Truly Digital Wealth Management - pdf.hubbis.compdf.hubbis.com/pdf/eventAgenda/digital-wealth-asia-2017-2017-11-9... · Making portfolio analysis interactive with video statements

1 External Confidential©2017 EdgeVerve Systems Limited External Confidential©2017 EdgeVerve Systems Limited

Truly Digital Wealth ManagementA Point of View

Abhra Roy,Head, Finacle Wealth Management Solution

2 External Confidential©2017 EdgeVerve Systems Limited

Unbundling of financial services

2016

Unbundling of YOUR Bank

2017


Digital Natives call for a New Wealth Management Design Point

Millennials

Banking and Wealth Management is at the highest risk of disruption by Millennial. Nearly half of them believe innovation will come from outside the industry. Bank CEOs have to act immediately following the trends of digitalization, automation and contextualization to offer Millennial frictionless experience across multiple digital touch points in a connected ecosystem.

50%

“By 2020, Millennial will comprise half the global workforce.”

Mobile is the Major Medium1.8 billion mobile banking users by 2019 global wise

Sharing EconomyThe global sharing economy will be worth 335B by 2025

Fully Integrated and on Cloud64% of small businesses across the US, Canada, Australia, and the UK now run their operations in the cloud

1.8B

335B

64%

The Power In Me74% consumers get frustrated when contents has nothing to do with them

74%

Increasing Regulatory Oversight Weak Economic Growth Ultra Competitive Marketplace Security and Reputation


Robo Advisory

Blockchain

Real-time interactions and ability to perform joint transactions

Sharing of portfolio information in an interactive format

Easier availability of information within customer community

Surging cyber security threats

Contextual data analytics

Technology drivers


69% of the market players don’t have a systematic digital strategy

Our research indicates that only31% of organizations believe they havea systematic digital strategy


Just adding new channels

Adding delivery of wealth services on new devices

Enhancing same old private banking business models withdigital technology

Giving legacy processes a digital facelift

Automating existing processes without reimagining

++ +

Truly digital – What it’s not


Truly digital Wealth Management has four standout characteristics


A multinational bank implemented machine learning in credit card fraud analysis resulted in 50%

decrease in false positives.

Insights

Machine Learning

50%

80% of back-end teams in a multi-national bank have build

at least one robot for automation.

Automation

Robots

80%

4 standout characteristics of Truly Digital Wealth Management

8

50% of consumers spend more when their

experience is personalized.

Frictionless

Context

50%

70% of major global banks have built or plan for open

API in near future.

Ecosystem

Open API

70%


Connected, informed, demanding

Rewardsconvenience, speed, and personalization

Integrate wealth in lives of consumer

Flexibility to continuously innovate

Omnichannel hub

State-of-the-art cool and secure experiences

Our recommended approach

Frictionless

1. Frictionless – Customer at focal point


Increasing fragmentation of services

Future lies in opening up the firm’s services

Your APIs should rule the space

OpenAPIs based services

Focus on standards –ISO20022, BIAN, IFX

Business Networks


Ecosystem

2. Ecosystem – Defines the new universal bank


Insights are key to competitive edge

Data– success belongs to those who use it well

Not just management –everyone needs to empowered

Harness the power of Open Source

Big data -across various sources

Prebuilt use cases


Insights

3. Insights – Driving all interactions


AI and Self-learning systems

Robotic process automation

Autonomous business –powered by AI

Algorithms augment human capabilities

Automation reduces friction, improves CX

Blockchain led automationand networks


Automation

4. Automate Ubiquitously


Creating a Mixed Reality

Mixed reality (MR) is the controlled collision of AR, VR, and IoT.

With MR, the virtual and real worlds come together to create new environments in which digital and physical objects—and their data—can coexist and interact.

