforms and experiences.

Prior to joining Infinity Works in 2018, I worked in the financial services sector for more than 20 years” — Richard Poole, Principal Consultant, Infinity Works DECEMBER 2020

like a new one is just around the cor-

and facial recognition software) can

ner,” he adds.

alleviate the issue somewhat, although

Connected devices and IoT clearly

admittedly not entirely. In conjunction

have their benefits. However, they

with this, fintech as a sector should

also entail a simultaneous increase

take a leadership position in the ongo-

in threats to cybersecurity. “Any

ing conversation by championing

increase in data points increases the

Strong Customer Authentication

challenge to keep that data secure,”

(SCA). “It would be ideal for companies

states Marshall. Further integration of

like Google and Apple to adopt SCA as

biometrics for first-line cybersecurity

part of a standard federated authenti-

(for example, fingerprint scanners

cation. This would allow third parties to

31

f in t e c hm a g a z in e . c o m

LEADERSHIP

use SCA without the need for discrete deployments and help provide a standard multi-factor authentication for IoT platforms,” says Poole.

Solving this particular problem could ultimately decide IoT’s place in the broader fintech landscape. “Consumer privacy will be an important consideration as use of IoT data expands into financial services,” advocates Eckenrode. “At least at first, adoption will be slow given the fact that, by its very nature, IoT connects physical 32

and digital worlds.” However, that necessary shift has been accelerated by the COVID-19 pandemic, which has placed a new importance on users’ ability to manage their finances through digital devices. Moreover, the move to a

“ I’ve been working in banking and fintech for the past 20 years, focused on emerging and frontier markets, with previous experience at Standard Chartered, Barclays and The United Nations Migration Agency” — Steven Marshall, Chief Commercial Officer, Crown Agents Bank DECEMBER 2020

33

‘cashless’ society, Marshall believes, is

be a genuine power for good in soci-

a positive development both for indi-

ety. As fintechs and banks continue

viduals and communities, “As digital

to collaborate on the best way to

payment methods evolve and the

acquire, secure and retain customer

use of cash declines, there is likely

finances, we can be optimistic that

to be an increase in transparency

everyone will benefit from a more

and a reduction in tax avoidance and

connected experience.

theft.” As such, IoT has the ability to f in t e c hm a g a z in e . c o m

A U T O M AT I O N

34

HOW TO FORM AN ENTERPRISE AUTOMATION STRATEGY FOR PAYMENTS WRITTEN BY

DECEMBER 2020

WILL GIRLING

35

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

A U T O M AT I O N

EXECUTIVES FROM AZIMO AND PAGOFX GUIDE US ON HOW TO IMPLEMENT PAYMENT AUTOMATION, INCLUDING THE BENEFITS, CHALLENGES AND POSTPANDEMIC POTENTIAL

C

apable of optimising front-to-back office operations, the evolution of automation in modern finance is the story of exponential technological

sophistication and a reimagining of work-

36

force deployment. Enabling significant increases in speed, accuracy and scalability, payment companies’ gain becomes their customers’ also, yet some contend the full extent of automation’s benefits are yet to be fully realised. Indeed, as with any technology, it is often how an enterprise chooses to combine human and artificial intelligence (AI) that influences the ultimate success or failure of its approach.

To help us form our guide for an optimal payment automation strategy, FinTech Magazine spoke with two industry leaders: Cedric Menager, CEO at PagoFX (a Santander company), and Richard Ambrose, CEO at Azimo.

DECEMBER 2020

37

" ANY AUTOMATION STRATEGY NEEDS TO BE FLEXIBLE ENOUGH TO BE REBUILT OR RETHOUGHT DEPENDING ON THE GIVEN GEOGRAPHIC AREA OF OPERATION" — Cedric Menager, CEO, PagoFX

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

From Inspiration

to Innovation

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

BENEFITS AND USE CASES

As a result, we can scale the busi-

For Ambrose, summarising the core

ness faster.”

benefits of automated payments is easy:

• Speed: “More efficient processing

From a client perspective, automation

of payments means that recipients

serves to make the transaction process

get their money faster. For instance,

as simple and fast as possible. This will

Azimo is capable of delivering 80%

provide the most overt benefit, however

of our transfers in under an hour.”

Menager points out that there is also a

• Accuracy: “Machine learning

less obvious advantage: cybersecurity.

allows us to run smarter compli-

“When automated transactions are mon-

ance and reconciliation systems

itored, algorithms can check customer

with fewer errors or false positives.”

data and behaviour using pre-set rules

• Scalability: “Automated processes,

and produce alerts. Usually information

like transaction reconciliation and

in the data set will be normal, but some-

contact handling, allow us to serve

times it will help you realise, ‘Hey, there's

more customers with fewer people.

something we should look at’.”

“ THE AUTOMATION THAT WE’VE BUILT ALLOWS US TO HANDLE LARGE VOLUMES OF PAYMENTS VERY QUICKLY AND ACCURATELY WITH A MUCH SMALLER TEAM THAN A TRADITIONAL CROSS-BORDER PAYMENT BUSINESS WOULD NEED” — Richard Ambrose, CEO, Azimo Joining Azimo in 2017, first as COO and then attaining his current position as CEO in 2019, Ambrose’s prior career included executive roles at PayPal and eBay. f i nte c hma ga z i n e. com

39

A U T O M AT I O N

How Enterprise-Level Firms Should Approach Data, Automation, Blockchain CLICK TO WATCH

|

3:00

40 It should be noted that automation is

similar perspective, relating that Azimo’s

highly reliant on data; the more infor-

cost-efficient investment has enabled

mation a company can capture, the

it to automate key financial operations,

easier it will be to optimise a payment

including transaction reconciliation,

from request to receipt. Constructing

payment matching and treasury man-

a strong enterprise tech triad compris-

agement. “The automation that we’ve

ing cloud, IoT and analytics software

built allows us to handle large volumes

will keep an organisation lean and agile,

of payments very quickly and accu-

adaptable and capable of making real-

rately with a much smaller team than

time decisions. “PagoFX is always

a traditional cross-border payment

exploring ways to make the company

business would need.”

more predictive so that we can help customers make fast and informed

THE IMPORTANCE OF CULTURE

decisions on when to move money,”

Any form of digital transformation

Menager adds. Ambrose shares a

should acknowledge the fundamental

DECEMBER 2020

importance of workforce ‘buy-in’, and

required at the beginning and end of

companies must be willing to accom-

a process.

modate a significant culture change.

Establishing a strong cultural ele-

How a company chooses to combine

ment will have the added benefit of

human and artificial intelligence can

enabling a company to move flexibly

be pretty crucial, particularly as the

with market changes, a significant

optimal paradigm for operations has

advantage in the contemporary finan-

yet to be found. “AI is still in its infancy

cial services market, where COVID-19

and at this stage it’s very much about

is reshaping the payments landscape.

learning and testing hypotheses,”

“We launched our first product in the

says Ambrose. “Human intelligence is

UK in April 2020,” recalls Menager.

essential to achieving that, and there

“Launching in the midst of the COVID

are millions of tasks that AI can’t yet

period was not ideal, but automated

even begin to understand.” Indeed, at

payments clearly held value for cus-

this stage in automation’s application

tomers in that context.” He reflects

to payments, a human is irreplaceably

that, prior to the pandemic, customers

“ LAUNCHING IN THE MIDST OF THE COVID PERIOD WAS NOT IDEAL, BUT AUTOMATED PAYMENTS CLEARLY HELD VALUE FOR CUSTOMERS IN THAT CONTEXT” — Cedric Menager, CEO, PagoFX “My background is more on the tech side,” he explains. “I've worked in both startup and big tech company environments, such as PayPal.” In addition to his executive posts at PayPal, Menager was also General Manager at Intuit and Sales Director at BNP Paribas. f i nte c hma ga z i n e. com

41

A U T O M AT I O N

42

would still primarily use physical bank

significant shift towards digital cross-

branches to complete international

border payments, something which

transfers. “Now, there’s been a shift

is invoking noticeable repercussions

towards digital adoption, especially

throughout the industry: “This shift in

because people are not able to travel

consumer behaviour will trigger an

as much as before.”

acceleration in investment in digitisa-

McKinsey summarised this point of view in its article ‘Accelerating winds

tion and automation of payments from both incumbents and disruptors alike.”

of change in global payments’: “The industry has made a leap towards digi-

AUTOMATED PAYMENTS POST-COVID-19

tal and automated payments and has

Although this may suggest that auto-

covered the ground of almost 10 years

mated payments are gaining signifi-

in six months.” Ambrose adds that the

cant momentum, both Ambrose and

global lockdown has initiated a

Menager agree that, on the contrary,

DECEMBER 2020

“ AI IS STILL IN ITS INFANCY AND AT THIS STAGE IT’S VERY MUCH ABOUT LEARNING AND TESTING HYPOTHESES [...]

HUMAN INTELLIGENCE IS ESSENTIAL TO ACHIEVING THAT” — Richard Ambrose, CEO, Azimo

companies who can be faster, cheaper and more customer-focused through putting automation first.”

In the post-COVID-19 world, where everyone is searching for surety at a time of unprecedented uncertainty, digital payments have the ability to provide much-needed reassurance.

“Paydays are so very important right now,” states Menager. “In this regard, there’s a lot of automation opportunity on bill payments: everything from payment to cash management. People are seeing what’s already been done and already consider payments to be ‘transformed’ already, but I think it's

the realisation of automation’s full

early days and there are still a lot

potential has barely started. “As far as

of areas for further development.”

the consumer experience is concerned,

Whatever transformation is left, he

automation has come a long way: cus-

concludes, will crucially need to

tomers can make a transaction easily

accommodate both the effects of

and enjoy fast delivery times as a result

COVID and the increasingly border-

of automated routing, matching, com-

less structure of global payments.

pliance checks and reconciliations,”

“Payments in Europe are pretty uniform,

Ambrose states. “However, there

but the standards in Asia, the US and

remain many large financial institutions

Latin America are very different. Any

where manual processes are still domi-

automation strategy needs to be flex-

nant. If they can’t or won’t replatform,

ible enough to be rebuilt or rethought

they risk becoming hopelessly uncom-

depending on the given geographic

petitive against the digital payments

area of operation.” f i nte c hma ga z i n e. com

43

BANKING

44

DECEMBER 2020

45

Fintech and banks: competing through collaboration WRITTEN BY

RHYS THOM AS

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

BANKING

46

DECEMBER 2020

We explore how collaboration will bridge the worlds of digital and legacy finance, ushering in a new, partner-centric era of finance

T

here’s little novel about fintech and established financial institutions working hand-in-hand. Behind the snappy ad campaigns, sans-serif fonts and slick

app interfaces, most fintechs have always relied on some form of partner license, or 47

access to a bank’s network.

Even challenger banks – the recent wave of financial organisations that straddle the line between all-digital and legacy banking – never really sought to ‘challenge’ either side of the coin in the common sense. Instead they offer banking that retains much of the form customers expect of a traditional bank, while offering the latest fintech services for digital payments, credit access and personal finance.

The past decade of Facebook founder Mark Zuckerberg’s ‘move fast and break things’ mantra may be coming to an end, supplanted by what Greg Satell, writing for Harvard Business Review, calls a new era of “mass collaboration, often involving direct competitors”.

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To survive and grow, businesses

for business funding, personal finance

are turning to industry leaders beyond

and meeting the needs of a growing

their own sphere to quickly pivot and

number of customers who seek alter-

serve their customers’ ever-changing

nate ways to access their money

needs. For many fintech firms, this

under COVID-19.

will be business as usual; collaboration is in their DNA. Fintechs routinely

COLLABORATION AS COMPETITION

partner, after all, in an increasingly

Georgy Sokolov, co-founder of crypto

interconnected ecosystem to bolster

digital payments platform Wirex, says

capabilities and deliver customers

“creating a bridge between the tradi-

tailored services.

tional financial infrastructure and the

But now, pioneering fintech startups and established banks are on the

new digital one” was always core to the firm’s vision.

brink of a fresh, collaborative drive

This is a tenet often repeated by

towards delivering modern solutions

fintechs, whose founders established

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

49

BANKING

“ Regulation is also driving change […] encouraging competition amongst the traditional players and creating opportunities for innovation” — Aleksander Leicht, Head of Banking Alliances Europe, Elavon

Europe. While increasingly open to partnering with fintechs, banks also often act as stewards for their cus-

50

startups to fill a niche in the finance

tomers: “They serve as both a gateway

industry they themselves encountered,

to connect the merchant to the best

or leverage technology to solve a prob-

solutions available, but also as a gate-

lem that traditional finance simply cannot.

keeper to safeguard their customers.”

Partnerships between established

Looking to Interbrand’s Best Global

banks and fintechs yield immediate

Brands Ranking 2020, major financial

advantages to both sides: banks gain

institutes constitute 12 of the top 75

the agility and innovation of fintechs,

brands, including J.P. Morgan (22),

while offering decades of customer

Goldman Sachs (49), and Morgan

loyalty, scale and established net-

Stanley (69). Their standing alongside

works in return.

household names like Apple, Disney

“It’s a delicate balance,” says

and BMW speaks volumes about the

Aleksander Leicht, Head of Banking

role recognisable brands play when

Alliances, Elavon Merchant Services,

people decide how and where their finances are managed.

