TOAP Annual Summit 2017
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"Robo Advisory and Cryptocurrency to Chatbots: Disruption and Innovation at its Finest" @ TOAP Annual Summit 2017
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TOAP Annual Summit 2017
- 1. “ROBO ADVISORY to CRYPTOCURRENCY to CHATBOTS” Disruption & Innovation at its Finest
- 2. The BFSI Industry increasingly recognize that their industry will be transformed by automated core functions run by software that continually learns and improves through Artificial Intelligence (AI)
- 3. Incumbent financial services companies 20 40 60 80 100 80% say business is at risk to innovators 56% consider disruption to be at the heart of their strategy 82% plan to grow Fintech partnerships in the next 5 years “The Pulse of Fintech, Q3 2016,” KPMG, 2016, “The Need for Speed: 2016 Banking Industry Outlook Survey,” KPMG, 2016 , "Redrawing the Lines: Fintech’s Growing Influence on Financial Services,” PwC, 2017
- 4. 86% Banks say widespread use of AI will provide competitive advantage 30% Large financial companies investing in AI “Intelligent Automation: The Essential New Co-worker in Digital Banking,” Accenture, 2016, “Redrawing the Lines: Fintech’s Growing Influence on Financial Services,” PwC, 2017, “Accenture Banking Technology Vision 2017,” Accenture, March 2017
- 5. The future is when computer is working with cognitive computing artificial intelligence to automate customer support and service How AI is transforming BFSI Companies
- 6. Chatbots…. Personal assistants…. Robo-advisors…. Machine learning. …Cognitive computing. And so much more…. “The digital revolution that once emerged in the music and media world is increasingly dominating the financial industry”
- 7. Messengers Browsers Platforms AI led ROBO ADVISORS delivered through Omni Channel
- 8. Robo Advisor- Key Enablers A Robo Advisor provides automated investment advisory and portfolio management services with minimal, if any, human interaction. • Shrinking pool of qualified financial advisors • Growing demand for advise by customers • Growing “advise gap” in mass affluent market • Digital Adaption of the consumer market • Increased use of Technology by the advisors for advise and execution • Influence of Social Media on consumers- POWER OF THE MASS • Consolidation and Centralization of advisory services and programs
- 9. Areas of Growth in ROBO ADVISORY Advisory opportunities: • Holistic goal & financial planning (retirement, insurance, tax) • Transfer of wealth to the younger generation • Online interaction with Robo Advisor (chat, voice, video) Product opportunities: •Access to alternative asset classes •Active portfolio management •Customisation and personalisation at the securities level •Advanced analytics and individual recommendations “Mass-affluent and affluent customers will likely be served by fully automated advice, offering limited revenue opportunities, but generating a huge amount of valuable data” “We believe that ultra high net worth customers will be served in a hybrid model combining automation with access to a human advisor.
- 10. Robo Advisor- Industry Impact • Increased Fee Pressure- Bringing Scale at lower cost • Controlled Advise to the Client-No scope of wrong selling • Pressure to manage Tech Savvy Customers • Multiple Channel of Engagement- Online, Chat, Video Conferencing • Access to Data- 360 Degree View, Comparison with peers, Advanced Investment Analytics & Data Massaging, AI Driven Data for deeper and informed investment decisions and analysis
- 11. What does the Robo Advisor trend mean for banks and asset managers?? • Banks can leverage digital automated platforms to offer a low cost investment service. The depth of a solution can of course be customised depending on the customer segment. • Digitalisation is an important driver of growing ETF adoption by retail investors. ETFs and ETF-based portfolios are well matched to the growing trend toward automation of advice and finance more broadly. • Robo advising platforms can support compliant and optimised investment and rebalancing proposals based on the customer’s portfolio and preferences • Generating important data about clients and their behaviour which supports the overall servicing of both an individual client and their peer group. “Accenture believes that traditional commercial banks could lose about 35% of their market share to online banking and other digital financial “service providers by 2020
- 12. What are Chatbots? Chatbots are artificial intelligence computer programs designed to behave like humans that you can interact with, in order to get information or get things done.
