FinTech Magazine – September 2019

CUSTOMER-FOCUSED DIGITAL TRANSFORMATION JOURNEY www.fintechmagazine.com

SEPTEMBER 2019

LEVERAGING THE POWER OF AI AND MACHINE LEARNING

SPEARHEADING A CUTTING-EDGE VIRTUAL BANK

Changing customers’ lives through personalised digital experiences

How the financial giant’s groundbreaking virtual bank is redefining Hong Kong’s financial sector IDENTITY GOVERNANCE COMPANIES

FOREWORD

W

elcome to the to the

Manulife is making innovation “the

September edition of FinTech

new normal”, and the customer-

magazine.

Digital bank. Two words that are heard with increasing regulatory in

centric digital plan that is seeing Guild Group transform the lives of women and their families in Australia.

the financial sector, as companies

We feature an in-depth interview

large and small seek out new ways

with Andy Li, CEO of Singapore and

to innovate, to disrupt and to engage

Beijing-based FinTech Silot.AI,

with customers. However, in our

who explains in more detail why the

cover story this month we find out

future of banking lies in seamless

how Standard Charter is taking its

connections and the building of trust.

FinTech innovation one step further.

Our Top 10 this month runs down

Managing Director & Regional Head of Retail Banking, Greater China & North Asia, Samir Subberwal, tells us how the financial giant’s virtual

the leading companies making a difference when it comes to client security.

Do you have a story to share? If so,

bank is radically reimagining its entire

please get in touch at

business model, including seeing

matthew.high@bizclikmedia.com

new tech built from scratch and redefining the customer onboarding experience dramatically.

Enjoy the read!

Matt High

The issue also takes a look at transformations across the sector, including how Vietnam-based w w w.f i nte c hma ga z i n e. com

03

From Inspiration

to Innovation

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

PRESS PLAY! 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 KIANICKOVA 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

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

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

PUBLISHED BY

FOLLOW US!

CONTENTS

12 Spearheading a cutting-edge virtual bank

38 BREAKING DOWN THE SILOS FOR THE NEW GENERATION OF BANKING

PREVENTING CONCURRENT FRAUD IN REAL-TIME PAYMENTS

48 The great shift towards a cashless society

56

66 IDENTITY GOVERNANCE COMPANIES

82 EVENTS

86 Sunshine Insurance Group

100 Manulife

114 Merchantrade Asia

128 Bank of New Zealand

158 Zurich Insurance Ltd.

144 Guild Group

12

Standard Chartered: Spearheading a cutting-edge virtual bank and a brand-new operating model WRITTEN BY

LAURA MULLAN PRODUCED BY

NATHAN HOLMES

SEPTEMBER 2019

13

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

S TA N D A R D C H A R T E R E D

With a ground-breaking virtual bank in the pipeline, Standard Chartered is showing it’s a true digital disruptor

‘

A

re you a leader or a laggard? Will you disrupt your sector or will you be disrupted?’ These are just some of the pressing questions

facing businesses across the globe, particularly in the fast-moving fintech sector. On the road ahead, it’s clear that innovation is set to maintain its blistering pace in the banking industry. In fact, Gartner has 14

even warned that digitisation will ‘make most heritage financial firms irrelevant’ by 2030. For many businesses, it’s a matter of pushing yourself to evolve before someone else does – and that’s exactly what’s on the cards for financial titan Standard Chartered.

With over a century’s worth of experience in the banking sector, Standard Chartered has a presence in 60 countries as well as more than 86,000 employees to its name. It has deep roots in the burgeoning Asian, African and Middle Eastern markets and as a result, Samir Subberwal, Managing Director & Regional Head of Retail Banking, Greater China & North Asia, contends the firm is poised for vast growth. “Whether it’s in Taiwan or India, China or Hong Kong, we are present in areas where the middle class and wealth are growing,” he enthuses. “We’ve played to our strengths in the SEPTEMBER 2019

15

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

S TA N D A R D C H A R T E R E D

“ Whether it’s in Taiwan or India, China or Hong Kong, we are present in areas where the middle class and wealth is growing” — Samir Subberwal, Managing Director & Regional Head, Retail Banking, Greater China & North Asia

market and we have aligned ourselves as a bank of choice for the affluent and emerging affluent.”

Speaking in the company’s sleek office in Hong Kong – a city hailed as one of the top three financial hubs in the world – Samir points out what the city’s growth has meant for the company since it first arrived 160 years ago. “We are a trusted partner for the people of Hong Kong,” he explains.

“We have over 70 branches in Hong Kong and we are one of only three note-issuing banks here.” Not one to rest on its laurels, Standard Chartered

16

SEPTEMBER 2019

CLICK TO WATCH : ‘SAMIR SUBBERWAL, REGIONAL HEAD, RETAIL BANKING, GREATER CHINA AND NORTH ASIA, ON UNIQUE FOOTPRINT AND DIGITAL ASPIRATION’ 17 is acutely aware that, in the banking world, you need to innovate constantly if you want to keep up with the competition.

The bank has taken this in its stride and decisively doubled down on its technology capabilities with its ambitious ‘Refresh Strategy’ that brings technological innovation to the fore. “As part of our enhancements, we launched a new chatbot and we’ve launched a new FX

Deniz Güven, CEO of the Virtual Bank by Standard Chartered with Samir Subberwal, Managing Director & Regional Head of Retail Banking, Greater China & North Asia

capability across the region. On top of this, we launched a new mobile funds capability and we’re revamping our mobile banking platform for our customers,” lists Samir. “We also launched QR cash, where w w w.f i nte c hma ga z i n e. com

“Using truly cloud native technology creates a completely different speed of development, allowing banks to launch and innovate far quicker.�

Paul Taylor CEO, Thought Machine

What the Standard Chartered team have been able to do in a few short months is quite unprecedented in banking.

They have set out to create one of the first, truly, virtual banks in Hong Kong.

Unwilling to wait for potential disruptors to enter the market, they are putting their future into their own hands.

Unwilling to play catch up, they are reimagining their entire business model. They are playing to win.

And we’re proud they selected Thought Machine as the core banking engine.

Learn more about Thought Machine

Follow us on

S TA N D A R D C H A R T E R E D

CLICK TO WATCH : ‘DENIZ GÜVEN, CEO, VIRTUAL BANK ON ON WHY STANDARD CHARTERED IS LAUNCHING A VIRTUAL BANK IN HONG KONG’ 20 you can withdraw cash out of an

shouldn’t anxiously wait for new

ATM using a QR code rather than

innovative products and services that

a card, and we rolled out real-time

could eat into their market share.

onboarding for customers in India

Instead, they should create their own

and Singapore last year.”

disruptive offerings – that way, if it

Yet perhaps the crowning jewel in

cannibalises the old proposition they

Standard Chartered’s digital strategy

won’t lose their market share. This is

is its cutting-edge virtual bank. In a

precisely what Standard Chartered

recent blog post, Deniz Güven, CEO

has done, setting out to create one

of the Virtual Bank by Standard

of the first virtual banks in Hong Kong

Chartered, urged businesses: “Canni-

which will act as a separate entity

balise yourself, otherwise, someone else

to Standard Chartered. It’s both a

will! You can delay the deadline but don’t

defensive and offensive move; with

be too late to build a ‘New Operating

a standalone virtual bank, Standard

Model’.” In essence, businesses

Chartered hopes to defend against

SEPTEMBER 2019

E XE CU T I VE PRO FI LE

Samir Subberwal Samir Subberwal is currently Managing Director & Regional Head, Retail Banking, Greater China & North Asia at Standard Chartered Bank. He has worked for the bank for over 20 years. In his role as Managing Director, Samir is responsible for developing business strategies, delivering financial performance, improving business efficiency, driving digital agendas, and enhancing organisational efficiency in the region. He is also responsible for ensuring opportunities to enhance shareholder value are identified through organisational and external growth with the optimal allocation of resources.

Prior to his current role, he was the Managing Director & Head, Retail Banking, Hong Kong. Samir was responsible for leading the overall development, implementation and delivery of a distinctive Retail Banking busines strategy and financial plans to ensure the businesses are managed in alignment with Group and regional policies and risk parameters. Samir originally joined the Group as an International Graduate and has since held a variety of increasingly senior roles across five different geographies over the past 20 years. In these markets, he has held roles across sales, business development product management & wealth management.

Samir was born in Mumbai, India, and gained an MBA in the USA. He is married with two daughters.

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

21

Banks reinvent themselves – GFT crafts the solutions to make this possible

A GFT is enabling Standard Chartered Bank to rapidly prepare for the launch of the Virtual Bank in Hong Kong. In this interview, Christopher Ortiz, Managing Director at GFT, speaks about the key role played by this pioneering technology consultancy.

How is GFT participating in the build of the Virtual Bank?

GFT has been working alongside Standard Chartered on this project from its inception in 2018. Today, our 25+ strong team dedicated to this project represents around 10% of the total number of people working on the launch of the Virtual Bank.

As a digitalisation and transformation software engineering consultancy, GFT primarily drives three areas in this project: DevOps / infrastructure, back-end development and missioncritical data infrastructure.

Why was GFT selected for this project?

GFT brings to the table a deep understanding of technology (in this case cloud technology), methodology (Agile and DevOps development) and financial services, which is a rare combination.

For over 30 years, we have been working with the largest tier 1 retail banks, investment banks and asset management companies to apply technology solutions to help solve their specific business challenges. Our consultants are certified in AWS, GCP and Azure cloud platforms. The teams have ensured the successful launch of various virtual banks and delivered around the world.

To find out more about how GFT can help you to transform your business, contact: > florian.becker@gft.com

About GFT A blog.gft.com twitter.com/gft_en linkedin.com/company/gft-group facebook.com/GFTGroup >gft.com

GFT is driving the digital transformation of the world’s leading companies. With strong consulting and implementation skills across all aspects of pioneering technologies, GFT’s clients gain faster access to new IT applications and business models.

CLICK TO WATCH : ‘SAMIR SUBBERWAL, REGIONAL HEAD, RETAIL BANKING, GREATER CHINA AND NORTH ASIA, ON SAMIR ON SUCCEEDING WITH PARTNERS’ 23 potential disruptors and proactively

a bank, apply and get personalised

take on incumbents in the fiercely

financial services on the go, in real time.

competitive banking market.

By pioneering a new financial revolution

Teaming up with travel-focused

and disrupting its very own business,

fintech Ctrip Finance, telecoms

Standard Chartered sees its virtual bank

provider HKT and its parent company

as the ticket to banking success because

PCCW, the bank has forged a new joint

not only does it offer a new proposition

venture. The JV in question, SC Digital

to the market, it’s also championing

Solutions Limited, has been granted a

a brand-new operating model.

licence by the Hong Kong Monetary

Deniz is well-equipped to lead the

Authority (HKMA) to create one of the

ambitious new virtual bank; in a

first virtual banks in the region. Virtual

previous role, working at Turkey’s

banking goes a step further than current

GarantiBank, he helped to spearhead

online banking services, enabling

the first mobile-only bank in the

customers to start a relationship with

country, iGaranti. He’s keen to stress w w w.f i nte c hma ga z i n e. com

S TA N D A R D C H A R T E R E D

24

SEPTEMBER 2019

“ Many people talk virtual banks, neo banks, challenger banks and digital banks, but we like to describe how we’re building a future operating model for Standard Chartered” — Deniz Güven, CEO and Executive Director of Virtual Bank by Standard Chartered

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

25

Read more about our work with Standard Chartered Bank in this issue

We put the tech in fintech Your job is hard enough. With Vacuumlabs as your engineering and design partner you can leave the tough tech problems to us and focus on delighting your customers. Some of the world’s leading banks, VC’s, scale-ups, and start-ups work with us every day.

Give us a call and find out why.

vacuumlabs.com

E XE CU T I VE PRO FI LE

Deniz Güven Deniz is an internationally recognised leader in driving digital transformations and bringing new digital banking experiences to audiences globally. As the CEO of the virtual bank by Standard Chartered Bank, Hong Kong, Deniz leads the team in building a smart bank to solve clients’ pain points with real digital services. The new banking model focuses on financial inclusion and fostering dynamic partnerships to create a comprehensive digital ecosystem.

Deniz joined Standard Chartered in 2017 as the Global Head, Design and Client Experience, where he oversaw client journey and optimizations, digital wealth, and collaborations with tech firms and start-ups.

