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The 20 Most Innovative FinTech Solution Providers 2018

Insights Success has shortlisted “The 20 Most Innovative FinTech Solution Providers 2018.” Our Cover Story features Advisor Software, Inc., which simplifies the process by bringing tried and tested functionality to the systems you already use. ASI focuses on advancing the science of wealth planning so financial advisors can focus on the art of advice delivery.<br>

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The 20 Most Innovative FinTech Solution Providers 2018

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  1. www.insightssuccess.com May 2018 The Most Innovative Digi Payments The Age of Disruptive Banking through Digital Payment Solutions Solution Providers 2018 Secured Vision Traits to Possess the Best Enterprise Security Andrew Rudd Founder, Chairman & CEO Empowering Advisors and Wealth Management Companies

  2. Editor’s Note Fintech: What’s Next? ver the past few years, global fintech industry has witnessed a massive surge in the O 2018 could be the year of fintech. So, here are some of the trends that could eventually shape the financial landscape. investment sector. The investors are deployed as much as $16.6 billion across more than 1000 deals to VC backed fintech companies. With an unprecedented amount of funding, Cryptocurrencies are in rage this days, and it’s not a secret that newly emerging currencies have been a massive business during the last twelve months, especially after the exponential rise of Bitcoin. Many people are also launching their cryptocurrencies through ICOs, which eventually means that consumers have much more choice than before when it comes to which cryptocurrency to use. However, few merchants nowadays are launching spurious cryptocurrencies in order to make some quick cash. So, the cryptocurrency market has a lot of maturing to do, but it’s also the one to watch out for. Historically, the fintech market has been cornered by various small startups that have been able to outmaneuver the global conglomerates to innovate at pace and to capture public’s imagination. However, times have changed, and those startups are now facing stiff competition from larger and more established firms that are adapting to new technologies. So, the good news is for the industry is

  3. that this competition will eventually help to foster innovation, forcing all the organizations to do their best. Near Field Communication is already changing lives of people around the world and now it’s changing how people make payments. In various countries around the planet, NFC is being used to enable contactless payments where people can hold their debit/credit cards near a reader. Nowadays, most of the cellphone manufacturers are also adding this feature in their phones, and the best thing is that the technology can easily be implanted into a person so that they can pay with a wave of their hands. Still, the trends that I have talked about are sure to be the source of much of that disruption, at least in the next couple of years. What I can say, though, that these trends are going to be a lot of fun to watch, whether you’re a passive observer or whether it’s your company that’s leading the charge. So, to highlight companies that are working endlessly with their innovative solutions, Insights Success has shortlisted “The 20 Most Innovative FinTech Solution Providers 2018.” Our Cover Story features Advisor Software, Inc., which simplifies the process by bringing tried and tested functionality to the systems you already use. ASI focuses on advancing the science of wealth planning so financial advisors can focus on the art of advice delivery. It provides cloud platforms to empower today’s advisor and wealth management companies. Customized to suit the needs of each client, the software addresses a range of advisor functional needs, including Digital Advice, Planning, Proposal Generation, Portfolio Construction, Rebalancing, and Investment Analytics. ASI is the first organization to develop an independent, enterprise-level portfolio rebalancing solution, as well as the first goal-driven, end-to-end technology platform designed to evolve with the client as their needs, circumstances, and overall capital market conditions change. Happy Reading! Kaustav Roy

  4. CONTENTS 10 Cover Story 24 24 Auka: Transforming Retail Banking with Mobile Payment Products 30 30 Empowering Advisors and Wealth Management Companies Bankable: An Innovative Banking as a Service Provider

  5. 40 40 52 52 58 58 BriteCore: Stable, Extensible, and Evolving InsuranceTechnology MyBucks: Providing Financial Services through Technology InsureApp: A Revolutionary Lifestyle-based Insurance Platform 60 60 66 66 68 68 SE2: VIPR: pioneers of sophisticated software solutions for the Insurance Industry ZorroSign: The Pioneer of Electronic Signature Technology Born Out Of Insurance, Powered By Leading- Edge Technologies