- 13. Types of Chatbots? Question & Answer Info Bots QA Bots Process & Transactional Bots PB Bots Sales & Customer Engagement Bots SE Bots
- 14. Customer Segments Addressed by Chatbots Millennial Mass Affluent Seasoned Investor Others - HNI, UHNI for proactive and improved service For Tech Savvy Millennials For Existing Investors / Broad Critical Mass and Audience/ Remote Locations For time scares mass affluent investors
- 15. Bots are here to stay to take over critical functions Bots will transform investors communication and portfolio management Finding the right partner is key for a successful ChatBot Strategy Key Considerations for your ChatBot Strategy
- 16. Rise of a New Asset Class - Cryptocurrency • A cryptocurrency is a digital or virtual currency that uses cryptography for security • Creating Digital assets is today an Integral part of Investors Portfolios • Clients are today considering raising funds through tokenization and creation of digital assets • World-class strategic investment banking & financial advisory services in token-based financial markets and digital
- 17. • Creating Digital assets is today an Integral part of Investors Portfolios • Clients are today considering raising funds through tokenization and creation of digital assets • World-class strategic investment banking & financial advisory services in token- based financial markets and digital • 1169 Cryptocurrencies/ 5776 Markets & Growing • Alternative Money Systems has gained acceptance Rise of a New Asset Class - Cryptocurrency
- 18. Thank You
- 21. Leadership People Strategy Partnerships Resources Domain, Processes Products Service People Results Customer Results Society Results Business Results ENABLERS RESULTS LEARNING, CREATIVITY AND INNOVATION DNA at Credence Analytics Business Excellence Model
- 22. Overview 170 Employees, 100+ enterprise clients globally Global expansion servicing clients in 20+ countries Well respected & established Software provider since 1993 Benchmarking with best practices for all processes ROI Driven Approach Domain driven and experienced professionals
- 23. OurGlobal Client Base A PartialList Banks / Trusts/ Discount Houses Investment Portfolio, Fund Management, Pension Funds Insurance Companies Non Banking Finance Companies & Corporates
- 24. ProductStack Products Banks Asset Managers / Trusts/ PF’s/Portfolio Managers Finance Companies Insurance/ Mutual Companies iDEAL Wealth & Funds Unified Investment Management CashTrea Corporate Treasury iDEAL – Integrated Treasury Management Mercury Fx Forex Dealing System iWEALTH - Robo Advisory Platform RiskMark Market Risk Management Corporates/ NBFC/ Money Changers
- 25. i-Wealth – Robo Advisory Omni-Channel Robo Advisory Platform
- 26. iWealth – Robo Advisory Platform
- 27. • Dedicated Funds, Portfolio and Investment Management • Managed Rebalancing, Portfolio adjustments • Fund of Funds and respective portfolio views • Risk based portfolio- allocation • Fully Automated Investments • Self Learning Algorithms • Automatic Asset Shifts • Algorithm based adjustments and rebalancing proposals • Pre-Determined Rule- sets • Client On-boarding • Financial Planning & Risk Profiling • Listed Securities, Bonds, ETF’s, Alternative Assets • RSS Feeds, Daily research. Functional Coverage of iWealth – Robo Advisory PlatformClients with different devices & Locations SmartphonesLaptop/ Notebook TabletDesktop iWEALTH – Robo Advisory Platform Phases of Growth Phase 1 Phase 2 Phase 3 Phase 4
- 28. CREDA-Virtual Advisor Chatbots for Investment & Wealth Management
- 29. CREDA Virtual Advisor Differentiate, Disrupt, World-Class Customer Experience Available on Popular Chat Applications
- 30. iDEAL Wealth & Funds 6.0 One Software Platform for all kinds investment management businesses Banking (Wealth & Private Banking) Insurance Investment Management SWF’s & Family Offices Registry & Custodians CIS/ Mutual Funds Trusts Asset & Wealth Managers Provident Funds Other Investment Management Businesses Multi- Entity Configuration Multi-Country Management Multi-Currency Coverage Multi-Lingual Reporting
- 31. iDEAL Wealth & Funds 6.0 Unified Wealth, Investment Management and Private Banking Platform Front Office Mid Office Back Office • Portfolio Modeling • Risk Analytics • Client Reporting • Valuation Modeling • Asset Allocation • Monitoring • Commission & Fee • Unit Registry • Omni-Channel Service • Business Analytics & Dashboards • Accounting • Net Asset Value (NAV) Calculations • Clearing & Settlement • Tax Reporting • Billing • Registry • Cheque Printing • Invoicing • Statements • Client Reporting • Pre & Post Trade Compliance • Portfolio Reconciliation • Performance Attribution • Post-Trade and Pre- settlement activities • Performance Analysis & Composites • Loans Management Investor Servicing • Robo-Advisory • CRM- Designed for Investment & Wealth Management • KYC & Onboarding • Document Management • Customer Suitability • Subscription Management • Tax Computation Multi Country Multi Entity Multi Currency Real-time Business Analytics & Reporting Social Media Integration Multi Channel /System Integration capability 360° View Portal & Mobile App Omni-Channel Delivery Tablet/ Mobile AppChannel PartnerCall CenterCustomer PortalBranch Core Banking System Broking/ Exchange System GL System Custodians Data Providers SMS/Email/ Payment Gateway Exchange Server Supports Multiple Asset Class Middleware (REST API) Comprehensive Rules Engine for strong Investment Compliance