Prior to joining Standard Chartered, Deniz served as the Senior Vice President at BBVA Group’s Garanti Bank in Turkey. During his role at Garanti, Deniz was responsible for end-to-end digital assets, as well as iGaranti the first mobile only bank in Turkey. Deniz played an important role which enabled Garanti to reach 5 million active digital customers and to grow their market share in Turkey. Deniz holds a Bachelor’s Degree in New Media and Communications from Marmara University and an MBA from Istanbul Bilgi University.

In addition to being a technology enthusiast, he enjoys yoga, writing and supporting the Besiktas Football Club.

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

27

S TA N D A R D C H A R T E R E D

28

that while there are many so-called digital banks in the market, Standard Chartered’s virtual bank is radically reimagining the entire business model.

“Many people talk virtual banks, neo banks, challenger banks and digital banks, but we like to describe how we’re building a future operating model for Standard Chartered,” explains Deniz. “Some businesses create a mobile platform, push marketing and call it a challenger bank. We, however, want to rebuild and recreate our business model.”

SEPTEMBER 2019

This is no mean feat. After all, Standard Chartered’s Virtual Bank will see it build a new tech stack from scratch, become a real cloud-based bank, redefine the customer onboarding model and much more. Before the bank could begin tackling these massive hurdles, it first had to get its license from the Hong Kong Money Authority. At the start, Deniz’ team consisted of only 10 people who worked around the clock to finalise the banking application. “It was an important milestone for the bank,” he says. Now, with the license granted, the virtual bank is expected to commence early 2020 and will act as a wholly separate entity from Standard Chartered. “It’s a separate bank but our relationship with Standard Chartered is really close,” he notes. Samir echoes this sentiment, adding that while Standard Chartered has “sharpened its focus on the affluent and emerging affluent”, the virtual bank is allowing it to “resonate with younger customers such as millennials”.

This is not the only partnership backing up the virtual bank. “As part of the joint venture we have partnered with PCCW and HKT, which, with more w w w.f i nte c hma ga z i n e. com

29

Better Business Decisions FICO powers decisions that help people and businesses around the world prosper. Our groundbreaking analytics software and tools help businesses in more than 100 countries manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations.

LEARN MORE

Š 2019 Fair Isaac Corporation. All rights reserved.

CONTACT US

S TAT S

than 4 million customers, is the biggest mobile operator in Hong Kong,” says

• Oldest bank in Hong Kong, operating since 1859

Samir. “We’ve also partnered with Trip.

• One of three (and first) note issuing Banks in Hong Kong

Asia. I don’t believe we can provide all

• Over 6,000 employees in Hong Kong

ships are a key part of our strategy.”

• First batch to receive a virtual bank license in March 2019

com, the biggest online travel agent in the services that customers are looking for on our own, and so partnerJoint venture partners are just the beginning, says Deniz, noting that, when building a new bank from scratch, finding the right vendors is critical.

“We selected Thought Machine as our powerful product engine and another important partnership has been with our processor provider Paymentology.

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

31

S TA N D A R D C H A R T E R E D

C O M PA N Y FACT S

• Standard Chartered is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India • 86,000 employees • Presence in 60 markets • More than 160 years in business

32

• Over 1,000 branches worldwide • Its employees come from 125 countries

SEPTEMBER 2019

Elsewhere, we’re working with Oracle and using their Netsuite programme.

We’re also partnering with FICO to help us create our credit engine,” he says.

Getting the right talent on board is critical for a digitally-savvy operation and so the bank’s partnerships with Vacuumlabs and GFT have also been fruitful. “They’re providing us with experienced software engineers and developers who are helping us build the bank from the ground up,” adds Deniz.

The virtual bank has come a long way since its fledgling years. Its team is now over 100 strong, with 60% local staff and the remaining 40% coming from all over the globe. “We’re trying to get a blend of different people because culture doesn’t come from the top down – it has to grow organically,” Güven says.

“We hope to hire around 50 people in the next six or nine months.”

As well as getting its license, forging meaningful partnerships and hiring the right talent, Deniz and his team realised they needed to get a real glimpse of the virtual bank’s customers wants and needs. The bank conducted thorough research in the belief that if they could identify real pain points, then they could bring something real to the w w w.f i nte c hma ga z i n e. com

33

THE NEW WORLD OF VIRTUAL BANKS: PROFITABLE GROWTH WILL DEFINE SUCCESS Progressive regulation is creating open and collaborative ecosystems with both banks and customers moving up the technology maturity scale. With customer sentiment ripe for a new way of banking, virtual banks need to grow at scale, leveraging open, cloud-based platforms.

As A Customer Moves Across Lifecycle, The Satisfaction Drops And Digital Engagement Drops Satisfaction Level

While a perfect storm supporting the growth of virtual banks is brewing, success is not guaranteed unless new banks are able to transform into a data-driven, high-performance and profitable organization.

Exceeding Your Customer’s Expectations Consistently and Across the Financial Lifecycle Virtual banks globally have done well in the on-boarding process but must prove themselves across the financial lifecycle as they expand into more complex product areas such as SME Banking, Mortgages, and Business Banking.

A global survey conducted by Oracle showed that existing customers of traditional incumbent banks are ready for churn not at the beginning of the lifecycle but when more complexity appears in the relationship. This is where the rubber meets the road.

Virtual banks need to have a nimble, friction-free approach across processes, and an ability to act on customer data insights to elevate the overall service experience.

Origination

Payments & Transfers

Personal Loans

69%

30%

want their entire financial lifecycle on digital channels.

are open to trying a virtual bank

Home Loans

Investment & Financing

Source: Oracle Report - The New Digital Demand in Retail Banking

3 Critical Aspects of Running a Virtual Bank Using Data as a Core Asset Across the Business Virtual banks can leverage data insights via agile technology stacks to offer the customer unique personalization. To grow market share and reduce churn, it is critical to implement an analytical architecture and automate using artificial intelligence and machine learning. To ensure long-term profitability, data-driven tools should be used to optimize on capital allocation, customer data management and to mitigate risks.

1

Enable the Strategic Role of CFOs & Customer-facing Teams CFOs have increased responsibility for providing data-driven business enablement: 40% of banking CFOs say they need to provide proactive analysis of future business scenarios.

Also, 66% of global banking executives consider aligning financial performance and risk data very important or critical to success. A common analytics platform helps give a real-time picture of a bank’s business and aligns finance, risk and performance management strategies under the same data-decisioning engine and platform.

2

Enable Regulatory & Finance Crime Compliance Anti-Money Laundering (AML) technologies like graph analytics and machine learning, applied to histories of transactional data, can help virtual banks curtail criminal flows of capital that put their customers at risk. With the ever increasingly complex business and regulatory landscape, virtual banks need to make use of Know Your Customer (KYC), risk or compliance data associated with running a new bank to gain business insight.

3

Drive Ecosystems Partnerships The ability to tie up options for eCommerce, transport, lifestyle and payment all in one seamless digital banking experience is critical. Oracle is enabling virtual banks to jumpstart such initiatives with more than 1600 ready to deploy Oracle Banking APIs. Virtual banks can scale and react with speed and agility to incorporate new products and processes onto their platform and easily connect with third-party products — offering more choices to the end user.

Venky Srinivasan, Group Vice President, Sales, Asia Pacific and Japan, Oracle Financial Services venky.srinivasan@oracle.com https://www.linkedin.com/in/venkys1/

The new wave of virtual banks will need to journey through different stages of ongoing adaptation in the bid for growth and profitability, greater customer traction and market share. Oracle is assisting banks in redesigning the customer journey right from the API strategy, front-end customer-facing applications to the back-end rails of modern and digital core platforms. The result is better digital services that boost customer value and understanding their needs more deeply across the financial lifecycle.

35

table. “Ethnographic research was so important to the project. We reached out to 2,000 customers from different segments and different classes who had different behaviours and passions,” explains Deniz. “This bank is going to be a service-led bank instead of a product-led one. Therefore, we tried really hard to understand our customers’ pain points so that we could differentiate ourselves in the market and help them.”

“ We plan to start by acquiring ‘heart share’ with Hong Kong clients before building up market share. When people start to talk, recommend, share news, and get excited about our services and offering – that will be the biggest prize for us” — Deniz Güven, CEO and Executive Director of Virtual Bank by Standard Chartered

Deniz and his team are maintaining a consistent focus on customer w w w.f i nte c hma ga z i n e. com

S TA N D A R D C H A R T E R E D

36

CLICK TO WATCH : ‘DENIZ GÜVEN, CEO, VIRTUAL BANK, ON ‘FUTURE OPERATING MODEL’’ SEPTEMBER 2019

Samir Subberwal, Deniz Güven, Mary Huen (CEO of Standard Chartered Bank in Hong Kong, Chairman of Virtual Bank by Standard Chartered) Zhe Wang (Head of Overseas Business, Ctrip Finance) Janet Feng (CEO of Ctrip Finance and on the board of the Virtual Bank by Standard Chartered) Monita Leung (Head of Financial Services, HKT) Susanna Hui (Group Managing Director of HKT, and on the board of the Virtual Bank by Standard Chartered)

37

centricity as the virtual bank’s launch

impressive scrum boards decorate the

draws closer. “Our aim is to bring the

walls and, overlooking over the city’s

best customer experience and digital

impressive skyline, the firm has

banking services to Hong Kong. We

positioned itself in the heart of Hong

plan to start by acquiring ‘heart share’

Kong’s bustling financial hub. The city’s

with Hong Kong clients before building

banking market is a dynamic and

up market share. When people start to

advanced one and, with online banking

talk, recommend, share news, and get

use only set to rise, the virtual bank

excited about our services and offering

is getting ready to make its mark.

– that will be the biggest prize for us,” he says – and with a palpable sense of drive in the air it seems this is well within grasp. The virtual bank’s office is testament to its high ambitions; w w w.f i nte c hma ga z i n e. com

LEADERSHIP

38

BREAKING DOWN THE SILOS FOR THE NEW GENERATION OF BANKING WE CAUGHT UP WITH ANDY LI, FOUNDER OF SILOT.AI, AT MONEY20/20 ASIA TO LEARN WHY HE FEELS THE FUTURE OF BANKING IS CONNECTED SEPTEMBER 2019

39

WRITTEN BY

OLIVIA MINNOCK

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

LEADERSHIP

S

ilot.AI, a fintech based across Singapore

and Beijing, aims to empower financial institutions for the new generation of banking. CEO Andy Li founded Silot.Ai

in March 2017, having worked with large Chinese internet companies where he experienced the challenges of scaling businesses globally. “I talked

to a lot of banks that were suffering from legacy systems,” he explains. “I wanted to build a company to connect the silos using new technology.”

Li says that banks especially struggle to scale in regions like Southeast Asia, where some markets are leapfrogging ahead while others have yet to 40

fully emerge. “The market is different from a mature market, with data stored in various locations,” he comments. “The combination of structured and unstructured data makes capability and scalability more difficult for emerging markets.” Silot.AI works to enable digital transformations by helping companies make the most of the ‘new oil’. “We’re trying to leverage the unstructured and structured data internally, as well as the external support to leverage social graphs and knowledge graphs for decision making,” Li explains, adding that how the bank leverages data will depend on the use case.

We caught up with Li at Money20/20 Asia, where a hot topic on the agenda was how fintech, and the disruption it brings, can promote financial inclusion. “There’s low bank penetration in emerging markets,” says Li. “There are a lot of people and SEPTEMBER 2019

“ THE FIRST CHALLENGE IS TRUST. HOW CAN WE ENSURE MAJOR INDUSTRY PLAYERS, ESPECIALLY THE MAJOR BANKS IN DIFFERENT COUNTRIES, TRUST US?” Andy Li, Founder and CEO, Silot.AI 41

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

LEADERSHIP

“ I TALKED TO A LOT OF BANKS THAT WERE SUFFERING FROM LEGACY SYSTEMS. I WANTED TO BUILD A COMPANY TO CONNECT THE SILOS USING NEW TECHNOLOGY” 42

Andy Li, Founder and CEO, Silot.AI

companies that don’t even have a bank

accept cash anymore; they prefer to

account because of the cost and the

do bank transfers or use QR codes.

KYC (know your customer) procedures

In Southeast Asia, a major challenge

involved. This is why Southeast Asia

for those big corporates and small

especially became a cashless society.

companies is that they need to be able

“Today, governments are recognis-

to make payment transfers – so a lot of

ing this as a point for improvement,

financial institutions are trying to offer

and are pushing for new innovations

diversity and different strategies to

with cashless society initiatives. From

enter this market.”

technology to infrastructure to soci-

Disparate or fragmented markets

ety – everyone is working together to

common to Southeast Asia present

push for this to become a reality. For

another challenge for banks – but

example, in China, nobody wants to

also an opportunity for fintechs.