  6. Industry Insight A Stands for Insights Insider's Insight Using Big Data and AI to Communicate When Seconds Count Leader's POV Redefining the Institutional Desktop within Capital Markets Industry Insider Fintech: The Next Big Thing Leader's Desk Being confident about your future when your organization is designed for control

  7. Articles Digi Payments The Age of Disruptive Banking through Digital Payment Solutions Secured Vision Traits to Possess the Best Enterprise Security Changing Industry Fintech and the Changing Market Expert's Viewpoint Entrepreneurs, Brace yourselves for the Future! Tech Talk Are we at the end of our ‘Search and Find’ habit? Leader's Insight Emerging Technologies that will be Drive Financial Sector

  8. Editor-in-Chief Pooja M. Bansal Anish Miller Managing Editor Executive Editors Assistant Editors Sourav Mukherjee Abhishaj Sajeev Kaustav Roy Jenny Fernandes Contributing Editors Kedar Kulkarni Visualiser David King Art & Design Director Amol Kamble Associate Designer Co-designer Savita Pandav Vijaykumar Dudhbhate Art & Picture Editor Paul Jayant Belin Khanna Senior Sales Manager Passi D. Business Development Manager Peter Collins Marketing Manager Steve Smith Business Development Executives Steve, Joe, Alan, Anup Sales Executives David, Kevin, Mark, Pravin Technical Head Jacob Smile Technical Specialist Amar, Pratiksha Digital Marketing Manager Marry D’Souza Online Marketing Strategist Alina Sege, Shubham Mahadik, Vaibhav K SME-SMO Executives Prashant Chevale, Uma Dhenge, Gemson, Irfan Research Analyst Chidiebere Moses Circulation Manager Robert, Tanaji Database Management Stella Andrew Technology Consultant David Stokes sales@insightssuccess.com May, 2018 Corporate Ofces: Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com Insights Success Media and Technology Pvt. Ltd. Off. No. 513 & 510, 5th Flr., Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: +91 7410079881/ 82/ 83/ 84/ 85 Email: info@insightssuccess.in For Subscription: www.insightssuccess.in www.twitter.com/insightssuccess Follow us on : www.facebook.com/insightssuccess/ We are also available on : Copyright © 2018 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success. Reprint rights remain solely with Insights Success.

  9. Empowering Advisors and Wealth Management Companies

  10. Cover Story Andrew Rudd Founder, Chairman & CEO

  11. I I complex functions like wealth management are slowly moving towards automation. n today’s digital world, simple things like making a dinner reservation or hailing a cab can be done with the click of a button. Even complicated and The wealth management sector is experiencing disruptive changes as clients now expect to be served digitally, be it via a self-directed tool or with the help of an advisor. Wealth managers who leverage these technologies future-proof themselves and lay the groundwork for success in terms of scale, client services, and business growth. Advisor Software However, these transitions can be a challenge, even for the most tech-savvy financial advisor. Advisor Software (ASI) simplifies the process by bringing automated functionality to the systems you already use. ASI focuses on advancing the science of wealth planning so financial advisors can focus on the art of advice delivery. The company is powered by a research team that provides in-depth analytics for its products with sophisticated Monte Carlo solutions, risk modeling, stress testing, and holistic financial planning. Complex problems are solved and presented in a simple and easy- to-understand user interface. It provides cloud platforms to empower today’s advisor and wealth management companies. Customized to suit the needs of each client, ASI’S products address a range of advisor functional needs, including Digital Advice, Planning, Proposal Generation, Portfolio Construction, Rebalancing, and Investment Analytics. A Veteran Leader Advisor Software’s Founder, and currently the Chairman and CEO, Andrew Rudd is an expert in asset allocation, modern portfolio theory, risk management, and performance measurement. When founding ASI in 2001, Andrew wanted to create a company that would deliver world class analytics to the retail financial services market. He is also a co-founder and former chairman of Barra, Inc., where he served as CEO from 1984 to 1999. Dr. Rudd was also Professor of Finance and Operations Research at Cornell University in Ithaca, New York. ASI is the first organization to develop an independent, enterprise-level portfolio rebalancing solution, as well as the first goal-driven, end-to-end financial technology platform designed to evolve with the client as their needs, circumstances, and overall capital market conditions change. “We develop functionality and user interfaces to your specs, then host and maintain your solutions.” Andrew has co-authored two industry-leading books on institutional investing, Modern Portfolio Theory: The Principles of Investment Management and Option Pricing. Additionally, he has written various journal articles and research papers on a wide range of domestic and international investment practices and theories.

