The 10 Most Successful Leaders Revolutionizing the BFSI Sectors 2021

VOL 04 | ISSUE 03 | 2021

THE

MOST SUCCESSFUL LEADERS

REVOLUTIONIZING THE

BFSI SECTORS, 2021

President of in2vate LLC

Roger Duffield PROVIDING VALUABLE INSIGHTS FOR CLIENTS

+

PRAGMATIC APPROACH LEADING DILIGENTLY WITH INSIDE-OUT APPROACH

Editor’s Desk Transforming the BFSI Industry

W

e all have embraced the digitalization in a significant way. The products and services we see today are cheaper and easier to get with a customer-friendly approach because of the internet and the world wide web. Technology has become a boom by optimizing old and outdated businesses and prioritizing innovative solutions for us. And, if you’re business is still out of this ever-increasing digital transformation, that means you are giving an upper-hand to the competitors.

Certainly, banking, financial services and insurance (BFSI) industry is not devoid of such digital transformation. By placing customers at the heart of their present and future strategies, leaders in BFSI sector have brought a radical transformation in it. They have worked across the globe to drive their companied forward towards growth. They have spent a huge amount of time interacting with these services.

Not only this, but they have also extended support to developing and underdeveloped countries by improving the quality of life and speed of development. With technological tools like Machine Learning, and AI, these business leaders are leading this paradigm shift in BFSI sector.

While humanity is challenged with the pandemic situation and yet again, we realize the opportunities of digital services. Even during such critical times, by experimenting with disruptive technologies and business processes, these business leaders have designed best-in-class BFSI services.

Their ultimate goal for customers is to ensure robust security and cost-efficiency, all while delivering ‘value’ to them.

BFSI leaders help to take the decisions that are not easy and thus, we need their advice and offerings. They have a lot

more to offer than we can imagine. All in all, these business leaders enable personalized services in banking, finance, and insurance as per the needs of the people. Honestly, we should truly believe in the BFSI business leaders as they can shift any business even faster and further with their experiences.

Focusing on their operational excellence Insights Success identifies efforts of such BFSI leaders in its upcoming edition - The 10 Most Successful Leaders Revolutionizing the BFSI Sectors, 2021.

It is Roger Duffield - President at in2vate LLC® at the Cover of this edition. Roger holds a track record of implementing a long-term vision and integrating technology to improve insurance requirements. in2vate is a risk management company that specializes in providing education and state-of-theart technology focused on reducing risk and improving the insurance process.

Lastly, make sure you read the CXO standpoints by the industry experts and the creative articles written by our in-house editorial team.

Enjoy the read!

Sourabh More

sourabh@insightssuccess.com

COVER STORY

08 ROGER DUFFIELD Providing Valuable Insights for Clients

ARTICLE

16

Pragmatic Approach Leading Diligently with Inside-out Approach

24 Leader’s Viewpoint We are Drowning in Information and Gasping for Knowledge

32 Expert’s Insight

Do Good Have Fun:Philanthropy as a Business Tool

20 Dmitry Voronenko

Democratizing Lending Worldwide

28 Philipp Buschmann Enabling Modern Banking Solutions through Advance Fintech Platform

C O N T E N T S

Editor-in-Chief Hitesh Dhamani Managing Editor Anish Miller

Executive Editor

Assistant Editors

Sourabh More

Jenny Fernandes Rohit Chaturvedi

Visualizer

Art & Design Director

Associate Designer

David King

Asha Bange

Kartik Balapurkar

Co-designer Shubham Dali

Senior Sales Manager

Business Development Manager

Kshitij S

Peter Collins

Marketing Manager

Sales Executives

John Matthew

David, Martin, Prathmesh

Technical Head

Business Development Executives

Jacob Smile

Steve, Joe, Maneesh

Technical Specialist Aditya

Digital Marketing Manager Marry D'Souza

SME-SMO Executive Amol Wadekar

Research Analyst Frank Adams

Database Management Stella Andrew

Circulation Manager Robert Brown

Technology Consultant David Stokes

sales@insightssuccess.com April, 2021

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MOST SUCCESSFUL LEADERS

REVOLUTIONIZING THE THE

BFSI SECTORS, 2021

Featured Person

Company Name

Brief

Chris Belle CEO

Insurance Technology Services insurancetechnology services.com

Based in Dallas, Texas, ITS is an insurance consulting and services firm specializing in the design, implementation and utilization of technology to optimize critical business processes and achieve exceptional results.