SEPTEMBER 2019

43

“First, identifying the customer can

some decisions. The machine is faster

be a problem, especially in Indonesia

and much more accurate at captur-

where the national ID system is still

ing all the dimensions of information,

under construction,” says Li. Financial

including the existing rules or policies,

institutions need as much information

compared with human decisions.

as possible to serve customers and

Machines can help humans make a lot

ensure their products are in line with

of decisions from this point of view.”

consumer demand.

“Financial institutions need new tech-

RELATIONSHIPS BUILT TO LAST

nology to help humans make decisions,

Li argues that a key factor in the digital

especially for predictions,” Li adds.

transformation of banking has been

“For example, a machine can learn based

consumer desire to choose self-service.

on the human’s behaviour to make

For this to be successful, new techw w w.f i nte c hma ga z i n e. com

LEADERSHIP

CLICK TO WATCH : ‘ANDY LI - CEO OF SILOT.AI’ 44

nologies and platforms must be trusted

Where Silot.AI comes in is not just

by end-users. “The first thing we need

supplying technology or selling solu-

to solve is not the technology to deploy

tions, but in partnering with organisa-

into the product environment, but how

tions to enable them to adapt to a new

we can build a level of confidence in

financial landscape. While founded

that technology.” Li also stresses that

in China, the organisation operates

it’s vital to ensure new technologies are

in other markets across Asia. “The

introduced for the right reasons. “The

first challenge is trust,” says Li. “How

next step is the suitable technology

can we ensure major industry players,

in the suitable use case. Traditionally,

especially the major banks in different

there are lots of industry players that

countries, trust us? The next thing is

help banks by building a very strong

industry growth and our perception of

solution for a use case – like the arm

how well a particular technology will

of the business.”

impact this industry,” he adds.

SEPTEMBER 2019

“We make a lot of effort to share how

Gaining as much knowledge as pos-

our technology can impact real use

sible, not just about technology, but

cases, and most importantly the confi-

about the wider market and challenges

dence level in us is building and keeps

faced by businesses, is paramount in

increasing. We have more and more

gaining trust and building relationships

banks approaching us to ask for more

with clients. Events like Money2020,

solutions in various use cases – for us,

says Li, are the perfect opportunity.

once we deploy, it’s much easier to

“We attend to get more insights into

scale across those different use cases.”

the future, and Money2020 is very resourceful for startups. Just this

“ WE MAKE A LOT OF EFFORT TO SHARE HOW OUR TECHNOLOGY CAN IMPACT REAL USE CASES” Andy Li, Founder and CEO, Silot.AI

morning we discussed how to strategise for different markets. For example, in the Southeast Asia market, people are busy onboarding, while in Japan or other mature markets, all the players are concentrating on how to scale across existing users.”

Looking to the future, Silot.AI will continue to gain as much knowledge as possible to help clients grow and develop. “Most importantly, the key role will be R&D,” says Li. “We will research AI and its financial use cases, and look to expand into different regions, depending on the market readiness and our readiness.”

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

BLOCKCHAIN

48

PREVENTING CONCURRENT FRAUD IN REAL-TIME PAYMENTS Andrew Davies, Vice President of Global Market Strategy, Financial Crime & Risk Management at Fiserv, examines the pace of change in payments and the increasing need for security WRITTEN BY

ANDREW DAVIES

SEPTEMBER 2019

49

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

BLOCKCHAIN

50

T

he emergence and growing availability of real-time payment systems is changing the way

ments and real-time settlement.

Securing real-time payments requires more than simply deploying

people move and manage money,

the same risk management and fraud

bringing more choice and greater con-

prevention solutions faster. When it

venience. Greater payment speed has

comes to real-time payments, every

not, however, diminished the need for

step of the transaction processing life-

security. Quite the opposite, in fact,

cycle, including fraud detection, must

as real-time speeds shrink the window

be completed in fractions of seconds.

in which potentially fraudulent trans-

This requires a ground up, designed for

actions can be stopped. Managing

real-time approach, which leverages

fraud is critical to financial institu-

up-to-date processes and technolo-

tions in a world of instantaneous pay-

gies in order to meet increasing cus-

SEPTEMBER 2019

‘ Account takeovers, CEO fraud and authentication fraud are among the most prevalent threats to real-time payments’

51

tomer expectations while effectively

have already begun mandating pro-

managing financial crime risk.

cessing timeframes.

The move to real-time payments

KEEP PACE WITH CUSTOMER DEMAND AND REGULATORY REQUIREMENTS

requires financial institutions to make

Customers expect quick and seam-

24/7, both to assist customers with

less transactions. They want to initiate

their needs, as well as detect threats

real-time payments whenever and

which emerge outside of traditional

wherever they choose, with immediate

banking hours – a growing considera-

confirmation that the payment is com-

tion in an increasingly global economy.

support and fraud teams available

plete. If there is an issue, they want an immediate resolution.

And, in some countries, regulators

EMPLOY A HOLISTIC APPROACH The immediate availability of real-time w w w.f i nte c hma ga z i n e. com

BLOCKCHAIN

payments makes the risk of loss differ-

payments. This siloed approach can

ent than with other types of transac-

limit fraud detection, and is not neces-

tions. Once a real-time payment has

sarily the best approach for real-time

been accepted by the payee’s finan-

payments. Effective real-time payment

cial institution, the transaction is often

fraud prevention requires solutions

considered irrevocable, which makes

able to detect many possible types of

fraud detection and prevention even

fraud across all channels and payment

more important.

origination mechanisms.

While real-time payments are appli-

Ideally, these solutions should be

cable across a broad range of trans-

fully connected and able to utilise data

actions, fraud detection systems have

across payment types and channels

historically been designed for a spe-

to help analyse, predict and prevent

cific type of transaction, such as card

fraud. As threats continue to evolve and increase in number, financial in-

52

‘ Securing real-time payments requires more than simply deploying the same risk management and fraud prevention solutions faster’

stitutions cannot afford to implement fraud prevention tools in a piecemeal fashion. Technology partners should be pressed to deliver holistic and integrated payments and fraud solutions that enable financial institutions to take advantage of real-time payments without being taken advantage of by fraudsters.

GET SMARTER WITH DATA With ISO 20022 message sets being adopted as the new industry standard for electronic data exchange between financial institutions, real-time payments are able to carry much more

SEPTEMBER 2019

CLICK TO WATCH : ‘FINANCIAL SERVICES @ THE SPEED OF LIFE’

data. While this additional data can

technologies can perform millions

help determine if a real-time transac-

of fraud checks within seconds and

tion is fraudulent, the analysis takes

continuously learn from the data to

time. Many traditional ATM and card-

become more accurate and effective

based fraud detection systems haven’t

over time. By implementing solutions

been equipped to process all the in-

that incorporate these technologies,

coming data and utilise it to effectively

financial institutions will be in a strong

tackle fraud.

position to combat emerging threats

Financial institutions can address

while continuing to provide the seam-

this challenge and leverage broader

less interactions that customers want.

data sets to their advantage by adopting machine learning and artificial

COMBAT CURRENT THREATS

intelligence (AI) technologies. These

Account takeovers, CEO fraud and w w w.f i nte c hma ga z i n e. com

53

BLOCKCHAIN

authentication fraud are among the most prevalent threats to real-time payments. Intelligent fraud solutions can be deployed to mitigate the risk of a successful attempt for each scenario. For instance, multifactor authentication and identity verification can provide layers of security to prevent impersonation of an authorised user and subsequent authentication fraud.

Employing capabilities such as biometrics and tokens, and enforcing complex password requirements, can 54

facilitate secure and effective authentication. Cybersecurity applications such as anti-malware, firewalls, and network and back-office protections can also prevent malicious actors from taking over or creating accounts with stolen credentials and identities.

Analytical tools with machine learning and AI capabilities are essential in preventing crimes such as authorised push payment fraud or invoice redirection. Machine learning capabilities deliver the swift, analytical processing power required to analyse multiple data sources at the speed needed for realtime payments, while AI can be used to interrogate requests as they come in.

SEPTEMBER 2019

‘ Financial institutions can prepare for whatever comes their way by adopting solutions that offer protection for current risks with the flexibility to adapt as the threat landscape changes’

55

DIFFERENTIATE WITH SECURITY AND SPEED

as the threat landscape changes.

Given the increasingly sophisticated

and cybersecurity capabilities in place

and continually evolving nature of the

alongside real-time payment offerings

threats impacting financial services

can give financial institutions a com-

providers, it’s impossible to predict the

petitive edge as they balance customer

patterns and types of fraud that can

expectations for speed, ease and

affect real-time payments. However,

convenience along with the need

financial institutions can prepare for

for secure transactions.

Having the latest risk management

whatever comes their way by adopting solutions that offer protection for current risks with the flexibility to adapt 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

56

SEPTEMBER 2019

The great shift towards a cashless society Across the globe, digital payment methods are quickly eclipsing the faithful bank note. Mei Lee Quah, Associate Director at Frost & Sullivan, forecasts what the future will hold for the payments market WRITTEN BY

L AUR A MULL AN

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

57

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

D

isruption in the payment space has gone into overdrive – and it’s only set

to get faster. Instead of fumbling with

cash, nowadays you can make a purchase

with a few taps of a button or the swipe of a card. The payments market has been digitally disrupted and with the advent of disruptive fintechs, it seems innovation is showing no signs of slowing down in the sector.

As Associate Director at Frost & Sullivan, Mei Lee Quah has had her finger on the pulse 58

of the telecom and payments markets for years. “In this role, I mainly undertake market research and management consulting engagements for clients that are mostly telco or payment companies and regionally based conglomerates,” she explains. “What I like about this role is that I am able to meet, learn from and potentially influence the region’s best.”

With the rise of e-wallets and even biometric payments, the way we pay for our goods and services is almost unrecognisable from how it was almost a decade ago. Quah believes that further change is on the horizon. “A cashless future will be inevitable,” she predicts. “The trigger for the final transition to cashless will be when cash becomes too SEPTEMBER 2019

“ A cashless future will be inevitable” — Mei Lee Quah, Associate Director, Frost & Sullivan

59

costly to supply and to accept.

There are already indications that change is coming albeit slowly but surely.” There’s a falling supply and demand for cash: increasingly, banknote producers and mints are starting to consolidate and merchants are seeing the merits to cashless payments, shifting in favour of consumer demands. “The scales may tip in a new direction, triggering the eventual exit of cash,” Quah notes. 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

“ I find that in a lot of cases, the benefits of going cashless goes hand in hand with increasing operational efficiency of businesses” — Mei Lee Quah, Associate Director, Frost & Sullivan 60

Cashless payments are quickly

being used in less than 20% of trans-

becoming the norm in pockets around

actions in stores, according to Riks-

the globe. In China, for instance, the

bank, Sweden’s central bank. In fact,

mobile payments market is expected

as well as debit cards and mobile pay-

to witness three-fold growth, with

ments, more than 4,000 Swedes have

active mobile payment users doubling

implemented microchips in their hands,

by 2023, according to Frost & Sullivan.

according to the New York Times,

Low credit card usage, and the rising

allowing them to buy a coffee with a

popularity of e-commerce coupled

wave of their hand.

with a growing middle class are cited

There is a plethora of payment

as the key accelerators of this national

methods on the market but Quah

payment shift. Elsewhere, Sweden is

contends that society has made par-

often touted as one of the most cash-

ticularly good progress with cards

less societies in existence, with cash

in recent years. Yet, she says if we

SEPTEMBER 2019

CLICK TO WATCH : ‘ARTIFICIAL INTELLIGENCE – DON’T GET LEFT BEHIND’ 61

made a payment method that can

of e-wallets is growing through local

be used by everyone and anywhere,

and regional partnerships.” In China,

“we would have been ready with a

mobile payments have ballooned into

viable global alternative to cash years

a trillion-dollar market, with two of the

ago. The inability of cards to serve

country’s biggest tech giants – Alibaba

everyone anywhere has created the

and Tencent – dominating the space.

opportunity for alternative payments

Tencent and Alibaba’s competing apps

methods like e-wallets and carrier bill-

– WeChat Pay and AliPay – are used

ing,” she explains. “This is the space

by just about everyone in the country.

where we are seeing a lot of devel-

However, Quah points out how there’s

opment, particularly in Asia Pacific

“so much potential” for regional play-

over the last few years. E-wallets, in

ers such as GrabPay, Boost and even

particular, are mushrooming here, but

Singtel VIA’s cross border mobile

more importantly, the acceptance

payment alliance. “If these regional 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

62

SEPTEMBER 2019

“ Mobile biometrics will become an enabler of mobile payments” — Mei Lee Quah, Associate Director, Frost & Sullivan

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

63

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

players could partner across different regions, we would be a lot closer to achieving global e-wallet acceptance and a lot closer to a viable global alternative to cash.” It’s not just the financial world that’s set to reap the rewards of a cashless society though. “I find that in a lot of cases, the benefits of going cashless go hand in hand with increasing operational efficiency of businesses,” observes Quah.