- 32. INDIA Credence Analytics 301, Palmspring New Link Road, Malad (W) Mumbai , India. Pin - 400 064 Phone : +91 22 4061 1000 Fax : +91 22 4061 1000 PHILIPPINES Credence Analytics 14/F Net Cube Center 3rd Ave.COR 30th Street, E-Square Zone Fort Bonifacio , Taguig Global City, Philippines-1634 Phone: +63-9260449546 UAE LET USKNOW WHATYOU THINK www.credenceanalytics.com Credence Analytics DWCC Business Centers Towers, Dubai World Central, Dubai – 39056, UAE Phone +97144567350 Mo +971 50 552 6445 SINGAPORE Credence Analytics Representative Office Singapore Land Tower, Raffels Place, Singapore - 048625
- 33. Thank You
- 34. Reference Articles in leading publications by Akash Anand • Blockchain is Next Technology Phase in Investment Management- May 2017 Issue http://www.islamiceconomist.com/?author=35 • Blockchain is Next Technology Phase in Investment Management- ISFIRE- October 2017
Editor's Notes
- CC is the simulation of human thought processes in a computerized model.CC involves self-learning systems that use data mining, pattern recognition and natural language processing to mimic the way the human brain works. This is a subset of A.I. that deals with cognitive behaviors we associate with 'thinking' as opposed to perception and motor control.
- While the term artificial intelligence (AI) has been around for 60 years, it has finally become part of our daily lives—and how we bank, invest, and get insured. Some financial institutions have been investing in AI for years. Other firms are now beginning to catch up thanks to advances in big data, open-source software, cloud computing, and faster processing speeds.
- While the term artificial intelligence (AI) has been around for 60 years, it has finally become part of our daily lives—and how we bank, invest, and get insured. Some financial institutions have been investing in AI for years. Other firms are now beginning to catch up thanks to advances in big data, open-source software, cloud computing, and faster processing speeds.
- We are already seeing robo advisors joining forces with traditional advisors or the outright acquisition of robo advisors by traditional players. The next phase would be mergers between robo advisors to achieve scale. Robo advisors need to move beyond basic asset allocation and attract clients other than millennials. In addition, they will have to differentiate from other robos and the offerings of incumbent offline players. Besides providing an excellent user experience, differentiation can be driven by product or advisory opportunities
- The digital revolution that once emerged in the music and media world is increasingly dominating the financial industry as well. Consumers and investors are increasingly familiar with digital offerings, whether it comes to cashless payments, loans via online platforms or digital financial advice. Banks, asset managers and other financial service providers have to respond to this increased demand by expanding their digital capabilities.
- The digital revolution that once emerged in the music and media world is increasingly dominating the financial industry as well. Consumers and investors are increasingly familiar with digital offerings, whether it comes to cashless payments, loans via online platforms or digital financial advice. Banks, asset managers and other financial service providers have to respond to this increased demand by expanding their digital capabilities.
- Chatbots as a means of customer interaction are taking the banking sphere by storm with more bots being launched every week. Established financial institutions, mostly in the retail-banking sector but also in the investment management and wealth management sectors, are jumping on the wagon and experimenting with bots
- QA Answers questions about your business or organization Engages your customers and visitors Optimal solution for answering redundant questions on your support channels PB Answers questions about your business or organization Takes user through a predefined process Optimal solution for engaging users in a step-by-step process like filling application, or a simple transaction SALES & CUSTOMER ENGAGEMENT Answers questions about your business or organization Takes user through a predefined sales or service process Engages users in online sales process by providing products/services search and information Optimal solution for engaging users in the online sales process of your business through their entire customer journey
- BOTS ARE HERE TO STAY AND ARE ALREADY ABLE TO TAKE OVER CRITICAL FUNCTIONS bots will replace conventional online interfaces like websites or mobile apps to a substantial degree across financial sector BOTS WILL CHANGE AND ENHANCE THE CLIENT INTERACTION AND COMMUNICATION Banks and wealth managers should make sure that bots are available on different platforms, such as the website/apps in addition to a public platform like Facebook criteria FINDING THE RIGHT PARTNER AND TOP SECURITY ARE KEY ELEMENTS OF SUCCESSFUL CHATBOTS STRATEGY Banks and wealth managers should make sure to find the right implementation partner who is not only able to provide excellent user experiences but is also able to deliver the right chatbots for each target audience with deeper understand of the business and technology around these businesses
- A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Key Facts: Creating Digital assets is today an Integral part of Investors Portfolios Clients are today considering raising funds through tokenization and creation of digital assets World-class strategic investment banking & financial advisory services in token-based financial markets and digital