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Can Financial Institutions be the next Digital Masters? Capgemini says YES

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With Millennials coming of age it is even more important than ever for Financial Institutions to provide a strong digital experience. In order to deliver that Financial Institutions need to become Digital Masters - accelerating their digital business, turn data into insights, transform the customer experience and embrace the mobile mind shift.

Capgemini’s Trends in Transformation powered by HPE is your Jedi Master. Are you ready to become a Digital Master? Join us to start your journey.

Presented at HPE Discover Las Vegas 2016.

Publicada em: Tecnologia
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Can Financial Institutions be the next Digital Masters? Capgemini says YES

  1. 1. Becoming a Digital Master Christian Cole, Capgemini
  2. 2. Capgemini operates globally supporting the leading brands in multiple industries $ 13.2 Billion in revenue, around 180,000 people worldwide Headcount by region UK & Ireland 12K Nordic Countries 5K North America 16K Southern Europe & Latin America 16K Asia Pacific 110K Benelux 11K Central Europe 11K France 23K Global Headcount ~180,000 Recognized by industry experts for excellence Positioned as a Leader in Digital Strategy Consulting Services by Kennedy Consulting Ranked #1 in client satisfaction score in a Forrester scorecard that rates U.S. clients’ providers Ranked #1 IT Outsourcer Worldwide by Black Book of Outsourcing Partnership with MIT for digital transformation Consistently rated as a top testing provider by Gartner, IDC, Ovum and Nelson Hall Telecom, Media & Entertainment 12% 22% 5%22% 8% 17% 14% Customer Products, Retail, Distribution & Transportation Manufacturing, Automotive & Life Sciences Energy, Utilities & Chemicals Financial Services Others Public Sector Revenue by industry Our Services ~50,000 Application Development Professionals ~17,500 Testing Professionals ~70,000 Application Maintenance Professionals We partner with our clients to drive end-to-end solutions Business Strategy – Derive strategies through innovation and insights Transformation – Define and win the course forward Execution – Integrated goals to drive higher level of predictability Operations – Industrialized operation and governance 4
  3. 3. Financial Services is foundational with market leading breadth and depth of think, build, and run service offerings Our Core Strength – Domain CoE’s Property & Casualty Life & Pensions Cards & Payments Core Banking Risk & Compliance Capital Markets Channels Key Differentiators: The Collaborative Business Experience™ Domain Led Solutions Rightshore®: Global Talent, One Team Model *Ranked by revenue; Forbes ‘The Global 2000’ for 2013; **Ranked by the Leasing Monitor 100 Over 900 financial services clients including: − 9 of the top 15 banks* − 6 of the top 10 consumer finance companies* − 13 of the top 15 insurance companies* − 13 of the top 15 asset finance companies** − 10 of the top 15 investment banks − Wealth management − Trade lifecycle management − Asset management − Risk/compliance − Payment hubs − SEPA − Cards issuing platform consolidation − Mobile, Pay2SaaS, Prepaid − Digital transformation − Mobility & client/agent front ends − Business process management − Core banking package implementation − Mortgage & loans − Integrated front office solutions − Policy transformation  Basel  Fraud − Finance and risk integration − Stress testing (CICAR) − Commercial insurance risk analytics (CIRA) − Claims transformation − Policy processing & underwriting − Insurance Connect Clients − Banking − Capital Markets − Risk Mgmt & Compliance Financial Services Domain − Payments & Cards − Insurance Financial Services is Capgemini’s largest sector with €2.3bn 2014 revenue 5 Capgemini Revenue from FS (€Bn) 1.4 1.6 2.0 2.0 2.2 2.3 2009 2010 2011 2012 2013 2014 0.0 0.5 1.0 1.5 2.0 2.5 Domain and Partner Awards − Named Top 25 Enterprise Technology Vendor by American Banker’s Financial Insights every year since 2005 − Client solution winner in The Banker Technology annual awards − Winner of Multiple Pegasystems Partner Excellence Awards − Microsoft Service Partner of the Year and Cloud Innovation Partner − Oracle Specialized Partner of the Year for Infrastructure − SAP Pinnacle Award for BPO and BPaaS Provider of the Year − Salesforce.com Global Marketing Cloud Award for Innovation
