FinTech Magazine – November 2019

Partners Behavioral Health Management: redefining healthcare www.fintechmagazine.com

NOVEMBER 2019

Technological empowerment for businesses and leaders

RIDING THE DISRUPTIVE WAVE OF MODERNISATION

Unification of procurement SYLVIE NOEL, CHIEF PROCUREMENT OFFICER, BREAKS DOWN COVEA’S DRIVE TO DIGITISE PROCUREMENT

DIGITALLY ADVANCED BANKS

Bringing together the community that builds the foundation of the digital world THURSDAY NOV. 7, 2019 SPRING STUDIOS, NYC MarketplaceLIVE is the place where the complete community of cloud and connectivity stakeholers meet to learn, share ideas, and get inspired in a fun and elegant atmosphere.

This event is packed with compelling stories on how our community is changing the world. Gain practical knowledge and insights that resonate whether you’re a network engineer at a startup, a solutions architect at a cloud service provider, or a CIO at a Fortune 500 company.

REGISTER NOW

Powered by

or reach out to marketplacelive@digitalrealty.com for a VIP Invite

FOREWORD

W

elcome to the November

industry, but also the dynamic

edition of FinTech magazine.

between incumbents and new

Covéa Insurance has more than 20 years’ experience of offering exceptional customer service and products. But, in this month’s cover story, Chief Procurement Officer Sylvie Noel makes it clear that the business isn’t willing to rest on its laurels.

players in the market. The flip side of increased personalisation and disparate products and services is, of course, a greater risk to data and security. With that in mind, we also analyse how companies must content with an increased demand for privacy and security while balancing the benefits that

In the seven years that Noel has

data-driven insight and analysis

held her role, the business has

can bring.

digitalised its procurement process, undergone a successful period of change management, and continued its quest for improved sustainability. Importantly, all of this has been carried out with a clear focus to put the customer at the centre of every decision.

Customer focus is at the heart of our lead feature this month.

Specifically, we consider how the ongoing personalisation of financial services is not only changing the

Also, in this addition, we speak with leaders tasked with driving change at businesses including Envoy Mortgage, Partners Behavioral Health Management and IBL Together Mauritius among others.

If you wish to share your story, or discuss key industry trends in more detail, please get in touch at matthew.high@bizclikmedia.com Enjoy the read!

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

03

Main Conference: 8-9 October, 2019 Insurance Cyber Risk Summit: 7 October, 2019 Station F Paris

INSURANCE WITHOUT BOUNDARIES. POWERED BY INNOVATION. THE GLOBAL GATHERING FOR THE INSURTECH INDUSTRY.

450+ INSURTECH ENTREPRENEURS, INCUMBENTS AND INVESTORS FROM ACROSS THE WORLD DRIVING THE INSURANCE DIGITAL REVOLUTION.

SAVE 10% with VIP code FKN2669FMA1

finance.knect365.com/insurtech

Click the home icon (top right of page) to return to contents page at anytime

EDITOR-IN-CHIEF

MATT HIGH CREATIVE DIRECTORS

DANIEL CRAWFORD STEVE SHIPLEY

WHEN YOU SEE THE PLAY BUTTON ICON, CLICK TO WATCH OUR VIDEO CONTENT

CREATIVE TEAM

ERIN HANCOX OSCAR HATHAWAY SOPHIA FORTE SOPHIE-ANN PINNELL PRODUCTION DIRECTOR

DANIELA KIANICKOVÁ PRODUCTION MANAGER

OWEN MARTIN DIGITAL VIDEO DIRECTOR

Wherever you see these icons in the magazine click to be directly connected via social media

JOSH TRETT DIGITAL VIDEO PRODUCER

JOSHUA S. PECK EMILY McNAMARA SOCIAL MEDIA PRODUCERS

DANIEL WEATHERLEY JACK GRIMSHAW EVELYN HOWAT KAYLEIGH SHOOTER

05

PROJECT DIRECTORS

ANDREW STUBBINGS JAKE MEGEARY JACK PASCALL NATHAN HOLMES JORDAN HUBBARD SHIRIN SADR DIGITAL MEDIA DIRECTORS

ARRON RAMPLING JASON WESTGATE

CLICK NOW TO SUBSCRIBE FOR FREE

OPERATIONS DIRECTOR

ALEX BARRON GROUP MANAGING DIRECTOR

JAMES PEPPER CHIEF OPERATIONS OFFICER

ANDY TURNER PRESIDENT & CEO

GLEN WHITE PUBLISHED BY

Visit the fintechmagazine.com website and sign up to receive exclusive access to one of the world’s fastest growing business news platforms

CONTENTS

12 12

30 Transforming your financial future through microinvestments

NOVEMBER 2019

38 DATA SHARING:

TH PERSONAL TOUCH

48 MOST DIGITALLY ADVANCED BANKS

58

74 EVENTS

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

CONTENTS

78 Envoy Mortgage

NOVEMBER 2019

90 Partners Behavioral Health Management

104 IBL Together Mauritius

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

12

Covéa: Working better.

Together.

WRITTEN BY

AMBER DONOVAN-STEVENS PRODUCED BY

CHARLOTTE CLARKE

NOVEMBER 2019

13

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

COVÉA INSURANCE GROUP

Sylvie Noel, Chief Procurement Officer, Covéa Insurance Group, details the company’s drive for transparency amidst its digital transformation in order to truly professionalise procurement 14

C

ovéa Insurance has built an excellent reputation over the last 20 years for its customer service and products. The

insurance company was formed by the merger of three brands: Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d’assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA). Today, the company holds a number of awards, including Personal Lines Claims Excellence of the Year 2019 (Insurance Times Claims Excellence Awards); and Best Use of Customer Service Technology 2019 (Modern Insurance Customer Service Excellence Awards) among others.

NOVEMBER 2019

15

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

COVÉA GROUP

As the company has grown, so has the need for a more seamless procurement process. “I initially came to the company to assist with the professionalisation of procurement at Covéa,” says Sylvie Noel, Chief Procurement Officer. “I created a proposal on how to improve procurement, called EMA: ensemble pour mieux acheter, which means ‘together to work better.’” Noel has been with Covéa for almost nine years, starting out as a consultant, before taking the role of CPO, which was created for her in July 2012.

16

“In 2012 Covéa had over 12 members of staff specialised in procurement, working across different levels within our three brands and in our French subsidiary on procurement, internal procurement and IT.” Noel’s

“The unification of procurement through this platform enables us to speak with one voice” — Sylvie Noel, Chief Procurement Officer, Covéa Group NOVEMBER 2019

CLICK TO WATCH : ‘COVÉA EN BREF’ 17 responsibility was to streamline this

on segmentation, building common

into a connected, standardised net-

language and legal. “Having worked

work with added value. She achieved

across different parts of the company,

this by digitising the entire process.

we realised that we could make the process more sustainable, and so we

DIGITISING PROCUREMENT

took to the market to search for an

“The process is now really slick. The

appropriate tool that would help us

digitalisation of procurement ena-

achieve our goals of transparency and

bles easy work cover in the event

added value,” recalls Noel. She then

of sickness, but also the platform is

began conversing with over 60 stake-

wholly compliant. It provides a new

holders about their views and fears

perspective to procurement.” Noel

regarding procurement, and began to

and her team created the procure-

build the platform from there.

ment function from scratch. Initially, she had worked across the process,

The platform was initially rolled out in 2013 to internal stakeholders and w w w.f i nte c hma ga z i n e. com

Digital agility allows in customer needs and pe Experience the Capgemini Effect www.Capgemini.com

nsurers to anticipate ersonalize offers Discover now

COVÉA GROUP

“We were proactive with our stakeholders and responded to their suggestions, which were present in the version of the platform we later rolled out” — Sylvie Noel, Chief Procurement Officer, Covéa Group

20

NOVEMBER 2019

procurement before rollout to wider users. According to Noel, there were naturally some challenges during the 2013 rollout, which have since been overcome following the platform expansion. “We started with the procurement request, the workflow associated and a first wave of model of contracts. What we’re doing now is very different: we start with the budgets imported to the platform; any procurement request needs to have a budget line. Then, it either goes to the creation of a tender, or into catalogs.”

E XE CU T I VE PRO FI LE

Sylvie Noel, Chief Procurement Officer Sylvie Noel is the Chief Procurement Officer at Covéa and has been with the insurance company for nine years. She started with the company in 2010 as a Principal Consultant, working across process and legal, before moving to becoming Chief Procurement Officer in 2012. In this role she is in charge of heading up the program EMA (Ensemble pour Mieux Acheter) which is an initiative designed to professionalise procurement.