“Merchants should think beyond just accepting payments but also to 64

how going cashless can impact their overall profitability.”

“ The potential for the payments industry is much bigger than just replacing cash: it is an enabler of industry transformation” — Mei Lee Quah, Associate Director, Frost & Sullivan

Looking to the future, the payments industry is set to keep up its blistering rate of innovation and this will partly be enabled by the highly anticipated

too. For instance, American multina-

rollout of 5G. “5G opens up a host

tional, MasterCard, has pledged that

of new opportunities, use cases and

all consumers will be able to identify

business models; if paired with pay-

themselves with biometrics such

ments, this can revolutionise the

as fingerprints or facial recognition

way consumers interact and the way

when they shop and pay with Mas-

enterprises compete,” explains Quah,

tercard this April. “Mobile biometrics

underlining how 5G may solve cur-

will become an enabler of mobile pay-

rent challenges surrounding real-time

ments,” observes Quah. “When large

payment acceptance, for example.

players like MasterCard make a move

Other cutting-edge tools like biom-

in this direction, the impact is not just

etrics are quickly coming to the fore

regional but global.”

SEPTEMBER 2019

need to cater to local behaviour, needs and preferences.”

A cashless society is in the line of sight, scorching through countries such as Scandinavia and China alike.

Within the next decade, Quah anticipates that the overall use of cash will “drastically reduce” but that due to regional differences and fragmentation it will vary from country to country.

“My vision for the future of the global payments market is for it to be so efficient at integrating into a society that it becomes the de facto enabler of industry digitalisation on a global scale,” Quah concludes. “To be able to do this, payment solutions have to closely meet the needs of the people The payments market is one which

that they serve and have to integrate

is in constant flux, with competing fin-

seamlessly and securely with applica-

techs and banks vying for a greater

tions that bring the true convenience

slice of the pie. Competition is rife, but

to consumers. The potential for the

if we want to see a cashless society

payments industry is much bigger

and more customer-centric payment

than just replacing cash. It is an ena-

options “we need more global first

bler of industry transformation, which

solution providers and we need local

we are going to see a lot more of in the

first solutions providers to partner

coming years.”

locally, regionally and globally,” Quah says. “Interoperability should be a central theme while at the same time we w w w.f i nte c hma ga z i n e. com

65

T O P 10

66

SEPTEMBER 2019

IDENTITY GOVERNANCE COMPANIES FinTech magazine presents its list of the Top 10 identity governance companies, who help clients meet their security requirements and solve the headache of permission granting WRITTEN BY

WILLIAM SMITH

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

67

T O P 10

68

10

SAVIYNT

[ California, USA ]

California-based Saviynt was founded in 2010. The company provides identity access management and governance for IT systems both physical and cloud based. Integrating with applications such as Azure, Amazon Web Services (AWS), Oracle, SAP and Salesforce, Saviynt provides features including role and rule mining and design, user behaviour analytics and data access governance for collaborative platforms like Office 365.

SEPTEMBER 2019

69

09

NETIQ

[ California, USA ]

A subsidiary of British software and IT business Micro Focus International since 2006, NetIQ is an enterprise software provider. Founded in San Jose, California in 1995, some of its offerings include the flagship AppManager application monitoring software, data centre management software and identity and access management solutions. Its NetIQ Identity Governance product allows for analytics to be performed on entitlements, automated security reports, automated revocation and more.

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

70

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

71

08

HID GLOBAL [ Texas, USA ]

A subsidiary of Swedish conglomerate Assa Abloy, HID Global specialises in various security systems. In 2018, HID Global acquired Crossmatch, an expert in biometric identity management and secure authentication. “Our acquisition of Crossmatch strengthens HID Global’s ability to offer innovative biometric identity solutions to hundreds of millions of users worldwide,” said Stefan Widing, President and CEO of HID Global at the time. The company is based in Austin, Texas, and employs over 3,000 people worldwide.

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

T O P 10

07

SAILPOINT

[ Texas, USA ]

Texas-based SailPoint is a specialist in identity governance for enterprise. Founded in 2004 and employing over 500 people, the company emphasises the importance of identity governance across a company’s activities, be that cloud infrastructure, data systems or other applications. Its identity platform comprises access certification and requests, management of file access and passwords, as well as SailPoint Predictive Identity, a system which uses artificial intelligence (AI) and machine learning to provide recommendations on access decisions.

SEPTEMBER 2019

73

06

CA TECHNOLOGIES [ New York, USA ]

CA Technologies is an American multinational headquartered in New York. Specialising in software for enterprise, its offerings stretch from API management to the automation of test processes, making it a mainstay of Fortune 500 companies. Its place on this list, however, is secured by its Identity and Access Management offerings, incorporating identity-as-a-service (IDaaS) software that scales with the pace of cloud transformation. The company was founded in 1976, and in 2018 reported its revenue as $4.24bn.

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.

75

05

ONE IDENTITY

[ California, USA ]

Based in Aliso Viejo, California, and employing over 500 people, One Identity is a relatively new player in the industry. Founded in 2016 after the sale and breaking up of Dell Software, the company’s portfolio includes identity governance, access management, privilege management and identity-as-a-service (IDaaS) software. Serving 7,500 customers worldwide, the company manages over 125 million identities. Recently the company announced the further integration of its Identity Manager product with SAP products, making it a more holistic option for digital transformation.

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

T O P 10

76

04

IBM

[ New York, USA ]

IT company IBM is a giant across the areas of hardware and software.

Founded in 1911 as the Computing-Tabulating-Recording (CTR) Company, the firm adopted its current name (International Business Machines) in 1924. With more than 350,000 employees across the world, in 2018 the company reported its revenue as being $79.6bn.

IBM’s identity governance offering is proof of the growing importance being placed on identity governance systems. Encompassing access request and approval, duty segregation, access recertification and more, the company offers tailored identity solutions to its clients.

SEPTEMBER 2019

77

03

RSA

[ Massachusetts, USA ]

RSA Security was founded in 1982 and is based in Bedford, Massachusetts. With a storied history in the field of cryptography, one of the earliest public-key cryptography systems shares its name with the company. The company was acquired by EMC Corporation in 2006 before EMC was itself acquired by Dell in 2016, making RSA a Dell subsidiary. The company’s Identity Governance and Lifecycle platform features access certification, policy automation and role management to allow clients to achieve an efficient identity and access management (IAM) program.

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

T O P 10

02

ORACLE

[ California, USA ] Oracle Corporation is one of the world’s largest software companies by a number of metrics. In 2018, it reported its revenue as $39.83bn, and said it employed some 137,000 78

people. Its co-founder and CTO Larry Ellison is, according to Forbes, the seventh wealthiest person in the world. Oracle’s product offering embraces database management software, enterprise resource planning, supply chain management and much more. Its Oracle Identity Governance Suite allows for such operations as role lifecycle management, UI customisation and analytics for access certification.

SEPTEMBER 2019

CLICK TO WATCH : ‘ORACLE FUSION CLOUD APPLICATIONS – SECURE, EXTENSIBLE : LARRY ELLISON KEYNOTE AT OPENWORLD 2018’ 79

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

T O P 10

01

PING IDENTITY [ Colorado, USA ]

Colorado-based Ping Identity was founded in 2002 and caters to some of the world’s largest companies, with its clients said to include over half of the Fortune 80

100. Ping Identity’s solutions are employed by companies such as Accenture, Chevron, Cisco and more. Its platform features include multi-factor authentication, single sign-on for multiple applications and data governance to ensure compliance with regulations such as the EU’s GDPR. The platform also integrates with over 1,500 other products such as AWS, Office 365 and Google Apps.

SEPTEMBER 2019

81

CLICK TO WATCH : ‘SECURING ENTERPRISES THROUGH INTELLIGENT IDENTITY’ w w w.f i nte c hma ga z i n e. com

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

The biggest events and conferences around EDITED BY MATT HIGH the world for fintech leaders

5–6 SEPT 2019

AI in Finance Summit 3–4 SEPT 2019

Seamless East Africa 82

[ NAIROBI ]

[ NEW YORK ] Organised by global summit creator ReWork, the AI in Finance Summit is colocated with the AI in Insurance Summit

This is the leading fintech event for the

and Women in AI Dinner. The previous

East Africa region, and 2019 marks its

iteration of the two-day event included a

fifth iteration. The event is aimed at the

host of practical workshops and inform-

sectors of payments, fintech, banking

ative presentations. Confirmed speakers

and insurtech. At present, it welcomes

for 2019’s event includes Joan Gelpi,

around 1,500 professionals from

SVP and Head of Data Science at AIG;

across 45 countries. Speakers set to

Manuela Veloso, Head of AI Research at

attend this year come from Harvard

JPMorgan Chase & Co; and Charles

Innovation Lab, the Government of

Girve, Lead Data Scientist at Deutsche

Kenya, Standard Chartered Bank,

Bank. With hours of networking opportu-

Barclays Bank and more. Some high-

nities, the event is recommended for

lights listed by the organisers include a

data scientists and engineers, financial

“pitch-off” for fintech startups, an “ask

regulators, C-level executives, venture

the expert zone” and a specific summit

capitalists and more, so there truly is set

for merchant payments.

to be something for everyone.

SEPTEMBER 2019

23–25 SEPT 2019

InsureTech Connect [ MGM GRAND, LAS VEGAS ]

25 SEPT 2019

Billed as the world’s largest gathering

Blockchain Live

of insurance leaders and innovators,

[ OLYMPIA, LONDON, UK ]

InsureTech Connect (ITC) is highly

Blockchain Live aims to create a ‘festival

recommended for industry execs,

of content’, promoting discussion and

entrepreneurs and investors within,

debate around how to best accelerate

and impacted by, the insurance industry.

the global adoption of blockchain.

With companies in attendance including

Some notable speakers at this year’s

insurance giants like Allianz, Lloyd’s,

event will include the Blockchain

Prudential and AXA, this is the place to

Research Institute’s Hilary Carter,

make global connections and under-

Global Digital Finance’s Teana Baker-

stand what some of the world’s biggest

Taylor and the Blockchain Policy

players are doing to remain competitive

Centre’s Caroline Malcolm. This year’s

in an increasingly digital landscape. 2018

event will include a Tech Connect

hosted a range of experienced speakers

Stage which will explore the technical

including Dan Glaser, CEO & President

challenges and opportunities presented

at Marsh & McLennan; Inga Beale, CEO

by blockchain and distributed ledger

of Lloyd’s; and Tracie Grella, Global Head

technology and the benefits it can

of Cyber at AIG. With this in mind, the

hold for information security, sharing

2019 event is set to be a must-visit.

and management.

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

83

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

The biggest events and conferences around EDITED BY MATT HIGH the world for fintech leaders

14–16 OCT 2019

84

27–30 OCT 2019

Finovate Asia

Money20/20 US

[ TBC ]

[ LAS VEGAS ]

Following on from the success of 2018’s

This year’s US iteration of the world’s

event in Hong Kong as part of the city-

leading fintech event will be held in

state’s Fintech Week, advance tickets

Las Vegas. The event aims to create

are already on sale for Finovate Asia

an ecosystem of payments, banking,

2019 which promises 600+ attendees,

fintech and financial services leaders

20+ firms offering demonstrations

and offers networking opportunities,

and 80+ expert speakers for a mix of

panels, keynotes and a variety of other

speeches and panels. Finovate Asia

events. The Las Vegas event promises

advertises the opportunity for attendees

to welcome over 2,300 C-level

to “meet the fintechs, platform players,

executives and over 500 speakers.

financial institutions, regulators and

Key companies set to attend include

investors who are redefining the future

Finastra, Mastercard, IBM and

of financial services.” Notable speakers

Marqeta. The event will also include

in 2018 attended from Danske Bank,

the Rise Up programme which

AXA Lab, Accenture, Bank of America

supports women wishing to move up

and Alipay.

the career ladder, especially in the finance arena.