Dan Daviau CEO

Canaccord Genuity canaccordgenuity.com

In just six decades Canaccord Genuity has grown from a Canadian-based venture capital firm to a premier global financial services firm. Its commitment to understanding and exceeding the needs of the clients is the cornerstone of its success.

Dianne Cupples CEO

Portfolio+ portfolioplus.com

Portfolio+ is an open banking platform that includes software applications for loans, mortgages, term deposits, investments and retail banking.

Dmitry Voronenko CEO

Turnkey Lender turnkey-lender.com

TurnKey Lender offers a solution for intelligent end-to-end lending software, decision management, and risk mitigation solutions and services.

Kirk Lundburg CEO

Trade Technologies tradetechnologies.com

Trade Technologies provides Internet-based software solutions and document preparation services that streamline international trade payment processes and documentation for global exporters, freight forwarders and global trade banks.

Mike Miller CEO

Ategrity Specialty Insurance ategrity.com

Headquartered in Scottsdale, Arizona, and serving agents and brokers throughout the U.S., Ategrity is an innovative excess and surplus carrier operating two underwriting divisions: brokerage and contract binding.

Paul Bermingham CEO

Advent Insurance Management adventinsurance management.com

Advent Insurance Management Limied has reinvented the process of managing delegated authority business.

Coverholders and MGAs enjoy many benefits when working with Lloyd’s and the London market.

Philipp Buschmann CEO

AAZZUR aazzur.com

AAZZUR builds white-label products to enable banks, insurers and financial services companies to serve their customers on the next level of personalisation.

Roger Duffield CEO

in2vate in2vate.com

in2vate, LLC is a risk management company that creates customized, cloud-based tools and offers consultation for organizations looking to improve their risk profile.

Septimus Blake CEO

National Commercial Bank Jamaica jncb.com

With roots dating as far back as 1837, National Commercial Bank Jamaica Limited (NCB) has a pioneering legacy that has been sustained as the organisation has evolved and transformed.

COVER STORY

ROGER DUFFIELD Providing Valuable Insights for Clients

‘‘

Helping you make risk management simple.

We are only successful if our tools are easy to use.

R

oger Duffield is the President at in2vate LLC® and has a comprehensive insurance background as well as a proven record of excellent communication and vision. Roger holds a track record of implementing a long-term vision and integrating technology to improve insurance requirements. in2vate is a risk management company that specializes in providing education and state of the art technology focused on reducing risk and improving the insurance process. Roger has been president of in2vate for 8 years and prior to that he was a senior leader at multiple large insurance providers. “Roger’s focus is on delivering the best quality of services to their customers.” - Dr. Jennifer Beaman Cohea, Executive Leadership Coach & Trainer Forbes Knowledge Innovation Center & Forbes School of Business & Technology.

History Within It was in the early 1990s that Roger Duffield began to leverage technology to improve efficiency for departmental reporting requirements. He achieved this by collecting data on claim settlements to train adjusters and this evolved as he moved into a risk management role where he was tasked with modernizing a national risk management department that focused on service and claim reduction. It was at this time that Roger was introduced to in2vate®, as a client. He considered the organization to be very progressive and knew he would like to work for it. “I certainly didn’t know that 16 years later I would become the President of in2vate!” said Roger.

As he began with in2vate® he found there was a lot to work with; the team had a solid mission, and a good technological base, but the technology was being sold as a unique solution, primarily custom to each client. Once again, Roger’s role was to transform the company and he was more than happy to be in this position.

As President of in2vate®, his primary focus is ensuring operational excellence, while providing a clear vision for the company and clients. From a practical standpoint the organization’s focus has been clear; integrate the company’s different solutions into a streamlined process and simplify

all aspects of the system. in2vate® has technology that can collect risk information, can benchmark each client against their peer group, identify outliers, automate action plans, and has a robust learning management system. in2vate® provides content on employment practices, sexual abuse prevention, and workplace safety.

Making Risk Management Simple There has been a seismic shift in power from the insurance provider to the consumer. While the price is still the primary concern, the expectation to deliver an exceptional user experience through digital channels is essential in the contemporary insurance landscape. Consumers are expecting information and services on demand and delivered seamlessly. This is very difficult to do with legacy systems.

When we think about risk management, we think about reducing claims for an insurance provider while reducing overall risk for the policyholder. At in2vate®, the company believes there is complete alignment between the carrier and consumer on this topic. Fewer losses mean lower premiums. Its risk assessment technology allows data to be collected once and shared throughout the value chain. By doing so there is an opportunity for more intentional allocation of resources. - Gordon Padera, Executive Vice President-Consultive, Gallagher Bassett commented: “A partnership with in2vate® provides customers with insightful content, strategically delivered to control and mitigate loss”.