- Deloitte


Creating a Mixed Reality Create an Immersive, Interactive Experience

Design your virtual branch

Create your own composite experiences

Engage at will

Mobile, Liberated from desktop

Craft personalized customer experiences

Drive Intelligent Interactions

INTERNAL

EXTERNAL


Middle and back office digitization represents the greatest cost lever to Wealth Managers going forward


Strategic DigitalEngagement Omnichannel Hub

TransientDigital

Experiences

Online Mobile

Point apps

Digital Wallets

Social MediaIntegrations

Open APIs FinTech & 3rd party developer

Enabling DigitalBusiness Engines

Banking CRM

TreasuryCapital Markets

Wealth Management

#TrulyDigital Wealth Management requires holistic transformation


A shift in demographics will translate to a lot more investing in financial products online .

However, some of the underlying fundamentals remain unchanged:

Customer’s interest in building more wealth

Relationship manager’s promise of top of the line returns

Need for latest technology to enable both

What’s the end game?


Digitalization - 5 Implementation Approaches

Innovation

Impact / RiskLow

HighInnovation

Impact / Risk

“Sandbox”innovation leader

“Bank in Bank”

new segment hunter

Low

“Progressive”business non-disruptive

“Big Bang”digital greenfield

“Band-Aid”late follower

High


Infosys Finacle – Digital Solutions with Digital CoreC

ore

\API

Laye

r

EV Auth Peer To Peer Lending

OCH E-banking

Deposits Loans

M-Banking

Payments

Youth & SME Banking, Wallets, Mobile Teller

Finacle AnalyticsAssist EdgeBlock ChainNIA

M-Payments

Wealth Management

Robo Advizor, Virtual Advisor

Direct Banking

Originations

OTT

La

yer

Cha

nnel

La

yer Voice Banking


New Age Advisory and Wealth

Engagement with the Neo Wealthy

through DIY Tools

Enriched Experiences through Mixed Reality

Extreme personalization - ‘Digital scents’

powered by AI

Digital and Digitally equipped engagement force

Simple yet effective products

WM RM Engagement App

on IPad

WM RM Activity App on IPhone

Robo Advisors

Apple AR Kit


Investments through Chat Bots (Act ive.AI)

Bui lding engagement with Robo Advisory (Bambu)

Effect ive customer management for Bancassurance (Vymo)

Making portfol io analysis interact ive with video statements (Finacle)

Re-design the Relat ionship Managers journey (Finacle)

How Finacle is building a more engaging journeyA Multi Asset Class, Front to Back Office integrated platform serving all client segments

And through a Digital ecosystem of APIs , Finacle Products and Fintechs

22 External Confidential©2017 EdgeVerve Systems Limited22

2 years ahead : #Truly Digital 2020

InnovationEcosystemWealth BusinessProcessChannelIdentity

Biometric Identity

Digital Identity

MobileApps

MobileEverything

Rule Based RPA

Intelligent Automation

& Blockchain

Personalized

Contextualized

Traditional

Open API & Cloud

Innovation Center

Integrated & Collaborative

Make Everyone in Bank to Innovate

Banks’ Own Ecosystem

Truly Digital 2017

Truly Digital 2020


©2017 EdgeVerve Systems Limited (a fully owned Infosys subsidiary), Bangalore, India. All Rights Reserved. This documentation is the sole property of EdgeVerve Systems Limited(“EdgeVerve”). EdgeVerve believes the information in this document or page is accurate as of its publication date; such information is subject to change without notice. EdgeVerveacknowledges the proprietary rights of other companies to the trademarks, product names and such other intellectual property rights mentioned in this document. This documentis not for general distribution and is meant for use solely by the person or entity that it has been specifically issued to and can be used for the sole purpose it is intended to beused for as communicated by EdgeVerve in writing. Except as expressly permitted by EdgeVerve in writing, neither this documentation nor any part of it may be reproduced,stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, printing, photocopying, recording or otherwise, without the prior writtenpermission of EdgeVerve and/ or any named intellectual property rights holders under this document.

FINACLEPOWERS

16.5%banked population

Banks across 94 countries

Over 848 million customers

of the world’s adult

Documents

Truly Digital Wealth Management - pdf.hubbis.compdf.hubbis.com/pdf/eventAgenda/digital-wealth-asia-2017-2017-11-9... · Making portfolio analysis interactive with video statements