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

21

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

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

Sopra Steria Next, digital transformation consulting.

Click here to find out more

>

23

Noel goes on to explain that if a tender is chosen, a group comprising all the required individuals — including procurement and legal — forms in order to process the tender’s dispatch to suppliers via the platform. “All the exchanges with parties occur solely within the platform, so we all have a very good view of the activity and it’s impossible now for anyone to be out of the loop,” she says. “We were proactive with our stakeholders and responded

“The process is now really slick. The digitisation of procurement enables easy work cover in the event of sickness, but also the platform is wholly compliant.

It also provides a new perspective to procurement” — Sylvie Noel, Chief Procurement Officer, Covéa Group

to their suggestions, which were w w w.f i nte c hma ga z i n e. com

COVEA deploys SAP S/4 HANA as part of its financial transformation plan.

To achieve its objective of aligning financial processes for all its subsidiaries, the COVEA group relies on SAP S/4 HANA.

COVEA is composed of the three mutuals MAAF, MMA and GMF, leaders in property insurance and responsibility in France. The key figures for 2017 are: - 26,000 employees: 21,000 in France and 5,000 abroad - Nearly 2,700 points of sale - In France, 11.5 million members and customers - Premiums earned (France & International): €16.3 billion - Combined net income (group share): €818m - Equity: €14.7 billion The financial function at the heart of the strategic plan COVEA’s strategy is to mutualize the central and backoffice functions while keeping the customer relationship with their different markets to the brands. In this context, the COMEX of the COVEA group decided, in July 2018, to align the financial processes of the various subsidiaries and to respond to the obsolescence of the existing accounting tools. In September 2018, COVEA launched a consultation for its “Convergence Finance” program. The project’s roadmap aims to achieve the following objectives.

First objective is to improve the efficiency of business and operational processes between its three brands. This requires the definition of a common language for the entire group, as well as the harmonization of financial processes and reporting, the reduction of low valueadded activities and the automation of repetitive tasks.

The second objective is to simplify and rationalize the information system in order to reduce the operational risk of multiple systems and their obsolescence. In addition to optimizing the standardization of tools, COVEA also needs to define a norm of integration, build a transactional data source for the entire group in order to facilitate future transformations. The construction of this new platform will ensure that changes in regulatory requirements are met more quickly and at a lower cost. Last but not least, to make economic management more reliable and faster. The transformations generated by technology are leading to profound changes in insurance. The ability to manage the Group more consistently will bring efficiency, responsiveness and strategic agility to COVEA.

SAP wins for its state-of-the-art financial solutions To choose the solution and the service provider, the bidding is organized in two phases: choice of the tool, and choice of the integrator.

The selection process has been conducted by the COVEA group between September 2018 and March 2019. After a pre-selection of several solutions, COVEA opted for SAP. On the one hand, the publisher already had references in insurance; and on the other hand, the technologies on which the SAP solution is based (“in memory” technology) opens up the world of possibilities in terms of reporting and data exploitation.

The core of the selected solution will be based on the SAP HANA database combined with the S/4 HANA ERP (Finance modules). This will be complemented, for budget management, by SAP Analytics Cloud Planning. Finally, SAP Profitabilty and Performance Management will manage the cost management.

The choice of deploying on the private Cloud of SAP has been made to benefit from more flexible technical platforms, and from the latest innovations of the software publisher more quickly.

A progressive deployment The project was therefore launched in early July 2019.

The design phase of the target model is expected to be completed by mid-2020. In parallel, a prototyping environment will allow to share with users to make the new processes and tool more concrete. These workshops promote a customization closer to user needs, as well as the sharing of a common vocabulary for all brands.

The development and configuration phase will be carried out by Accenture. A first integration and testing phase has been planned for 2021, and the first wave of operational deployment of the project is scheduled for January 1, 2022. Ultimately, 500 users will be involved in this project.

Learn More

CLICK TO WATCH : ‘COVÉA CÉLÈBRE LES 200 ANS D’ASSURANCES MUTUELLES DE FRANCE’ 25 present in the version of the platform

eliminated through the creation of the

we later rolled out.”

platform. It is also important to lead by

From a change management perspective, this digitisation has been largely welcomed, as it has created

example with confidence and reassurance,” she says.

In addition to this, big data is an

clarity and ease of access to vital

integral component to the quality that

information at Covéa. But this may

Covéa strives for: “We are also still try-

not always be the case and Noel

ing to ensure that all who are involved

asserts the need to listen to employee

with the procurement process are

concerns and to work through them.

aware of the importance of big data.

“This is why we built the program in

We are constantly evaluating the qual-

response to our stakeholders: not only

ity of the overall process and upscaling

to show them that this is a serious pro-

it often to meet expectations.” Noel

gression, but to ensure that any of their

shares that the company that

fears regarding the industry could be

assisted in the implementation of this w w w.f i nte c hma ga z i n e. com

27

1999

Year founded

transformation was Ivalua, which has been “the core skeleton to the process at Covéa,” and assisted in the streamlining of the function. The digitisation

$1bn

of procurement has had many benefits, “the unification of procurement through

Approximate revenue

this platform enables us to speak with

2,500

and improved relations with our stake-

Approximate number of employees

one voice,” Noel says, adding that “this allows for a greater market presence holders and vendors.”

Not only has the process added value and been well received by w w w.f i nte c hma ga z i n e. com

COVÉA GROUP

Bring your Change Management to the next level to make your transformation a success!

InsideBoard is the first AI platform for change management dedicated to encourage user adoption, ongoing team performance and transformation success.

insideboard.com

29 employees and stakeholders alike,

will continue to be aligned with the

but it has had excellent benefits in

business strategy of the group.”

terms of sustainability: “In terms of our

She is confident that both customers

vision for sustainability, we are almost

and employees will continue to see

paperless and it’s compliant with reg-

a growing level of transparency that

ulation and auditable. Sustainability

will bring the business and stakehold-

isn’t underlined as much as it should

ers closer, while consolidating the

be,” Noel asserts.

valuable role that procurement plays within the company.

A TRANSPARENT FUTURE “As Covéa moves forward, customers will be at the center of all we do, and this is evident in our huge project transformation with added value and productivity,” she adds. “Procurement w w w.f i nte c hma ga z i n e. com

M O B I L E PAY M E N T S

30

Transforming your financial future through microinvestments Samantha Seaton, CEO Moneyhub Enterprise discusses how PSD2 legislation has opened banking and empowered businesses to take advantage of emerging technologies WRITTEN BY

NOVEMBER 2019

SAMANTHA SEATON

31

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

M O B I L E PAY M E N T S

T

he UK financial landscape has been transformed over the last few years.

Widespread adoption of digital technology has enabled banks and other

financial services providers to integrate themselves into our daily routine, with access to our savings possible through our smartphones at the touch of a screen. But, despite the ease with which people are able to access their finances, there is little evidence to suggest that the UK is doing enough to close the savings gap. Open Banking could make this challenge significantly more achievable.

32

Those toward the start of their careers can no longer rely on the safety net of the State Pension, and yet the data shows that people are still saving significantly less than needed. In 2017, the Lifetime Savings Challenge Report 2017, compiled by Close Brothers and the Pension and Lifetime Savings Association (PLSA), revealed that 33% of UK employees were saving less than £50 a month, with one in five (20%) not saving anything at all. The issue is one disproportionately faced by women, whose savings and pension pots are on average notably lower than their male counterparts. A recent report from the Pensions Policy Institute revealed that most damage to women’s pension wealth NOVEMBER 2019

33

“ Women have an average defined contribution pension pot of just one fifth the size of a 65 year old man” —Samantha Seaton CEO, Moneyhub Enterprise

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

M O B I L E PAY M E N T S

is done while in their thirties – the general age when women are taking time off work to care for their families. This is further highlighted by research from the Chartered Insurance Institute which showed that women have an average defined contribution pension pot of just one fifth the size of a 65-year-old man.

There’s no quick fix. But there are solutions. Saving ‘little and often’ is a mantra often repeated to those struggling to put something aside 34

each month, but even this can seem

NOVEMBER 2019

“ There is little evidence to suggest that the UK is doing enough to close the savings gap” — Samantha Seaton CEO, Moneyhub Enterprise

CLICK TO WATCH : ‘NBS VENTURES – MONEYHUB’ 35

like a bit of an up-hill task. That’s

see how they can make their money

where money management platforms

work harder.

are able to play a key role.