SEPTEMBER 2019

11–15 NOV 2019

4–8 NOV 2019

Hong Kong FinTech Week

Singapore FinTech Festival [ SINGAPORE ] In 2018, the week-long event was

[ HONG KONG & SHENZHEN ]

attended by 45,000 participants from

The world’s first cross-border fintech

130 countries – this year, it is only set

event, the week takes place in both

to grow. Singapore FinTech Festival

Hong Kong and Shenzhen, China. Each

is sponsored by the likes of Deloitte,

year, the week includes more than

Google Cloud, VISA and Amazon

10,000 senior executives and features

Web Services. The world’s largest

over 250 fintech founders, investors,

fintech event, it includes startups,

regulators and academics. Notable

policymakers, financial and technology

previous speakers have included

industry leaders and more. The festival

Ant Financial CEO Eric Jing, Ping An

is organized by the Monetary Authority

Executive Vice President Jessica Tan

of Singapore (MAS) in partnership

and Standard Chartered regional CEO,

with The Association of Banks in

Benjamin Hung. Last year, the week

Singapore and in collaboration with

was sponsored by many big names

SingEx Holdings. Key highlights of

including Standard Chartered Bank,

the festival include the AI in Finance

Citi, Tencent, PwC and Finastra.

summit and the FinTech Awards.

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

85

86

Sunshine Insurance: accelerating digital transformation through AI WRITTEN BY

AMBER DONOVAN-STEVENS PRODUCED BY

KRISTOFER PALMER

SEPTEMBER 2019

87

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

SUNSHINE INSURANCE GROUP

CDO of P&C and VP of the Technology Center of Intelligence, Dong Li, shares how Sunshine Insurance has maintained its competitive edge through its technology strategy

S

unshine Insurance Group is the seventh largest insurance company in China.

One of its subsidiaries, Sunshine P&C

Insurance Co., has won a number of awards under the leadership of its Chief Data Officer and the Group’s Vice-President of the Technology Center of Intelligence, Dong Li. In late 2018, the company earned the prestigious 88

award for its ‘claim management through technology’ project, which was granted by Insurance Association of China (IAC). “In that project, AI was implemented to classify ID cards, receipts and other documents required for claim submissions and handling, and to evaluate vehicle damage levels, all through our own Optical Character Recognition (OCR) system and a partner’s image recognition algorithms,” shares Li. Another significant award achieved by the company was the ‘intelligent auto insurance pricing platform,’ which was granted

by China Information Association. “In that project, big data predictive models were developed through machine learning (ML) to reduce thousands of customers’ external data dimensions,” he explains.

“The models came up with more accurate predictions of auto loss ratios, enabling differentiated pricing SEPTEMBER 2019

89

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

NEW DRIVERS OF DIGITAL TRANSFORMATION iSoftStone has been evaluated as the leading manufacturer of property insurance core systems in the IDC Leadership Grid for insurance industry solutions. iSoftStone is one of the first domestic service providers to provide solutions for the insurance industry.

CLICK HERE TO DISCOVER OUR INSURANCE SOLUTIONS LEARN MORE C0NTACT US

and avoidance of adverse selection.

latest data technologies, with

I am very proud of leading a group of

a particular focus on the advance-

talented people to achieve milestones

ments of ML, deep learning (DL)

of those projects that have earned

and AI. “We have great ambition

significant awards and industry-wide

to innovate and grow our business

recognition.”

through the use of digital transforma-

Li was originally hired to lead Sunshine P&C Insurance Company’s big data applications, later being assigned to

tions and data technology including Machine Learning and AI,” he says.

Li emphasises the need for

lead its IT and digital transformation.

a long-term technology plan, as it

By the beginning of 2019, he was

reduces costs, appeals to a younger

appointed to head efforts in the field

generation, and meets the growing

of big data applications and AI execution

demands of customers in the digital

across all subsidiaries of Sunshine

age. He also reiterates the power of

Insurance Group. As Sunshine P&C

innovation in technology for streamlin-

Chief Data Officer, he is responsible

ing the workloads of employees,

for the testing and deployment of the

something that has been accomw w w.f i nte c hma ga z i n e. com

91

SUNSHINE INSURANCE GROUP

92

plished at Sunshine P&C Insurance

According to Li, the app connects

Company through the creation of

to WeChat, easing communication

an app for mobile underwriting. “The

between employees and customers,

app allows employees to study new

and enabling service transactions.

products online, underwrite policies

“For example,” he says, “during the

for new customers, manage existing

process of auto claims, we use WeChat

customers’ needs, monitor and track

as an entry point to record accident

the status of claims as well as send

scenes, take pictures of damaged

greetings on holidays or on customers’

areas on vehicles and vehicle plates,

birthdays,” he says, also pointing out

audio-record descriptions of accidents,

that the app can be used by employees

and listen to guidance messages from

to track the productivity and perfor-

our claim center. The collected data

mance of coworkers in order to

is transferred to our claim center,

motivate through friendly competition.

where claim staff or AI can further

SEPTEMBER 2019

E XE CU T I VE PRO FI LE

Dr. Dong Li With an MBA, Dr. Dong Li is a CDO with a scientist’s background, artist’s mindset and collaborative cross-function and crosscontinent senior executive management experience in global companies across the financial services, insurance, retail and manufacturing industry. He is a multidisciplinary leader who excels at empowerment of large teams, strategic management of data technology resources and close partnering with marketing, distribution, sales, risk control and customer service operations as well as external vendors to develop holistic digital transformation solutions (BI, Advanced Analytics and AI applications) for business, and manage committed relationships that drive execution. Dr.Li has the following unique qualifications: Specialised in leading enterprise IT teams, digital transformation and big data or AI applications, with over 10 year’s practice in machine learning, data management and strategic data applications across all business functions to improve revenues and reduce risks.

Knowledgeable in auto, financial service, retail and insurance industry with deep experience to manage clients and deliver projects in customer life-cycle management (customer acquisition, insurance pricing, cross-sale or up-sale recommendation, customer services & retention, anti-fraud operations.

US/China Fortune-500 companies’ management experience: strategic product planning, financial analysis, analytics consulting, cross-function coordination, database marketing, investment analysis, computer-aided engineering.

10 technical publications in international journals and 10 technical publications in Chinese academic journals.

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

93

SUNSHINE INSURANCE GROUP

94

SEPTEMBER 2019

$4.3bn Approximate revenue

2005

Year founded

10,000+

Approximate number of employees 95

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

“ Our philosophy is to have a strategic plan and solid execution” — Dong Li, CDO at Sunshine P&C Insurance Co.; VP of Technology Center of Intelligence at Sunshine Insurance Group

process the information for subsequent actions.” In addition to this, Sunshine has an internal team dedicated to the development of image recognition products. “My team researched available open source deep learning algorithms for our own OCR system development, and ended up selecting Faster RCNN and CRNN in TensorFlow framework. Our own OCR product has beaten available products on the market, and has achieved 95-98% recognition accuracy

KIT smart your business with AI We provide total AI solutions for financial companies and have deep understanding of the industry. Products include Intelligence Knowledge Management System and Intelligent Customer Service System.

Learn More Contact Us

in real world business situations.”

the administrative aspect of this role

The streamlining of services

may at times be arduous, as follow-up

particularly extends to the company’s

phone calls often must be timely.

telesales department, particularly

“Because of the content-confined and

when it comes to the overall wellbeing

script-structured nature of the job, this

of employees, says Li. Employees

type of work can be done by artificial

in this department face mounting

intelligence through ASR+TTS+NLP.

pressures from several angles: lack

The applications of AI in these situa-

of training and assistance, low

tions led to one big effort for the teams

productivity and therefore a lower

I am managing at Sunshine Insurance

income. This has resulted in a high

Group. We acquired ASR+TTS

staff turnover, with many resignations

capabilities by partnering with an

coming after three months’ employ-

outside tech vendor, we also partnered

ment, causing the cost to sales ratio

with another NLP vendor to develop

to skyrocket. “If we could use AI to

our first prototype of AI Tutoring Robot

enable offline training or real-time

and AI Sales Assistant, already in

online sales assistance with telesales

production soon.”

reps to improve their sales pitch,

Li also says that the team is honing

before or during their sales sessions,

its own NLP skills by building an internal

it would help improve the success rate

NLP team that can develop a first-gen-

and wellbeing of our employees in

eration robot in customer services and

telesales,” Li says. In addition,

telesales. This will aim to improve the w w w.f i nte c hma ga z i n e. com

97

SUNSHINE INSURANCE GROUP

“ In today’s business world, we need diverse partnerships to complement our strengths in technology innovation”

98

— Dong Li, CDO at Sunshine P&C Insurance Co.; VP of Technology Center of Intelligence at Sunshine Insurance Group speed and accuracy of the telesales

components required to build our

services at a lower cost. While

own NLP system from vendors such

Sunshine P&C Insurance is continu-

as Knowology.

ously becoming more self-sufficient

“At Sunshine P&C Insurance Com-

in its AI innovations, there are vendors

pany, our philosophy is to have a

that are key to this transformation:

strategic plan and solid execution.

iSoftStone and Knowology. “In today’s

Our company is culturally rooted in

business world we need diverse

innovation given its history of rapid

partnerships to complement our

growth since its birth. Our top leaders

strengths in technology innovation.

believe in tech transformation leading

In most digital system development,

to future success.” At Sunshine P&C

we either leveraged external technical

Insurance Company, executing change

expertise, or contracted external

is a straightforward process. Should

technical staff from vendors such

any challenges in communicating

as iSoftStone, or we buy technology

change arise, company leaders and

SEPTEMBER 2019

99 executives meet on a shop floor level

service industry, where transactions,

to ensure transparency in how the

services and fraud-detection can

technological transformation will

be managed in real-time and more

benefit the entirety of the company.

precisely. AI will be more widely applied in replacing repeated and

A BRIGHT FUTURE

simple parts of jobs done previously

As Sunshine P&C Insurance Company

by people, in order to improve opera-

moves forward, Li hopes that applica-

tional efficiency and accuracy.�

tions of AI will only grow and notes that the international, cross-industry acceleration of technology is gaining momentum. “I hope that, within the foreseeable future, we will be able to implement next-generation AI algorithms and renovate the whole financial w w w.f i nte c hma ga z i n e. com

100

Manulife: harnessing the power of change WRITTEN BY

MATT HIGH PRODUCED BY

NATHAN HOLMES

SEPTEMBER 2019

101

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

MANULIFE VIETNAM

Manulife’s Chief Operations Officer Kevin Kwon explains how digital innovation is transforming the customer experience

T

ransformation isn’t simply about applying new technology,” says Kevin Kwon, Chief Operating Officer at financial services

company Manulife Vietnam. “Technology, of course, is a major enabler of any transformation, but it’s more about shifting people’s mindsets so that you 102

make change and innovation the new normal. That’s when transformation can become really powerful.”

Since joining Manulife, a Canadian life insurance company that operates in North America and 12 markets across Asia, transformation has been Kwon’s focus. It’s also been the focus of Manulife globally, with the company on a mission to transform itself and the industry in the process.

Driving this transformation is Manulife’s focus on improving the customer experience, an embrace of digital innovation and operational efficiency, and building an internal culture that drives this change. At the heart of this transformation is a focus on making decisions easier and lives better for both customers and employees.

SEPTEMBER 2019

103

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

MANULIFE VIETNAM

Based out of Vietnam, Kwon embarked

“ Transformation isn’t simply about applying new technology. It’s more about shifting peoples’ mindsets so that you make change and innovation the new normal” — Kevin Kwon, COO, Manulife

on his own digital and cultural transformation, driven by a shift in focus from conventional methods of doing business – which he describes as manual and involving “paperwork from end to end” – to a seamless digital customer experience.

Creating that experience has been a significant journey for the company, as Kwon explains. “In the past, life insurance has seen a lack of automation and digital technologies, which really sharpened our shift in direction.

104

At the same time, if you’re going to make such a large digital transformation, you have to do it right. The most important step, from a technology point of view, was establishing a target architecture that enables a seamless data flow from one end to another and provides our customers with a full end-to-end solution. All the time we were driven by improving the customer experience.

“One of the unique things about our story is that there is this technology piece that’s focused on innovation, but there is also a wider change management story whereby our SEPTEMBER 2019

: ‘MANULIFE - HÀNH TRÌNH HANH CLICK TO WATCH PHÚC’ .