  12. Cover Story “Our technology addresses a range of an advisor’s functional needs including Digital Advice, Planning, Proposal Generation, Portfolio Construction, Rebalancing, and Investment Analytics.” independent broker-dealers. Its clients enjoy some of the lowest time-to-market rates in the industry. Advisor Software’s integrations with popular tools and custodians let advisors move seamlessly between applications and automate routine workflows, saving them time and unlocking new operational efficiencies. The organization help advisors and leading financial enterprises create operational alpha through technology. Dr. Rudd received his Bachelor of Science degree with Honors in Mathematics and Physics from Sussex University in England, and earned a M.Sc. in Operations Research, an M.B.A in Finance and International Business, and a Ph.D. in Finance and Operations Research from the University of California, Berkeley. “While technology can improve the way advisors manage the financial lives of their clients, the advisor- client relationship is the most important part of the equation. All of our applications have been developed with this in mind, advancing the science of wealth planning so advisors can focus on the art of advice delivery,” asserts Andrew. Technological elements like behavioral questionnaire, Behavioral IQ®, are sometimes regarded as an additional expense or a way to cut down on human wealth managers. However, these products actually save financial advisors time by guiding clients toward investments that make sense for them and also keep them comfortable while generating revenue for the firm. Clients today want personalized experiences and ASI believes that it is every financial advisor’s duty to provide it. Technology is merely a way to scale your business functions. A Different Organization Making the Industry a Better Place Advisor Software’s unique attributes are the unrivalled depth of its API technology and the independent research it employs. With over 175 unique APIs and patented technology, it is able to build customized solutions for enterprises of any size. ASI can deploy its robo advisor platform in a matter of days, not weeks or months. All of its software applications and APIs are sold strictly as a SaaS model. The organization does not charge based on basis points or Assets Under Management (AUM). Addressing Clients’ Needs Advisor Software’s products address advisors’ functional needs. They are aimed at a wide range of financial institutions and professionals, enabling asset management firms, broker-dealers, banks, insurance companies, online brokerages, custodians, and providers of investment services and products to deliver more insightful, actionable investment advice and build stronger, more profitable client relationships. The company has already built a loyal client base of RIAs, banks, asset managers, warehouses, and

  13. Just because Advisor Software’s tool helps a client add 30% new business does not mean a larger check for ASI. This model helps with budgeting and is the basis of the solid, long-term relationships ASI enjoys with many of its customers. Advisor Software’s recent growth is fueled partly by its one-of-a-kind Wealth Management Cloud platform – an end-to-end suite of sophisticated analytics, APIs and SaaS applications for the wealth management industry. Used by thousands of financial professionals, ASI’s portfolio of services and resources encompass: Goal-Based Financial Planning; Risk Tolerance Assessment; Rebalancing; Digital Advice; Proposal Generation; Investment Planning; Portfolio Analysis; Portfolio Management; Reporting, and Alerts. Helping Advisors Deliver Better Advice ASI’s wealth management cloud is one-of-a-kind platform that helps financial institutions and wealth managers to deliver better advice to their customer in a more flexible, efficient and scalable way. Ÿ Digital Advisor: This smart, scalable digital application automates on- boarding and advice delivery, so advisors can focus on deepening relationships with clients. Digital Advisor is a complete, turnkey automated investing solution from lead generation and model selection, through portfolio monitoring and rebalancing, so clients can efficiently serve accounts of any size. We provide cloud platforms to empower today’s advisor and wealth management companies. Customized to suit the needs of each of our clients, ASI’s products address a range of advisor functional needs, including Digital Advice, Planning, Proposal Generation, Portfolio Construction, Rebalancing, and Investment Analytics Behavioral IQ: ASI has built an innovative, research-based digital solution that measures a person’s relevant behaviors and knowledge, uniquely creating a measure of both their ability and propensity for making appropriate financial decisions. Ÿ