Put another way: “You cannot expect people to switch away from the banks they have trusted for generations to something completely new,” says Sokolov. He argues that while consumers may be happy to swap their DVDs for Netflix, or hail a cab through Uber rather than their local taxi service,

DECEMBER 2020

M E E T O U R EXPERT S Ellen Moeller

Aleksander Leicht

Head of Partnerships EMEA, Stripe

Head of Banking Alliances Europe, Elavon Merchant Services

Ellen joined Stripe five years ago in San Francisco and has since relocated to London. A self-described “payments nerd”, she started her career at Visa before making the leap into fintech at Marqueta, prior to Stripe. Now she leads the Partnerships team for Stripe in the EMEA region, responsible for financial and product partnerships across network, payment method, banking, and identity partnerships.

With a background in financial analysis, Aleksander has held several senior roles at London-head quartered payments provider Elavon. He currently heads up banking alliances in Europe from Warsaw, Poland. He holds a Bachelor's in Eastern European Studies, and Masters in International Relations, and Finance and Strategy.

51

Marieke Flament

Georgy Sokolov

CEO, Mettle

Co-founder and Co-CEO, Wirex

Marieke heads up NatWest-backed Mettle, a free, digital-only business account for small businesses, sole traders and freelancers. Currently, she is focused on refining Mettle’s open banking product to best serve customers during COVID-19. Marieke lives by the mantra “optimism is a force multiplier.

Georgy attended Class Business School with Wirex co-founder Dmitry Lazarichev, where he graduated with distinction. He holds a flexible role within the organisation to oversee its various divisions as they develop. Currently, Georgy is involved with key partnerships, Wirex’s B2B initiatives, investor relations and “a few other things”.

She holds a Masters in Computer Science from TelecomParisTech and Shanghai Jiaotong University, and an MBA from London Business School.

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

BANKING

Fintech companies and banks: collaboration or competition? discussion panel CLICK TO WATCH

|

30:29

52 when it comes to banking “it’s money,

organisation behind the DAI stablecoin,

it's serious, it's conservative”.

where we bring our users the benefits

Wirex has benefitted from both sides

of the nascent decentralised finance

of the partnership. The fintech’s ser-

(DeFi) industry by bridging it with the

vices allow users to manage all their

traditional one.”

funds in one place, whether that’s fiat currency such as GBP or EUR, or vir-

PARTNERSHIPS FOR TOMORROW

tual coins like Bitcoin or Ethereum.

Prioritising resources for digital agility

“The IBANs that Wirex users get

has never been higher on the agenda

are provided by LHV, the largest and

for banks, as the entire finance sys-

most dynamic bank in Estonia, via a

tem further fractures and decentral-

seamless integration with their API,”

ises. But rather than allying to fulfil

Sokolov explains. “On the other hand,

a singular need, the most valuable

we have a great and developing part-

and sought-after partnerships are

nership with Maker Foundation, the

those that offer a continued path of

DECEMBER 2020

“ You cannot expect people to switch away from the banks they have trusted for generations to something completely new” — Georgy Sokolov, Co-founder and Co-CEO, Wirex innovation and support – a symbiotic

investment from their partners, a greater buy-in to form a “more concrete value proposition for merchants”, Leicht says.

relationship between the foundations of global finance, and the nimble fin-

CLEARING REGULATION HURDLES

techs driving the sector towards the

Data privacy and the use of personal

digital future.

digital information for profit are grow-

At Stripe, Ellen Moeller, Head of

ing concerns in all sectors, particularly

Partnerships EMEA, says banks offer

finance where fraud and criminal

the “tools and rails” to infrastructure

activity are prevalent. Digital finance

and the products the fintech builds

is already highly regulated, and this

for its customers. “Ultimately, it is this

throws up issues for many fintech

network of partnerships with banks,

startups trying to go it alone, particu-

card networks, and payment methods

larly the burgeoning cryptocurrency

around the world that makes Stripe an

field where the introduction of a new

access point for new fintechs wanting

digital token via an initial coin offering

to build products on top of existing

(ICO) is the crucial first step, and often

financial services infrastructure.”

the most difficult.

Banks are seeking partners “for

“If some shady ICO project comes to

tomorrow” as much as the immedi-

us asking to support their token, link-

ate demands of today, says Leicht:

ing it to our Wirex cards, the answer

“Contracts signed previously for three

would be ‘no’," says Sokolov, regard-

to five years are now extended to

less of how strong the business case.

five to seven years.” Financial institu-

He argues that while Wirex performs

tions are also seeking more up-front

heavy due diligence checks, the rapid f i nte c hma ga z i n e. com

53

BANKING

54

expansion of the industry, coupled

to push the boundaries and iterate

with growing attention from regulators,

while remaining insulated within an

make this the “only viable approach in

organisation well versed in regula-

the long term”.

tory best practice.

Partnering with established finan-

The takeaway is that regulation

cial institutions, who have developed

doesn’t stymie fintech innovation.

airtight anti-money laundering (AML)

In fact, Leicht says it is opening

policies and possess decades of

more doors than ever for innovators:

security expertise, mitigates many of

“Regulation is also driving change.

these issues. Moeller sees “close col-

PSD2 (Second Payments Directive)

laboration between industry players”

and Open Banking are now encour-

as vital for fintech firms in “maintaining

aging competition amongst the

the integrity of the online financial

traditional players and creating

ecosystem”. Here, fintechs are free

opportunities for innovation.”

Integrating more fully pays off, says Marieke Flament, CEO of Mettle, a digital-only business account platform backed by NatWest. She describes Mettle’s position not as a partner, but as an “innovation test bed” within the group.

“It means we have the best of both worlds. It can be hard for a large traditional banking institution to roll out new cool features every week or month.

But it is also very hard and expensive for the bold and agile fintechs to navigate the complex and ever changing regulatory landscape… Everyone should be doing what they are best at.”

DECEMBER 2020

“ Close collaboration between industry players [is vital in] maintaining the integrity of the online financial ecosystem” — Ellen Moeller, Head of Partnerships EMEA, Stripe

THE COVID EFFECT

55

The global pandemic has uprooted every industry to some degree. The solution for many is leveraging tech-

a reflection of the ongoing upheaval in

nology to reach customers who are

retail and merchant expectations, “but

operating businesses remotely, living

also correlates to COVID-19” and how

in lockdown or looking to replace

the pandemic has accelerated the shift

the companies in their lives that

towards digital commerce.

have gone under. In many sectors,

Meanwhile from Sokolov’s perspec-

necessity has spawned a rapid move

tive, little has changed: “I can’t really

towards digitisation.

speak for banks, but for us there hasn’t

Whether COVID-19 has had a simi-

been much change… We have always

lar impact on the fintech space isn’t

been collaborating with banks, rather

quite so clear. Leicht has witnessed

than competing.”

greater interest from banking institu-

Moeller agrees: “I don’t see it this way.

tions looking to form partnerships with

Financial services has always been an

payment companies. He sees this as

ecosystem that relies on partnerships.” f i nte c hma ga z i n e. com

V E N T U R E C A P I TA L

56

DECEMBER 2020

INNOVATING LOCALLY FOR A GLOBAL IMPACT IN FINTECH

WRITTEN BY

WILL GIRLING

57

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

V E N T U R E C A P I TA L

ING’s Olivier Guillaumond outlines the company’s philosophy of fostering local innovation in order to drive the global progression of financial services

I

n the current financial services industry,

fostering innovation has arguably never

58

been so crucial. The UK is beset by the

dual threat of Brexit and COVID-19-related

uncertainty, the latter of which is destabilising a global market that was already in the process of restructuring in the wake of the digital transformation rush (itself now hastened by the pandemic). Clearly, if it is to thrive in 2021 and beyond, finance will need to remain flexible, adaptable and open to dynamic disruption. To help us understand how this goal can be achieved both on a local and global level, we spoke with Olivier Guillaumond, Global Head of Innovation Labs and Fintechs at ING, a company distinguishing itself as a modern pioneer in digital banking.

DECEMBER 2020

59

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“ The fact that we have labs in those locations doesn’t mean we are only going to have impact there. ING is really about being ‘local for global” — Olivier Guillaumond, Global Head of Innovation Labs and Fintechs, ING

ING’s Labs operate in Amsterdam, London, Brussels and Singapore, prioritising a distinctly forward-thinking approach; always searching for faster, better and more cost-effective methods of operation, it has embraced the global fintech community and fosters the experimentation that it generates.

“Our mission statement as ING Labs is to validate and build new businesses for ING and its clients, leveraging the power of our ecosystem,” Guillaumond explains.

“In each specific area, we make a small selection of the most promising companies that we feel could solve a particular

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

61

V E N T U R E C A P I TA L

“ We want to show that, as a business, we’re committed to innovation”

62 business problem experienced by ING or its clients.” Ultimately, the company’s goal is to make a significant impact on the way modern finance operates by any

— Olivier Guillaumond, Global Head of Innovation Labs and Fintechs, ING

means available, including through sheer

located provincially around the world,

innovative capacity, tactical partnerships

Guillaumond emphasises that the radius

or even seeking external investment.

of ING Labs’ effect extends far beyond.

So far, ING Labs currently has 25

“The fact that we have labs in those loca-

initiatives across its funnel and has

tions doesn’t mean we are only going to

managed to successfully ‘spinout’ sev-

have impact there. ING is really about

eral fast growing businesses, including

being ‘local for global’; whatever we do

Katana (advanced analytics) in the

in those locations always has global

UK and Cobase (multi banking) in the

impact in mind.” This is an important les-

Netherlands, as well as the wholly-

son for the industry, particularly during

owned Yolt (open banking) in the UK,

a prolonged period of unprecedented

France and Italy. However, although

change: think big, keep plans flexible

DECEMBER 2020

and don’t let regional borders restrict creativity. Guillaumond clarifies that ING takes an ‘agnostic’ stance on innovation for its Amsterdam lab. However, in terms of its “vibrant ecosystem” globally, the strengths of a particular country or market are not ignored: in Brussels, ING focuses on testing validation; in Singapore, trading value logistics; and in London, regtech (regulation technology) and financial market lending.

Underpinning this innovation is a foundational aspect of digital transformation: data. “Data has always been extremely important,” says Guillaumond. “As digitisation progresses, more and more data is available and the power of what you can do with it becomes exponential.”

Therefore, he continues, a robust, datacentric strategy is crucial: hiring data scientists to help unlock and leverage insights can be invaluable in several vital areas. ING’s in-house-developed Data Analytics Platform (DAP) was created not just to help it navigate the complex financial landscape, but also to test new propositions and boost overall compliance. “We have strong ambitions to

E X E C U T I V E P R OF IL E :

Olivier Guillaumond Title: Global Head of Innovation

Labs and Fintechs

Company: ING Industry: Banking Location: Netherlands A trained PhD in astrophysics, Guillaumond later switched to an MBA in order to combine his dual interest in business and technology.

“I started off my career in strategy consulting at Accenture for about 10 years. I left to create my own company, Smile BeNeLux, in 2010.” While still at Accenture, ING became one of his favourite clients. Subsequently, when he began to seek his next challenge, he recognised it as a standout option in terms of entrepreneurship and innovation. Guillaumond joined in 2013 and steadily progressed, eventually attaining his current role in 2019.”

really grow very fast,” Guillaumond adds. “It's important to make sure we f i nte c hma ga z i n e. com

63

V E N T U R E C A P I TA L

64 maintain the trust that our clients are

less partnerships if it meant greater

putting in us.” Trust is an essential

global impact,” he says.

component of ING’s partner ecosystem

Beyond just data, Guillaumond specu-

(“once you earn it, you need to keep it”),

lates that the accelerated exploration

as is the ability to meet industry regu-

of digitisation will be the enduring legacy

lations without stifling innovation and

of the COVID-19 pandemic. Global

discerning the most exceptional start-

lockdowns coincided with a general

ups operating in fintech. Currently col-

spike in consumer interest in digital

laborating with over 200 companies

banking, app-based payment services

that meet this criteria, Guillaumond

and contactless transactions instead

nevertheless states that maintaining

of cash. However, this shift introduces

a “win-win-win” mindset (i.e. mutually

fresh challenges: “More digital also

beneficial for clients, ING and fintech

means more cyber risk, because you

concurrently) is of still-greater impor-

are presenting new opportunities for

tance to ING. “It's not about the num-

attack, right? We are very cautious of

ber of partnerships; we would prefer

that.” Also, from an internal perspective,

DECEMBER 2020

“ Our mission statement as a lab is to validate and build new businesses for ING and its clients leveraging our ecosystem” — Olivier Guillaumond, Global Head of Innovation Labs and Fintechs, ING

London Lab. “Our commitment to clients will not change. London is among the leading ecosystems in Europe and we want to maintain a strong link to it.”

the experience that employers can offer

As always, forging the best partner-

their staff post-COVID is substantially

ships that have synergy with ING’s own

different (i.e. remote working, social

mission will be paramount, in addition

distancing, video calls, etc); making sure

to recruiting and leveraging the best

that teams are no less cohesive despite

local talent available. ING’s success so

these changes should form part of any

far has been part of an ongoing journey

strategy, Guillaumond states. “ING has

to develop innovative global solu-

defined what we think is the ‘new normal’

tions for global challenges. Whether

together with our complete ecosystem

a collaborator is a startup, scale-up,

to determine a sustainable way of work-

researcher, or entrepreneur is immate-

ing. There is a bigger question that eve-

rial; what matters is the effect that part-

ryone needs to answer: ‘How do we want

nership could have on helping ING’s

to operate in our society?’”

clients around the world. “We have

A direct benefit of this mentality is

been on this innovation path for the

the corporate self-assurance to meet

last five years,” Guillaumond concludes.

future uncertainty with confidence.