Firstly, they help users get to grips

What can really make an extra difference is the incorporation of AI and

with their finances. Powered by open

smart nudges. These hyper-person-

banking, users are able to see a

alised nudges can be surfaced at key

single picture of their financial world,

points of financial decision-making.

rather than having to piece together

For example, a user might use Loan

fragments. Not only does this reduce

to Value ratio nudge to alert when

needless and paperwork, but it also

deals not previously available can be

enables the effortless tracking of

considered, or a Micro Saving nudge

their expenditure. Having this level of

can be generated if utility bills are

oversight empowers them to make

lower than normal or if the weekly

smarter money decisions, and clearly

shop costs less than normal. Such w w w.f i nte c hma ga z i n e. com

M O B I L E PAY M E N T S

“ Open Banking can transform this process, using open banking APIs to legally aggregate a customer’s data” — Samantha Seaton CEO, Moneyhub Enterprise 36

in-day savings prompts feel less of

it’s now possible for them to be

a wrench than finding money at the

granted access to a much wider view

start or end of the month and over

of a customer’s finances.

the course of time can start to build up a solid investment or savings pot.

The additional level of insight

For those struggling to save, roboadvice is a more likely choice. But historically, these digital advice mod-

available through open banking also

els are remarkably fallible to human

means that the money that users are

error. The majority require a new user

able to put aside can be put to work

to fill in a questionnaire when they

in a more streamlined and targeted

sign up, and the answers to the ques-

manners. Whether it be through a

tions will inform what the algorithm

robo-adviser or a financial adviser,

recommends. However, if a user

NOVEMBER 2019

and bank accounts, and generating far more accurate and effective personalised advice and recommendations, while saving customers from spending hours on fact finding.

If granted rolling or recurring access, the robo-advisers can then continue to offer guidance, support and nudges to help customers maximise their unique circumstances in relation to their investment returns and their money more generally.

Whether it’s through embracing online banking, being able to track our spending or investments through apps, or the increasing prevalence of contactless cards, technology is transforming the way we interact submits incorrect data, omits some

with our finances. The true potential

details, or is simply not asked about

of Open Banking is still some dis-

a particular aspect of their finances,

tance away from its potential being

the algorithm could deliver a misdiag-

fully realised, but it is already show-

nosed recommendation.

ing signs that it can play a pivotal role

Open Banking can transform this

in closing the UK savings gap.

process, using open banking APIs to legally aggregate a customer’s data.

This means that the algorithms used to generate investment recommendation could access a much wider data set that includes credit cards w w w.f i nte c hma ga z i n e. com

37

BLOCKCHAIN

DATA SHARING: 38

Data-driven insights and analysis could be the key to effecting structural change in the fintech world, but companies need to contend with increased customer demand for data security and privacy WRITTEN BY

HARRY MENEAR

NOVEMBER 2019

39

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

BLOCKCHAIN

“ The banking system we have is pretty similar to the one that was created by the Medici in the 13th century” Stephen Cecchetti, Rosen Family Chair in International Finance at Brandeis International Business School 40

O

ver the past five years, the digital

$305bn by 2023. The driving force

banking revolution has had a

behind this sweeping digital trans-

seismic impact on the relation-

formation is the exponential growth

ship between customers and the

of big data which, when twinned with

institutions that handle their money.

cutting-edge AI and machine learn-

The rise of online banking – along with

ing analytics, has created actionable

its accompanying wave of digital-only

insights that are leading financial

challenger banks – mobile payments

institutions down a road towards a

and increasingly personalised money

customer-centric, hyper-personalised

management tools have given birth to

financial future.

a fintech industry expected to reach an estimated value of more than NOVEMBER 2019

That being said, while fintech has enabled myriad new ways for us to buy

41

stocks, deposit cheques and otherwise

International Business School,

manage our money, some industry

speaking at the FinTech and Digital

leaders think that the real revolution

Currency panel at Boston FinTech

is still around the corner.

Week 2019. “It’s true that I can do

“I still find it pretty interesting that

things on my phone, but the things

there’s been substantial technological

I do on my phone are not fundamen-

change out there, but that the banking

tally different, they are just a little bit

system we have is pretty similar to the

easier.” Cecchetti is confident that

one that was created by the Medici

deep, structural change is coming

in the 13th century,” said Stephen

to the sector, and that data analytics

Cecchetti, the Rosen Family Chair

and insight gathering are going to be

in International Finance at Brandeis

at the heart of the transformation. w w w.f i nte c hma ga z i n e. com

BLOCKCHAIN

42

THE DANGERS OF DATA MISMANAGEMENT

a result of Equifax’s data breach, the

However, in 2019, data is a sticky sub-

pay at least $575mn and up to $700mn

ject. The past decade has been defined

to compensate those whose personal

by high—profile data breaches like the

data was exposed,” writes Simon Hill,

theft of personal information contained

Head of Legal & Compliance at encryp-

in some three billion accounts from

tion company Certes Networks. “In

Yahoo in 2016, which takes the trophy

2016, Tesco Bank was fined £16.4mn

for ‘Biggest Invasion of Privacy in the

by the Financial Conduct Authority

History of Mankind’, and was a blunder

(FCA) over a ‘largely avoidable’ cyber-

that knocked an estimated $350mn off

attack that saw criminals steal over

the company’s sale price. “The dam-

£2mn from 34 accounts.” No matter

ages of these data breaches are not

the size of the breach, Hill notes, the

only reputational, but also financial. As

penalties that companies can incur

NOVEMBER 2019

organisation reached an agreement to

CLICK TO WATCH : ‘HOW THE MASSIVE EQUIFAX DATA BREACH HAPPENED’

have the potential to be severe.

More than data theft, though, the

of consumers cannot imagine living without it, just 2% trust it in the wake of

public concern and conversation has

various scandals, and only 9% agree

turned in the last few years towards

with its values.” Regulatory initiatives

the misuse and unwanted distribu-

like GDPR and Open Banking are

tion and sharing of personal data by

working to ensure that individual data

vast corporations like Facebook, in

in handled with greater sensitivity and

order to generate revenue and – more

security, but the need for transpar-

importantly – the kind of actionable

ency into companies’ data policies is

insights that are driving the digital

becoming more and more of a ‘must

transformation of the customer expe-

have’ for enterprises that wish to keep

rience. This year, the fourth annual

good faith and relationships with an

Brand Relevance Index by consultancy

increasingly powerful and discerning

firm Prophet found that, although “61%

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

43

BLOCKCHAIN

Today’s fintech firms have a narrow line to walk then, between a raging ocean of data in which lies the insights that could allow them to create genuine market disruption, and a customer base demanding increased privacy, particularly regarding financial information. Things like GDPR compliance and participation in Open Banking are going to be an essential strategy for fintech and banks that want to fully utilise customer data.

44

WELLS FARGO AND PLAID: A PARTNERSHIP TO PAVE THE WAY? In September, US banking giant Wells Fargo announced that it was entering into a deal with data driven fintech startup Plaid, hot on the heels of the San Francisco-based company receiving new investment from Visa. The new partnership will allow Wells Fargo customers to conveniently and more securely share their financial data with the digital financial tools and services that Plaid supports, using an application-programming interface (API).

According to a company press release, a large number of Wells Fargo customers access their financial data through NOVEMBER 2019

“It is critical that consumers have more secure and seamless access to their own financial data to power their modern financial lives” Sima Gandhi, Head of Business Development and Strategy at Plaid

their modern financial lives,” said Sima Gandhi, Head of Business Development and Strategy at Plaid, “and our collaboration with Wells Fargo will ensure that our mutual customers can enjoy the best of fintech innovation for years to come. We’re particularly excited by Wells Fargo’s industry-leading approach to enhancing user control and transparency by ensuring compatibility between the Plaid platform and Wells Fargo’s Control Tower. Centred on trust and collaboration, the partnership between Plaid and Wells Fargo represents how traditional banking services and technology companies can innovate together.”

Going forward, data sharing agreePlaid to use apps that help them “lead

ments solve the problem of regulation,

healthier financial lives.”

giving fintechs and banks the ability

The partnership will reportedly give

to capitalise on the power of big data

those customers more control over

while ensuring that consumer privacy

the bank account information they

is maintained. If these two needs

share with Plaid-supported apps,

can be balanced and met, then the

including the ability to turn on or off

financial space five years from now

data sharing through Wells Fargo’s

could look drastically different from

Control Tower application.

the one today.

