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Insight Collection - The Rise of Fintech, by Fintech OS

  1. A vision on the future of innovation in financial services
  2. With Fintech becoming a preference for 33% of world’s digital population, traditional banks and insurance companies are fighting a tough battle to preserve margin, market share and customer loyalty. Moreover, speed of adopting digital products, digital distribution channels and customer centricity is crucial. market overview p. 2
  3. p. 3 Source KPMG, Pulse of fintech Q4 2017
  4. concept p. 4
  5. 67% 59% 53% top 3 risks related to fintech pressure on margins loss of market share increase of customer churn of banking business is at risk to fintech by 2020 28% of insurance business is at risk to fintech by 2020 22% estimated fintech market users by 2021 3-5 bn Sources PwC, Global Fintech Report 2016 Ernst & Young, Fintech Adoption Index 2017 fintech vs. traditional p. 5
  6. Source Ernst & Young, Fintech Adoption Index 2017 the solution is evolution some say it’s in the business model some say it’s in the mix of technologies Core Operation Automation p. 8
  7. our view on evolution we believe it’s in both. with aspects such as speed and modularity being essential. Core Operation Automation p. 9
  8. 01 02 03 04 Banks and insurers are faced with • Threats from new fintech • Pursuit of better margins • Pressure from traditional competitors going digital The solution Fintech OS is a fintech acceleration software platform that enables agile, comprehensive, plug & play digital transformation. It provides both out-of-the box digital assets and rapid prototyping and creation of personalized ones (up to x10 faster than typical IT approaches). Which forces them to Invest heavily in digital transformation programs with aim to: • Adopt customer centricity and omnichannel distribution • Automate core operations • Roll out new digital products • Integrate data and implement analytics • Replace legacy IT systems The problem Digital transformation projects are complex, slow, costly and disruptive to the organization. Many times these projects fail to achieve targets and create significant pains. wrapping it up p. 10
  9. Fintech OS is a fintech acceleration software platform that combines cutting edge digital technology with a powerful financial core to enable a fast paced, agile & complete digital transformation of banks and insurance companies. so, how do we do it? p. 11
  10. a middleware focused on integrated innovation self-extensible data model, low-code integration of old data, powerful analytics, OPEN API open data model digital product factory, risk analytics, prototyping and creation of innovative financial products in days products & risk free, out of the box integrated digital frontends delivering a true omnichannel experience omnichannel customer 360 core with built-in single customer view, personalization, segmentation, omnichannel communication customer 360 digital process automation, low-code workflow engine, OCR, biometrics, electronic signature, OPEN API process automation powered by AI Robots, NLP, ML Data & Automation enablement A Fintech’s Core Business Digital channels
  11. demo p. 13
  12. Expensive and slow IT contractors Slow on innovation Huge amount of siloed data in legacy systems Lots of papers Manual processes Traditional FS Landscape Pains Digital Process Automation Artificial Intelligence Big Data & Analytics Customer 360 Core Risk & Rating Engines Digital Product Factory OPEN API Create your own digital transformation roadmap Roll out through our ready-made digital frontends Build Buy Create your own innovative fintech apps and bots using our robot assisted fintech designer that enables authoring up to x10 times faster than traditional software development. Browse our rich Fintech AppStore to start using ready-made apps and API connectors for Digital Customer Experience, CRM, Digital Lending, Digital Insurance or Core Operations Automation. Digital B2B Portal to be used by employees and partners Customer Experience Portal to be used directly by your customers OPEN API allows you to expose everything as a service AssessAssembleRollout p. 14
  13. our unique AI roadmap Digital Process Automation Agile rollout of digitally automated processes (OCR, IoT, biometrics, electronically qualified signature) to improve customer experience and core operational processes. Natural Language Processing Use natural language processing and voice recognition robots in order to maximize adoption and increase speed of transformation. Machine Learning Employ machine learning to drive cognitive reasoning, process & robots self-optimization and predictive analytics thus becoming a truly AI driven business. p. 15
  14. see it live p. 16
  15. While relatively young in the market, Fintech OS is already used in production by leading CEE and UK financial services companies. Also, more proof of concepts are currently being run and we expect to have more than 10 leading international customers in the next 6 months. current status p. 17
  16. managed portfolio in banking and insurance Q4 2017 5,000,000,000 euro predicted growth Q4 2018 400%
  17. Case Study Our partnership Fintech OS became the innovation platform for Hyperion Insurance Group covering all business entities around the globe to empower omni-channel digital quote and buy processes as well as policy administration, credit control and claims easier and faster than ever. MGA, brokers, underwritters are all using Fintech OS to drive business development and acquire operational efficiency. Hyperion Group benefits of an enterprise engagement model gaining scale economy and reducing its operational costs while achieving a faster time-to-market and launching new products in 4-6 weeks across all distribution channels providing their customers new, exciting, easy and transparent AI driven journeys and experiences. Areas of interest Launch new digital products and re-use innovation within a global organization in 4-6 weeks. Customers can subscribe a policy within one interaction in less than 3-5 minutes. AI driven processes to manage a seamless customer journey on both Quote & Buy as well as “first notification of loss” and trigger the claims procedure without human intervention Analytics empowering data driven decisions at every competency level according to the users security roles and rights 42%Forecasted cost reduction through AI and DPA 2018 4 weeksTime to market for any new digital product in 2017 - 2018 1 weekRoll-out of the first prototype for a completely new insurance product.
  18. Case Study Our partnership Our partnership is built around our common belief that technology and innovation is the key differentiator in the dynamic environment of financial services that enables the bank to reshape customer experience through integration of digital technologies, robotic automation of financial products, services and processes to empower end-to-end omni-channel, paperless lending process across all lines of business. TBI Bank selected Fintech OS to become its innovation platform and has engaged into a 3 years Digital Transformation Road Map to reshape its entire business strategy and provide customers tailored offers and products adapted to their needs and interest, while reducing operational costs through AI driven financial services. Areas of interest Re-shaped customer experience with a complete end-to-end tailored digital journey based on defined customer personas and personalized banking services. Robotics enabled development across core strategic processes such as product definition, scoring and risk engines and customer profiling Digital Process Automation of onboarding, digital identity management, loan origination and disbursement processes Extend the bank distribution channels and create a financial services marketplace for partners and brokers 35.3%new customer aquisition growth Nov 2016 vs Nov 2017 65%Approval rate growth in less than 15 mins 2017 2 monthsThe roll-out of the first loan product that is 100% online (no branch)
  19. the power of partnership consulting Providing proven business know-how and process reengineering technology Delivering an end to end fintech acceleration technology p. 21 implementation Agile delivery of digital transformation programs Partner network
  20. thank you. email phone mobile +40.722.563.650 mobile +40.729.998.031 online