“The current setup for innovation within

With Brexit-related uncertainties

ING presents some challenges and we

poised to destabilise the UK’s financial

want to accelerate execution speed

market in 2021 following a year of

and generate an even greater impact.

sustained disruption, ING, Guillaumond

We want to show that, as a business,

claims, remains steadfast in its

we’re committed to innovation.”

dedication to partner with fintech in its f i nte c hma ga z i n e. com

65

T O P 10

66

Fintech Leaders Ranked in order of valuation (in USD), FinTech Magazine counts down the 10 global fintechs that have distinguished themselves as being true market leaders WRITTEN BY

DECEMBER 2020

WILL GIRLING

67

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

T O P 10

2010

YEAR FOUNDED

CEO

KRISTO KÄÄRMANN

UK HQ

68

10

TransferWise Value (USD) : $5bn

Capitalising on the market’s accelerated interest in digital payments since the beginning of the pandemic, TransferWise announced in July 2020 that it had increased 43% in value year-on-year. Founded by professionals who knew first-hand the complicated financial logistics of living in one country and being paid in the currency of another, they decided to create a workaround solution to save time and money. Now, over 10 years later, TransferWise has become one of the most valuable fintechs in the world and continues to make moving money fast, easy and low-cost.

DECEMBER 2020

09

Square

Value (USD) : $6bn

Co-founded by Jack Dorsey, Co-Founder of Twitter, and Jim McKelvey, Square was established when the latter was unable to complete a relatively small ($2k) sale because he could not accept credit card payments. Now with the tagline ‘Accept card payments anywhere’, the company seeks to rectify this issue for others. Named after the squareshaped card readers which were its first products, Square endeavours to be a force of financial inclusion that empowers businesses, from electricians to clothing boutique owners. That mission has clearly found a wide market: the company reported revenues of $4.7bn in 2019 – roughly a 42% increase on the previous year’s figure.

69

2009

YEAR FOUNDED

CEO

JACK DORSEY

USA HQ

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

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

2012

YEAR FOUNDED

CEO

BRIAN ARMSTRONG

USA HQ

08

71

Coinbase

Value (USD) : $8bn

Providing a platform for exchanging fiat currencies with digital currencies, including popular crypto assets such as Bitcoin, Ethereum and Litecoin, Coinbase is an important nexus for global trade, operating in over 190 countries. As the place for cryptocurrencies continues to be debated both on a national and international level, Coinbase enables investors and enthusiasts with a simple method for buying, selling and using crypto, including earning bank-like rewards on their balance (see: Cosmos). It is possible that the innovations started by this company could have a strong impact on the sector’s future for years to come.

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

T O P 10

07

Nexi

Value (USD) : $8.2bn

A domestic market-leader for merchant services, ATM management, interbank corporate banking and more, Nexi is an Italian fintech company that works with millions of enterprises and individuals every day.

The company processes 5.5 billion transactions every year at a value of €455bn, as well as operating over 13,500 ATMs. A strong believer in the promise of digital technology to deliver a ‘cashless economy’, it is investing more time and effort into developing this aspect of its business. “We believe that cash payments have been superseded by technology,” said Paolo Bertoluzzo, CEO, on Nexi’s website. “For this reason, we are con72

stantly working with our Partner Banks to provide and spread the use of innovative, simple, and secure payment solutions in Italy.”

1939

YEAR FOUNDED

Nexi CLICK TO WATCH

DECEMBER 2020

|

1:05

CEO

PAOLO BERTOLUZZO

Italy HQ

06

Klarna

Value (USD) : $10.6bn

Delivering the shopping experience that it believes consumers “deserve”, Klarna is a Swedish fintech that has been making waves in the industry.

From its recent valuation at $10.6bn following a $650m equity funding round, to hitting the ‘seven million customers’ milestone in the UK in March 2020, the company is truly a fintech heavyweight. Offering direct payments, ‘pay after delivery’ options and a ‘one click’ purchase experience, the company specialises in making digital transactions easy and convenient for the user. With 85 million end-customers globally, and 200,000 merchants, Klarna also holds a 10% share of the Northern European ecommerce market.

73

2005

YEAR FOUNDED

CEO

SEBASTIAN SIEMIATKOWSKI

Sweden HQ

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

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Learn more at Cognizant.com

Copyright Š 2019 Cognizant

2013

YEAR FOUNDED

CEO

BAIJU BHATT

USA HQ

05

75

Robinhood

Value (USD) : $11.2bn

Founded on the principle of making stock trading cheaper and easier for the average person, Robinhood combines effective, simple and well-engineered systems to help individuals effectively manage their wealth. Additionally, its platform enables commission-free trading, with corporate revenue instead generated from membership fees, loans and rebates. Currently helping approximately 13 million users, the company’s capabilities have since expanded to include cryptocurrency trading and banking. Robinhood is owned by and targets the ‘millennial’ demographic, which comprises an estimated 80% of its user base.

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

T O P 10

04

Paytm

Value (USD) : $16bn

India’s leading fintech, Paytm offers customers full-stack payments and financial solutions as part of its ongoing mission to induct half a billion native citizens into the mainstream digital economy. Recognising the value and potential of digital technology to serve historically neglected communities, Vijay Shekhar Sharma, Founder, set about on a venture to make modern finance more available, simple and representative. After celebrating its 10th anniversary in August 2020, Paytm has stated that its IPO is currently planned for an undisclosed month in 2022.

76

2010

YEAR FOUNDED

CEO

VARUN SRIDHAR

India HQ

DECEMBER 2020

2006

YEAR FOUNDED

CEO

PIETER VAN DER DOES

Netherlands HQ

03

Adyen

Value (USD) : $22bn

Formed to address the needs of modern business and liberate them from legacy payments infrastructure, Adyen ranks in our top three both in terms of its far-reaching global presence and commitment to helping businesses grow. The company, whose name literally translates as ‘start over again’ in Surinamese, provides client merchants with an integrated platform on which they can accept payments, thus enabling a more simplified and accelerated system for transactions. Adyen’s solution features global acquisition capabilities, risk management, revenue optimisation, customer insights and more.

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

77

E M E A | A P A C | | APAC N O R T H | A EMEA MERICA AMERICAS FIND OUT MORE

FIND OUT MORE

T O P 10

2010

YEAR FOUNDED

CEO

PATRICK COLLISON

USA HQ

80

Using the Stripe Dashboard CLICK TO WATCH

DECEMBER 2020

|

14:05

02 Stripe

81

Value (USD) : $36bn San Francisco, California-based payment processing company Stripe has maintained a strong position in fintech throughout 2020; it was recently ranked the second-most well-funded company of the year so far ($1.95bn). Ever diverse, Stripe announced in 2019 that it was venturing into machine learning-driven enterprise loans and credit card offerings. Over 40 category leaders (processing more than $1bn) are reportedly now using Stripe’s service. This, coupled with its strong ($600m) Series G extension round in April 2020, seemingly indicates that industry interest in Stripe isn’t going to wane any time soon.

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

T O P 10

82

01 Ant Group

Value (USD) : $150bn

The most valuable fintech entity in the world by a significant margin (316% more valuable than our number two entry), Ant Group’s customer base of over 588 million makes it one of the most significant industry success stories in recent years. An affiliate of Chinese multinational tech firm Alibaba, the company’s progress in 2020 has not been halted by the coronavirus pandemic: Ant Group announced in January that it applied for a Singaporean digital banking license, and in August it officially filed documents for a $34bn IPO. Its future remains bright though uncertain after Chinese regulators suspended its record-breaking market debut in November, just days before trading was due to open.

DECEMBER 2020

2014

YEAR FOUNDED

CEO SIMON HU

China HQ

83

What Is Ant, the Chinese Fintech Giant With Big IPO Plans? | WSJ CLICK TO WATCH

|

5:55

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

84

Creating a Digital Roadmap for Insurance 4.0 WRITTEN BY

WILL GIRLING PRODUCED BY

JAKE MEGEARY

DECEMBER 2020

85

f i nt e c hma ga z in e. com

PRUDENTIAL BSN TAKAFUL BERHAD

Ahmir ud Deen, COO, describes how PruBSN is taking a leadership role in modernising takaful insurance for the Malaysian industry

T

he sharp trajectory of change currently being experienced in insurance (and Takaful) makes it one of the most exciting

industries of the digital era. Already grappling with the paradigm-shifting advances of digital transformation at the start of 2020, COVID-19 shifted 86

the sector’s perspective to a dual emphasis; companies realised that technology was not merely a tool for streamlining the status quo, but rather the method by which the business could actively improve its customers’ lives and provide stability to global economies. Few companies were better poised to take a regionally leading role in this ‘new normal’ than Prudential BSN Takaful Berhad (PruBSN), the largest takaful insurance provider in Malaysia.

Founded in 2006, the company has swiftly risen to prominence. “When I first joined PruBSN in 2014, having moved from Prudential Indonesia, we had already been the Number 1 Family Takaful company within the very large Islamic Financial Market of Malaysia, since 2010.” explains Ahmir ud Deen, Chief Operations Officer (COO) of Prudential BSN DECEMBER 2020

87

f i nt e c hma ga z in e. com

EXCEPTIONAL PEOPLE, OUTSTANDING RESULT We enable digital business and accelerate transformation by providing technology solutions and applications that integrate user journey expertise with technology. Our technology-as-a-service platform enables multiple verticals industries, including insurance, banking and eCommerce.

Our focus is always to help enterprise clients create values and stay ahead in the market. Our engineers and business specialists are passionate in creating exceptional experiences for end customers.

LEARN MORE

CYBER VILLAGE: COLLABORATORS IN DIGITAL TRANSFORMATION CEO Yee Bing Shieh delves into how Cyber Village’s philosophy of collaboration has affirmed its successes in enabling digital transformations Since its pioneering days as an e-commerce start up in the late 1990s, Cyber Village has grown to be a leader in digital engagement technologies enabling various customer transformation journeys for insurers and financial institutions across the ASEAN region.

Despite its incumbent leadership position today, the pioneer spirit of Cyber Village’s startup days is clearly ingrained deep into its DNA: “We are very conscious of the need to change all the time,” says CEO Yee Bing Shieh.

For Shieh, algorithms and apps are blunt instruments without a guiding human touch, and a collaborative vision. She sees these as catalysts for agility in the firm’s digital innovation processes. Most recently, this philosophy has underpinned Cyber Village’s seven-year partnership with leading Islamic insurance provider PruBSN. “PruBSN is a very positive, customer-focused organization with clear business goals,” she says. “Having said that, they are also open to experimentation in terms of new technology, as well as how we can actually come together with them to co-create new ideas.”

The latest upshot of this collaborative approach is the launch of an industry-first peer-to-peer Takaful Islamic Insurance application. Here, Cyber Village’s technology team worked closely with PruBSN’s product team, leveraging one of Cyber Village’s recent tech innovations – a cloud based P2P platform designed on a ledger architecture, complete with digital wallet capabilities.

“It’s a major social innovation in terms of how it allows the participants to join the Islamic insurance programme, pool their premiums and actually understand what it means to have a shared insurance, or mutual protection, in a peer group or community, all via an end-to-end digital experience,” Shieh explains.

“There are no physical, manual processes here; the customer journey is seamlessly delivered through a mobile app”.

Shieh talks about the initiative as part of Cyber Village’s collaborative technology-as-service platform model to work with its clients and go into technology-as-abusiness. “We look forward to such co-creations… it then lifts us beyond just doing tech or delivering tech capabilities by actually becoming a Digital Business Partner for our clients, such as PruBSN.”

PRUDENTIAL BSN TAKAFUL BERHAD

90

Takaful. “However, despite that, there

years as CEO of Allianz-EFU Health

is still plenty of room for us to grow.”

Insurance, before moving back to

A highly experienced executive in the

the Indonesian Market in early 2005.

APAC insurance market, Deen earned

After 13 years with Allianz, he joined

a degree in Actuarial Science from the

Prudential Indonesia as Chief Financial

London School of Economics (1988

Officer and finally took on his current

to 1991) prior to starting his insurance

role at PruBSN in 2014, Deen says that

career in Dubai. From there, he moved

he came to recognise both the chal-

to the Asia Pacific Region, with Allianz

lenges and significant potential of the

in 1997, joining their Indonesian Life

Malaysian market, especially in the

Company just a few weeks before the

area of Islamic Insurance or Takaful.

Asian Financial crisis hit the region.