Dedication in the Changing Times Regardless of industry, nearly all day-to-day operations have changed due to the pandemic. However, thanks to technology, many businesses that operated in person have discovered that work can continue remotely, often with improved efficiencies.

This has provided opportunities for in2vate’s clients to expand out of their comfort zone, entering the world of a digital ecosystem of services. This digital ecosystem

The 10 Most Successful Leaders Revolu onizing the BFSI Sectors, 2021

improves the user experience for the modern consumer while building operational efficiencies. This change unlocks de-siloed data streams that support core processes and identifies trends and additional opportunities.

While this transition has not been an easy one, it has proven to be a great opportunity in the information and data management industries.

Ask the Expert One of the most important things that in2vate® brings to its clients is that it is first and foremost an industry expert. This provides a huge advantage when first working with a client, the company seeks to understand its goals and processes.

With this information, it can minimize disruptions to its clients’ ecosystems. Secondly, in2vate’s technical experience and industry knowledge have allowed for individualized solutions without the price of customized technology. Paul Doman, Director Loss Control Service, Nationwide® shared “Working with in2vate® has been very refreshing! Roger and his team have a keen understanding of business and use it to create first class tools that can be used by a variety of customers”.

Developing New Technological Solutions in2vate® understands that investing in technology is a big decision. Organizations think they lack the time, resources, or organizational support they require to implement a new technology. The company’s approach is to lower the bar of entry and to only pay for what is used. Of course, there are

constraints, but in2vate works with the clients to build those in. “in2vate® listened closely to our needs and goal of helping us build a truly customized risk management solution for our members”. - Tim Conlon, Property/Casualty Program Director The company has to recognize that every client is starting at a different point: the tools and services often begin as a client facing Learning Management System (LMS), or a strategic service aimed at reducing claims. As the team works more intimately with its clients, they begin taking advantage of other complementary services. This can all be accomplished without changing the clients underlying technology.

Helping to Protect Minors In the late 1990s, in2vate® began working with the church sector to develop technology to ease the administrative burden of documenting child sexual abuse prevention training. The company created a program called Smarter Adults-Safer Children®. This program combines a variety of educational materials, policies, and the use of technology to help protect minors from sexual abuse occurring in youthserving organizations.

This work started before the world was aware of the magnitude of this situation. At the heart of the awareness training, it focuses on grooming, boundaries, and the importance of reporting inappropriate behaviors.

Throughout the year, in2vate® provides free webinars using

subject matter experts helping administrators improve their overall strategies in protecting minors from abuse.

Efforts Matched by No Other Company So often human resources and compliance are separate roles in an organization, and they have very different missions when it comes to managing an organization’s personnel and data, often requiring multiple systems. Both groups deal in risk, they just take different approaches and in2vate’s technology brings these two groups together through one platform where data is centralized. in2vate recently entered a partnership with iLearningEngines, a global provider of machine learning and artificial intelligence (AI). Their mission is to use data and learning to improve outcomes, which aligns perfectly with in2vate’s mission. By adding machine learning and AI with in2vate’s technology, the clients will be able to automate even more processes throughout the value chain.

This will in turn provide improved results and better client retention.

With this partnership, the company expects that these offerings will span far beyond the U.S., providing its clients with a major strategic advantage by improving the distribution of resources, operational efficiencies, and data streams to support decision making for all relevant stakeholders. By expanding its technology to include machine learning and AI, in2vate® hopes to expand the reach of its Smarter Adults Safer Children program, keeping children safe throughout the world.

Roger Duffield President in2vate, LLC

& & 20 The

Most

SUCCESSFUL

BUSINESSWOMEN to Watch, 2020

kimberly Khoury

Paving her Way in Sustainability Development

o lead a business effectively the leader of the organization needs to have a combination of some good skills, talents, abilities, resourcefulness, and leadership abilities. Leadership is a serious responsibility to set the right example for others to follow, as whatever great leaders do, common people or subordinates or employees follow the norm in any field. Therefore, leaders have to be exemplary to inspire others. Disciplined personal and professional life is key to success in life. The greatest obstacle on the journey of success is by being trapped in the negative opinions of people. Leaders should go beyond the conventional thought process to come out with innovative ideas for the development of businesses.

T

Great leaders understand that discipline is the bridge between success and failure. Discipline is the ability to dig within oneself, identify one’s true goals and then act every single day in accordance with those goals. Discipline means taking care of the most important tasks related to one’s long-term goal before anything else. Great leaders don’t let a single day pass without closing in the distance between their current reality and their target. Without being disciplined people may put in extended number of hours in work but still they will not come closer to the finish line.