  14. Cover Story existing user interface.‘ For example, ASI built the first self- direct advice application for Sharebuilder long before other organizations saw the benefit of workflow automation with robo advisors. Advisor Software welcomes those challenges and enjoys educating people about new and improved ways to run a wealth management business. Advisor Software believes that the coming years will be quite exciting for the organization. The company sees behavioral finance becoming more integrated with holistic financial planning and retirement planning. It wants to help advisors use tools like Behavioral IQ to coach their clients about investing while managing not just their tolerance for risk but also their tolerance for loss. Entering the Ever Competitive Vertical Andrew Rudd’s principal motivation in founding ASI was the realization that financial advisors would benefit from an institutional approach towards portfolio management, and that technology could enrich the advisor-client relationship. If you have technologists on hand and you want to control the UI/UX experience, our functional APIs will plug right into your financial advisors with too little time on their hands. With goalgamiPro, one can create goal- based financial plans consisting of a household balance sheet and cash flow plan, then generate professional goal achievement reports for your clients in a matter of minutes. Portfolio Rebalancer: Portfolio Rebalancer is a portfolio management application that scales to firms of any size. It includes portfolio construction and model management, investment proposal generation, account monitoring, portfolio rebalancing, diagnostics, and reporting. It helps ASI’s clients to grow their topline and increase operational efficiency with the wealth management industry’s most complete portfolio rebalancing app. Ÿ Wealth Management APIs: Wealth Management APIS helps to leverage ASI’s robust library of APIs. The organization has build and deliver end-to-end, extensible APIs that can be used within your existing wealth management applications. Ÿ Each new initiative launched by ASI shares the goal of improving the quality of services provided to the end-client. To achieve this, ASI introduced application over investment advice, financial planning, more recently behavioral finance (Behavioral IQ) and Digital Advice platform. This goal-based investment platform allows clients to either be self-directed or advisor assisted enabling a streamlined approach to on boarding and maintaining the new and existing clients. Client Acquisition: ASI Client Acquisition Solution is an institutional-caliber portfolio construction and proposal generation platform that allows advisors to create more personalized investment plans, deliver more consistent advice, and convert more prospects to clients. Ÿ A Research-Driven Company Advisor Software was the first in the industry to develop many of the wealth management applications and APIs that are widely used today. Driven by independent research, Advisor Software often uncovers needs in the industry before the professionals on the front lines realize they have the need. goalgamiPro: ASI believes that goalgamiPro is the best Financial Planning software solution for Ÿ

  15. Omnichannel Agent and Customer Engagement Solutions Simplify and personalize the customer experience, empower agents and achieve business success with one workspace for all channel interactions, application integrations, and CX reporting.