105 mindset has to be in line with the

digitise all the information that was

evolving needs of our customers;

previously on paper forms. On the

the two feed each other.” On the

claims and auto-adjudication sides,

technology side, creating a simple and

we followed a similar approach.”

intuitive process was key. “In the past,

These developments are, Kwon

agents would receive paper-based

says, “major accomplishments” that

applications, enter our branches and

have significantly improved the

stand in long queues while their policy

customer experience and placed the

was processed. We process close to

company in a leading position in

30,000 new business applications per

the Asian market. “I can confidently

month, so the first priority for us was

say that we are leading in this race,”

the development of an auto-underwrit-

he says. “So many companies say

ing engine in the back end. This was

they’re embarking on a digital transfor-

followed by building the front end

mation, but really they are introducing

to allow our advisors to essentially

a series of solutions one at a time w w w.f i nte c hma ga z i n e. com

MANULIFE VIETNAM

$10mn

worth of investment in Vietnam

1999

Year founded in Vietnam

900

Approximate number of employees 106

SEPTEMBER 2019

107

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

MANULIFE VIETNAM

GERMAN QUALITY MADE IN VIETNAM Intelligent Process Automation & Digitalization Solutions – An Outsourcing Model with strong focus of Knowledge, Quality and Technical Advantages.

LEARN MORE

CONTACT US

rather than having the target architecture that allows a seamless sharing of information through a connected ecosystem. An end-to-end solution really is key here, many organisations only develop a front or back end solution so that they still have employees working between the two on a manual basis – that is not a ‘digital transformation’.”

A significant factor in this success, Kwon states, is working with partners throughout the development stage.

“It’s all about partnership. We can’t do everything, and neither can they,”

E XE CU T I VE PRO FI LE

Kevin Kwon Kwon is the Chief Operating Officer of Manulife Vietnam; he sits on the management team and has a passion for customers.

During his 21 years of international experience in financial services, he has built a reputation of driving and delivering excellence across Corporate Strategy, Bancassurance, Product Development and Product Pricing. His creative vision and business insight into company management are helping enhance operations and drive business transformation within Manulife. When he is not busy fostering a culture of digital transformation, Kevin is focused on his other fulltime role as loving husband and father to two little kids.

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

109

MANULIFE VIETNAM

110

SEPTEMBER 2019

he explains, “but when we work

advantage for us, which is why Manulife

together with partners who share

made the strategic decision to refresh

our values and our competencies,

its values and focus on building a

we are on the same journey. The other

new culture.

advantage we had was that our

He has been in his current role for

solutions were developed in our

two years and has also focused heavily

regional headquarters and rolled

on developing the right mindset to

out across Asia, allowing for a lift

accompany change. “Everything

and shift approach. This offered

we do starts from customer journey

greater economies of scale and

mapping,” he explains. “We never

ade it easier and faster for us to

second guess what they want; it is

go to market.”

our job to know their needs. That

For Kwon, implementing such

process isn’t a one-off exercise, but

a transition has only been possible

a constant evolution based around

due to a significant cultural shift within

a concept we call ‘customer experi-

Manulife. This change has been driven

ence transformation’.”

by a new set of corporate values

This, he says, has involved the realign-

designed to improving how employees

ing of teams within the business so that

think, act and work. “We truly believe

they are in line with customer require-

culture can be a distinct competitive

ments across four major segments:

“ If you’re going to make such a large digital transformation, you’ve got to do it right” — Kevin Kwon, COO, Manulife

search, buy, manage and review, and claims. “Every value stream has its owner, and every owner has full autonomy to decide on how best they can improve customer experiences using the tools that we are giving them,” Kwon notes. “They have the right to prioritise, to see how we can enhance those digital tools and create a better customer journey.” w w w.f i nte c hma ga z i n e. com

111

MANULIFE VIETNAM

112

“ All the time we were driven by improving the customer experience” — Kevin Kwon, COO, Manulife

The unintended positive from such an approach has been a significant uplift in working culture at Manulife.

For example, improving the methods by which customers are served, and optimising efficiency in the company’s solutions, creates a better work/life balance for Manulife’s employees.

And, because they no longer need to spend as long working through ndless paper trails, employees can be deployed to new areas or roles, and thereby add greater value in the workplace.

SEPTEMBER 2019

113

“It is a challenge, but it’s also an

now in place, Kwon hopes to continue

opportunity,” Kwon states. “As a result

to focus on managing change for the

of our digital transformation, we are

foreseeable future. It is, he says, an

working with our training academy

ongoing process that involves: “making

offer better career paths, to provide

sure we have the right training pro-

opportunities to upskill and retrain,

grammes in place, that we have the

and to be successful within Manulife,

right content and are communicating

all while improving the experience

it in the most effective manner. It’s

for our customers. Often, people think

a journey that never stops, but our

a digital transformation is simply about

ultimate bold ambition is to transform

reducing costs or streamlining. There

and become the most digital customer-

are far greater benefits than that”.

centric market leader in our industry.

With the fundamental building blocks of Manulife’s transformation w w w.f i nte c hma ga z i n e. com

114

DIGITAL AND CULTURAL TRANSFORM at Merchantrade Asia

WRITTEN BY

WILLIAM SMITH PRODUCED BY

KRISTOFER PALMER

SEPTEMBER 2019

D

MATION

115

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

MERCHANTRADE ASIA

Merchantrade’s Chief Technology Officer Zainol Zainuddin details the cultural and digital transformations empowering the company’s services

H

aving begun as a telecommunications company, Merchantrade Asia now occupies a highly visible role in the

Malaysian money services industry. As Chief Technology Officer (CTO) Zainol Zainuddin explains, the company provides a broad range 116

of services clustered around its central business, such as international money transfer, foreign currency exchange, digital payments and wholesale currency. Merchantrade has also made headlines in the digital space having successfully rolled out the country’s first ever digital remittance service and cashless payment offerings, the latest being Merchantrade Money; a multicurrency hybrid wallet offering up to 20 currency payment mode options.

With such a diverse range of services, part of Zainuddin’s role is to strategise, innovate, transform and lead the company’s technology strategies, strengthen in-house technical capabilities and build strategic technology solutions to enhance the customer experience and journey. “I spend quite a bit of time talking to our staff, figuring out technology SEPTEMBER 2019

117

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

MERCHANTRADE ASIA

“ Our goal is to always be the financial services provider of choice” — Zainol Zainuddin, Chief Technology Officer, Merchantrade Asia

challenges or solutions, and the types of technology we can use,” he says.

“With an IT division as large as ours, there are always risks, especially when there’s a new challenge to overcome, which is completely common. The old school thought is to first look inward then manage tasks which can be detrimental to knowledge sharing.

Cultivating an open communication platform is crucial to maintaining and managing people and expectations.”

That openness extends to how Merchantrade Asia builds partnerships

118

SEPTEMBER 2019

CLICK TO WATCH : ‘MERCHANTRADE – CONNECTING PEOPLE’ 119 and connections, as Zainuddin explains.

fuels Zain’s appetite and impetus for

“We extend our own ecosystem and

digital transformation. Zain considers it

corridors to strategic partners around

vital to also listen to voices from his

the world. As building each corridor

team. “Transformation requires the

and partner takes time, we are

establishment and communication of

aggressively exploring new ways to

goals. Technology transformation can

ensure we keep our corridors expanding

only be successful if the organisation

fast. Technology wise, we currently

transforms its culture. Above all,

connect with our partners via secured

ensuring a cultural change along with

open APIs and distributed ledger

a technological one should be the

technology with all the security, speed

message being broadcasted and

and reliability that come with it.

reinforced regularly. As leaders, we

Merchantrade firmly advocates

should empower people to decide how

digitalisation at its core, from its

work is delivered. We need to keep the

leadership to its grassroots, and this

rules simple and help remove roadw w w.f i nte c hma ga z i n e. com

MERCHANTRADE ASIA

120

blocks. Let the team prioritise good outcomes for customers. If the team believes in it, we should empower that.”

With such a culture being adopted, Merchantrade has been able to implement a wide array of business and technological improvements.

Some of the company’s most crucial systems, its customer facing applications, are developed internally. “Merchantrade owns a software company and most of our applications are built in-house. We have about 120 developers who build the majority of our applications SEPTEMBER 2019

“ I spend quite a bit of time talking to our staff, figuring out technology challenges or solutions, and the types of technology we can use” — Zainol Zainuddin, Chief Technology Officer, Merchantrade Asia

under the Microsoft technology stack.

Another interesting technology which we are exploring is Progressive Web App, this allows building an application that is platform agnostic. This approach helps create a consistent experience across all devices while maintaining the performance advantages of each platform and shortens delivery timeline.�

Data collection and analysis has also seen significant progress. “When I joined, we had a traditional data warehouse infrastructure,� says

E XE CU T I VE PRO FI LE

Zainol Zainuddin Zainol Zainuddin is an experienced IT Transformation leader who has spent the last 25 years in providing leadership to various IT Division and large Program Management set up; specifically in Financial and TELCO industries. He specialized in delivering IT Strategic programmes in accordance to an agreed road map and prioritization. He is now the Chief Technology Officer of Merchantrade Asia; a post he has held since September 2018. He is entrusted to strategize, develop, transform, innovate and lead the execution of Merchantrade technology strategies while strengthening the in-house technical capabilities and build strategic technology solutions for enhanced customer experience. w w w.f i nte c hma ga z i n e. com

121

MERCHANTRADE ASIA

122

SEPTEMBER 2019

“ Technology transformation can only be successful if the organisation transforms its culture” —Zainol Zainuddin, Chief Technology Officer, Merchantrade Asia

123

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

EMPOWER ENTERPRISES WITH OPEN SOURCE SOLUTIONS ABYRES, a leading Enterprise Open Source solution provider that brings innovation and value to our clients in the areas of Big Data Analytics and Data Engineering Learn More

Zainuddin. “Sometimes, it could not

Core; and through the use of edge

provide the information that we

components such as Hive and Spark.

needed. Today, we’ve adopted new

For analytics and data visualisation,

technologies and architectures

we use Tableau to create visualisations

utilising data lakes. We’ve partnered

in the form of dashboards and

with ABYRES Enterprise Technologies

worksheets. We’re also looking to

to build a big data infrastructure to

cloud, however there is still quite a

facilitate data analytics with new levels

challenge in adopting cloud-based

of insight, which is very exciting. As for

applications at the moment, especially

data collection, such as testimony

for financial services providers as

profiles, transactional data, online

it involves sensitive information.”

footprint and social media information,

Emerging technologies such as

there are quite a few methods of

AI are also on the horizon. “We have

collection, whether batch or in real time

not embarked actively on it just yet.

via NiFi or Sqoop; through Hadoop

However, we have considered other

SEPTEMBER 2019

technologies like robotic process automation (RPA) for certain operational processes which are consistent and repetitive to improve efficiency and data accuracy. It’s much easier to implement RPA in workflows. The automation process is able to complete the work much more quickly and

RM146mn Approximate revenue

1996

Year founded

produce accurate output. In the long run, it creates higher productivity and value with lower investment. Ultimately, once we have all our information data links up, we’re definitely going into AI or machine learning very quickly.”

1,200

Approximate number of employees

CLICK TO WATCH : ‘MERCHANTRADE MONEY – SIMPLIFY YOUR LIFE WITH JUST ONE CARD’

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

125

MERCHANTRADE ASIA

126

C O M PA N Y FACT S

• Most of Merchantrade’s applications are built in-house • Multicurrency hybrid wallet supports 20 currencies

SEPTEMBER 2019

As CTO, Zain’s philosophy is encapsulated by his belief that championing technology, mindset and behavioral change are paramount to attaining a competitive advantage and sustainability. The futures of fintech companies are dependent on their ability to gain customer insight, advanced analytics and digital technology to provide services that facilitate today’s ever evolving digital-savvy customers in managing their finances.

Under his stewardship, the digital future for Merchantrade heralds continued growth. “In terms of goals, we want to expand service offerings to all our customers. Our goal is to always be the financial services provider of choice. Merchantrade should be ingrained in their minds and be a force to be reckoned with for financial services globally.”