Therefore, being disciplined is critical for success in the business. Great leaders form the right strategy to do justice to their goals.

Great business leaders are curious, thoughtful, rational, logical, analytical, and practical in their approach. They are very well aware of the market and the potential of emerging technologies to improve the quality of solutions. Great leaders don’t yield to the degrading impotence of playing small. They are courageous and they don’t give into the opinions of others. They go beyond the prejudices of the people. They are audacious in pursuit of their goals. They forge their own path by shattering the norms. Great business leaders destroy the prejudices of others by playing the infinite game. That makes them admirable.

Technology offers huge advantages. Technology makes things better and leaders of the organization should make their people better. Because, positive work culture and environment helps leaders to develop resourceful team which in turn helps to solve greatest problems by using advanced technology. Great business leaders tap the potential of technology and people to solve great problems and that leads to achieving best results.

To be great business leader in the industry, one has to be very keen to tap the potential of evolving technologies that can be implemented in the businesses. By utilizing the latest technologies like Artificial Intelligence, Big-data analytics, businesses can be improved. Great leaders are visionary in their approach. They envision the potential of their ideas and the possibility of making a difference in the industry with their ideas.

Great business leaders understand that integrating the advance technologies with business offerings is the way of the businesses in the present and future. Therefore, they are always enthusiastic to avail the edge by utilizing technology most effectively for the growth of the organization and clients. Business leaders should be expert at utilizing resources efficiently for the growth of the businesses. They should tap the potential of human resources as well as technologies to deliver best services to the clients. Great leaders do that most diligently.

It is said that success in business is not a sprint but a marathon. One’s ability and grit to keep putting one foot in front of the other, no matter the circumstances, what other people are saying or how one feels still continuing to play the game is what help leaders to get to the finish line. Great leaders are highly disciplined and pragmatic, they don’t allow any complacency to come near them. Great leaders are very much aware that the complacency, inertia, laziness, temptations, and distractions are the greatest trap for one to be in comfort zone therefore, they try their best to go beyond the obstacles. They understand that obstacles are opportunities.

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Thoughtful and pragmatic approach help business leaders to drive business successfully. Great business leaders think like a person of action and act like a person of thought.

They think deliberately and act on the conclusion of logical, thoughtful, cognitive intensive, systematic, rational, and pragmatic thought. This leads them to avoid silly mistakes.

Great business leaders mind their own resolutions to succeed more than anything else. They are well-aware that information doesn’t have to be new to be helpful but it just has to be timely.

Great business leaders walk the talk and talk the walk. They don’t just talk but they deliver what they talk. They lead with diligence, grace, and courage. They understand that courage is grace even under pressure and that what helps them to be diligent. There is harmony between their thoughts, talks and actions and they create the harmony and unity between the teams and the organization they are leading. They don’t act haphazardly. They act on conclusion of logical and organized thought process.

Great business leaders respond intelligently than reacting impulsively or instinctively. They prefer to have inside-out approach rather than being affected by the chaos of others.

They have their own thought process and they trust it more than anything else. The conscience and intuition of great leaders is advanced and therefore they are more in tune with their inner voice. Great leaders have the courage to follow their heart and intuition. Great business leaders do what they love and they love what they do and therefore, they are able to drive the huge success of their organization and their clients.

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PRAGMATIC APPROACH

LEADING DILIGENTLY WITH INSIDE-OUT APPROACH

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April 2021 | 17

Dmitry Voronenko

Dmitry Voronenko,

CEO

TurnKey Lender

Democratizing Lending Worldwide 20 | April 2021

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The 10 Most Successful Leaders Revolu onizing the BFSI Sectors, 2021

I

t was the goal to lower the lending industry entry barrier and allow anyone to compete on a level playing field with large FIs that led Dmitry Voronenko to form TurnKey Lender, a company that is transforming how lending is done around the world. Dmitry founded TurnKey Lender along with his partner Elena Ionenko and currently the company serves clients in over 50 countries with 6 offices around the globe. Currently, Dmitry serves as CEO of the company leading a talented team worldwide.

The idea from the start was ambitious. The goal was to disrupt the lending automation space status quo with a lightweight yet robust end-to-end lending automation platform which would be flexible and scalable enough to digitize crediting for any organization type, from banks to alternative lenders and from manufacturers to medical professionals.