“Malaysia is a fairly heavily regulated

He completed a stint with Allianz

market, but I don’t mean that in a

in his native Pakistan spending four

negative way. While we always have

DECEMBER 2020

to stay within the Islamic guidelines;

also accommodate Malaysia’s younger

the regulations are also there to look

generations with more tech-savvy,

out for the interests of customers

digitally-focused alternatives and

and manage the sustainability and

services. “We embarked on our digital

the long term viability of Insurers and

transformation journey more than

Takaful operators.”

five or six years ago,” he says. “and

Deen characterises the market

coincidentally just over a year ago,

within which PruBSN operates as

we moved into a new office and decided

“well-established”, but with relatively

that we would make the office entirely

lower penetration and plenty of oppor-

wifi enabled and fully digitalized, with

tunity. Recognising that, on the whole,

flexible workstations and work areas

customers of all demographics are still

for everyone.” This development,

served predominantly through agents

it turned out, was highly perspica-

and branches, PruBSN is striving to

cious and enabled PruBSN to quickly

E X E C U T I V E P R O FILE :

Ahmir ud Deen Title: Chief Operations Officer

Industry: Insurance

A highly experienced executive in the APAC insurance market, Ud Deen earned a degree in Actuarial Science from the London School of Economics (1988 to 1991) prior to starting his insurance career in Dubai. Joining Allianz in 1997, he eventually secured a MD/CEO role at the company’s Pakistani branch in 2000. After spending four years in the role, he became a C-suite executive at PT Asuransi Allianz Life Indonesia for over five years. Joining Prudential Indonesia as Chief Financial Officer, he came to recognise the value of the Islamic insurance market, and eventually took on his current role as the Chief Operating Officer of PruBSN in 2014. f i nt e c hma ga z in e. com

91

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“ Malaysia is a fairly heavily regulated market, but I don’t mean that in a negative way” — Ahmir ud Deen, COO, Prudential BSN Takaful

mobilise for remote working when the COVID-19 pandemic began to escalate. “I would say that we hit the ground running: we were set up within a week, including a new sales process that allowed our Agents to enroll new customers digitally. This gave them the ability to continue serving prospective customers while still following the safeguards required in the market.”

However, more than that, the pandemic awakened the industry to the gaps in insurance protection and how it could improve even further.

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93

PRUDENTIAL BSN TAKAFUL BERHAD

“Most traditional insurance and Takaful certificates used to have an exclusion for pandemic conditions.

We immediately stated that we would be removing or not applying that exclusion” — Ahmir ud Deen, COO, Prudential BSN Takaful

Following the original lockdown (or “Movement Control Order” as it was called in Malaysia), insurance and Takaful has been increasingly seen as a tool to enrich and improve the lives of customers rather than simply providing policies (‘certificates’ in Takaful terms). As such, PruBSN understood that the conditions of the coronavirus crisis provided the opportunity to demonstrate its strong ethical standards.

“Most traditional insurance coverage and Takaful certificates used to have

94

an exclusion for pandemic situations and illnesses. We immediately stated that we would be removing or not applying that exclusion,” says Deen.

Furthermore, with its increased flexibility, the company was able to offer a further range of benefits to clients, including new benefit payouts for ‘confirmed diagnosis of COVID-19’ and ‘death from COVID-19’ as a free addon to their existing coverage. “The whole industry also came together and set up some funds to even cover those people that may not have been protected at all,” he continues. “I think the pandemic has changed the paradigm for all of us: it’s a new awakening DECEMBER 2020

How do you do health when we’re all different? #PulsebyPrudential CLICK TO WATCH

|

1:10

95 and it’s going to have a permanent

foster a closer relationship with users

impact on the industry.”

and customers. “One very popular app

PruBSN’s digital transformation

for us, being an Islamic company is

continues to guide the direction of its

“PruBSN Insan”, which gives users daily

approach. Initial innovations included

prayer reminders, amongst other, spir-

an online, tablet-based point of sales

itual advice.” Another more recent one

system that allowed agents to meet

is ‘Pulse by Prudential’: Pulse marks

customer needs faster and more

a step change in health management

effectively, and after that, building

in Asia by making healthcare more

an omnichannel customer portal to

inclusive and accessible. By support-

facilitate the younger generations’

ing users in every step of their health

interest in being able to self-service.

and wellness journey, Prudential is

The company has also been investing

going beyond its core business of

in the development of several apps

providing protection and playing a

designed to drive engagement and

greater role in helping people prevent f i nt e c hma ga z in e. com

PRUDENTIAL BSN TAKAFUL BERHAD

AccelTree Software

www.acceltree.com

Tension-free with AccelTree We’ve proudly partnered Global Insurance Majors for over a decade Our Product-Engineering Capabilities, Quality Focus and Domain Strengths have helped gain their valued trust.

97 and postpone the onset of diseases.

With a holistic approach in supporting the three stages in a person’s health journey – Prevent, Postpone, Protect – Pulse takes healthcare to a new level of engagement with consumers. The goal is to seamlessly integrate personal health checks and management into everyday life by providing users with mobile tools and real-time information that they can access wherever they are, round the clock.

“ I think the pandemic has changed the paradigm for all of us: it’s a new awakening and it’s going to have a permanent impact on the industry” — Ahmir ud Deen, COO, Prudential BSN Takaful

Pulse was first launched in Malaysia in August 2019 and is now available in 11 markets across Asia. Apart from f i nt e c hma ga z in e. com

PRUDENTIAL BSN TAKAFUL BERHAD

CO MP AN Y FACT S

98

In Deen’s opinion, these significant changes to the customer experience are preparing PruBSN for “insurance 4.0” - an equivalent term to ‘industry 4.0’ or the ‘fourth industrial revolution’.

The company’s journey along this tech-infused path has been assisted by its strategically chosen partners, such as AccelTree, DXC and Cyber Village, among others.

Deen provided us with further details on these relationships and the projects they’ve worked on together: AccelTree: Based in India, this software solutions provider has played a key part in PruBSN’s digital transformation. “We worked with AccelTree to build our point of sales system since 2013; this relationship has helped us to modify, speed-up and expand the whole on-boarding system for our customers.

AccelTree has and continues to be a key partner for us in building these digital journeys and facilities.”

DECEMBER 2020

Cyber Village: A leader in digital engagement technology solutions for the Malaysian market, the company is a pioneer in ecommerce and transformational infrastructure.

“Cyber Village helped us build our customer portal, back in 2016” he explains. “We’ve subsequently enhanced that further and recently also developed an innovative, Islamic ‘crowd sourcing’ app with them, that allows you to chip in money as you

99

see fit for simple benefits such as for death and funeral services. It’s not just about putting money in for oneself; it’s something the wider community will be able to take advantage of, as and when they need it. And we see this as just the start of what can be offered in this very exciting way for our society.”

DXC: “DXC specialises in building main business systems applications for the insurance and Takaful

Industry. PruBSN and our sister company have been in the Malaysian market for over 15 years and 95 years respectively, and we have a huge database of more than three and a half million customers.

We are currently migrating this data to a new system supplied by DXC and foresee more stable and efficient systems as we move forward, together.”

f i nt e c hma ga z in e. com

PRUDENTIAL BSN TAKAFUL BERHAD

being available in 10 local languages, the app also incorporates epidemiology. Free for download, the app has many features such as; after the completion of a medical questionnaire, a report is generated which includes a realistic 3D representation of the body, called the ‘digital twin’, as well as health advice to help one reduce disease risks and improve overall wellbeing. “We see this whole ‘ecosystem’ as becoming a central tool, not only for our customers, but also for our agents 100

to promote and share with potential customers,” says Deen. “PruBSN doesn’t want it to be a formal, boring app that you only look at if you’re sick; it has to be a fun and useful tool as well, one that helps you to manage the healthcare as well as financial needs for yourself and your family.”

“ Insurance is often considered to be a very traditional and conservative industry, but you’ll be surprised how fast-moving and modern we can be” — Ahmir ud Deen, COO, Prudential BSN Takaful DECEMBER 2020

The strength of PruBSN’s vision and its preparation for insurance and Takaful’s digital era means that it is well-prepared to meet the challenges of 2021.

“We’ve got a very clear and detailed roadmap of what we want to do, whether that’s integrating our businesses, our industry, and our companies onto shared platforms, or giving our customers the

101

best and broadest experience available.

“It’s a brand new world. It’s an open

Giving people the ability to make the

world, and it’s an opportunity for eve-

most out of life is our purpose.”

ryone to take part,” Deen concludes.

Having proven itself throughout the

“Insurance is often considered to be

pandemic as a company dedicated to

a very traditional and conservative

providing peace of mind at a time when

industry, but you’ll be surprised how

customers need it the most, PruBSN

fast-moving and modern we can be.”

is eager to embrace and adapt to the industry as it changes. f i nt e c hma ga z in e. com

102

BRIGHTER FINANCIAL FUTURES THROUGH DIGITAL TECH WRITTEN BY

WILL GIRLING PRODUCED BY

MICHAEL BANYARD

DECEMBER 2020

103

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WESLEYAN ASSURANCE SOCIETY

DAVID STEWART, GROUP CHIEF OPERATING OFFICER, DESCRIBES HOW THE COMPANY’S DIGITAL TRANSFORMATION IS UNLOCKING EXCITING OPPORTUNITIES FOR TRUSTED PROFESSIONALS

I

n uncertain times, the benefit of a strong and enduring financial institution can be invaluable to maintaining the wellbeing

of communities. Wesleyan Assurance Society (Wesleyan) is a Birmingham-based company founded in 1841 that, across its long heritage, has 104

survived two world wars, several global depressions, the 2008 financial crisis, and is currently weathering the storm of COVID-19. In all that time, and despite the difficulty, its dedication to “creating brighter financial futures” for trusted professionals, including doctors, dentists, teachers and lawyers, has remained robust, unshaken and secure.

Group Chief Operating Officer David Stewart’s journey with Wesleyan began in April 2019, when he joined as Technology & Transformation Director, rising to his present role five months later.

Originally trained as a chemist, Stewart found that his true passion lay in business, “I had my first foray in financial services back in 2008 when I joined what was HBOS, which was taken over by Lloyd’s in a matter of weeks.” Rising steadily to a

DECEMBER 2020

105

f i nt ebusi c hma nega ssc z inhe. iefcom . eu

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Lenovo: Partners in productivity Rob Makin, WW Executive Director, Lenovo Device as a Service, explains how Modern IT can secure success and stability amid a market of uncertainty “We had to move very quickly when COVID-19 struck,” says Rob Makin.

Makin, who has spent the past 25 years leading IT sales and business teams across Europe and APAC, is closing in on six years at Lenovo. There he heads up the worldwide Device as a Service (DaaS) business, helping companies adapt their IT infrastructure to empower employees and move away from the outmoded CapEx model.

“This basically entails us managing the full life cycle of their devices,” Makin explains, likening it to a “mobile phone experience” requiring little input on the part of the end user. Lenovo handles distribution of devices - in the office or, more frequently these days, at home - remotely testing, loading software and preferences, and managing any issues or updates along the way. At the end of the chosen contract period, Lenovo collects the device, closing the loop.

“From a productivity point, it’s a huge advantage; from an experience point, it’s a huge advantage, particularly when we are working from home and don’t have that IT specialist to go to,” Makin explains. Overhauling legacy IT systems “can take months or years,” he says, but a partnership approach “works best.”

Lenovo has a close partnership with financial services leader Wesleyan. “We’re very proud of our relationship at Wesleyan. It’s very much a cohesive team, which makes the support of their workplace environment a simple thing. We also deliver predictability of cost, something that was important before the pandemic and is now even more vital for organisations.”

Rob Makin @ Lenovo

Lenovo DaaS ensures stability in user experience and cost-age at Wesleyan, but Makin says the two firms are collaborating on further transformations for the post-COVID market.

“We are talking to Wesleyan about how we can implement Lenovo Device Intelligence, our predictive and proactive analytics, across their devices,” Makin says. “This means rather than a device having errors or faults, whether it be software or hardware, we want to be able to predict when it’s going to have an issue.”

This flexibility will be key to the future success of businesses, says Makin. “And that’s certainly what we at Lenovo DaaS believe in; what we are developing and expanding to is to really look at Modern IT low-touch as a service. We want to really accelerate and support enterprises and the businesses moving forward as we come out of the pandemic.” lenovo.com/daas

WESLEYAN ASSURANCE SOCIETY

108

“ I WAS PARTICULARLY ATTRACTED TO THE COMPANY’S LONG HERITAGE: WE’RE NOT HERE TO MEET SHORTTERM SHAREHOLDER GOALS; WE’RE HERE TO DELIVER VALUE FOR OUR MEMBERS AND CUSTOMERS” — David Stewart, Group Chief Operating Officer, Wesleyan

our members and customers. That’s a goal I buy into wholeheartedly.”

number of executive positions within

Stewart states that he brings

the company, he relates that, when he

three aspects of his career outside

first heard about Wesleyan, he was

of finance (primarily retail and sales)

immediately drawn to its culture, his-

to bear on his role as COO: customer-

tory and the opportunities it presented.

centricity, colleague focus and

“I was particularly attracted to the

commerciality. Although Wesleyan’s

company’s mutual heritage: we’re not

consistent capital strength has been

here to meet short-term shareholder

key to its enduring success, its will-

goals; we’re here to deliver value for

ingness to adapt its services to the

DECEMBER 2020

changing needs of its clients has

across executive leadership,” Stewart

been equally important: “Our financial

explains, including a new CEO, COO

consultants meet our customers day-

(Stewart himself), Chief Distribution

to-day and we also get a lot of insights

Officer and, most recently, a new Chief

from professional advisory boards.”