“It is critical that consumers have more secure and seamless access to their own financial data to power w w w.f i nte c hma ga z i n e. com

45

Covering every angle in the digital age The Business Chief platforms offer insight on the trends influencing C and V-level executives, telling the stories that matter

CLICK TO SUBSCRIBE FOR FREE

w w w.bu si nessch ief.com

LEADERSHIP

48

TH PERSONAL TOUCH WRITTEN BY

MATT HIGH

PERSONALISATION IS RAPIDLY BECOMING THE DRIVER OF BRAND VALUE AND COMPETITIVENESS IN FINANCIAL SERVICES, AS KRIS HANSEN OF PORTAG3 VENTURES EXPLAINS

NOVEMBER 2019

49

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

LEADERSHIP

G

o big or go home. That was the message to incumbents set out in a recent report published by Accenture.

In 5 Big Bets in Retail Payments in North

America, the global professional services company explained, rather starkly, that incumbents in the sector find themselves on increasingly unstable ground, with “most retail leaders in the top US and Canadian banks” of the view that they will 50

lose between 11% and 15% of their revenue pool to emerging competition from fintechs, Big Tech, non-banks and challenger banks.

The reason behind this shift? In technical terms, Accenture suggests the “increasing commoditisation of the transactional aspects of payment”. To you and I, customer experience is fast becoming the new driver of brand value and competitiveness. And, quite simply, fintechs – with their innovative mindset and ability to be flexible and scale rapidly – are taking the lead in the development and implementation of new, customer-centric finance solutions.

Of course, the concepts of customercentricity, user experience (UX) and personalisation are nothing new. Banks and NOVEMBER 2019

“PERSONALISATION IS THE DIFFERENCE BETWEEN AN EXPERIENCE THAT IS ‘PRETTY GOOD’ AND ONE THAT IS AMAZING – AND, INCREASINGLY, CONSUMERS ARE EXPECTING THE AMAZING,” Kris Hansen Chief Technology Officer Portag3 Ventures 51

financial institutions have targeted various customer sectors with tailored services and packages for many years.

However, as Accenture’s research makes apparent, there’s every likelihood that for incumbents this will no longer be enough.

“Personalisation is the difference between an experience that is ‘pretty good’ and one that is amazing – and, increasingly, consumers are expecting the amazing,” says Kris Hansen, Chief Technology Officer at Portag3 Ventures. Hansen has considerable w w w.f i nte c hma ga z i n e. com

LEADERSHIP

CLICK TO WATCH : ‘PERSONALISATION – CREEPY OR COOL? – EMBRACING TECHNOLOGY IN FINANCIAL SERVICES’ 52 experience in the sector. Alongside

with consumers. He says that the pre-

his role at Portag3 – a fintech and

vailing trend is towards the “less obvi-

insuretech-focused VC firm that aims

ous”, with a shift away from features

to empower and invest in “visionary

and capabilities that customers could

financial entrepreneurs” – he also

easily ‘see’ towards more specific and

holds the same role at challenger bank

niche areas of the financial services

KOHO Financial. The common thread,

value chain that can bring “tremendous

says Hansen, that runs through these

value and opportunity”. Alongside that

positions “is a love of finding ways to

is the influence of blockchain. “Love

do things differently and to build teams

it or hate it,” he says, “it’s driven a new

that can solve problems.”

generation toward some of the very

The sector, according to Hansen, has

hard problems in financial services;

seen considerable change in recent

blockchain also challenges some of

years, particularly with regards to fin-

the most fundamental assumptions in

techs evolving their propositions in line

the industry, which is very healthy.”

NOVEMBER 2019

53 Specifically, on personalisation, Hansen highlights data as a key enabler of greater customer centric-

centricity. The next level will be all about the evolution of expectations.”

And while those expectations

ity. “Wholesale data at cloud cost

continue to evolve, Hansen reiterates

and scale has made the previously

the importance of one key factor in

impossible – or, at least, impracti-

any relationship between a financial

cal – easily attainable,” he explains. “I

services provider and customer: trust.

have solutions, for example, that were

To this end, the digitalisation of these

scrapped five years ago based on

relationships – banking via decentral-

their sheer cost alone, that are now

ised services such as apps, the use of

possible with a few clicks and a credit

AI and chatbots to manage customers

card. We’re still in the early stages of

relationships, and machine learning to

innovation in the area, with many firms

understand customer requirements

still focused on getting the fundamen-

requires a shift in focus. “Historically,

tals right when it comes to customer

trust has been about the reputation w w w.f i nte c hma ga z i n e. com

LEADERSHIP

54

“ APPLE DIDN’T JUST CREATE THE FIRST DIGITAL MUSIC PLAYER, IT REVOLUTIONISED MUSIC WITH THE IPOD – IT WAS THE SIMPLICITY AND FORM OF THE DEVICE THAT CAPTURED THE IMAGINATION OF CONSUMERS. WE HAVE YET TO REALLY SEE THIS IN FINANCIAL SERVICES, BUT I’M VERY CONFIDENT THAT WE WILL Kris Hansen Chief Technology Officer Portag3 Ventures

NOVEMBER 2019

of the bank and the size, security and track record of the vault,” says Hansen. “That’s changed. Trust is now digital. Knowing people digitally is about personalisation and relevance.

Tech-focused organisations are making great progress here, especially with the contextual awareness of digital assistants. In the financial services sector, we still have a long way to go, as many experiences are very generic and irrelevant. This will be a key frontier going forward.”

Spearheading that new frontier are several startup and unicorn fintechs – those flexible, innovative organisations at the forefront of the latest technology and financial services. According to Hansen, the personalisation of financial services through the application of new technology is a key differentiator between incumbents and startups. “A fundamental principle in any business is, naturally, knowing your customer; fintech is no exception to that rule.

Once you reach that point, everything you do with that knowledge needs to be personalised, and now, new technologies that have commoditised machine learning, clustering and prew w w.f i nte c hma ga z i n e. com

55

LEADERSHIP

56

diction are making that possible.”

Hansen explains that those businesses that are new to the market have an advantage over incumbents, their nimbleness and small scale allowing them to implement new technologies more rapidly than those legacy organisations that “have the history and robustness of data, but just haven’t organised it to be useable”. Some firms, he believes, can move quickly to define new solutions and capture markets, but “some of the realities of the industry NOVEMBER 2019

“ WHOLESALE DATA AT CLOUD COST AND SCALE HAS MADE THE PREVIOUSLY IMPOSSIBLE – OR, AT LEAST, IMPRACTICAL – EASILY ATTAINABLE” Kris Hansen Chief Technology Officer Portag3 Ventures

if Accenture’s latest work is to be believed. For Hansen, the focus on personalised financial services isn’t going to abate. “As consumers continue to expect a more personalised experience the concepts themselves will need to be challenged. As an industry, we tend to like to structure products into decades-old categories like checking, savings, investments and so on, but with personalisation these lines will blur and people will simply get the features they need.

“I expect that simpler and more transparent products will evolve, which demonstrate new ways of thinking in financial services. Apple didn’t just and which fintechs have to integrate

create the first digital music player, it

with are a half century old and move at

revolutionised music with the iPod –

a glacial pace. One of the challenges of

it was the simplicity and form of the

being part of a fintech firm is to be able

device that captured the imagination of

to move with alacrity yet remain pinned

consumers. We have yet to really see

down waiting for industry incumbents

this in financial services, but I’m very

or regulations to evolve. Managing this

confident that we will.”

and still getting new features into customers’ hands quickly is increasingly becoming a fine art.”

The implementation of that “fine art”, will very likely change the face of the industry for incumbents, certainly w w w.f i nte c hma ga z i n e. com

57

T O P 10

58

NOVEMBER 2019

MOST DIGITALLY ADVANCED BANKS As an ongoing digital transformation sweeps across the financial sector, traditional banks are increasingly embracing new digital innovations.