Since then, TurnKey Lender has become one the leading providers of lending automation and embedded financing software globally, offering the only SaaS platform that automates not only all digital lending operations but also credit decisions at every stage of the loan life cycle in realtime.

importantly, for staying top of mind for customers in the ever-increasingly digital economy.

It’s clear that the BFSI sector doesn’t need more of the same solutions to move the industry forward. At TurnKey Lender our focus is on automation of credit and judging on the increased demand, 2020 taught businesses worldwide a valuable lesson about postponing digital transformation or applying stopgap measures where real change is due.

What people, what books, what life factors have influenced and impacted you?

Growing up in a multinational region and leading my companies through three major world crises are among the factors that influenced me most as an entrepreneur. Along the way, I've been fortunate to meet some inspiring, wise, and brilliant people. But I'd say that the life paths, business strategy, and approach of Jeff Bezos and Marc Benioff have taught me a lot.

And regarding the books, these three have stood out to me, and I'm sure they will resonate with your readers too: Selfish Gene by Richard Dawkins

In an interview with Insights Success, Dmitry sheds light on his journey and his contribution to the lending industry through TurnKey Lender.

Good to Great by Jim Collins The Hard Thing About Hard Things by Ben Horowitz

Below are the highlights of the interview: What is your opinion on the necessity for businesses to align their offerings with newer technological developments, especially when it comes to Managing BFSI Industry?

Customers today have little to no patience or trust for businesses who haven’t embraced digitalization in a meaningful way. If your business doesn’t prioritize technology, your competitors will. And as a result, their offering will be cheaper, easier to get, and more customer friendly. Technology has become the life raft for streamlining the lending processes, eliminating wasted time, and optimizing outdated business flows. And most

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What is your thought on the necessity of a positive work culture? In what ways do you implement it at your organization?

The TurnKey Lender team is distributed across six offices around the globe. It’s a living organism that we as its leaders need to keep healthy, happy, and motivated to drive forward the growth of our organization.

You spend a huge part of your life interacting with your colleagues. And if at the end of the workday employees are burned out and feel drained of their internal resources, it’s going to have a devastating effect on the morale and productivity in the long run. That is why we foster a

April 2021 | 21

positive work culture and only hire people that we trust and enjoy working with.

In what ways have you contributed to the community?

If given a chance, what change would you bring in to making BFSI Management Simple?

At TurnKey Lender we’re proud that over 20% of all our clients are non-profits and companies that extend credit to immigrants, asylum seekers, and underdeveloped communities to bolster the quality of life and speed of business development. Over the last 20+ years, I’ve focused on creating cloud-based, AI-driven financial solutions to reach small, mid-size, and enterprise-grade lenders and provide them with easy-to-use, accessible and affordable automation solutions.

The BFSI sector has been our focus since the foundation of TurnKey Lender, and today, it’s evident more than ever that the industry is long overdue for a meaningful change. And our technology is up for the challenge to bring about that transformation.

How do you envision on sustaining your company’s competency in a cutthroat and volatile world of business? Where do you see your company in the next five years?

After spending most of my career working on cutting-edge technology, it never ceases to amaze me how quickly things

22 | April 2021

can change. And the only way to sustain the positions we’ve gained as a company and improve upon them is to tirelessly innovate. In addition, our clients provide us with invaluable insight on where different domains of the lending industry are moving. By staying in tight contact with lenders worldwide we get first-hand understanding of what features, modules, and scoring models are needed most and then dedicated teams in our R&D centers bring them to life in new product releases or within the professional services we provide our customers.

What are your future aspirations? What strategies is your company undertaking to achieve those goals?

Right now, we operate on three continents with clients in 50+ countries and growing. In the last year we’ve carried out a significant expansion in North America and Asia.

Moving forward, the name of the game for us continues to be reaching ever wider customer groups and suiting their needs better than anyone else with intelligent automation.

Machine learning and deep neural networks, a field I have a Ph.D. in, are the backbone of TurnKey Lender and this has been one of the key factors differentiating us from the competition. At the same time, the platform's end-to-end modular functionality and flexibility allow TurnKey Lender to adjust the platform to any lending business’ needs. I’d say we’re well on track with our goal to democratize

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“Our vision is to evangelize a fundamentally new e-lending approach – Unified Lending Management.”

lending worldwide and become the go-to choice for lenders in search of end-to-end lending processes automation, decision management, and risk mitigation solutions and services.

As an established business leader, what would be your advice to the budding entrepreneurs aspiring to venture into Information Services Industry?

The same principles dictate success in the information services industry as in other domains. So, to anyone who needs this advice right now, here goes:

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You must find your true inner nature. Because as long as you try to fit into someone else's role, you won't be fulfilled.

