Five FinTech Trends in 2018
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Understand the five important FinTech Trends and how you can leverage those for your business. Discover how the FinTech trends integrate technology, process and products. International use cases will be discussed in this presentation. This is a must-view webinar for retail banking operations staff, wealth managers, and technology teams supporting banking business.
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Five FinTech Trends in 2018
- 1. Five FinTech Trends In Retail Banking and Wealth Management
- 2. USE Case: "Alexa,I want to to go on Vacation" • Travel preferences • Mileage Accrual • Airline / Hotel Loyalty Status • Promotions • Savings forecast • Credit Available • Promotions • Preferences
- 3. Five fintech trends E-KYC MOBILE FIRST BIG Data machine Learning & AI CROSS-VERTICAL INTEGRATION
- 4. For each trend, let’s talk about… Life Hacks to Leverage the Trend Business & Career Implications What is it? Use Cases
- 5. 1. E-KYC What is it? Electronic process in which a business identifies and verifies the identity of its clients. E-KYC procedures must have the same standards as the KYC procedures usually conducted where the relationship is established face-to-face. Example of E-KYC currently used: Biometrics (facial recognition), Voice control (Siri, Google Home), Finger Print.
- 6. 1. E-KYC enabler: the API What is it? APPLICATION PROGRAMMING INTERFACE (API): In computer programming: an application programming interface: set of subroutine definitions, protocols, and tools for building application software. http://www.kentosystems.com/api-integration/
- 7. 1. E-KYC Use Cases "Alexa, pay my credit card bill"
- 8. 1. E-KYC Business & Career Implications Life Hacks to Leverage the Trend • Have an active bug bounty program. • Use APIs to streamline authentication. • Learn how APIs work, no matter your job role • Try every possible API & biometric option for yourself as a customer • Keep track of new technologies that are being tested so you're ready to implement https://youtu.be/KopWe2ZpVQI
- 9. 2. Mobile First What is it? • It's not about the device, it's about the data! Simply digitizing the old process is not going to win. • Current approach is to design for the smallest screen and work your way up • Mobile first = content first, which creates multiple sources of data Use Cases
- 10. 2. Mobile First Business & Career Implications Life Hacks to Leverage the Trend Keep up with government and industry initiatives for UPI, NFC and other mobile payment systems. https://www.nfcworld.com/ Smartwatch Payments are the Next Big Thing: wave your NFC-powered smartwatch over a POS machine at the shop to make the payment. Test and use voice-activated mobile options. Mobile Payments are making fast inroads thanks to the availability of Near Field Communication (NFC) smartphones Design for the smallest screen and work your way up. Understand data privacy laws and play by the rules.
- 11. 3. Big Data What is it? Data sets that are so voluminous and complex that traditional data processing application software are inadequate to deal with them. There are five dimensions to big data known as Volume, Variety, Velocity and the recently added Veracity and Value. ( https://en.wikipedia.org/wiki/Big_data)
- 13. 3. Big Data Starbucks Rewards 13 million customers 17 million App active users USING INFORMATION TO OPEN STORES AND CONVERT CUSTOMERS FROM DISLOYAL TO LOYAL Identify and link the customers with the products Identify and analyse traffic data Test and roll out targeted data-driven initiatives 11 major KPI for manager Better understanding the purchasing behaviour Targeted advertising and discounts
- 14. 3. Big Data Business & Career Implications Life Hacks to Leverage the Trend Big data challenges include capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating, information privacy and data source. Ensure your ROI through A/B testing: - Tailored discounts, Promotions and Coupons - Relevant Loyalty offers Reconsider which analytics and data visualization tools you should use. For example, we see a shift in banks from SAS to R. Stop yourself from over-using the excel graph buttons. You need to "up your game" with a data visualization approach.
- 15. 4. Machine learning & AI Use CasesWhat is it? Machine Learning Artificial Intelligence Expert Systems AUTONOMOUS “HUMAN-LIKE” Diagnostics Decision Automation and Prediction Human Surrogate Rule Automation Customer Segmentation Game AI Recommendation Engines Identity & Fraud Detection Playing Go Market forecasting News generation Chat bots Personal Assistants “Hey Siri” Self driving car Drug interactions Most new AI embeds Machine Learning, but Machine Learning rarely uses AI RULES & INTERFACE
- 16. 4. Machine learning & AI Value of big data to finance: observations on an internet credit Service Company in China https://jfin-swufe.springeropen.com/articles/10.1186/s40854-015-0017-2 Example: An internet credit service company in China Use Cases
- 17. 4. Machine learning & AI RISK MODELSFRAUD MODELSMARKETING MODELS Better segment scoring Supplement existing scorecard approaches Prevention: Real-time analysis of transaction with immediate fraud score and rejection Detection: Identifying unusual transactions of customers and taking steps to block further fraud attempts. Online: recommend effective online content based on factors such as risk profiles and geographic region. Targeting: Automated search for audience by AI (search sites that match the desired target market and ad content). Use Cases
- 18. 4. Machine learning & AI Use Cases Marketing emails Track Wildlife Reduce customer’s home energy consumption Co-working with Google home Get market information To trial an AI-powered chatbot on the 111 non-emergency helpline Pre-packaged machine learning algorithms Its core services built on machine learning Luvo: Natural language processing AI bot
- 19. 4. Machine learning & AI Business & Career Implications Life Hacks to Leverage the Trend • Classification • Prediction • Neural networks creation • Probabilistic machine learning • Cognitive computing • Transfer learning • Start with descriptive statistics & graphics • Look to other industries for examples and inspiration • AI is a cool buzz word, but "stay in your lane" with Machine Learning most of the time
- 20. Life Hacks to Leverage the Trend https://docs.microsoft.com/en-us/azure/machine-learning/studio/algorithm-cheat-sheet
- 21. 4. Cross-vertical integration Use Cases What is it?
- 22. 4. Cross-vertical integration Business & Career Implications Life Hacks to Leverage the Trend • Think outside the box; a FinTech career step might be in e- commerce or in marketing due to rich exposure to data • Test out every app you can; shopping, transport, travel, and know how they work. • Build corporate partnerships which are are data gold mines • Watch consumer, e-commerce and marketing trends; now they more easily integrate into retail banking and wealth management
- 23. "Alexa,I want to to go on Vacation"
- 24. E-KYC + MOBILE FIRST + Big Data + Machine Learning & AI + Cross-Vertical Integration = use cases 1. Your Business 2. Your Career 1. actionable insights 2. New product approaches 3. what else? What's next for you?
- 26. Contact Michelle Katics CEO and Co-founder, PortfolioQuest Innovation Advisor, BankersLab michelle@portfolio-quest.com +65 86503580 www.Fintalent.com
- 28. Thank You