FinTech magazine analyses the top 10 most digitally advanced banks based on Juniper Research’s Futureproofing Digital Banking 2018 report WRIT TEN BY

MARCUS LAWRENCE

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

59

T O P 10

60

10

BNP PARIBAS [ France ]

BNP Paribas is the world’s eighth-largest bank by assets. The company’s 2017-2020 business development plan lays out aims to significantly grow its investment in technology to US$3.2bn over that period. “More and more of our clients want to do operations online rather than face-to-face,” Jean-Laurent Bonnafé, Chief Executive at BNP Paribas, told the Financial Times. In line with consumer demands, the investment strategy is enabling BNP to accelerate the transition to digital banking while cutting costs by closing physical branches.

NOVEMBER 2019

09

61

JP MORGAN CHASE [ USA ]

Of the world’s leading financial institutions, JP Morgan Chase has one of the biggest technology budgets. In 2018, according to Research and Markets, the company allocated US$10.8bn for tech spending, with $5bn being set aside for fintech investment. JP Morgan Chase’s mobile offering is regularly updated to reflect customer demand for personalisation and ease of use; the firm frequently collaborates with fintech leaders to keep it at the forefront of technological changes; and it is involved in exploring, investing in and developing technologies in areas including blockchain, AI, Big Data, cloud and robotics.

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

Building an ecosystem?

Connect the dots. “Your journey to cloud must navigate pitfalls and opportunities that are unique to your business. We support you in imagining and delivering your cloud journey and making it run�.

Eric Meistermann, Deloitte Partner in charge of AXA Group

08

63

BANCO SANTANDER [ Spain ]

Spanish banking giant Santander announced in April this year that it will invest â‚Ź20bn in technology over the next four years, significantly upping the ante in its transformational efforts.

Through its investment strategy, Santander is expanding its customer-facing digital offering in many ways, including: the introduction of an open-market international payments service, dubbed Pago FX; the expansion of its Brazilian subsidiary, Getnet, to deliver a Global Merchant Services Platform; and a platform that will ease international trading for SMEs.

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

T O P 10

64

07

HSBC [ UK ]

According to the South China Morning Post in April 2018, HSBC invested US$2.3bn in its global digital capabilities between 2015 and 2017.

HSBC also set aside $200mn for investment in fintech opportunities.

The results of its investment are apparent to retail, business and corporate customers alike. HSBC has integrated SWIFT’s global payments innovation (GPI) service into its HSBCnet Track Payments feature, customers are able to log into their account via biometric security options, and it has launched an app known as MyDeal which gathers data from capital markets transactions for easy viewing.

NOVEMBER 2019

06

65

BARCLAYS [ UK ]

Over the past decade, Barclays has invested heavily in its technological capabilities and digital offerings. In the UK, where it is headquartered, the firm’s Digital Eagles programme has been digitally upskilling the public since 2013; its mobile banking app is the most popular in the UK; it has deployed a Paym-compatible payment facility known as Pingit which enables money to be transferred to friends and family with just a mobile number; and branches around the country have been retrofitted with self-service machines to expedite simple banking processes for millions of customers.

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

AT HARBOUR IT, WE GIVE OUR CUSTOMERS THE FREEDOM TO FOCUS ON WHAT MATTERS MOST Learn more

đ&#x;˘’đ&#x;˘’

Harbour IT are proud to partner with Ooh! Media on their IT transformation journey.

At Harbour IT, we give our customers the freedom to focus on where it matters and not be slowed down by IT capability challenges. Known for our knowledgeable and personable service, we offer the most secure and flexible hosted and managed cloud offerings available in the Australian market.

harbourit.com.au

Harbour IT is proud to partner with Ooh! Media on their IT Transformation Journey. Our unique difference is being large enough to provide customers with extensive expertise, established processes and advanced enterprise level solutions, yet small enough to be hands-on and deliver the high-touch customer service that you demand.

05

67

BANK OF AMERICA [ USA ]

Bank of America’s digital transformation has yielded a number of exciting solutions for its customers. Erica, its AI-powered financial digital assistant, completed 50mn client requests in its first year of operations, while incremental upgrades to its online and mobile banking capabilities ensure its customers have a seamless, tactile experience with all of its services. In May of this year, the app was recognised by research firm Forrester as a leader in the USA, with Erica’s integration being a core component of the app’s success.

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

T O P 10

68

04

UNICREDIT [ Italy ]

In order to create the “bank of tomorrow”, UniCredit established a Transformation and Innovation advisory board in January 2019.

Comprised of internal and external experts, the board includes Theresa Payton, former White House CIO, and Eileen Burbidge, special fintech envoy to Her Majesty’s Treasury in the UK, among others. At present, it is in the midst of its Transform 2019 strategy, which seeks to modernise its operational model through branch closures, adopting a lean structure, and reviewing its products and services to ensure customers have access to market-leading solutions.

NOVEMBER 2019

03

RBS GROUP

69

[ UK ]

The partly state-owned RBS Group has been rejuvenating its customer offering with the latest in tech and fintech solutions. In 2018, RBS implemented an array of technologies to improve the customer experience, including: Bankline, a solution which streamlines payments, offers customisable dashboards and expanded navigational functions for corporate and retail banking customers; a Talking ATM solution which enables blind and partially-sighted customers to operate ATMs independently; RPA solutions added to its back end that are expediting customer queries through intelligent data handling; and the introduction of secure digital applications for loans that provide answers within 24 hours.

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

T O P 10

02

DBS BANK

[ Singapore ] With the tagline ‘Live more, bank less’, DBS Bank’s transformational aims are clear: to make its processes as simple, secure and efficient as possible for its customers. In 70

December 2016, Forbes called DBS the ‘Best Digital Bank in the World’ and, in 2019, Harvard Business Review named it in the top 10 most transformative companies in the world. Through a goal of ‘making banking invisible’, the company has adopted what it calls a startup mentality; casting off traditional banking models in favour of integrating digital technology through all of its operations and applying customer centricity into every stage of their journeys.

NOVEMBER 2019

71

CLICK TO WATCH : ‘IN A FUTURE NOT SO FAR AWAY...’

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

T O P 10

72

CLICK TO WATCH : ‘BBVA: A BRAND FOR THE DIGITAL AGE’

NOVEMBER 2019

01 BBVA

[ Spain ] Named by Juniper as the world’s most digitally mature bank, BBVA’s transition to digital banking is certainly garnering incredible success. Solutions have been developed across customer journeys based on the top fifty reasons they enter a branch, with the resultant streamlined, effective products being reusable across its operational markets. According to CEO Onur Genç in 2019, the bank’s digital sales accounted for 57% of its total in Q1, and the bank is on course to have 50% of its customers registered for mobile banking by the end of the year. Digital is driving business growth too, with 4.6mn active digital clients representing an 8% increase since 2017.

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

73

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

The biggest events and conferences around the world for fintech leaders

4–8 NOV 2019

Hong Kong FinTech Week 74

11–15 NOV 2019

Singapore FinTech Festival [ SINGAPORE ]

[ HONG KONG & SHENZHEN ]

In 2018, the week-long event was

The world’s first cross-border fintech

attended by 45,000 participants from

event, the week takes place in both

130 countries – this year, it is only set

Hong Kong and Shenzhen, China. Each

to grow. Singapore FinTech Festival is

year, the week includes more than

sponsored by the likes of Deloitte,

10,000 senior executives and features

Google Cloud, VISA and Amazon

over 250 fintech founders, investors,

Web Services. The world’s largest

regulators and academics. Notable

fintech event, it includes startups,

previous speakers have included

policymakers, financial and technology

Ant Financial CEO Eric Jing, Ping An

industry leaders and more. The festival

Executive Vice President Jessica Tan

is organised by the Monetary Authority

and Standard Chartered regional CEO,

of Singapore (MAS) in partnership

Benjamin Hung. Last year, the week

with The Association of Banks in

was sponsored by many big names

Singapore, and in collaboration with

including Standard Chartered Bank,

SingEx Holdings. Key highlights of

Citi, Tencent, PwC and Finastra.

the festival include the AI in Finance summit and the FinTech Awards.

NOVEMBER 2019

EDITED BY

AMBER DONOVAN-STEVENS

29 NOV 2019

18–19 NOV 2019

[ MUMBAI, INDIA ]

[ LONDON, UK ]

The India FinTech Forum (IFTA) 2019

300 delegates are expected to con-

is now in its fourth year. Over 500

gregate in Kensington Town Hall,

attendees are due to gather from 250

London, in November for the Fintech

institutions to network and collaborate

World Forum 2019. There are cur-

on future innovations. The event will

rently 25 speakers and panelists who

also host the prestigious fintech awards

represent a number of well-known

for innovations from fintech compa-

companies including: IBM, Starling

nies, the winning startup of which, will

Bank, Mastercard, HSBC, Aviva, Tide,

be invited to be a part of Paris FinTech

Sky Betting & Gaming, and Citi.