  4. 4. … with a long history of leading research in financial services www.worldpaymentsreport. com www.worldinsurancereport. com www.worldretailbankingreport com www.worldwealthreport. com World Retail Banking Report World Wealth Report World Insurance Report World Payments Report Asia-Pacific Wealth Report U.S. Wealth Report 6
  5. 5. Capgemini is a leader in thought leadership Trends in Payments & Cards: Acquirers Insurance All Channel Experience Trends in Insurance Channels Trends in Insurance: Front Office Innovating through Smart Payment Analytics Ready2Series: Payment Service Bureau Trends in Retail Banking Channels: Opportunities in a Changing Landscape Core Banking Transformati on: Measuring the Value Ready2Series: Online Payments The Future of Bank Branches Core Banking Transformation with FLEXCUBE® Thought Leadership (Expert Connect) & MIT + Capgemini Research Regulatory Changes in the Investment Banking Industry Data Governance for Financial Institutions Global Trends in Capital Markets: Buy-Side &Sell-Side Regulatory Changes in the Investment Banking Industry 1234 123456 12345 Banking Capital Markets Insurance Payments & Cards Background − Capgemini partnered with MIT in order to highlight specific areas for capability development, and Identify key opportunities for investment − Our research, with over 400 companies worldwide, shows how those organizations that have succeeded in delivering a fundamental transformation of their business through digital technologies benefit from a considerable ‘Digital Advantage’ and demonstrate significantly better financial performance than their peers Key Outputs − According to 78% of respondents, achieving digital transformation will become critical to their organizations within the next two years − However, 63% said the pace of technology change in their organization is too slow − The most frequently cited obstacle to digital transformation was “lack of urgency.” − Only 38% of respondents said that digital transformation was a permanent fixture on their CEO’s agenda − Where CEOs have shared their vision for digital transformation, 93% of employees feel that it is the right thing for the organization. But, a mere 36% of CEOs have shared such a vision 7
  6. 6. Financial Service Trends The financial services industry today is in a state of flux with multiple technology, regulatory and demographic factors cutting across the length and breadth of the value chain. These factors are impacting the way financial service firms conduct their business, as the traditional methods are not enough to meet increased customer experience expectations and improve profitability. The key trends in the financial services industry are largely driven by technological disruption Financial firms are transforming their core systems to become lean, agile, and achieve better strategic positioning, risk management and compliance Customers expectations are being more demanding for consistency across all channels Firms are leveraging Analytics and Big Data for faster processing and to eliminate fraud Non-traditional firms are entering the industry with partnerships, alliances, joint-ventures and acquisitions Financial service firms will increase focus on leveraging Agile deployment to improve their speed to market 8
  7. 7. Financial Services is facing an unprecedented and disproportionate rate of change Customers Preferences − Gen Y has low faith in traditional banks – social & digital − Integration of social and banking services − Want deeper integration into ‘Daily Life’ (Banking no longer a detour) – Facebook payments, Starbucks Wallet) − Value Added – Advisory, insight (Next Best Action?) − Voice Opinions – (NPS – Net promoter Score) Regulatory Pressures − Severe Penalties (BofA – $17bn RMBS, BNPP-$8.97b, $3.4bn for FX Fixing) − Financial Conduct − Capital (Basel III) − Pricing (e.g. Interchange fee) − Non-Bank Access (e.g. PSP licensing) − Break up ‘Too Big to Fail’ Banks (UK) − Proposed – XS2A (Banks to give access to customer accounts to non-banks) Technology Change − SMAC enabled Digital dimension − Mobile : mPoS (Square, SumUp), HCE (BBVA), Location enabled, Wallet (MasterPass, Softcard) − Omni channel experience − Cloud : costs and − Biometrics (authentication, access) – fingerprint, voice (nuance) − Blockchain technology : Bitcoin/Ripple – Crypto-currencies − Cost pressures – decrease BAU cost − Cloud based banks and banking services New Entrants (Non-Banks, Challengers) − New Direct Banks (Challengers) − Monetizing their ‘franchises’ – Telcos (T-Mobile), Apple Pay, Paypal − Integrated propositions (P2P Lending e.g Virgin money, Zopa, P2P FX – Kantox, midpoint) − Reach new clients – Unbanked – mPesa Favoring customers Shaking up the old rules Enabling Change Power to Customers 9