Financial Officer. “We are confident

This willingness to evolve even per-

that we are set up for the next phase

meates the structure of the C-suite:

of Wesleyan’s development.” This

“We’ve had a significant change

refers to the company’s accelerated

E X E C U T I V E P R O FILE :

David Stewart 109

Title: Group Chief Operating Officer Industry: Financial Services

Location: Birmingham

David Stewart joined Wesleyan in April 2019 and became Group Chief Operating Officer in August. He has responsibility across Wesleyan for Change & Transformation, Technology, Cyber Security, Data & Analytics, Customer Operations, Procurement and Workplace Services.

Prior to joining Wesleyan, David spent over 10 years at Lloyds Banking Group in a number transformation and operational roles, latterly as Chief Operating Officer for the Group Services division.

Before joining Lloyds, David’s career spanned retail (Asda), FMCG (Mars) and telecommunications (Phones4U). This broad experience has been the foundation for David’s passion to deliver lasting change which benefits customers and colleagues. David is the recently appointed co-Chair of the fintech arm of SuperTech, the newly formed professional services cluster for the West Midlands. f i nt e c hma ga z in e. com

Let’s advance your IT and make it work harder for your business Blue Chip provides businesses with mission-critical IT support and infrastructure behind many of the largest brands in the UK. Specialising in mission critical systems through our Tier III and Tier IV by design data centres, we provide the e-commerce backbone for high street retailers whilst managing 10% of the UK’s banking traffic, keeping business running all over the world. From hardware and hosting to software and support, we work to advance your IT – making it work harder for your business.

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THE BANKING CLOUD PLATFORM FOR GROWTH The spring of 2020 certainly wouldn’t be the optimal time to pick for a complex migration of a banking system’s IT infrastructure into the cloud.

In recognition of UK financial services being tightly regulated, Wesleyan was looking for a secure cloud platform to fuel business transformation and growth.

Blue Chip Cloud has an enviable collection of accreditations, which has enabled banking, wealth management and pharmaceutical companies to innovate within tight and ever-changing regulations Traditionally, financial services organisations have looked upon cloud moves in a conservative manner due to regulatory pressures and perceived risks.

When these combine with complex IT infrastructure it can be difficult to see a way forward.

Blue Chip Cloud is a game changer for the finance industry, who will often have a mixture of infrastructure to include traditional Windows and Linux environments, and the rock-solid IBM platforms such as IBM i, AIX and z/OS mainframe.

A cloud transition for Wesleyan Bank had long been scheduled for Easter Bank Holiday weekend, a month into the toughest phase of national lockdown in the backdrop of the COVID-19 pandemic.

Thanks to careful planning with Wesleyan the transition into the Blue Chip Cloud was smooth and seamless.

The delivery was carried out completely remote during lockdown, removing risk to all involved.

All of the Intel and AIX estate moved over, with Blue Chip managing the operating system, backups and the disaster recovery solution, while securely hosting some additional infrastructure that’s not cloud ready.

• 10% of the 157 UK banks hosted • £150bn+ funds under management hosted • 800 clients receive business critical services

COMPLIANCE IN THE CLOUD The security accreditations held by Blue Chip are at the highest level, holding four ISO certifications which are audited annually by a UKAS-accredited body. The company also undergoes an annual independent review of Service Organisation Controls (SOC).

Blue Chip holds the highest standard for compliancy with the Payment Card Industry Data Security Standard - PCI-DSS Level 1. In addition to banks; famous retailers and supermarkets are customers, as this compliance covers online payments and card data.

“ We have many highly regulated customers in the Blue Chip Cloud under FCA and EBA parameters.

As their key service provider, we help these customers meet their regulatory requirements by demonstrating our business and compliance maturity.”

Derek Waterman Chief Compliance Officer, Blue Chip Blue Chip gives financial services organisations assurance they can meet regulatory requirements.

The continual improvement ethos and transparency enables the IT specialists to continually support their clients’ journey with their regulators.

KEEPING SECURE IN THE CLOUD The Blue Chip Cloud is underpinned by industryleading security vendors to build enterprise-class hardware and software solutions, with the availability, reliability and security demanded by the financial services industry.

We’re widely recognised as a highly secure home for global financial data, handling a substantial amount of the UK’s banking traffic and removing the risks associated with a move into the cloud.” Tim Stringer Chief Information Security Officer, Blue Chip CONTINUED ASSURANCE While reliability, agility and security are at the heart of the Blue Chip Cloud, another factor that makes Blue Chip a destination for companies that operate across 180 countries, is the consistency to deliver, even during a global pandemic. Delivering any new cloud project throughout a pandemic is an achievement, maintaining a level of support is another achievement all together.

So, we close with a statement from their long-term banking software vendor who partner with Blue Chip to deliver services for multiple clients: “Blue Chip were equally as responsive and reliable as they were prior to the pandemic, when, for example, we put in a request to troubleshoot a particular hardware failure. The mobilisation of the virtual team at Blue Chip with our own virtual team was consistent, quick and everything we would have wanted it to have been.”

WESLEYAN ASSURANCE SOCIETY

“ O UR APPROACH IS TO FIRST IDENTIFY WHAT THE ‘END STATE’ OR TARGET CUSTOMER EXPERIENCE IS THAT WE WANT TO DELIVER” — David Stewart, Group Chief Operating Officer, Wesleyan

two-year transformation journey, which aims to “raise the bar” of service delivery for customers.

112

Diversifying the company’s channel offerings has been an integral part of its tech transformation. Part of this focuses on customer-centric opera-

we want to deliver. What do we need to

tions: Wesleyan has been pursuing

bring into the organisation, and where

omnichannel capabilities to bring

can we find efficiencies and smarter

freedom of choice to an increasingly

ways of doing things, either by develop-

diverse client base. Although it’s often

ing capabilities in-house, calling on third

easier to adapt services in theory

parties where needed, or introducing

than practice, due to the increasingly

automation to certain processes.”

nuanced value of customer-centricity,

PricewaterhouseCoopers (PwC)

Stewart states that the company is

is one of Wesleyan’s key partners

employing a relatively simple method

on developing a new tech strategy,

to ensure its roadmap for innovation

particularly with an increased empha-

is correctly drawn: “Our approach is

sis on data and analytics. Stewart

to first identify what the ‘end state’ or

explains: “PwC has been instrumental

target customer experience is that

to us building our ‘data warehouse’.

DECEMBER 2020

From that, we’ve started to deliver use cases to the business, such as our customer intelligence dashboards that are now being used by all of our financial consultants to gain better insights into customers’ needs.

Importantly, PwC is also supporting us as we develop our ‘cyber maturity’; we’re making good progress on our journey to enhance the protection that we can offer.” Additionally, Stewart references Bluechip, Lenovo and Softcat as “key partners who are helping to drive Wesleyan’s digital transformation journey.”

Wesleyan - We are all about you CLICK TO WATCH

|

2:28

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113

Change how you see digital transformation Digital transformation is about more than technology.

We are working with Wesleyan to create a culture of innovation that embraces change, seeks imaginative ways to do business and uses data to unlock opportunity. Together, we are developing a more resilient business, able to move at speed and adapt to change while delivering great customer experience.

Find out how we can help you achieve your transformation goals, contact: Justin Murphy Transformation Partner justin.murphy@pwc.com

Sultan Mahmood Financial Services Partner sultan.mahmood@pwc.com

pwc.co.uk/Wesleyan Š 2020 PricewaterhouseCoopers LLP. All rights reserved.

32589_RITM3840574_Wesleyan advert_v3.indd 4

13/10/2020

0 07:33

“ YOU CAN HAVE THE MOST FANTASTIC DIGITAL INTERFACE YOU WANT, BUT IF THE INFRASTRUCTURE BEHIND THAT ISN’T ROBUST THEN IT’S BUILT ON QUICKSAND” — David Stewart, Group Chief Operating Officer, Wesleyan

robust then it’s built on quicksand.”

Stewart points to Wesleyan’s successful migration of its data centre, which

This touches on an important aspect

occurred over the Easter weekend

of digital transformation, not just for

in the height of lockdown. For most

Wesleyan but generally: if the funda-

organisations, data centre migrations

mentals aren’t right, neither will the

are among the most complex tech-

rest. “We are putting a lot of invest-

nology projects to deliver, and this

ment behind our IT resilience and

was no exception for Wesleyan. “The

cybersecurity; those are absolutely

implementation touched every single

essential. You can have the most fan-

area of our technology estate, much

tastic digital interface you want, but

of which was highly complex and

if the infrastructure behind that isn’t

incredibly frail.” Another example of

f i nt e c hma ga z in e. com

115

WESLEYAN ASSURANCE SOCIETY

116 Wesleyan’s approach includes starting

opened Wesleyan’s eyes to the fact

to incorporate robotic process auto-

that we can still be effective remotely.

mation (RPA) in customer operations.

Quite frankly, the idea of having flex-

Although the digital transformation of

ibility between home and the office

Wesleyan was already firmly underway

is hugely attractive, although some

prior to the lockdown imposed by the

employees find working entirely from

pandemic, it is safe to say that the cir-

home difficult.” This latter point is vital,

cumstances have shaped its progress.

he explains, as another crucial legacy

Shifting from an office-centric organi-

of COVID-19 has been the company’s

sation to a more flexible and remote

renewed emphasis on supporting the

operating model, Stewart is confident

mental health and wellbeing of its staff.

that the revised work paradigms will be

Support is something that Wesleyan

both enduring and ultimately beneficial,

truly believes in: its reach extends past

both to employees and customers.

customers, members and employ-

“Providing everyone with laptops has

ees and actually touches the fintech

DECEMBER 2020

W E S L E YA N - A F O R C E F O R S O C I E TA L G O O D

In addition to the work it does for professionals in a financial capacity, Stewart highlighted that the company is a staunch advocate of equality, inclusion and diversity.

Acting as ‘gender network sponsor’ for Wesleyan, he states the definite progress being made to balance representation of women in senior leadership roles: “I’m very proud to be the gender network sponsor. Since 2018 we’ve increased the number of women in our senior leader population from 18% to 30%. We’re still not where we want to be, but we have numerous initiatives that are driving that agenda forward.”

Regarding the company’s efforts to assist communities and individuals during the COVID-19 pandemic, Stewart also highlights its

free-to-access, 24/7 healthcare and wellbeing support hub, Wesleyan Wellbeing. “The online service offers a free psychological triage, and access to specialist mental health clinicians for our members.

Through the Wesleyan Foundation, we have also gifted over £100k to various charities and organisations in support of key worker mental health needs.”

In September, despite the economic downturn, Wesleyan paid out its highest-ever mutual bonus to members: a £30m dividend to customers invested in its profits fund, with each investor receiving a 1% uplift on the value of their investment. As a testament to its financial strength, the Society has paid out over £67m to members over the past three years in the form of mutual dividends.

f i nt e c hma ga z in e. com

117

1841

the events of March slowed things down a bit.” Providing a valuable col-

Year founded

laboration space in the heart of the

1,530

workstations, numerous breakout

Number of employees

city, the initiative features over 30 areas and an auditorium. Significantly, it also provides the West Midlands of England with its own fintech cluster, something which had been lacking. “I think it’s great that Wesleyan is able

community. It achieves this through

to play its part in helping the local

its ‘The Engine Room’ initiative at

economy. One of the barriers to entry

Colmore Circus, Birmingham. “The

for fintech startups is simply having

Engine Room is a state-of-the-art

access to a physical environment that

fintech hub,” Stewart explains. “It was

is conducive to growth.”

launched in November 2019 and built up a fantastic head of steam until

Maintaining the same vision that has seen it prevail in the market for almost f i nt e c hma ga z in e. com

119

WESLEYAN ASSURANCE SOCIETY

120

“ I SAID WHAT ATTRACTED ME TO WESLEYAN WAS THE OPPORTUNITY IT PRESENTED. I’M 18 MONTHS INTO THE ROLE NOW AND ABSOLUTELY STILL FIRMLY BELIEVE IN OUR MESSAGE” — David Stewart, Group Chief Operating Officer, Wesleyan DECEMBER 2020

180 years, Wesleyan will continue to partner on projects with companies that demonstrate the same integrity, impact and committed work ethic it exemplifies. Part of its continued vision is an adherence to its individual mission and purpose: creating brighter financial futures for the professions we all trust. “We will remain a segment specialist because it’s the right thing for our customers and our business,” Stewart explains. “We are not a massmarket player. Rather, we cater to our customer groups in a very focused and appropriate way.” Wesleyan’s ongoing transformation, combined with a well-crafted product range and awardwinning investment funds, appears to form a strategic roadmap geared for success. That success will belong not only to the company and its staff but also to its customers, whose vital work is needed now more than ever. “I said what attracted me to Wesleyan was the opportunity it presented. I’m 18 months into the role now and absolutely still firmly believe in our message.”

f i nt e c hma ga z in e. com

121

122

REDUCING COMPLEXITY IN IDENTITY AND ACCESS MANAGEMENT

WRITTEN BY

WILLIAM SMITH PRODUCED BY

BEN MALTBY

DECEMBER 2020

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PWC

PWC’S IVO VAN BENNEKOM AND DUANE CARSTENS ON THE ROLE OF IDENTITY AND ACCESS MANAGEMENT IN FACILITATING DIGITAL TRANSFORMATION

P

wC has identified a number of trends. affecting organisations, centered around a digital landscape that was growing in

complexity even before the COVID-19 pandemic.