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

127

128

Bank of New Zealand: where technology is revitalising customers’ financial health

WRITTEN BY

LAURA MULLAN PRODUCED BY

ANDREW STUBBINGS

SEPTEMBER 2019

129

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

BANK OF NEW ZEALAND (BNZ)

Want to better manage your finances? Bank of New Zealand (BNZ) is showing customers how it’s done

I

f you want to start a new chapter in a faroff country, one of the first logistical hurdles you’ll face is creating a local bank

account. This was exactly the case when Stephen Bowe touched down in Australia just over a decade ago. “Being new to the country, I needed a bank account. I actually tried opening accounts with several different banks, but in each case the whole pro130

cess was awful,” Bowe recalls. “I vividly remember walking through Sydney’s CBD (central business district) thinking to myself, ‘If I ever get the chance to start a bank that’s genuinely focused on the customer, I’ll show them how to do it...’ I suppose the moral of the story is be careful what you wish for.”

Fast-forward a year and Bowe had gotten his wish. He left his career in telecoms and joined a bank, helping the National Australia Bank (NAB) launch a new online bank called UBank. “Ever since then I’ve been super passionate about how to make banking better for customers and specifically how to do that online,” Bowe enthuses. “I think if you look at banks around the world, they all talk about how they’re trying to focus on the customer, but it’s quite clear that in many geographies, they have failed to do that adequately.” Bowe also points out that SEPTEMBER 2019

131

1961

Year founded

5,000

Approximate number of employees

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

BANK OF NEW ZEALAND (BNZ)

“ We can see that we’re making a difference for our customers.

We’ve found that people who use our platform to compartmentalise their money are hitting their goals 132 more frequently.

They’re saving greater amounts of their income” — Stephen Bowe, General Manager, Digital Bank of New Zealand

despite widespread adoption of digital services by customers, it’s important not to equate usage with good service.

“Just because you’ve seen exponential growth in mobile banking usage, it doesn’t mean that your app is any good. The reality is that even if it was rubbish, people would still use it in droves because of the convenience it provides.” Instead, banks need to think much more deeply about how they create value for their customers in their everyday lives.

Today, Bowe is making his mark at NAB subsidiary, Bank of New Zealand (BNZ), as the firm’s GM, Digital & Applications. He and his team have been tasked with delivering state of the art customer experiences to the 155-year-old bank by tapping into the wealth of digital tools at the financial sector’s fingertips. “If you look at most digital banking offerings around the world today, they pretty much all look and feel the same. It’s a one size fits all proposition where customer interactions are largely transactional, and the service is increasingly commoditised.

The whole process is unexceptional… but it doesn’t have to be like that.”

And so, Bowe and his team searched

SEPTEMBER 2019

CLICK TO WATCH : ‘BANK OF NEW ZEALAND – WHAT ELLA WANTS’ 133 for a different way to help BNZ stand

good with money, so they can do great

out from the crowd. Instead of trying to

things with it. Essentially, we want them

simply improve the current paradigm

to achieve better financial outcomes,

of online banking, they went back to the

however they define those outcomes

drawing board and spent a significant

for themselves,” says Bowe.

amount of effort to decipher what

With this in mind, BNZ created a

customers really want from their bank.

brand new online banking platform

Whether trying to pay off a mortgage or

called YouMoney, that specifically

saving for a wedding, most customers

focused on helping customers man-

are trying to make their bank balances

age their money more effectively.

stretch to meet the needs of their daily

Customers can set up as many

lives. That spurred BNZ to make

accounts or ‘pots’ as they want. They

financial wellness a core mantra for

can then personalise them by adding

the firm. “At BNZ, our whole purpose

photos and goals, as well as moving

is based around helping customers be

money effortlessly using a novel drag w w w.f i nte c hma ga z i n e. com

Software Intelligence for the enterprise cloud Simply smarter, all-in-one platform powered by AI

“Dynatrace has enabled us to gain clarity over complex problems within minutes. What had taken several weeks of troubleshooting was presented as instantly actionable information that the team could rally around solving.�

Nathan Lord Product Manager, Cloud Platforms Bank of New Zealand

Get ready to be amazed in five minutes or less at www.dynatrace.com/trial Try for free Schedule a demo

“ We’re aiming to make BNZ the premier place to work in digital in New Zealand” — Stephen Bowe, General Manager, Digital Bank of New Zealand

and drop capability. “It just looks completely different,” enthuses Bowe.

“It’s highly personalised; it doesn’t resemble the traditional ledger of most platforms. Instead we’ve focused on design to add the little details that delight customers. We’ve asked ourselves: ‘How can we make each digital banking experience remarkable? How do we create everyday exceptional experiences?’ We’re working to turn an average experience into an awesome

E XE CU T I VE PRO FI LE

135

Stephen Bowe Originally from the UK, Stephen’s career started in telecommunications, working with clients such as BT, Vodafone and Cable & Wireless. In 2006 Stephen moved to Sydney and shortly after joined NAB as part of the team that originally set up UBank, where he held a variety of roles including Head of User Experience and Digital Media.

In 2012 Stephen made the short trip across the Tasman to join BNZ to lead the bank’s digital team, with accountability for all customer facing online channels.

Whilst at BNZ, Stephen and his team are relentlessly focused on transforming banking for the better, specifically by creating remarkable banking experiences online, which are truly focused on the customer. Overall the team’s aim is to bring to life BNZ’s goal of helping people be good with money, so they can do great things with it.

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

BANK OF NEW ZEALAND (BNZ)

136

SEPTEMBER 2019

“ We think helping customers be good with money is a fantastic challenge to rally in behind.

We can make a material impact for New Zealanders financial wellbeing by helping them be good with money” — Stephen Bowe, General Manager, Digital Bank of New Zealand

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

137

Skills a commodity in the new cloud economy How cloud transformation is hindered by a skills gap

Cloud is becoming an increasingly important driver for economies.

A report from Deloitte has found organizations are both thriving and being challenged by the burgeoning prominence of cloud. Key drivers behind adoption of cloud services are delivering better customer service and keeping pace with innovative competitors. But a common challenge, which often hampers progress, is the lack of cloud education – the shortage of institutional cloud knowledge and lack of technical cloud skills within organizations. It’s a challenge for IT, but also for non-technical staff as they grapple business prerogatives in the new cloud paradigm.

Taking up the challenge

Creating the future together

AWS has taken up this challenge, with organisations including NAB and Sportsbet rolling out the AWS Skills Guild partnership program. This large-scale cloud training program helps organizations build cloud skills in-house whilst delivering broad based understanding of cloud thinking. This enables staff to effectively adopt, participate in and lead digital transformation initiatives.

NAB, for example, has created its own Cloud Guild, and incorporated the AWS program, with thousands of staff undergoing foundational training and hundreds more advancing to become AWS Certified – thereby growing a priceless skills base on which to build a more modern organization. NAB is now enjoying the economic benefits of cloud, with adoption continuously accelerating.

Get the insights Download the report today to get perspectives on benefits and challenges from businesses who have already embarked on their cloud transformation journey, including NAB, nib, Finder and Fugro Roames. Get insights into the business use cases for cloud services, their drivers for adopting cloud and the impacts on business operations.

www.awsinsight.com.au/cloudvalue

The economic value of cloud services in Aust ralia AWS 2019

experience.” This digital transforma-

seem a daunting task. To tackle this

tion is already starting to see dividends:

financial challenge, BNZ also launched

BNZ was named Best Consumer

a new feature that allows customers

Digital Bank in New Zealand and Most

to change their mortgage payments

Innovative Digital Bank in Asia-Pacific

online and make micropayments.

at the 2018 Global Finance awards.

“Since it launched, we’ve been able to

Customers are also reaping the

save BNZ customers over NZD$585m

benefits, contends Bowe. “We can see

in future interest payments. We’ve

that we’re making a difference for our

knocked more than 135,000 years off

customers. We’ve found that people

mortgages and the average customer

who use our platform to compart-

has saved over NZD$10,000.” The

mentalise their money are hitting their

most interesting fact up Bowe’s sleeve

goals more frequently. They’re saving

though, is that 67% of people’s changes

greater amounts of their income.” With

have cost less than $50 a fortnight –

many people keen to get on the prop-

that’s the cost of a cup of coffee per day.

erty ladder, repaying a mortgage can

It’s worth noting that BNZ has not

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

139

BANK OF NEW ZEALAND (BNZ)

We ensure digital transactions are secure.

Entrust Datacard provides companies like BNZ a platform to ensure their customers’ digital transactions are secure.

As a true global leader in digital security and payments, our PKI solutions are used in 25 countries by organizations such as the UN, Interpol and NATO. Plus, every day, 10M+ secure identity and payment credentials are issued using Entrust Datacard solutions.

Learn more at entrustdatacard.com

The secrets of delivering exceptional customer experience Personalised experiences are made possible with customer intelligence (CI) analytics.

Learn how organisations have improved their customer experience (CX) and marketing performance with the help of CI analytics.

Click here to learn more

SEPTEMBER 2019

CLICK TO WATCH : ‘BANK OF NEW ZEALAND – WAKE UP YOUR KIWISAVER ACCOUNT’ 141 only zeroed in on the customer expe-

a diverse ecosystem of digital firms.

rience, but it’s also been keen to

“We’re working to create an environ-

reimagine the employee experience

ment where digital natives want to

too. As the war for talent heats up and

work,” he adds. “Everything from our

businesses scramble to attract and

customer research rooms to our break

retain top talent, Bank of New Zealand

out areas reflect our digital ethos”

has pushed ahead with cutting-edge

Additionally, in a bid to boost talent

employee initiatives. This is perhaps

retention, the firm has worked hard

best encapsulated by the firm’s digitally-

to upskill its staff, setting its sights on

savvy new premises in Wellington.

the up-and-coming realm of cloud

“We’re aiming to make BNZ the

computing. In fact, Bowe points out

premier place to work in digital in New

how BNZ’s parent firm, NAB, has

Zealand,” explains Bowe, noting how

more AWS-certified engineers than

the firm is not only contending with

any other organisation in the whole

other banks, but also competing with

of Australia, other than Amazon Web w w w.f i nte c hma ga z i n e. com

BANK OF NEW ZEALAND (BNZ)

C O M PA N Y FACT S

• Today, Bank of New Zealand employs over 5,000 people in New Zealand • The firm has 153 branches across the country

142

SEPTEMBER 2019

Services (AWS) of course. “We’re on course to replicate that here in New Zealand at BNZ.” At the end of the day, most of BNZ’s initiatives revolve around one common aim: improving its customers’ financial wellbeing. As customers focus on saving – whether managing day-to-day income and expenses, building up a rainy-day fund or saving for retirement – banks increasingly are recognising that they have a duty to help customers navigate these challenges and promote better financial health. BNZ has clearly put this ethos into motion with its digital transformation efforts. It’s this, says Bowe, which distinguishes BNZ from the pack. “I feel we have a strong sense of purpose,” he reflects.

“We think helping customers be good with money is a fantastic challenge to rally behind. We can make a material impact for New Zealanders financial wellbeing by helping them be good with money.”

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

143

144

Changing the future for women and their families WRITTEN BY

MATT HIGH PRODUCED BY

ANDREW STUBBINGS

SEPTEMBER 2019

145

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

GUILD GROUP

For GuildSuper, digital transformation is about improving peoples’ lives, as Head of Strategy and Transformation Todd Johnson explains

“ 146

I

f you don’t have a customer-centric digital plan for your customers, then you’re going backwards,” affirms Todd Johnson,

Head of Strategy and Transformation at GuildSuper.

And while most companies will proudly boast of their digital transformation credentials, few can demonstrate the life-changing impact that those plans will have on their customers. GuildSuper can.

The Australian financial services company has rapidly become an innovative and disruptive force in the superannuation sphere, embarking on a digital journey that has seen it evolve from – in Johnson’s words – a “very traditional superannuation fund” to one that has developed a suite of digital tools. Specifically, GuildSuper’s digital journey has focused on the development of a product aimed at helping women have a better understanding of their own superannuation and, as a result, be more secure when they retire.

SEPTEMBER 2019

147

Greg Everett, General Manager and Todd Johnson, Head of Strategy and Transformation w w w.f i nte c hma ga z i n e. com

GUILD GROUP

Out of the entirety of superannuation funds in Australia, GuildSuper has the highest percentage of female members at 85%. In order to help facilitate this change, Johnson believes his firm’s strategy to engage with a higher proportion of women has driven significant growth. “Our story is one of innovation, with an overriding philosophy of solving problems for our customers. It began at a time when we were looking to grow the business and find ways in which we could significantly 148

improve our member outcomes.

“ If you don’t have a digital plan for your customers, then you’re going backwards” — Todd Johnson, Head of Strategy and Transformation, Guild Trustee Services

GuildSuper, the fund behind SUPERSUPER, wins Best Fund: Innovation 2019.