Never give up. You never know how many tries it may take, but once you found your true self, you have to keep moving forward.

Love your competitors. Same as in sport, you must respect your rivals and the work they do to learn from them. But even more importantly, you can’t afford being poisoned by hate.

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Leader’s Viewpoint

Gary Olson GT Digital Ltd.

24 | April 2021

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We are Drowning in

Information and Gasping For

Knowledge U

ncontrolled and unorganized information is no longer a resource in an information society…Instead it’s an advisary.

The information age has created an overwhelming amount of digital information across all industries and market sectors. Social media and digital media produce volumes of information and the Internet of Things has permeated both commercial and consumer products and services also producing a vast amount of information. The intersection of the physical and cyber worlds includes everything from QR codes, to video doorbells, wearables and “smart” refrigerators. In the industrial world, robotics has revolutionized manufacturing while using cloud and remote services are exposing these processes to disruption and creating crisis. Medical devices now send telemetry of the patient to the doctor or hospital using cell services. As more robotic, cloud and IoT technologies are appearing, they only produce more data. As new recognition technologies are able to “identify” things and people, this only creates more unstructured data.

Given this overwhelming amount of data that’s available and accessible, no human can process, manage and analyze it effectively or efficiently.

For each of the proprietary applications that create or acquire data, they typically store it in isolated databases then use dedicated highly specialized tools for data mining and reports. If a report or analysis is required and there are

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different data types and formats in segregated databases, the request relies on human operators to curate and correlate across different sources to deliver a result.

In days of “yore”, when describing the lineage of royalty or family, the word begat was a favorite word used to connect the origin and next generation. It seems to apply again to the need for new technology to come and save us from other technology.

This is one of those times when a new technology is needed to address the issues created by other technology. There is a high demand for solutions and platforms that can converge the information from multiple physical and cyber sources that can curate, index and correlate the data, video, text and images together connecting the dots and providing a broader picture of information to treat a situation.

Converging information from multiple digital domains includes normalizing the data and media as it’s acquired into to a common format. Once that is accomplished, curation and correlation can be applied to produce the results requested.

The recent efforts to identify the Covid 19 virus and then correlate data and images from multiple sources was a daunting task. Many scientists were gathering information from multiple types of devices including images, unstructured data, and outputs from analytic machines. This was and still is a highly manual process of curating, correlating and analyzing the vast amount of data coming in

April 2021 | 25

to evaluate efficacy, risk and a plethora of other needed information.

Law enforcement and public safety professionals struggle to identify potential threats to be more preventative.

Security and public safety are a good example of how this applies. The number of open and public violent events are challenging our public safety professionals as they try to be preventative rather than reactive. This is not only a US domestic issue, it’s a global issue and crisis. Statistics show that over 75% of the people and groups committing these actions spend considerable effort announcing their intentions on as many digital platforms as they can access to garner as much attention as they can before they act.

The horrific event that happened in Washington DC on January 6, 2021 is a good example of the challenges. Many of the people involved are posting on social media, while law enforcement is posting pictures as well asking people to identify the offenders. In addition, security professionals, months after the event are first realizing that many of the participants posted their intentions and plans as early as August 2020. This is where the expression “Hindsight is a Science” should NOT have to apply. If the indicators and warnings were out in the open, how were they missed?

One of the emerging technologies addressing this challenge is Converged Security Information Threat Intelligence. This is where an advanced intelligent solution would help professionals discover and identify the planning and organizing of a potential incident. This type of technology should have the ability to monitor across multiple open sources to help professionals discover when groups or people are announcing their intentions to commit something bad. If the intention is to create attention, the number of potential digital outlets are beyond what current tools and technologies are capable of monitoring. Businesses involved in public gatherings like entertainment and sports venues are constantly monitoring for potential threats, industry supply chains moving high value assets look to mitigate risk and loss. Anytime there’s an incident the insurance company becomes involved so it’s very much in their interest to be more on the preventative side of risk.

The number of new and emerging technologies generating more digital information are growing at an alarming rate. At the same time the number of emerging technologies capable of using the data is moving at a different and slower rate.