Forum 2020. Judges and speakers

Keynotes include: Regulatory chal-

include: Pawan Bakhshi, India country

lenges in the Fintech Market,

lead for the Bill & Melinda Gates

Tokenisation and Stablecoins, PSD2

Foundation; Louise Smith, Head of

and the security of apps, asset and

Design and Transformation at RBS;

wealth management, global innovation,

Yashish Dahiya, CEO & Co-Founder

and building trust in financial services.

India Fintech Awards

Fintech World Forum

of PolicyBazaar; among many more.

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

75

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

The biggest events and conferences around the world for fintech leaders

3–4 DEC 2019

Fintech Connect [ LONDON, UK ]

76

4–6 DEC 2019

Fintech Connect has been described

Money 20/20 China

by Barclays to be “the best place to

[ HANGZHOU, CHINA ]

learn about the latest trends, concerns

This edition of money 20/20 is com-

and enhancements in the fintech

mercially focused in order to assist

space”. The 2019 event will be held at

business expansion within China.

ExCel London, and over 6,000 mem-

This will be provided over the course

bers of the fintech community from

of three days, as over 300+ speak-

80 countries will be in attendance to

ers will host discussions across 11

showcase new products. The goal

hot topics in finance today. One of

of the conference is to provide a net-

the key speakers includes Apple

working space to delegates of major

co-founder, Steve Wozniak, who

financial firms to enable informed

will share his insight into the latest

buying decisions. With six major con-

trends, as well as his predictions

ferences in place, discussions will

for “the next Apple.” According to

focus around the key components

the event information, 1 in 4 of the

of fintech: digital transformation, pay-

delegates in attendance are of

ments, financial security, regtech and

C-Suite executive-level or higher,

blockchain. There will also be 50 tech

providing excellent networking

demos, showcasing the latest inno-

opportunities to build and learn

vations from fintech startups.

with fintech peers.

NOVEMBER 2019

EDITED BY

AMBER DONOVAN-STEVENS

7–10 JAN 2020

7–10 JAN 2020

[ LAS VEGAS, USA ]

[ LAS VEGAS, USA ]

Now running for a fifth consecutive year,

The event will focus on how AI, AR and

the Digital Money Forum will last four

VR are transforming the retail industry.

days and focus predominantly on inno-

Retailers, buyers, hardware and display

vation and the transition to blockchain

manufacturers, POS systems, and

within finance. Trends of focus include:

other bodies of the E-Commerce com-

AI, 5G, Biometrics, RoboAdvisors,

munity. The 2019 event hosted speakers

Crypto, Blockchain, cybersecurity,

such as Feng Cheng, CEO and

interfaces and voice recognition.

Co-Founder, Linc Global; Michael

The event is said by Michael Casey,

Childers, Chief Consultant, Content

co-author of the Truth Machine, former

& Media Strategy, Lufthansa Systems;

Wall St. Journal reporter, CoinDesk and

Gene Han, VP, Innovation, Target;

MIT Cryptocurrency Advisory Boards

Maureen Conners, CEO, Conners

to “involve nothing short of a social

Consulting; Heidi Forbes Öste, CEO,

revolution, one in which various cultures,

2BalanceU, as well as a number of

Silicon Valley startups, financial profes-

other c-level executives who shared

sionals and electronics engineers

their insight into meeting the customer

and marketers, must come together.”

needs of price, convenience, experi-

The Digital Money Forum at CES

High-Tech Retailing at CES

ence, privacy and loyalty.

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

77

78

NOVEMBER 2019

Envoy Mortgage RIDING THE DISRUPTIVE WAVE OF MODERNISATION

79

WRITTEN BY

GEORGIA WILSON PRODUCED BY

SHIRIN SADR

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

ENVOY MORTGAGE

FinTech Magazine speaks to Dan Mulberry (CIO, Envoy Mortgage) to discuss riding the disruptive wave of modernisation

F

ounded in 1997, Envoy Mortgage is a national retail mortgage lender, operating in 49 states and originating

approximately $3bn annually. Envoy Mortgage 80

focuses their efforts in the distributed retail sector in order to best serve customer and referral partner needs.

Two years ago, Envoy Mortgage was bought by a private equity investment firm. Envoy CIO, Dan Mulberry, describes the firm as a “very committed partner.” The company provides a strong capital base for Envoy and maintains a forward-thinking vision as it embraces change in order to remain viable in present and future markets.

Mulberry ensures that Envoy also adapts to a forward-thinking mindset when it comes to their technology ventures. He is the key component to Envoy’s shift from older core technology to defining a transformative path for the company, integrating processes and updating

NOVEMBER 2019

81

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

Smarter Mortgages From Application To Close The Cloudvirga Digital Mortgage Platform uniquely combines a world-class borrower experience with an automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan.

Learn More

cloudvirga.com/contact-us

cybersecurity. These technological

couple of years these regulations

advancements have allowed Envoy to

have loosened and were replaced by

adapt for the future.

increased scrutiny from state regula-

“Culturally the mortgage industry has a history of being very slow to make changes. This was partially

tors,” says Dan Mulberry, Envoy’s chief operation officer.

Envoy Mortgage currently operates

driven by the financial crash as new

in 49 states across the United States,

regulations came into place and took

resulting in strict mortgage require-

precedent to ensure compliance

ments from each of those states.

with federal, state and local govern-

Therefore, it is imperative that Envoy

ments. After the Financial Crisis,

remains at the forefront of evolving

the Consumer Financial Protection

technology in order to diminish the

Bureau (CFPB) really stepped up and

ongoing challenge of catering to mul-

added new regulations and increased

tiple complex regulations.

enforcement. However, in the last NOVEMBER 2019

“Over the years, when businesses

CLICK TO WATCH : ‘LOVE YOUR MORTGAGE EXPERIENCE WITH ENVOY’ 83

“ Our vision is to be a leader. We want to be sure we are offering loan officers the best industry tools” — Dan Mulberry, CIO, Envoy Mortgage

invest in modernisation, it is usually for front-end developments. This advancement gives consumers the ability to complete business online,” adds Mulberry.

With continuous entrants into the market space, Mulberry believes it is crucial to remain ahead of the curve when it comes to any modernisation.

“We haven’t been disrupted yet, but it is only a matter of time. Because of this, we need to be at the forefront of technology. Improving our tools and processes makes it easier for our loan originators to improve w w w.f i nte c hma ga z i n e. com

84

“We haven’t been disrupted yet but it’s only a matter of time” — Dan Mulberry, CIO, Envoy Mortgage

NOVEMBER 2019

efficiency,” says Mulberry.

automation,” explains Mulberry.

Currently, machine learning, arti-

In recent years, Envoy focused

ficial intelligence (AI) and OCR for

on RPA to integrate its front and

data conversion are being used for

back-end systems, which was a “very

front-end services. However, Envoy’s

beneficial, quick win” that eliminated

goal is to also utilize these applica-

manual processes. Since then,

tions for back-end processes.

Mulberry and Kim Hoffman, Envoy

“One of the main issues faced

COO, have implemented Cloudvirga,

within the mortgage industry is the

an advanced point of sales system,

manual processing of multiple state-

as part of a two-fold modernisation

ments and third-party data, opening

process of integration and automa-

up the possibility for human error.

tion. Once fully operational, the

We want to eliminate glitches to

system will give customers a powerful

increase the integrity of data with

self-service option, allowing Envoy to

Dan Mulberry

E XE CU T I VE PRO FI LE

Having worked in the mortgage industry for over 35 years, Dan specializes in leveraging technology to maximize efficiency and profitability, while improving customer experience.

His expertise extends to technology discovery, process improvement and digital adaptation, while consulting executive leadership teams on industry-leading and forward-thinking initiatives.

Dan began his tech career in the finance and capital markets sector and his experience has included running secondary marketing for a top lender, as well as holding various SVP roles strategizing and managing all B2B technology and implementation. w w w.f i nte c hma ga z i n e. com

85

ENVOY MORTGAGE

1997

Year founded

$20.mn+ Approximate revenue

1,300

Approximate number of employees 86

NOVEMBER 2019

impacting the mortgage origination experience. The business selected ClaySys as a strategic partner for RPA, supporting it through the deployment and configuration of the ClaySys RPA Genie platform. This platform has enabled the automation of processes touching both internal systems and people at Envoy, and external, third-party systems tied to the process. Envoy also leverages ClaySys’ RPA domain expertise to re-invent certain key process configurations that significantly enhance the customer experience.