  8. 8. Digital World – New norm of connected people and things… 1,820TB of Data created # Source: World Economic Forum *Source: Gartner 168 Million+ emails sent 98,000+ tweets 11Million instant messages 217 new mobile web users 25 Billion Connected "Things" in use in 2020* 3,5 Billion Cars 13,2 Billion consumer devices 695,000 status updates 698,445 Google searches 2.5 Billion social network users in 2018 10
  9. 9. Customers demand a more personalized banking experience 69% Of consumers would provide personal information in exchange for more tailored financial advice Majority of consumers want a personalized banking experience 42% United States 43% Germany Australia 40% Global 37% China 35% United Kingdom 1. Invests in your financial wellbeing 2. Provides a plan to help you reach your financial goals 3. Finds new ways to improve how you conduct your business 4. Rewards you for being a loyal customer 5. Finds ways to save you money 73% advice on increasing their savings 77% Identify theft security 67% financial education 73% assessment of financial status Customer experience Barometer: banking Percentage of respondents who rated their experience as either a 9 or 10 of 10 The Top 5 Engagement drivers for Banking customers 11
  10. 10. Growing changes in technology will have a substantial impact on both customers and insurers Insurance firms are leveraging big data and predictive analytics to create a more personalized insurance experience Progressive led the movement into driver informatics with its Snapshot device, which transmits data about when customers drive, how often they drive, and how hard they brake In the new digital age, the insurance industry is undergoing a significant transformation. Nearly 40% of customers cited positive experiences with insurance agents… …while less than 30% cited positive experiences with digital channels like mobile and social media Disruptions are occurring over the full spectrum of Financial Services IBM’s latest big data study found that 74% of insurance companies surveyed report that the use of big data and analytics is creating a competitive advantage for their organizations, compared with 63% of cross-industry respondents Digital channels are dragging down customer experience levels around the world Agent 39.4% Internet- PC 31.1% Broker 30.7% Phone 29.2% Bank 29.1% Internet- Mobile 28.9% Social Media 21.0% 12
  11. 11. Financial Service clients are becoming younger and more mobile The mobile phone insurance market will be worth $48 Billion by 2020 Across every category, millennials show the most willingness to explore mobile frontiers 92.4% Are banking via their mobile app If their bank has a mobile app, consumers are willing to try it 78.5% Are using their mobile app often $48 B Millennials are mobile trailblazers 13
  12. 12. Financial Service Firms are implementing a digital customer centric strategy Create seamless omni- channel experience Integrate multiple channels to allow seamless transactions and ensure consistent look and navigation from one channel to another Transform a branch’s role from transacting to advising Branches are expected to undergo a significant change, with more space being allocated to advisory and self-service functions Utilize analytics and modeling Leverage richer analytics-driven insights to enable a more personalized approach in underwriting for insurance firms Digitize the back-office Focus on automating back offices which will lead to improvements in costs, productivity and customer service 61% of bankers consider a customer centric business model to be very important 41% of executives said that they had implemented or will implement within 1 year at least one program similar to retailers Note: 1- Sample size n=560 clients from leading financial institutions across 17 market; 2- sample size n=78 senior marketing executives at leading banks 14 Leverage mobile services Focus on interactive mobile services as mobile banking is displacing online banking Develop a digital workplace Drives employee engagement, productivity and enhances customer responsiveness