To be considered for the award, super funds need to invest in initiatives that make a real difference for their members SEPTEMBER 2019

CLICK TO WATCH : ‘THE SITUATION WITH SUPER’ 149 Rather than embarking on a traditional

a really bleak future for many Australian

customer engagement journey to

women”, including that the highest

inform our product development, we

growing percentage of homelessness

approached things from a different

in Australia was women over the age

angle so that we can truly understand

of 45. “It’s linked to working life and

the problems that Australian women

broken work patterns,” explains

face from a wealth creation perspective,

Johnson. “If you work part time or earn

their emotional motivation with regards

a lower salary then your superannuation

to their finances and the wider

balance will be lower – at the moment

challenges presented to them.”

it’s highly geared towards men. This

Johnson admits that the process led

really got our whole team focused on

to some stark revelations, including

solving this problem and ensuring that

that Australian women will retire with

we serve women better.”

47% less superannuation than men.

Further research, he says, “painted

The problem, says Johnson, was helping women to grow their retirement w w w.f i nte c hma ga z i n e. com

GUILD GROUP

Town Hall event for the Guild Group

150

balance without asking them to lessen their living wage. “We knew that to make a positive difference, our solution needed to be completed different to the traditional ways that members can grow their super. It also needed to be simple, intuitive and relevant for our predominately female membership.”

The development of the new product, SUPERSUPER™, was a significant step in the company’s journey so far, centered around one key question: ‘What do our members really need from us?’

SEPTEMBER 2019

“ The difference in terms of the actual balances that our members see is significant” — Todd Johnson, Head of Strategy and Transformation, Guild Trustee Services

“We used this focus to find a gap in the market, to develop something that no one else is doing and create a digital solution that addresses something really important – it really is a world first,” Johnson notes. The concept behind SUPERSUPER™, is simple; through spending and normal routines, women can effectively put ‘free’ money into their superannuation account.

Additionally, as the contributions received through SUPERSUPER are non-concessional contributions, it also helps our members who are eligible to

E XE CU T I VE PRO FI LE

Todd Johnson With over a decade of experience as a as a financial services executive, Todd Johnson offers a unique blend of leadership, innovation and customer focus. He has served as a business strategy and operations executive in areas including innovation, customer experience, operations and technology. Todd joined Guild Trustee Services (GTS) in 2017 where he was tasked with creating a customer centric culture, that at its core, focussed on improving member outcomes. This led to the creation of SUPERSUPER, a program that improves members ability to grow their retirement balance without having to put their hand in their pockets. Prior to GTS Todd held roles at ESSSUPER as the Executive for Operations and Technology and MLC as the Head of Service for Wrap Platforms.

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

151

GUILD GROUP

Guild Group’s #NailedIT employee recognition awards.

receive Government Co-contributions.

“In effect, the product manages this snowball effect of extra funds and the difference in terms of the actual balances that our members see is significant,” Johnson highlights.

As with any significant digital transformation, GuildSuper sought out partners to assist in the development of SUPERSUPER™. “We had a vision, and we knew what we wanted the customer experience to be. It really

“Our culture has changed from one that was quite traditional to one that is about doing something meaningful every time you come to work” — Todd Johnson, Head of Strategy and Transformation, Guild Trustee Services

was a case of approaching it by saying ‘let’s do what we do best and bring in

153

CLICK TO WATCH : ‘HOW TO USE SUPERSUPER’

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

GUILD GROUP

vendors that do what they do best’,” Johnson explains. “It was important to get these ideas to market as soon as we could, so we actively sought out the specialist skill sets we needed – we wanted the best in their chosen fields.

Some of the partners we worked with include Protiviti, which excels in planning and project leadership; AHC, which helped us with our calculator and app development; Folio1, a technical solutions provider; and Double Denim, a creative marketing 154

agency based in New Zealand.”

For Johnson, one of the positive outcomes of developing SUPERSUPER™ has been the impact the programme has had on the wider company culture at GuildSuper.

Employees have a new sense of vigour for their work, driven by the feeling they are helping others. Staff across the company were quick to form close bonds with the female personas that Guild created during product development – Elaine, Claire and Sandra. They began to say “I really feel like I’m coming in for a reason,” Johnson states. “Our culture has changed from one that was quite traditional to SEPTEMBER 2019

Celebrating the launch of SUPERSUPER

155

Fundraisers jump for joy

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

GUILD GROUP

CLICK TO WATCH : ‘HOW TO GROW YOUR SUPER WITH SUPERSUPER?’ 156

SEPTEMBER 2019

one that is about doing something

as intelligent payment cards to evolve

meaningful every time you come to

the digital experience. “It all comes

work. In turn, that has shaped our new

back to solving the problems of our

vision: ‘Changing the Future for Women

customers. We want to help them with

and Their Families’. It’s bigger, it’s more

any challenges they face with their

aspirational and it genuinely represents

financial services to make their lives

what we want to do as a business.”

better,” Johnson concludes.

Looking ahead to the future, Johnson explains that further development is planned. The company has recently commenced its phase two programme, designed to “take the experience to another level”. This involves further application of new technologies such

157

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

158

Zurich Insurance: where the customer comes first WRITTEN BY

DAN BRIGHTMORE PRODUCED BY

JAMES PEPPER

SEPTEMBER 2019

159

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

ZURICH INSURANCE GROUP

Zurich Insurance Group is utilising customer feedback to drive its digital transformation

Z

urich Insurance Group has forged its reputation as one of the world’s leading and most trustworthy insurers over 140

years focused on caring for its customers and serving them. With roots in Switzerland, Zurich was originally founded as a marine insurer in 1872 before moving into a range of insurance fields 160

to help its customers understand and protect themselves from risk. The appointment of Mario Greco as Group CEO in 2016 heralded a simpler, more customer-oriented approach to support global and local business.

Traditionally, the insurance industry has focused more on products than customer experience.

Monika Schulze, Zurich’s Global Head of Customer Experience & Digital Strategy, believes technology is the key enabler to deliver the transformation that will continue to support the company’s customer goals. “Our focus on the customer journey and finding better ways to serve them is fascinating,” she says. “It means we have to change the culture of the company to work in a completely different way.”

SEPTEMBER 2019

161

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

ZURICH INSURANCE GROUP

162

“ Our focus on the customer journey and finding better ways to serve them is fascinating,” she says. “It means we have to change the culture of the company to work in a completely different way” — Monika Schulze, Global Head of Customer Experience & Digital Strategy, Zurich Insurance Group

Schulze notes that the influence of companies like Amazon and Google is changing the expectations of customers who demand instant answers and are now used to immediate service.

“They are not willing to wait on an agent to put it in black and white and then waiting two weeks for an answer on a claim,” adds Schulze. “In a world where technology plays an increasingly integral role, customers are used to getting an answer with the click of a button. We have to look at regions like Asia who are more advanced in their adoption of mobile technology to see what we can learn to remain customer led.”

For Zurich, the digital transformation required is driven by customer experience. “You have to start with your customers’ feedback and analysing their journey,” confirms Schulze.

SEPTEMBER 2019

CLICK TO WATCH : ‘ZURICH DATA COMMITMENT’ 163 “You need to define a must-win area,

demonstrate how customers’ feedback

where you want to be better than the

and actions derived from that have an

competition and then delight your

impact on business results. For example,

customers so that they come back and

there is a correlation between higher

buy more. Technology is an enabler

NPS scores and retention rates,” she

to get to this position. The customer

says, of an approach which has shown

need, however, is the starting point

the executive team the potential of

for defining a superior position in

focussing more on customer satisfaction.

the market.”

Schulze explains that the Net

Schulze highlights the challenge for global businesses like Zurich to identify

Promoter Score (NPS) program is

common pain points and find ways of

one source that has provided that

working together with joint solutions

valuable feedback from customers

to define efficiencies and become

which has pushed Zurich’s transforma-

more effective at deploying technology

tion. “It’s extremely important to

across the business. “My starting point w w w.f i nte c hma ga z i n e. com

The #1 Customer Experience Platform

See why Medallia is Zurich's Customer Experience partner of choice

“ Zurich won a UK Customer Satisfaction Index (UKCSI) award (climbing the index from 188th to 12th place) which was in part down to our communication around pay out of claims. We revealed that 99% of our claims are paid out.”

— Monika Schulze, Global Head of Customer Experience & Digital Strategy, Zurich Insurance Group

forms part of a suite of services Schulze refers to as ‘the app store for Zurich’ offering, for example, chat bot functionality, journey mapping tools and claims apps. It’s all in one

is always to find similarities and then

space where countries can download

respect the differences,” she adds.

whatever they need and also adapt

“We have a global platform, every-

to their individual needs. Being able

body’s using the same vendor and

to fine tune them for their requirements

methodology, so the question is: ‘How

is hugely important to cater against

can we best work together to harness

their needs.”

synergies for positive change?’”

Zurich deploys customer journey apps and technologies in order to help different countries map out those journeys and find new ways to serve the customer. “But you cannot rely solely on technology,” warns Schulze.

“We do a lot of workshops because talking to customers and colleagues is essential; just to understand how they think, how they reacted, how you can improve. A lot of human interaction is needed on top of the technology platforms we are using.” The technology w w w.f i nte c hma ga z i n e. com

165

ZURICH INSURANCE GROUP

166

Schulze believes that customer

Allied to this, Schulze points out the

feedback also needs to be harnessed

company must be clear about its basic

for innovative ideas that build trust in

proposal and services. “Zurich won

the Zurich brand. “We need to ask

a UK Customer Satisfaction Index

ourselves how we can go beyond the

(UKCSI) award (climbing the index

traditional ways of serving our custom-

from 188th to 12th place), which was

ers and invent new things. We have

in part down to our communication

to be agile in our thinking to understand

around pay out of claims. We revealed

how to go further than the obvious.

that 99% of our claims are paid out.

We need a highly creative innovation

This is something that is extremely

team to look at things from different

important in order to build basic trust

perspectives.”

and counter the misconception that

SEPTEMBER 2019

insurance companies rarely pay out.

In order to drive renewed levels of

We looked at our numbers and realised

customer satisfaction Zurich partners

how impressive that statistic was.”

with Medallia, the market leader in

Published by the Institute of Customer

Experience Management, rolling out

Service, the UKCSI rates customer

an NPS expansion program across 25

satisfaction across 13 sectors, incorpo-

countries. “Don’t just buy a technology

rating the views of 10,000 consumers

platform from a vendor, but use your

on 247 brands. Zurich was also ranked

partnership to further develop your

first in the insurance sector for ethical

program. You can learn from other

business behaviours and connecting

companies and constantly improve

with consumers, and fifth and seventh

and develop further,” says Schulze.

respectively across all companies.

Medallia’s customer experience

E XE CU T I VE PRO FI LE

167

Monika Schulze “Working and living in different countries and environments enriched my life and allowed me to think about what it means to be a good leader to a diverse group of people and thus shaping me into what I am today, with 30 years of experience in strategy and business development including profit and loss responsibility in different roles, functions and market environments including assignments abroad,” says Zurich Insurance Group’s Global Head of Customer Experience & Digital Strategy Monika Schulze. Skilled in analysing market and customer data to define growth opportunities and effective strategies, Schulze has a proven track record of leading teams and building international networks to translate vision into action during times of change.

Listed by MarTech as one of the “Top Twelve Women CMOs to follow on Twitter”, she has also been recognised by Forbes as one of the “World’s Most Influential CMOs” and awarded by AdAge as “Woman to Watch Europe” based on her notable accomplishments. She strongly believes technology can be a great enabler for the enhancement of customer experience. w w w.f i nte c hma ga z i n e. com

ZURICH INSURANCE GROUP

168

SEPTEMBER 2019

169

ÂŁ47.bn+ Approximate revenue

1872

Year founded

55,000

Approximate number of employees

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

ZURICH INSURANCE GROUP

“ We aim to become more advanced in data analytics. We have a lot of data, but much of it in silos. The trick will be to find the data you need and how best to correlate that” — Monika Schulze, Global Head of Customer Experience & Digital Strategy, Zurich Insurance Group

170

SEPTEMBER 2019

management skills are leveraged for strategic advice, as it’s important to always have up to date technology.”

Looking forward, Schulze is keen to combine excellence in the basics of Zurich’s offering while innovating the next generation of services. “We will have to become stronger to impact the business digitally,” says Schulze.

“We aim to become more advanced in data analytics. We have a lot of data, but much of it in silos. The trick will be to find the data you need and how best to correlate that. We want to help people find data on their own terms with easy to use dashboards to consolidate insights in order to drive business results.”

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

171

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