“We are in a very strange and unprecedented situation - the ‘new normal’, as we call it within PwC,” 124

says Ivo Van Bennekom, Director, Digital Identity.

“What that new normal means, is that it’s accelerated a big change that was already happening prior to the COVID-19 situation, where we see clients changing from a traditional value chain that was very direct, to starting to become more part of a digital ecosystem, collaborating to delivering a variety of services towards the end consumer.”

Increased digital complexity and ever-changing employee roles within an organisation means identifying and allowing the access of users is all the more important. “Managing identity is vital, but it’s also a daunting task for many organisations who lack proper identity and access management (IAM) for governing their digital identities,” says Duane Carstens, Director, Cybersecurity & Privacy.

“That’s regardless of their IAM service maturity DECEMBER 2020

125

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PWC

“ W E ARE IN A STRANGE AND UNPRECEDENTED SITUATION -THE ‘NEW NORMAL’, AS WE CALL IT WITHIN P W C” — Ivo Van Bennekom, Director, Digital Identity, PwC

and whether they are adopting or replacing digital technology through their digital transformation”.

To help organisations with digital identity, the company maintains more than 950 digital identity professionals as part of a broader cyber team that is 3,500 strong, with extensive experience across various industries.

PwC consequently differentiates itself from competitors in the space along a number of lines. “One of the biggest benefits that clients see when work-

126

ing with us, is that we can deliver an integrated approach to the whole breadth and depth of cybersecurity and digital identity management,” says Van Bennekom. Carstens believes in the transformative power of PwC’s cyber business. “The purpose of our cyber business is to help build a secure digital society. This is done through three key aspects, including 1) serving our clients, 2) extensive research and disruption to the market and to threat actors which is done by challenging conventional thinking, and 3) shaping society by being an exemplar.

These three key aspects are encompassed by our DNA which includes DECEMBER 2020

empowering an innovative and

which companies must respond to.

diverse team.

“We see key emerging cybersecurity

PwC is equally focused on forging

risks as a result of COVID-19,” says

strong bonds with their customers.

Carstens. “There are a lot of opportun-

“Our value is defined by the relation-

istic threats at the moment.

ship with the client,” says Carstens.

The increasing attacks on businesses

“That relationship is born from an

means that identity and access man-

intelligent, engaged, highly collabora-

agement continues to be of paramount

tive process. It’s about helping them

significance, in the risk management

through their digital transformation

priorities of organisations.”

journey, through their challenges and

“The focus should be on provid-

providing the insight to assist clients

ing the right people, with the right

to reach their objectives.”

access, at the right time through the

The ongoing COVID-19 pandemic is resulting in innovative attack vectors

identification, authentication and app­ ropriate authorisation information

E X E C U T I V E P R O FILE :

Ivo Van Bennekom Title: Director, Digital Identity Location: Arnhem-Nijmegen Region Ivo leads the PwC Digital Identity Impact Center for the EMEA region.

Ivo has over 15 years of experience within the digital technology space, with a specific focus on global identity market patterns and translating them to business objectives for clients. He is a strategic and tactical Subject Matter Expert on digital identity topics advising Client Senior management. Ivo works for a variety of sectors, with a main focus on Finance, Retail and high-tech firms. He is engagement leader of several global Cyber Security & Digital Identity programs. f i nt e c hma ga z in e. com

127

PwC and Okta: delivering cloud identity solutions

Okta’s Paul Rooke, Managing Director - GSIs and Advisories, on the company’s provision of its cloud identity platform alongside PwC Okta is a cloud identity platform focussed on enabling organisations to use technology securely, as Paul Rooke, Managing Director - GSIs and Advisories, explains: “We promise to always protect the identities of our customers’ work force and their customers.

We have 14 offices around the world, 2,700 employees, approaching 9,000 customers and six and a half thousand integrations with other technologies.”

As companies look at their digital transformation programmes, they don’t want to get locked into legacy applications that take years to roll out, and they don’t want to be locked into identity solutions that are stuck onto those applications as an afterthought. We take away the headache of identity, allowing PWC to focus on the business requirements of their clients.”

The partnership has afforded Okta the ability to get a broad view of client requirements, as Rooke explains. “PwC are authoring not just identity strategy, but across digital transformation as a whole. With PwC at the forefront of a client relationship, they work very strongly with our own professional services team, our own customer success organisation, and our engineering teams, to really get deep into our technology and make sure that our technology fits the requirements of those large programmes and customers.”

Rooke identifies legacy migration as one of the keys powering the relationship into the future.

“We’re able to leverage Okta’s Access Gateway into legacy tools, whilst at the same time moving that organisation, as part of it’s transformation program, into the new world. That involves replacing on-premise apps with cloud apps, and at the same time, having Okta sitting on top of everything as a cloud technology that retains a gateway into legacy systems.” The company is further empowering users by putting its technology into the hands of developers. “Developers can actually build Okta into their own home-grown applications. That’s something that PwC can offer as a service to clients, guiding and helping them strategise around that.”

Rooke remains confident in the strength of the partnership and its ability to withstand the COVID-19 pandemic and the challenges it has presented to clients. “The remote work piece has obviously developed at pace this year, and that’s something PwC and Okta can deliver solutions for. For example, a soft drinks organisation is now managing the relationship with suppliers and their distributors globally using Okta as the identity solution. That’s something we’ve only seen accelerate this year.” okta.com

PWC

1998

Year founded

9,400

Number of employees in Africa

27,600

Number of employees globally 130

DECEMBER 2020

security principles” Carstens adds.

“Identity and access management is not just about the technology, it also involves the organisation’s people, processes and governance on the service. This holistic approach will provide secured flexibility for your remote workforce to remain productive and ‘work from anywhere’.”

Defending against those threats requires capabilities across a range of arenas. “Digital identity can roughly be carved up into four different areas,” says Van Bennekom. “One is the work­force identity space, so access management, but also identity governance. Second, is privileged access management, for users such as database administrators that, basically with one press of a button, can wipe out a complete IT estate. Thirdly, we have customer identity, from B2B customers to consumer scenarios, or even governments and how they interface with their citizens. Lastly, we have artificial intelligence, RPA and the identity of things.”

With such a wide range of areas to be aware of, a holistic approach is necessary. “What’s most important f i nt e c hma ga z in e. com

131

what tools, how are they using those tools, are they the right tools and governing the usage along your journey.

Imagine if Hilary and Norgay just tried to climb without

STEVE BRADFORD

Senior Vice President, EMEA SailPoint

knowing all the information about the route and having the 350 porters, 20 Sherpas and the tons of supplies to support the expedition.

COVID-19 has changed the business landscape, with

On May 29, 1953 two men shake hands around noon.

over 55% of companies now looking to invest in new

One a 33-year-old bee keeper, the other a 39-year-old

digital experiences and requirements to support their

Tibetan climber. At that moment Edmund Hilary and

business. Also over 54% recognise the need to improve

Tenzing Norgay transformed the climbing world and

their cybersecurity and resiliency in light of the changing

achieved the accolade of being the first people to climb

workplace, according to PwC CIO Pulse survey. But after

the world’s highest mountain—creating a path for those

stay-at-home restrictions and social distancing suddenly

who come after them. To say in passing that you’ve

forced more collaboration and commerce online, over

“climbed Mount Everest” always implies that you did

52% of companies now recognise that they need to invest

the impossible.

in new technology and AI enabled business models to support their transformation.

Why is this important in today’s world? Whether it is COVID-19, new competitors, expansion, operational

Unfortunately, legacy technology complexity in the

efficiencies, all organisations need to transform to a new

current security landscape and outmoded platforms

digital era and one of the only ways you can do this is

remain major obstacles to the pace and success of

mapping out the path as to who in your organisation has

digital transformation efforts. Many companies have

hundreds—if not thousands—of systems running their business, with their security approach being siloed.

Conventional IT approaches to these problems are not helping. Large programs, re-platforming, and complex replacements take many years, cost more than most companies can afford, pose risks, and are highly

•

Proactively detect and revoke inappropriate access

•

Enable stronger collaboration and effective governance

•

Automatically check access policy before granting

•

Unify and centralize access certifications across data

•

Model the future of a company’s access so they

unlikely to deliver on the promise. Accelerating digital transformation requires a new approach and with SailPoint Predictive Identity, organisations can build and adapt the route that supports their journey for their employees, partners, RPA’s and other stakeholders.

Studies have found that undergoing a digital transformation can improve an enterprise’s productivity, collaboration, and innovation among employees.

Additionally, it can improve prestige in the modern marketplace, streamline business processes, consolidate corporate assets, and improve the bottom line overall.

The growth of cloud adoption (86% of the SailPoint EMEA Virtual User Group has predicted growth in SaaS applications in the enterprise over the next 18 months) will mean the integration of your business processes across endpoint devices, operating systems, applications and resources. It enables access to endpoints outside the traditional enterprise structures and across disparate locations to corporate assets, all of which will form part of the digital transformation; with SailPoint Predictive Identity and PwC we can help your enterprise handle transitioning to the cloud through its centralization mechanisms, structured approach and by ensuring regulatory compliance through the platforms monitoring capabilities.

SailPoint’s Predictive Identity approach can help an organisation prepare for their transformation journey, as well as supporting it along the way and adapting when

and policy violations to strengthen security

across business, IT and audit/compliance teams

new access privileges

centre, cloud, and mobile systems

can assess the impact of a transformation on their application landscape

With SailPoint and PwC we are able to create an identityfocused digital transformation strategy that enable users – whether internal or external, human or nonperson – to streamline actions, duties, or processes on the journey. An identity enabled enterprise can scale to heights previously inaccessible as it ensures that you can climb to those heights responsibly and profitably. With identity governance as a key foundation for your digital transformation, it means that user permissions need to be tightly controlled more than ever. Your enterprise must be able to maintain security as well as ensure that business processes are smoothly managed and conducted.

Digital transformation enabled by identity is a key for every organisation as it attempts to ascend their Everest.

Tenzing later revealed in his autobiography, “Tiger of the Snows”, that Hillary had in fact preceded him, something they kept a secret for years. Because to a mountaineer, it’s not about who sets foot first, it’s about supporting each other through tough times and letting your partner shine.

With SailPoint and PwC supporting you, there will be no summit you cannot conquer in your security journey.

encountering hurdles or new paths.

With SailPoint Predictive Identity you can…

•

Map your current user estate and answer who has access to what, how did they get access and do they need access on an ongoing basis

•

Provide proof and irrevocable evidence of compliance to internal and external auditors

Visit us at www.sailpoint.com to learn how SailPoint can help transform your business with Identity.

PWC

PwC BriqBank helps with digital identity CLICK TO WATCH

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0:41

134 in terms of digital identity is that

“The vendors that we typically work

management should have a complete

with are on a journey together with us to

vision for their identity and access

actually decrease the technology debt

management program. Coupled with

that you need in order to fulfill a lot of

that vision should be capability in man-

those use cases,” adds Van Bennekom.

aging and governing identity, as well

“Cloud solutions, for instance, simplify a

as controlling and monitoring access,”

lot of the technical digital identity com-

Carstens says. “Capabilities have to

plexity while also reducing the cost of

run across different groups, including

operating such a system.” The effective

human and non-human users, who

utilisation of appropriate technologies

will be in contact with your organisation

will allow organisations to spend more

and the assets that you’re trying to

time on what really matters: managing

protect, from applications in the cloud,

business risks related to digitalisation.

to on-premise solutions, databases and

An accomplished cybersecurity

operating systems and the data that

strategy is a vital complement to digital

resides on these assets.”

transformation. “Digital transformation

DECEMBER 2020

“ M ANAGING IDENTITY IS VITAL, BUT IT’S ALSO A DAUNTING TASK FOR MANY ORGANISATIONS” — Duane Carstens, Director, Cybersecurity & Privacy, PwC

E X E C U T I V E P R O FILE :

Duane Carstens Title: Director, Cybersecurity & Privacy Location: City of Johannesburg, Gauteng, South Africa Duane is an Associate Director in the PwC cybersecurity and privacy practice, providing comprehensive cybersecurity solutions to assist businesses with assessing, building and managing their cybersecurity capabilities, and enabling effective management to a myriad of potential threats from strategy to execution.

Duane’s working experience spans over 15 years working with listed entities across various industry sectors, in numerous countries, and within multiple roles. He is engaged in the understanding of technology and trends, and being able to articulate and make comprehensive, pragmatic decisions for businesses and consumers.

Through Duane’s career, he has worked on security programs / ISMS development, vendor & client management, assessments, governance, risk & compliance, formalizing innovative business operating models, improving processes and optimizing controls, while achieving strategy and objectives.

f i nt e c hma ga z in e. com

135

PWC

136

“ O UR VALUE IS DEFINED BY THE RELATIONSHIP WITH THE CLIENT” — Duane Carstens, Director, Cybersecurity & Privacy, PwC

can result in a company becoming a target for attackers because they know that there’s a lot of volatility within the organisation,” says Van Bennekom.