The tools and technologies to process and manage the data need to evolve. It’s critical to understand how important it is to be able to correlate data from multiple disparate sources in different formats and types in a single display platform that is user intuitive.

www.gtdigitalltd.com 26 | April 2021

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Philipp Buschmann,

CEO, AAZZUR

Philipp

Buschmann 28 | April 2021

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The 10 Most Successful Leaders Revolu onizing the BFSI Sectors, 2021

T

he road to entrepreneurship is full of challenges and one filled with unexpected dead ends. It can look exciting to launch a new idea and change into a business, but it requires years of hard work and many sleepless nights. Moreover, it takes patience to take the right decision at the right time. “An entrepreneur should be patient to wait for the right moment and curious enough to find out and feel that right moment when it comes,” asserts tech entrepreneur Philipp Buschmann. Philipp is the CEO of AAZZUR, a company that connects people to financial products and services that are relevant for them, so they can manage their money easier and more wisely.

A perfect blend of technical excellence and business acumen, Philipp is a serial entrepreneur who has also taken his first venture public. From starting as a developer in financial services to becoming an entrepreneur, Philipp’s journey has been full of undulating moments.

Let’s shed some more light on Philipp and AAZZUR’s journey through an interview conducted between him and Insights Success.

Below are highlights of the interview: Give us a brief overview of your position at your company, and your journey since inception.

I am a founder/CEO and I guess all we know what founder/CEOs are supposed to do. But anyone wellacquainted with a fast-paced startup environment knows that a CEO’s life in startup is very different than in big corporates. So what I can tell about my role as a CEO, asides of a generic job description, is that I am the one who makes all people involved – from teammates to investors –believe in what we are doing.

Well, digital technologies are all around us nowadays. No company can survive without digital technologies: someuse them within the company to improve business processes, while others use them for communication with their target audience, and so on. The last year saw humanity – challenged by mobility restrictions due to Covid- 19 – again realize the promise and opportunities of digital. Yet, even before Covid restrictions, digitalization was topical within the banking and insurance sectors.

Basically, if we ask ourselves why digitalization works well within the BFSI sector, the answer is simple: it helps all parties – demand-side & supply-side – reach goals efficiently and effectively, and simplifies our lives.

Today, us humans are surrounded by a huge amount of information and offered a variety of similar services.

Somehow we need to manage all this information and make decisions that are not as easy to do, as to say. So what we need is advice and products relevant to our needs, or a socalled “personalized” service – and BSFI industry players have this capability! Banking data is even richer than we imagine and can tell us a lot. All in all, the huge amounts of data available in the BSFI sector, coupled with today’s digital technologies and analytical capabilities, are a source of new business value. That is why any BSFI participants should pay attention to digital transformation.

BFSI should not underestimate the value of customers' financial data, which enables offering personalized services tailored right to their needs. We at AAZZUR are driven by the mission of helping BFSI players monetize financial services by building a personalized challenger bank with a variety of products including insurance, carbon offsets,

The story of AAZZUR started in Vienna. My co-founders, Martin and Richard, and I really believed in the future of embedded finance. Four years on, it is now a buzzword. We were discussing modularizing financial services by combining various fintech services on a single platform and creating a so-called “Lego toolbox” of a variety of financial services. That is how we came up with the idea behind AAZZUR. What is your opinion on the necessity for businesses to align their offerings with newer technological developments, especially when it comes to the BFSI industry?

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We believe in the value of transactional data for both the customer and the financial institutions.

wealth solutions. Banks should approach us if they want to create additional revenue from their existing customers.

people like Bill Gates. These people are unbelievable at what they do.

What are your thoughts on the necessity of a positive work culture? In what ways do you implement it at your organization?

But my mom has also taught me important things such as: do not work with people who have little to lose. It’s either all or nothing – the ones in the middle are too afraid to get started. My father taught me that nothing comes free in life.

And a good friend’s family taught me how to be with other people – what it means to be gracious and generous.

Simply put, all businesses are supposed to make their clients happy. Unhappy people cannot “produce” happiness for other people. So it is a must to ensure the positive work culture within a company, organization or any team moving towards the same goal.

There are some simple rules to follow when hiring: don’t hire people who have only ever worked in large companies, hire people because skills can be learned – except in the case of developers, where experience is not linear. Invest in your team’s wellbeing. Be okay with conflict, if it is based on the subject matter, and make sure the focus is on the “what can I contribute today”. Culture beats strategy, Sales beats culture.

What people, what books, what life factors have influenced and impacted you?

All of important life factors were split second decisions: Austrian school or international school; go to America or study in Austria; saying hello to that girl who I went on to marry; a friend calling to see if I wanted to write a business plan for my first startup. None of them were planned.

What is planned is a dedication to quality, smart work, and people. The leaders that I’ve learned from I have never met, but are well known. Steve Jobs, Tim Cook, Jack Welch and

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One last mention would be my mentor Diederik: He gave me a way of looking at motivation and the world that turns the whole idea of ME upside down and gave me context to learn to love and be open for the adventure of life.