“Ultimately, Envoy’s shift towards automate pricing, rate locks, generate

modernisation is about helping loan

disclosures and payment of appraisal

originators conduct business effi-

fees, removing these manual tasks

ciently in the way that best fits their

from loan originators and making it

marketplace and the product mix they

easier for them to conduct business.

are going after, while ensuring its pro-

Additionally, Cloudvirga will give loan originators a simple platform to view all applications and uploaded

cesses are standardized and automated where possible,” explains Mulberry.

Mulberry believes that human

documents in one central location, with

interaction will never cease but is

clear indication of any outstanding

continuously evolving. With the use of

documentation needed to increase

automation, the way loan originators,

submission efficiency to underwriters.

assistants and processors interact

Embracing RPA has enabled Envoy to automate multiple key processes

will change to become more consumer focused. Eventually, in the next w w w.f i nte c hma ga z i n e. com

87

ENVOY MORTGAGE

88

“ We want to be at the forefront of technology, improving our tools and processes, making it easier for people in the field to do their job” — Dan Mulberry, CIO, Envoy Mortgage

three to five years, Mulberry wants to see a process where AI pulls most data required and consumers provide minimal information.

“The mortgage process will never be like an auto dealership where you walk in, apply for the loan and sign the papers within an hour, because compliance does not work like that, but we do believe that the process can be automated for the bulk of loans where consumers are only required to schedule the closing within the compliance time period,” says Mulberry.

NOVEMBER 2019

89

Looking to the future, Mulberry’s

out modern capabilities, such as,

vision for Envoy is that the company

intelligent workflow, real-time data

becomes a leader in adopting new

analytics, predictive analytics, block

technologies as they become read-

chain and automation for its underwrit-

ily available. “We want to be sure we

ing processes. Simultaneously, Envoy

offer our loan originators the best

remains hyper focused on stimulating

tools in the industry, so we are focus-

innovation by identifying pain points

ing on ensuring we have a core open

within the business to improve its

architecture platform that allows the

offerings to the mortgage industry and

integration of tools and capabilities we

ensure precise time management.

need to achieve our journey towards automation, transformation and modernisation,� notes Mulberry.

In addition, Envoy is planning w w w.f i nte c hma ga z i n e. com

90

NOVEMBER 2019

91

Redefining healthcare through innovation WRITTEN BY

PRODUCED BY

MATT HIGH MIKE SADR w w w.f i nte c hma ga z i n e. com

PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T

Partners Behavioral Health Management is changing the way that healthcare is delivered, as Jamie Gianna explains

T

ransformation. It is a word that’s rapidly becoming synonymous with any multitude of industry sectors worldwide. And while

any transformation represents a game-changing journey for a business and its employees, few have the potential to be as significant as that which 92

Partners Behavioral Health Management is undergoing. The North Carolina-based managed care organisation (MCO), established around seven years ago, is currently in the midst of a digital transformation journey that has the potential to change how healthcare in the United States is defined and paid for.

It is, confesses Chief Information Officer Jamie Gianna, both an “exciting and scary time” for the organisation and the state of North Carolina. North Carolina pioneered a public Medicaid managed care system for behavioral health and intellectual/ developmental disabilities in 2011. Next year, the state will move to an integrated healthcare approach for all individuals who rely on the public system for care. “We are right in the middle of developing and introducing many things that no one else has previously done before or even considered in terms of NOVEMBER 2019

93

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

PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T

“ We are leveraging the very latest and most innovative technologies that will position us as a true leader in managed healthcare”

94

— Jamie Gianna, Chief Information Officer, Partners Behavioral Health Management

the way in which managed healthcare services are provided. In doing so, we are leveraging the very latest and most innovative technologies that will position us as a true leader in managed healthcare, both in North Carolina and beyond.”

Gianna is responsible for leading Partners’ digital transformation.

He sits as a member of the Partners Operational Leadership Team, and rather succinctly describes his work as “trying to understand the organisation’s strategic targets based on the information and direction we get from the North Carolina General Assembly and North Carolina Department of Health and Human Services; while finding the right tools to fit and to meet those requirements.” In reality, Gianna is charged with strategic planning, leading mission-critical business initiatives and organisational objectives, and driving change that will result in improved customer service and go a long way towards achieving better healthcare provision for the population of North Carolina.

Partners is a public, regional managed care organisation, overseeing

NOVEMBER 2019

CLICK TO WATCH : ‘PARTNERS | SUCCESS STORY: ILIANA’ 95 mental health, substance use disorder

of the whole person, which is a big

and intellectual and developmental dis-

driver behind our transformation.”

ability (I/DD) services available through

The purpose of Partners’ digital trans-

Medicaid, state and county funding.

formation, explains Gianna, is a focus

The organisation, Gianna explains, con-

on understanding the overall health and

tracts with care providers to ensure

healthcare needs of specific popula-

that treatment options are available

tions through leveraging technologies

for eligible residents across the state.

such as procurement platforms, predic-

“North Carolina is a large state,” he

tive analytics tools, and the integration

says. “The population is close to 11

of the organisation’s services network

million, and one in every 10 is eligible

so that it can manage the right services

for publicly-funded behavioral and I/DD

at the right time for its health plan

managed care. However, the system

members. “First and foremost, we

currently in place focuses on a portion

recognise that we need to be very agile

of a person’s wellbeing, instead

and mobile,” he notes. “The first target w w w.f i nte c hma ga z i n e. com

When people, systems and data work in harmony, a real, positive impact can be made on the health of individuals and populations.

Learn More

care management technology solutions

Request a Demo

info@casenetllc.com 781.357.2700

Technology solutions.

Delivered.

Enterprise Systems is an expert systems integrator for Cloud and Premise Data Center, Voice, Phone Systems, Video, Contact Center, Wired and Wireless Network and Network Security.

Learn More

877 343 1212 www.enter-sys.com

was driven from a population health and

Office 365 – so that, at any place and

predictive analytics perspective, which

at any time, anyone within Partners’

focused on understanding what our

executive team could access all the

total cost of care looks like, what do the

data and information. The transforma-

state’s population and demographics

tion journey is still ongoing, with Gianna

look like, and how that fits into the wider

outlining steps two and three, as well

financial and health strategies that we

as a longer-term vision. These steps

have. Having the ability to really get our

include “sourcing a trifecta of procure-

arms around that data and turn it into

ment management tools, including tools

something useful, meaningful and with

for population health and predictive

real purpose had to be the first step.”

analytics that can create health risk

To do this, two years ago, the organisation moved to the cloud – specifically,

scores, as well as portals for users and a platform that allows integration across 97

E XE CU T I VE PRO FI LE

Jamie Gianna Gianna is known for a tireless work ethic, energetic presentation, and hands-on approach to consultative solutions. Gianna has blazed a trail of achievement across industry sectors including healthcare, insurance, finance, legal, professional services, and professional sports.

While he is an accomplished C-Suite executive, he is best known as a proven player with a history of reliable, dependable performance, innovative and future looking solutions — leveraging leadership and technical expertise. He has an MBA from the University of Maryland and engaged in his doctorate in Organizational Management. Currently resides in Charlotte, NC.

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

PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T

“ First and foremost, we recognised that we needed to be very agile and mobile” — Jamie Gianna, Chief Information Officer, Partners Behavioral Health Management

98

NOVEMBER 2019

99

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

PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T

2013

Year founded

$326mn Approximate revenue

460

Approximate number of employees 100 North Carolina’s ‘healthcare universe’.

We have been able to find and apply all the tools we need,” he states. “We are in the process of implementing them – the first ‘finishing line’ is imminent.”

The scale of change within the state has placed North Carolina at the forefront of healthcare reform which, according to Gianna, “is what everyone is trying to achieve. The whole purpose – initially – is to collect and analyse as much data as possible, to really be able to understand exactly what the costs involved are and to ensure that every member can be cared for to the very best standard. That target

is phenomenal, and if we pull it off it will be huge.”