“We understand how to integrate cyber­security into those types of transformations, because technology continues to be the driver and it’s evident that security is an enabler of those digital journeys.”

DECEMBER 2020

137

PwC consequently ensures its cyber

processes and take the right approach

defence offering keeps up with the

to help organisations become smarter

pace and evolving trends. “We are

in terms of cybersecurity defense,”

already in the fourth wave of digital

says Van Bennekom.

transformation. Agility is becoming

While as a consulting and advisory

more important and, with that, the

house PwC remains technology and

required agility of cyber defence is

vendor agnostic, SailPoint, OKTA and

also increasing. We’re also bringing

CyberArk are some of the solutions

in consultants from other PwC com-

it employs to help clients achieve

petencies to understand business

their goals. “The technology vendors f i nt e c hma ga z in e. com

BUSINESS AT THE SPEED OF INNOVATION Privileged Access Management for the New Digital Landscape.

Move fearlessly forward into the new digital landscape with CyberArk and secure access to the organization’s entire digital business, protecting all privileged credentials.

LEARN MORE

“ W E ARE ALREADY IN THE FOURTH WAVE OF DIGITAL TRANSFORMATION” — Ivo Van Bennekom, Director, Digital Identity, PwC

will continue to add the desired value to our client engagements.”

Going forward, the two are clear that PwC stands in good stead to assist not only its clients but society at large with transformation in access management, decreasing complexity and improving the utility of digital environments. “We’re focused on building

that we work with are a big part of

trust in society and solving important

helping clients to decrease their IT

problems while making sure that

complexity so that there’s more room

we are looking at this from a broader

to create business value,” says Van

perspective rather than just creating

Bennekom. “Typically, the vendors

locks,” says Van Bennekom. “You need

that we work with are capable of cover-

to understand what an organisation

ing a whole ecosystem of use cases

wants to achieve from a business

and different types of identities, all

perspective to understand how

from the cloud.”

cybersecurity can support that most

The companies with whom PwC

effectively. We’ll continue integrating

works with are therefore carefully

all those different competencies to

selected through a consultative

decrease the complexity and the risks

approach, based on product value

of our clients’ ecosystems.”

and market need. “Digital identity for us as a business is one of our growth priorities over the next few years,” says Carstens. “Together with the right partnerships, matching a solution to a client problem, and our robust methodologies supported by our global network of subject matter experts, we f i nt e c hma ga z in e. com

139

140

KENSINGTON MORTGAGES: UNDERGOING A DIGITAL TRANSFORMATION WRITTEN BY

SEAN GALEA-PACE PRODUCED BY

LEWIS VAUGHAN DECEMBER 2020

141

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KENSINGTON MORTGAGES

VICKI HARRIS, CHIEF COMMERCIAL OFFICER AT KENSINGTON MORTGAGES, DISCUSSES DIGITAL DISRUPTION IN THE FINANCIAL SERVICES INDUSTRY

K

Kensington Mortgages is the largest independent mortgage lender in the UK and specialises in mortgages for borrow-

ers with more complex income profiles – such as the self-employed or people with multiple sources of income – who find it difficult to get a mortgage 142

from one of the High Street lenders.

Vicki Harris is the Chief Commercial Officer at Kensington Mortgages. Having joined the organisation in 2018, Harris is responsible for driving growth and innovation at the firm. Over the past few years, Harris believes her organisation has undergone not just a digital transformation but a business-wide one too. “When I joined, we took a step back and asked the question: what is the purpose of our organisation? We spent quite a lot of time understanding this and defining what makes us different - and from that, we updated our strategy and refreshed our brand and values,” she explains. “We then used that as the driving factor to kick off a range of initiatives across the business including building out our digital capabilities. A lot

DECEMBER 2020

143

“I THINK IT’S A REALLY EXCITING TIME FOR THE SECTOR AND WE’RE ON THE CUSP OF DISRUPTION” — Vicki Harris, Chief Commercial Officer, Kensington Mortgages

f i nt e c hma ga z in e. com

KENSINGTON MORTGAGES

Kensington Mortgages Home of the Specialist Mortgage CLICK TO WATCH

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1:56

144

“ I THINK THE MORTGAGE INDUSTRY MORE GENERALLY IS ONE OF THE FEW AREAS OF RETAIL FINANCIAL SERVICES THAT HASN’T BEEN DISRUPTED YET” — Vicki Harris, Chief Commercial Officer, Kensington Mortgages

DECEMBER 2020

of it was around how we think about the business, our people and how we can be more agile in our decision-making. It was far broader than just digital, although that was a key part of it.”

On the digital side, Kensington Mortgages has been working very closely with SOPRA Banking Software to develop a new core platform. Unlike many of the older systems currently in use across the industry, it is built around a modular and flexible architecture that will allow the company to make changes to products, pricing and processes very rapidly. “It’s been

a massive project that has finally gone

months of bank statements. We now

live over the past few weeks. We are

use APIs a lot more to access third

now working hard to build out a range

party data. And we’re in the process

of new and exciting products and

of rebuilding our website so we can

refine our pricing approach accord-

engage more directly with customers.

ingly.,” explains Harris. “We will gather

I think the mortgage industry more

lots more information as we look to

generally is one of the few areas in

underwrite new borrowing through

retail financial services that hasn’t

things like open banking rather than

been disrupted yet but this is coming

expecting customers to provide

and we need to be ready for it.”

E X E C U T I V E P R O FILE :

Vicki Harris Title: Chief Commercial Officer

145 Industry: Financial Services

Location: London Vicki joined Kensington in April 2018 and as Chief Commercial Officer is responsible for driving strategy, growth and innovation across the Group.

Prior to Kensington, Vicki was Group Head of Strategy and Marketing at Aldermore Bank, one of the original challenger banks post the 2009 financial crisis which successfully IPO’d on the London Stock Exchange in 2015.

This followed 3 years as COO of Octopus Investments, one of the fastest growing and most innovative wealth management companies in the UK. She previously spent time across a variety of roles in GE Capital and 4 years as a consultant at McKinsey. f i nt e c hma ga z in e. com

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KENSINGTON MORTGAGES

“ WE’RE IN THE PROCESS OF REBUILDING OUR WEBSITE SO WE CAN ENGAGE MORE DIRECTLY WITH CUSTOMERS” — Vicki Harris, Chief Commercial Officer, Kensington Mortgages

All of Kensington’s mortgages are analysed by VECTOR, which is a proprietary and powerful analytical model that is embedded into all phases of the mortgage lifecycle. “VECTOR has a massive database spanning the last 25 years with over a million data points showing how loans have behaved in different macroeconomic environments,” says Harris. “We have an AI platform that allows us to use VECTOR to help us understand

148

DECEMBER 2020

Kensington Mortgages We look for ways to say YES CLICK TO WATCH

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1:16

149 how our loans will perform over time

are the one area where it now takes

depending on different economic sce-

longer than it did before.

narios. This also gives us an edge to develop new products.”

“People used to go to their bank branch more often, so back in the 90s

Harris is well aware that mortgages

if you wanted a mortgage you went to

generally are one of the last remaining

see your branch manager, you talked

areas that are yet to be innovated. “I

them through what you needed and

saw a chart recently that showed in

they had the power to make a decision.

1990, it took a week to buy an airline

It happened quite quickly because it

ticket, two weeks to get new house

was done locally, even though it wasn’t

insurance and three weeks to get a

done digitally. However, what has hap-

car loan,” she explains. “But, all those

pened over the past 15/20 years is that

things have moved from weeks to sec-

the bank has taken away that power

onds as you do them online, whereas

from the branches, it’s all centralised

mortgages, which used to take days,

and has been digitised. You go into f i nt e c hma ga z in e. com

KENSINGTON MORTGAGES

some central process within the bank

years will hold for her organisation

with people that don’t understand

and the industry itself. “I think it’s a

individual circumstances and you

really exciting time for the sector

often end up with a ‘computer says

and we’re on the cusp of disruption,”

no’ approach. Taking out a mortgage

she explains. “Kensington is cur-

is a complex process, much more so

rently growing at 30% year on year

than perhaps getting a car loan. You

and we expect the growth of digital

have to value the property and try to

within the industry to only accelerate

consider whether the person involved

post-COVID. We also anticipate an

can sustain paying a mortgage for the

increasing need for specialist mort-

next 25 years.”

gage lending as people’s financial

As Kensington gears up to celebrate 150

situations become more complex.

its 25th year anniversary in December,

Coming out of COVID, there are

Harris is looking to the future and is

going to be a lot of people that were

optimistic about what the next few

on furlough or had to take a payment

Kensington Mortgages: Using data to write better mortgages CLICK TO WATCH

DECEMBER 2020

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“ CUSTOMERS ARE DEMANDING THAT WE DO THINGS IN DIFFERENT WAYS AND IT’S TIME TO START ADDRESSING THAT” — Vicki Harris, Chief Commercial Officer, Kensington Mortgages

holiday where it’s going to take more time to underwrite them. I think there will be a much more customer-focused approach and we have a number of new products in the pipeline to allow younger people to get on the housing ladder. Customers are demanding that we do things in different ways and it’s time to start addressing that. The future is bright.”

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DECEMBER 2020

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A New Vision for Community-based Insurance WRITTEN BY

WILL GIRLING

PRODUCED BY

JAKE MEGEARY f i nt e c hma ga z in e. com

BROKERLINK

Alena Kharkavets, VP Digital Strategy and CX, outlines the transformation roadmap that’s enabling a new, digitally driven vision of insurance processes

A

t a time when it seems like there’s insurmountable uncertainty about so many aspects of life, BrokerLink is spearhead-

ing a new approach to the insurance process: one that emphasises clarity, community and customercentricity. Founded in 1991, this Canadian company 154

has managed to create an expansive presence across the country, with over 140 branches serviced by more than 2,000 employees.

“I’ve been in insurance for over 13 years.

Throughout my entire career, I’ve always had the mindset of wanting to understand how all the pieces fit together,” says Alena Kharkavets, VP Digital Strategy and Customer Experience. Joining BrokerLink in October 2013, Kharkavets relates that her current role, in combination with her extensive industry experience in actuarial, corporate development, operations and sales, provides her with the “big picture thinking” she needs to thrive.

That holistic mindset is crucial for a company with a broad geographic footprint, which, nonetheless, must still deliver a consistent level of high quality

DECEMBER 2020

155

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BROKERLINK

“ Every single branch has a unique, grassroots presence and that resonates with me tremendously” — Alena Kharkavets, VP of Digital Strategy and CX, BrokerLink

service across all of its locations.

Kharkavets adds that “every single branch has a unique, grassroots presence and that resonates with me tremendously.” With regards to her management style in this ‘many community branches with a unified approach’ model, Kharkavets credits one of her previous roles as a sales team manager as a perfect primer: “It was one of the most transformational experiences of my career; it really taught me how to break

156

down complexities into something more simple.”

BrokerLink’s national scale doesn’t detract from its local impact, and employees benefit just as much as customers. The company is a firm believer in fostering career development, which it facilitates by being a subsidiary of Intact Financial Corporation, allowing brokers to have a wide range of career opportunities from underwriting to claims adjustment. “We’ve worked very hard to be a great employer,” states Kharkavets. “In fact, we’ve obtained ‘Best Employer in Canada’ from Kincentric, again.” Empowered with DECEMBER 2020

lean and agile capabilities through

at the beginning of the COVID-19

analytics technology, BrokerLink’s

pandemic. “In our case, nearly all our

team managers are given access to

employees ended up working from

a variety of live data and customer

home virtually overnight,” Kharkavets

surveys. “This year, we’ve received

relates. “I think the pandemic will

over 40,000 responses from our

change how we stay connected and

customers,” Kharkavets says. “The

how we make sure that culture is

notion of changing our tactics and

retained, particularly when onboarding

addressing pain points depending on

new staff.” This also goes hand-in-

what we read in those comments or

hand with BrokerLink’s renewed focus

observe in trends is hardwired into

on employee wellness and mental

BrokerLink’s culture.”

health. Indeed, for the company and

Like many companies around the world, BrokerLink rushed into action

insurance generally there is a sense that things are on course for significant f i nt e c hma ga z in e. com

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change, including how customers

“The pandemic has accelerated a lot

experience modern products and

of trends that we’ve seen before.”

services. While digital transformation

Developing omnichannel customer

certainly generated the momentum for

service capabilities has been a direct

a technologically invigorated industry,

and necessary consequence of

Kharkavets believes that current con-

increased digitisation at BrokerLink.

ditions are enabling its fulfillment,

Customer needs and expectations

1991

Year founded

2,000+ Number of employees

DECEMBER 2020

are changing in relation to technology, claims Kharkavets, and insurance’s evolution will be dependent on its realisation of this fact. However, while it’s tempting to assume that there is a clear divide between younger people (i.e. millennials) preferring digital self-service options and older people wanting agent-based service,

Kharkavets states that the truth is

is also careful to ensure that its road-

much more nuanced. “Everyone talks

map is configured to meet the specific

about digitisation in those terms, but

challenges of its clients, particularly in

what’s interesting is, when we dive

an industry often represented as being

into the data, 35% of BrokerLink’s

overly complex. “When we design

‘70+ years old’ demographic enjoys

things, we want them to be inclusive

using an app for their insurance needs.”

and accessible,” says Kharkavets.