  13. 13. Predictive analytics is deeply embedded in today’s financial service businesses Predictive analytics goes mainstream Current plans for implementing predictive marketing analytics systems 61% Implemented/expending implementation 37% Interested/planning to implement 2% Not interested 68% of organizations who use predictive analytics have realized a competitive advantage What impact can predictive analytics have on your organization? 86% assert that predictive analytics will have a major positive impact on their organization With nearly one-third indicating it could be transformative in enabling them to do things they could not do before5 What data in your organization can predictive analytics tap to help you discover new trends and opportunities The top 5 sources of data tapped for predictive analytics: 15
  14. 14. The Cost of Poor Data Quality Estimated annual cost of data quality problems for U.S. businesses – Data Warehousing Institute lost per MINUTE in the U.S. due to poor data quality – DWI Companies that have identified significant costs from poor data Companies that have delayed or cancelled new IT systems due to poor data Companies that are confident in their data quality Companies that are confident in the data that is given to them by external sources 85% 50% 33% 15% Survey results from “The Costs of Poor Data Quality” by Gartner of benefits targeted in the annual capital budget are never realized because of poor data -Gartner of operating revenue is lost due to poor data quality -Total Information Quality Mgmt of CPOs identify poor data quality as a key barrier to implementing their systems – Deloitte of CPOs identify poor data integration as a key barrier to implementing their systems of procurement professionals said that data quality was extremely important or crucial to achieving their procurement objectives of overall labor productivity is effected by poor data quality – Gartner of helpdesk calls come in based on master data errors. 16
  15. 15. Analytics, big data, and the digital revolution “The Big Picture” 17
  16. 16. Drivers for security in Digital Transformation Are organization’ Information Security functions mature to support a secure Digital Transformation? How Tech Companies Prepare for Cyber AttacksProtection of customer data Prevention of system/process outage Protection of personal data Protection of assets and IP Strengthening competitiveness Support for business goals Enabler for digital transformation Safeguard for reputation Increase of efficiency/construction infrastructure protection Compliance Legal requirements Drivers for Information Security 98% of small and mid-size technology and healthcare companies are maintaining or increasing resources devoted to cybersecurity this year, preparing for when, not if, cyber attacks occur 50% Are increasing their spend, and investing in active response, not infrastructure. 18
  17. 17. Infrastructure Trends − Traditional Applications − Price/Performance Plan Driven − Long Cycle Times 2015 – DevOps World − Next Gen Applications − Agility − Containerization − Customer Experience − Continuous Process Based − Day/Week Cycles − Software-Defined Network − Modular Data Center/thousands of containers − Energy efficient/renewable energy − IoT driving interconnections across service providers − Self-orchestrating infrastructure 19 2010 – IT owned Data Center 2020 – Hyperconveged Data Center
  18. 18. Financial Service Infrastructure considerations to implement today Integration – Integrate the latest services and technology with your existing business and IT systems, without wholesale change. Unlock data by creating an API layer over your existing systems of record. Orchestrate services so that they work as a coordinated whole. Reuse pre-implemented Enterprise Integration Patterns; i.e. pub/sub, orchestration, etc… API Management – Securely expose your APIs for partners and customers to consume. Accelerate your mobile strategy. Rationalize duplicate IT systems. Centralized publishing, advertising and governance of RESTful & SOAP APIs. Analyze & improve your APIs. Monetize & control your APIs with billing and rate limiting.App App Identity Access & Management – Central administration of identity and access management across your organization, e.g.. customers/citizens, employees, external businesses. Provide registration, authentication and authorization across on premise and SaaS services. Multi-factor Authentication. Federated Login to services underpinned by protocols like oAuth. Service Management – Provide a single view of your IT landscape. Display technical and business metrics on clear dashboards. Real-time monitoring and querying of behavior and transactions. Proactive, not reactive approach to detecting and fixing faults with your live service. Automated Provisioning – Treat infrastructure as code by using scripting, virtual machines and containerization to automatically provision infrastructure and