In what ways have you contributed to the community?

If given a chance, what change would you bring in to making BFSI management simple?

Honestly, the major hindrance in BFSI sector is the mindset of incumbents. Unfortunately, there is still resistance to new technologies. In addition, many incumbents and fintechs see each other as competitors.

I would love to change these mindsets, because I truly believe that the innovation in financial sector is not about competition between technology-driven startups and legacy-based established players.

Instead is all about cooperation and a change in mindsets would help sector move forward even faster and further.

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Betsy Wiersma, Founder

Wiersma Experience Marke ng/ CampExperience Network

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Expert’s Insight

Do Good Have Fun: Philanthropy as a Business Tool

W

hat differentiates your business from the pack?

What communicates your business’s heart and soul? What can unite employees, connect with customers and help your community? Consider philanthropy as a business tool! We call it “Do Good and Have Fun!” I have dedicated my life to uniting amazing women from all walks of life to help others. Our Denver Colorado CampExperience™ Network has raised over $1 million in cash and in-kind support for 50+ charities in Colorado and around the world.

We gather women for both online and in-person events, promotions and campaigns, and each year we choose charity partners to receive the Network’s donations. Over 16 years we have been partnered with large organizations like our Mile High United Way in Denver and small organizations like the Sock It To Em Sock Campaign. Each time we look for a specific project or group we can make a difference for and engage our volunteers.

There are so many examples of Doing Good and Having Fun. One of my favorites was 1000 Acts of Peace in September of 2019. We gathered donations of more than 20,000 items of shampoo, soap, toothbrushes, floss, toothpaste, combs, sanitized wipes, Kleenex, a bottle of water and a Luna bar. Then 130 women assembled 1000 knapsacks in 2 hours, loaded onto buses and delivered the

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donations to the Mayor of Colorado Springs, Colorado, to gift to agencies that served people experiencing homelessness.

The process of partnering has elevated the stature of our organization, attracted new members and kept the loyalty of current members. Our focus on helping others rates high in surveys about organization interest and market reputation.

We have developed a style of “Sisterhood by Choice” in that we treat each other as family and treat others as our own. Our community involvement generates positive energy, publicity and more opportunities for our members and sponsors. This experience has proven the following three tips for your organization’s community success.

Match your Mission to your Mate A great way to choose a community partner is to match the passions and purpose of your organization with a likehearted “mate.”

Like dating, try some conversations with potential community partners and find a match. You might start with your stakeholders to see where they are involved and what type of experiences are working. There may be timely issues in your community, or you may need to serve multiple markets across a country or a region.

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Look for: • Leadership stability and fiscal responsibility.

• Check some references to ensure a top reputation.

• What are the deliverable goods and/or services and who specially is served? How is the “good” measured?

• What are the needs and specific opportunities to involve staff or customers? For example, our volunteers gathered new socks for men, women and children and the socks stayed in each market to help local groups.

Choose a Scale that Makes Success Easy My mom always asked, “Did you bite off more than you can chew?” Even as I kid I wanted to do it all, save it all and take every opportunity for the FUN of getting involved.

I have discovered (the overcommitted and tired way) that with community involvement (and life) you can choose the “scale” of involvement. This means when you discover the magic of a cause that matches your interest, develop a

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“menu” of ideas both large and small. This scale serves you in many ways: • The menu of specific needs and tasks can fit the multiple interests of your employees and customers. Include the time, level of commitment, location and what to expect when serving.

• When you start and complete an exact task, the small success starts positive momentum. When you get even small “wins,” you start to stack up the good deeds and start the reputation of the project to be viable and FUN! • The process of developing the menu can unlock more creativity and is great for the process of developing a working partnership with your community organization.

Just Do It … Go, Review and Repeat!

After creating the perfect partnership and developing your action plan just do it! Take action and begin. The magic of the Do Good is the Have Fun! www.insightssuccess.com

In hundreds of projects, we find that the journey of helping others is even better than the destination of any goal. Goals can always move and change. The journey is the juicy relationship-building process. The activities connect hearts and minds. The positive impact generates possibility thinking and a fresh outlook. And these relationships and shifted perspectives contribute not only in the community but back in the organization.

In a world running fast and working hard, take a minute for some thoughtful strategy. Consider philanthropy and some Do Good Have Fun for you and your team!

To learn more about Betsy Wiersma and her new online course to help you with innovative thinking and new ideas visit www.moveideasintoaction.com

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