Therefore, she considers the contin-

“We’re constantly exploring how

ued investment in digital channels as

digital interacts with local: how can

wholly validated. However, BrokerLink

it support and act as an extension of

E X E C U T I V E P R O FILE :

Alena Kharkavets

159

Title: VP of Digital Strategy and Customer Experience Industry: Insurance

Location: Canada

Alena Kharkavets is the VP of Digital Strategy and Customer Experience at BrokerLink Insurance. She brings extensive experience in actuarial, corporate development, strategy and sales operations. She’s passionate about modernizing and simplifying the insurance experience. Alena graduated from the University of Toronto with a dual degree in Computer Science and Actuarial Science. She has also completed a Global Professional Master of Laws. She is a Fellow of the Canadian Institute of Actuaries and the Casualty Actuarial Society. Outside of insurance, Alena loves spending time with her daughters, ages two and four. She loves travelling with them and showing them the world.

f i nt e c hma ga z in e. com

BROKERLINK

our branches?” One of BrokerLink’s

behavioural science in our design: we

guiding principles is its ‘#realpeople’

serve information in bite-sized chunks

philosophy, a method by which digital

and manage price expectations with

projects are developed conscien-

an accuracy meter on our website. If

tiously with maximised accessibility

someone’s eyesight is impaired or their

as the ultimate goal. “Our accessibil-

attention span is reduced because

ity score is 92% while the industry

they’re browsing at night and require

benchmark is only 71%,” she explains.

more visual information, it all has to

“We implement the principles of

be factored in.”

160

DECEMBER 2020

“ The notion of changing our tactics and addressing pain points depending on what we [...] observe in trends is hardwired into BrokerLink’s culture” — Alena Kharkavets, VP of Digital Strategy and CX, BrokerLink

Furthermore, on the topic of digital projects, Kharkavets emphasises the importance of instilling team confidence with ‘minimum viable product’, a concept predicated on fast-paced two-week development sprints and combined with a “progress over perfection” attitude and data-based decision making. “In digital, if you aim

161

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BROKERLINK

162

B R O KE R L I N K: I N SU RAN CE WI T H SO CI AL I MP ACT

Sponsoring YW Calgary’s ‘International Day of the Girl 2020’ on 11 October, a UN sanctioned annual event dedicated to empowering girls and protecting their rights, BrokerLink has distinguished itself as part of a rising movement in insurance: insurers with a strong social stance.

“Every branch participates quite actively in the community; we have a firm belief that organisations of every size – small, medium and large – have a role to play in making society a better place,” states Kharkavets. “BrokerLink will continue to champion diversity DECEMBER 2020

and inclusion. We believe that the input of business will be essential to achieving this goal, particularly as consumers expect companies to have an opinion and to stand up for what is right.”

“The power of ‘diversity of thought’ is huge. I encourage everyone when they start their digital roadmap, or wherever they are on their journey, to question whether they have a team that contains different opinions and consider how they interact so that everyone is inclusive of each other.”

for perfection you’ll likely arrive too late. BrokerLink demonstrates the value of its propositions to customers and then iterates and improves from there based on their feedback and what data shows.” From these key building blocks, the company is able to forge a coherent understanding of where and how it wants to develop.

Kharkavets adds that, although BrokerLink’s transformation journey has been underway for slightly less

“ When we design things, they are inclusive and accessible. We’re constantly exploring how digital interacts with local: how can it support and act as an extension of our branches?”

— Alena Kharkavets, VP of Digital Strategy and CX, BrokerLink

than two years, it firmly believes 163

that maintaining focus on delivering

BrokerLink Recruitment Video 2019 CLICK TO WATCH

|

2:38

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BROKERLINK

164

“ In digital, if you aim for perfection you’ll likely arrive too late. BrokerLink demonstrates the value of its propositions to customers and then iterates from there” — Alena Kharkavets, VP of Digital Strategy and CX, BrokerLink DECEMBER 2020

customer value at all times will ultimately reap greater success.

When considering the direction of the company as it prepares to enter 2021, Kharkavets states that BrokerLink will remain as dedicated to transformation as ever, “We like to set ambitious goals. We then break them down into small steps and say, ‘Okay, here’s where we are going and here’s how we’re going to achieve it’.”

This approach will be bolstered by collaborating with its partner companies to help improve customer experience by responding to their needs. Central to BrokerLink’s future success will be an inherent trust in the value of digital technology and fast-paced R&D, which Kharkavets highlights as being particularly important. “The term ‘digital transformation’ can be intimidating for many because it’s a big term,” she adds. “But you don’t need to do everything at once, so long as you’re putting the right building blocks in place.”

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DECEMBER 2020

167

Embracing the Art of the Possible WRITTEN BY

WILL GIRLING PRODUCED BY

JAKE MEGEARY f i nt e c hma ga z in e. com

PROTECTIVE INSURANCE

Jeremy Johnson, CEO, describes the company’s tech transformation, customerfocused service and why problem-solving is at the heart of its business

A

t its most fundamental level, insurance is an industry predicated on risk management, customer service and trust. Few

companies understand the interconnection of these principles better than Protective Insurance, 168

and even fewer have an equivalent level of the experience, engagement and commitment necessary to transcend these precepts and deliver superior results. Founded in 1930 and headquartered in Carmel, Indiana, USA, the company is a transport insurance specialist for trucking fleets of all sizes, licensed in all 50 states, the District of Columbia, Puerto Rico and all Canadian provinces. With a long-standing heritage, a portfolio of diverse products, services and solutions, it has been and continues to be a strong partner for an equally essential industry, particularly in the midst of the COVID-19 pandemic.

Jeremy Johnson, CEO, joined Protective Insurance in May 2019 following several years in executive positions at some of the world’s most

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169

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PROTECTIVE INSURANCE

“ There’s just so much data that, with the right attitude, you can really envisage a different approach, one that can really make the roads safer” — Jeremy Johnson, CEO, Protective Insurance

prestigious insurance organizations.

“Because it’s a smaller company (Protective has approximately 500 employees), it’s a much more intimate environment and it feels like one person can really make a difference,” Johnson explains. “It’s a pretty

170

revered brand and, because of our client-centric, relationship-oriented approach, Protective Insurance is very well respected both by our distribution partners and by our customers, trucking fleets.” Despite starting with the company only last year, Johnson says that his first exposure to truck insurance actually occurred earlier in his career. Recognizing that it was an intricate, data-rich opportunity, he gained a particular fascination with the sector which continues to this day.

“There’s just so much data that, with the right attitude, you can really envisage a different approach, one that can really make the roads safer. We’ve got DECEMBER 2020

Protective Insurance CLICK TO WATCH

|

3:33

171 a lot more work to do in order to seize

meant a new, tech-driven transfor-

that massive data opportunity, but we

mation of Protective Insurance was

have a great foundation, momentum

necessary as, like many companies

and a vision.

with decades of experience in the

For Johnson, this interest in the

market, the business was rife with

possibilities of data analysis goes

non-integrated legacy systems. “The

back to one of his former bosses, who

linchpins were moving to the cloud

instilled in him a passion for ‘the art of

using Microsoft Azure to build a ‘data

the possible’ – a spirit of inquisitiveness

lake’ and embracing an analytics-first

and innovation that isn’t afraid to chal-

commercial auto underwriting plat-

lenge the status quo or explore new

form built for us by TSIQ. We have a

directions. “Unless you’re prepared

partnership with a company called

to ask really intriguing questions,

Roots Automation, who’ve provided

the data just exists in a vacuum,” he

us with self-learning digital bots, and

states. Facilitating this approach

we have a great partner in Majesco f i nt e c hma ga z in e. com

PROTECTIVE INSURANCE

172

whose approach to microservices and

However, increased technological

‘plug and play’ style system modules

sophistication is only a component

really align with our technology vision.”

of Protective Insurance’s success-

In addition, Johnson explains that

ful formula. What really sets it apart,

there will be numerous, more mundane

as Johnson intimated, is its cultural

but no less crucial changes happening

emphasis on employee engagement

behind the scenes that will affect the

and building strong customer rela-

company’s ability to scale as well as

tionships. “People genuinely enjoy

ingest, harmonize and analyze data.

working here,” he states. “In fact,

DECEMBER 2020

1930

we recently celebrated one member of staff’s 50th year with us. We are

Year founded

a specialist and know our customers well; we have a shared dedication and

$495m+

excitement about our mission: making roads safer.” The importance of

Total Revenue in US dollars (2019)

this client connection took on even

500

In order to ensure that it was meeting

greater proportions at the start of the COVID-19 lockdown in mid-March. its customers rapidly shifting concerns and priorities, Protective Insurance

Number of employees

reached out to understand how best it could lend assistance. The answer,

E X E C U T I V E P R O FILE :

Jeremy Johnson Title: Chief Executive Officer Industry: Insurance

Company: Protective Insurance

Location: United States

Jeremy has more than 25 years of insurance industry experience and has been the Chief Executive Officer (CEO) of Protective Insurance since May 2019. Prior to Protective, Jeremy served in various executive leadership roles at American International Group, Inc. (AIG) for 17 years. Roles included, President, US Commercial for AIG; and CEO & President of Lexington Insurance Company, AIG’s excess and surplus lines unit. Jeremy is a graduate of the University of Oxford with a Masters of Arts degree in Law. f i nt e c hma ga z in e. com

173

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“ Unless you’re prepared to ask really intriguing questions, the data just exists in a vacuum” — Jeremy Johnson, CEO, Protective Insurance

Johnson claims, was rather ironic.

“We asked them, ‘What can we do for you?’, expecting an answer that would revolve around digital technology. However, the overwhelming reply was, ‘We need hand sanitizer’.”

Partnering with a local distillery, Protective Insurance was able to purchase and distribute hundreds of gallons of sanitizer with logistical assistance from the American Trucking Association.

175

f i nt e c hma ga z in e. com

PROTECTIVE INSURANCE

Despite this response, the company

you’re actually in that environment,”

was more than adequately prepared to

he explains. “I think there was a lot

meet the technological challenges of

of fear and trepidation as to whether

the pandemic too. Having analyzed the

our employees could effectively man-

pre-lockdown situation and modelled

age our customer relationships, pay

for various operational contingen-

claims, take submissions and commu-

cies, Johnson says that Protective

nicate effectively while working from

Insurance “didn’t miss a beat” through-

home.” Enabled by the company’s

out the transition, even though it

technology team, which provided the

was still undergoing a major tech

bandwidth necessary for sustaining

transformation at the time. “We had

an equivalently high standard of cus-

tested some things and taken some

tomer interaction virtually, Johnson

dry runs, but you never know until

reports that staff were emboldened

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“ Protective Insurance will continue to invest in other tools that can make our employees’ lives more comfortable when working remotely” — Jeremy Johnson, CEO, Protective Insurance

look at the modules that are of most interest to them.” Educating staff is

and empowered to succeed. “I think

an important part of his ‘embracing

we’re going to be in this environ-

the art of the possible’ concept, and,

ment for quite a lot longer. Therefore,

as data analytics continues to play

Protective Insurance will continue to

an important role in insurance’s digital

invest in other tools that can make our

transformation, knowing how to

employees’ lives more comfortable

extract results will be critical. “You

when working remotely.”

build all this infrastructure and you

To further develop this tech familiarity

gain the ability to look at the data, but

among its staff, Protective Insurance

how do you get the right minds to ask

hosted a ‘virtual’ fair on relevant

the right questions?” Johnson asks.

tech-based subjects. Presented

“What are the questions that will allow

to employees by employees, the

us to get a game changing advantage?

company hopes to augment its trans-

I think there’s a colossal amount

formation through learning and

of momentum behind unlocking the

communication to highlight the impor-

value of data.”

tance of change. “Employees can go through the many modules that make up the Technology Transformation Fair and learn, for example, what the cloud or a data lake is, and why and how that matters to us,” Johnson explains. “I’m fully confident that 100% of our employees will take the time to f i nt e c hma ga z in e. com

177

PROTECTIVE INSURANCE

178

“ We couldn’t have got into this position without 500 committed, experienced and able employees” The company’s worth is defined by — Jeremy Johnson, CEO, Protective Insurance

its ability to manage risk, save clients money and make the roads safer; 2021 is a year in which it hopes to fulfil this mission with tech-enhanced vigor and

Achieving this goal is Protective

partners equally committed to sur-

Insurance’s primary aspiration, “We

mounting the challenges of delivering

want to be our customer’s most valued

superior service. “I think we’re going to

transportation insurance provider.”

be valuable to all of our stakeholders;

DECEMBER 2020

179

not just our customers, but our share-

and engagement with the corporate

holders, employees, reinsurers, vendor

mission: “Our existing customers value

partners and technology partners,

us and many more now want to work

who are all important to us.” Engaging

with us. We couldn’t have got into this

with ‘possibility thinking’ and adopting

position without 500 committed, expe-

an ‘always moving forwards’ mentality

rienced and able employees. I’m super

will maintain Protective Insurance’s

proud of what we’ve achieved.”

competitive edge, which has already seen it triumph over other, less-imaginative companies in the space. Finally, Johnson concludes with a declaration of pride for his employees’ hard work f i nt e c hma ga z in e. com

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