deployments. Enable the release of new features into production on a regular basis. Move your organization from continuous integration to continuous delivery to continuous deployment. Couple this accelerator with the ALM accelerator and enable a DevOps culture within your business. Application Lifecycle Management – Automate and visualize the build-test-release cycle into a well understood pipeline of activities. Govern multiple suppliers. Project and task management. Project and agile team reporting. Requirements management. Collaboration tools to enable clients and suppliers to work together. Configuration management tooling to provide source code, artifact and release management functions. Continuous integration tooling. ALM App 20
  19. 19. The disruptive impact of Digital Transformation on QA and Testing 20152012 2013 2014 How QA and Testing are focused on delivering high quality, secure user experiences, with assured business outcomes Digital transformation has pushed strong recognition of QA and Testing Growth in IT spend allocated to QA and Testing to meet the urgent need to catch up with the fast-changing world The proportion of IT spend allocated to QA and Testing is predicted to rise to 21
  20. 20. The pace of Digital Transformation will accelerate through 2020 Technology trends − Internet of Things − DevOps − Predictive analytics − Explosion of cloud services − Mobile Evolving customer behavior − Digital usage crossing generations − Mobile internet use increasing − Digital culture spreading worldwide across industries − Emerging markets increasingly adopt mobile banking Changing FS Landscape − Security has become #1 priority − Increased use of analytics − Financial service firms fully integrated in the customer experience embedded with digital (flagship, showroom) 22
  21. 21. The level of capabilities and depth of transformation determine how fast you can go Slow Fast Faster Fastest Speed&Agility You are here? What are we doing − Full DevOps − Full function PaaS in production − Containerization & commodity VMs − Microservices − Monolithic code trunk − Cloud throughout What does it look like − Near real-time app development − Real-time customer & business feedback − Automated or 1-click deployments − Integrated dev and ops teams What are we doing − Agile methodology − Continuous Integration to Continuous Delivery − PaaS like production environment − Partial use of containers and microservices − Cloud in pre-production environments What does it look like − Significant automation in build, test & deploy − Extensive app behavior & performance feedback − Cross-functional software delivery teams What are we doing − Deployment & build automation − Infra as code − Cloud in dev and test What does it look like − Click to build and deploy − App health monitoring − Minimize operational bottlenecks 23
  22. 22. Transformation Roadmap 20162014 20202012 CEO and top executives push digital momentum − Personify the digital culture at the leadership level − Develop client-centric culture − Value “client-first” communication − Train for digital − Develop a tech-savvy culture − Develop community and intranet − Communicate and train on delivered now services and demos Generate momentum Building the foundation Develop a digital value proposition Build an agile operating model Agile IT and Operations Marketing Branches − Smart and agile middleware − Integrated architecture − Seamless teaming with business − Customer journey focus − Data model harmonization − API − Selective outsourcing − Test and learn − End-to-end, digitally optimized processes − Solution-driven approach − Open eco-system − Full deployment of new services − Improved customer experience Shift to a digital culture Leaders define operations and IT strategy for digital Transformation road map 24
  23. 23. Get more information 25 Session #BB8331 – Business Case Calculator for DevOps Initiatives –Leading Credit card services provider Date: Tuesday June 7 – 4:30pm – 5:30pm Session #BB8404 – Emerging trends in testing – preliminary research findings from the World Quality Report Date: Wednesday June 8 – 1:00pm – 2:00pm Session #10134 – Failing and Failing fast in AppDev – how do we keep up in AppSec? Date: Wednesday June 8 – 2:30pm – 3:30pm Session #BB8468 – Get ready to Modernize the Core Date: Thursday June 9 – 12:00pm – 1:00pm Attend these sessions: www.capgemini.com Twitter: @Capgmini LinkedIn: Capgemini Facebook:Capgemini Follow us on Social Media:
  24. 24. Thank You Christian Cole Christian.cole@Capgemini.com Morris Ungar Morris.a.ungar@Capgemini.com 26