Somewhat understandably, such change has required a significant realignment of structure and resources internally. This, says Gianna, hasn’t been easy and has proved a challenge at times. “We’re an organisation that, for some years, has had a lot of processes. We haven’t used specific tools and systems and have required people to really get on board with the new tools and understand the scope of the change. It’s all about introducing a new perspective. It is, after all, a fundamental aspect of being human: you either change and progress, or you don’t.

Of course, it helps to know that the endgoal of our transformation is to achieve something truly good for many people.

Working in healthcare and understanding the impact on the families we serve definitely changes the way in which you approach your work. Everyone on my team could go and work in other places and quite easily be very comfortable, but we’d never have the same sense of satisfaction that we get from helping people’s lives. That’s what matters the most.” w w w.f i nte c hma ga z i n e. com

101

PA R T N E R S B E H AV I O R A L H E A LT H M A N A G E M E N T

102

“ I would love to be able to collaborate with other organisations and to share the lessons learned across the state so we can deliver the very best standards of care” — Jamie Gianna, Chief Information Officer, Partners Behavioral Health Management NOVEMBER 2019

As with any transformation journey, there is still a lengthy road to travel for Partners. The organisation is on the cusp of achieving significant change yet, for Gianna, other technologies could also come into play in the future. “I’m already considering how we could use AI and machine learning for managing and analysing our data, for example.

As we move through our journey, we will collect so much data. We are already focused on how we really leverage the technologies available to provide the best possible answers for that data.

There is still a great deal to do but, looking further ahead, I would love to be able to collaborate with other organisations and to share the lessons learned so we can deliver the very best standards of care.�

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

103

104

Technological empowerment for businesses and leaders WRITTEN BY

OLLIE MULKERRINS PRODUCED BY

JORDAN HUBBARD

NOVEMBER 2019

105

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

IBL TOGETHER

IBL Together recently formed from GML and Ireland Blyth, two major conglomerates, as Group Information and Technology Executive Laurent Fayolle explains

G 106

ML and Ireland Blyth merged to form IBL Together in July 2016, retaining the name of the latter to maintain brand familiar-

ity. Today, IBL Together has grown to encompass an incredibly diverse portfolio across a number of industries, from manufacturing to banking and beyond, with over 280 companies and more than 26,000 team members. In 2016, Laurent Fayolle, formerly GML’s Business Technology Manager, took on the role of Group Information Technology Executive at IBL Together. In this role, Fayolle is tasked with heading and restructuring the Group IT department.

After the merger, a complete revamp of the governance model was started and the team had to be restructured to cater for this new governance to be rolled out across the various companies. As Ireland Blyth and GML both had completely different IT governance models, Fayolle explains, “on one side

NOVEMBER 2019

107

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

IBL TOGETHER

“ A person should be more empowered to tackle their problems inside a clear and defined framework” — Laurent Fayolle, Group Information & Technology Executive, IBL Together, Mauritius

we had a completely decentralised model, and on the other we had a much more centralised model, as well as a consequent team to manage and operate the IT activities. A new mandate had to be defined towards a ‘First-time right’ approach.” This, he says, meant that each step had to be carefully considered in order to minimise disturbance to the business and its teams.

Solutions had to be tailor-made for each challenge, to allow for the diversity of IBL’s various operations, while maintaining a stable work process.

108

Each operation, Fayolle notes, had to be granted more autonomy, or “empowerment” to heighten focus on the core business. “Our model had to become more decentralised.

It became more about empowering IT managers to make these decisions for themselves. As a group, we can’t decide what’s best for business better than those that are directly involved on a daily basis. As IT strategies should always be aligned with business strategies, it doesn’t make sense for the Group IT department to make business decisions when, instead, a team can be more empowered to tackle its NOVEMBER 2019

CLICK TO WATCH : ‘IBL ANALYST MEETING PRESENTATION OCTOBER 2019’ 109 business challenges inside a clear

don’t think there is any one-size-fits-all

and defined framework.”

solution and I don’t think there ever will

IBL has a diverse portfolio which has

be. We have to fine-tune our approach

allowed Fayolle to assess each aspect

to accommodate each company’s

of the business on its own merits, meas-

subtleties.”

ure each problem individually and then

The transformation has not been

target necessary solutions. He explains:

carried out solely by IBL Together,

“We are so diverse that it doesn’t make

with expert partners being brought

sense to have a single set of tools. Do

in to tackle specialised areas of change.

we really need a single governance for

This is particularly the case for cyber-

all the entities in the group? Some need

security, which has been a key focus

a higher level of autonomy than others

of IBL’s efforts in recent times, and

because they are much more mature

Fayolle has worked to find the right

and have been doing great on their

partners to provide the necessary

own for years. Some need more help. I

solutions. “I approach it from the w w w.f i nte c hma ga z i n e. com

ARE YOU IN THE

DRIVING SEAT ?

Loss

Profit

Market Share

Sales lead

Gross Revenue

FRCI has been empowering businesses for more than 30 years.

We use technology as an enabler to create solutions that cover the key stages of the whole customer value chain.

FRCI has been empowering businesses more than 30Analytics. years. Customer Business Solutions.for Mobile Apps.

Data We use technology as anExperience enabler Strategy. to create solutions that cover

the key stages of the whole customer value chain.

Business Solutions. Mobile Apps. Data Analytics. Customer Experience Strategy.

Driving your business to the next level. www.frci.net www.frci.net

“ Data is the new oil, but I think that is only true if you can get useful information from the data you own” — Laurent Fayolle, Group Information & Technology Executive, IBL Together, Mauritius

mindset of ‘I don’t want to talk about possible solutions, I want to talk about the best partners bringing solutions that will help us create value’. It always comes down to asking who our partners are and what needs we have. We want partners with a high level of ethics, competence and willingness to create value by partnering with IBL. You know it’s a ‘win-win’ when you can challenge a partner and they can use their skills to match your expectations.”

The analysis and distribution of data has become the foundation for change

E XE CU T I VE PRO FI LE

Laurent Fayolle, Group Information & Technology Executive Young, experienced IT executive who embraces evolution in the Information Technology and services industry. Fayolle consistently leads his team with a ‘First-time right’ approach, and keenly adheres to the concept of ‘Technology as a Business Enabler’ and the significant impacts it can deliver for profitability and growth. Laurent loves spending time with his wife and two young children, as well as travelling, playing soccer, cooking and reading.

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

111

IBL TOGETHER

across a range of industries. In recent history, data processing was a manual process that involved heavy investment both in terms of manpower and money in order to be effective.

Today, businesses increasingly turn to modern, more efficient and effective solutions. Fayolle explains: “The expression I consider is ‘data is the new oil’. However, I think that’s only true if you can get useful information from the data you own. Without context – without it being interpretable – the data 112

is useless. Information is key.”

Companies must consider how they use those analytics to capitalise on

“ Securing data and making sure we know who can access it and for what purpose is absolutely imperative” — Laurent Fayolle, Group Information & Technology Executive, IBL Together, Mauritius NOVEMBER 2019

their potential. The implementation of automated processes can dramatically increase the operational efficiency of a company without having a huge impact on its overheads. “It’s much easier to work with data today thanks to AI and machine learning working with AIaaS, all whilst doing this for a small amount of money compared to building your own platform,” Fayolle says. “Our duty is to understand our data and make the best use of it, but to also ensure we

1972

Year founded

$1bn+ Approximate revenue

26,000

Approximate number of employees

have a proper data classification pro-

information in the wrong hands can

cess to better protect what should be

be extremely harmful. Securing the

protected.”

data and making sure we know who

The inter-connectivity of cloud-based

can access it and for what purpose is

data analytics, AI or machine learning

absolutely imperative. As James Snook

can present its own issues with regard

once said, if you think you haven’t been

to cybersecurity. As threats become

attacked yet, it’s because you aren’t

more credible as technology evolves,

looking hard enough.”

companies must be able to protect the information they hold. Speaking on the importance of cybersecurity, Fayolle says: “We can never forget that w w w.f i nte c hma ga z i n e. com

113

Strength In Numbers.

Stand Safe With Us.

Your Possibilities Delivered.TM In the past year, PSCU has saved credit unions more than $200 million in fraud losses, continuing our 40-year reputation as an industry leader in risk management. The latest technology, custom fraud mitigation rules, cross-network analytics, and proactive monitoring keep us present at every point of attack. That way, you don’t have to be.

Payments ▪ Risk Management ▪ Digital Banking ▪ Analytics ▪ Loyalty Mobile ▪ 24/7/365 Contact Center ▪ Strategic Consulting

pscu.com 844.367.7728