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  17. Management Company Name Brief Advisor Software’s mission is to advance the science of wealth planning so financial advisors can focus on the art of advice delivery. Andrew Rudd Founder Chairman & CEO Advisor Software Inc. advisorsoftware.com Agile Financial Technologies is led by captains of the industry who envisioned the creation of an unparalleled enterprise that would be an agile technology partner to leading players in the BFSI (Banking, Financial Services and Insurance) sector. Agile Financial agile-ft.com Kalpesh Desai CEO Auka is a technology company that enables retail banks to issue mobile payment products to its private and merchant customers. Daniel Doderlein Founder Auka auka.io Bankable offers white-label and API-based payment solutions, including e-wallets, m-wallets, remittance services, P2P transfers and prepaid card programs. Eric Mouilleron Founder & CEO Bankable bnkbl.com BriteCore is an enterprise-level insurance processing suite. Built from the ground up using the latest in modern technology, BriteCore combines core, data, and digital solutions into a single platform. Phil Reynolds CEO BriteCore britecore.com Capco is actively transforming the future of finance, to create a resilient market of transparency, trust and capital strength. Capco capco.com Lance Levy CEO Equitable Financial Solutions (or EFSOL) was established in May 2011 as a proprietary limited company. Its mission is to be the leading provider in alternative and innovative financial solutions. Equitable Financial Solutions efsol.com.au Usman Siddiqui Managing director Gavin Matthijs Nelemans Co-founder & CEO Gavin is the world’s first risk-sharing service. meetgavin.com Governance.io turns its client’s data into valuable business intelligence Bert Boerman CEO Governance.io Governance.io InsureApp is the world’s first lifestyle-based insurance and offers a revolutionary approach to customer engagement. It blends user’s lifestyle-patterns and adapt to their real-time needs by offering individualized and on-demand insurance. Insureapp insureapp.com Jochem Davids CEO

  18. Management Company Name Brief IBS (Intelligent Banking Solutions, Inc.), is exclusively dedicated to collection and recovery software for the banking industry since it’s inception in 1989. IBS’ bank software solutions have been licensed to almost 900 financial institutions. Intelligent Banking Solutions ibshome.com Cindy Daley Director of Operations Jabil is a product solutions company focused on empowering brands that have their sights set on empowering the world. Jabil jabil.com Gary Cantrell CIO Moven is a group of technologists, strategists, designers, data scientists, and financial services specialists on a mission to bring banking to the digital and mobile age. Brett King Founder & CEO Moven moven.com MyBucks is a Fintech company that embraces technology as a means to provide financial products and services to the low and middle-income customer segment, predominantly in high- growth emerging markets. MyBucks mybucks.com Dave Van Niekerk CEO PayTabs paytabs.com PayTabs, offers its clients one-stop revolutionary solutions for all your requirements to manage their business online. Abdulaziz Aljouf Founder & CEO Se2, an Eldridge Industries portfolio company, is a leading technology and third party administration company focused on the North American life and annuity insurance industry. Gautam Thakkar CEO SE2,LLC. se2.com Souqalmal is known for its core value: Trust. As a team, it thrives to build up transparency in the Financial Services industry and be a champion for consumers. Souqalmal Souqalmal.com Ambareen Musa CEO & founder TransMerit Merchant Services’ goal is to fully understand each merchant’s business so that it can offer a customized program perfectly suited to the needs of that specific enterprise. By valuing the uniqueness of its clients, it is better able to help them develop new business. TransMerit Merchant Services transmerit.com George Csahiouni Co-founder BOB BROWN CEO & Co-founder, Richard Brown Director & Co-founder VIPR is an award-winning provider of sophisticated software solutions for the insurance market. Its unrivalled market insight has secured its reputation as an industry innovator. VIPR Solutions viprsolutions.com ZorroSign’s cutting edge technology authenticates the signatory, the signature and the document by ensuring it has not been revised, revoked, replaced or cancelled, be it online or on paper. Zorrosign,Inc. zorrosign.com Shamsh Hadi CEO & Co-Founder

  19. Carol Fitzgerald President & CEO BuzzBack T the new mantra for most marketers these days – it’s about being faster, cheaper AND smarter. Is it possible to have all 3? he market research landscape is in disruption – how we capture consumer insights is changing drastically from how it was done years ago. Agile is Today’s consumers are informed ‘digital spenders,’ according to Harvard Business Review –they integrate mobile devices for information seeking and purchase, both in-store and online. They are informed and connected, making in-context learning more critical for consumer closeness and activation. Further, because of their relationship with mobile devices, there is inherent intimacy, enabling marketers to gain from richer understanding, both via active and passive ‘data capture.’ Ÿ Further, Agile isn’t the only A-word – there’s Artificial Intelligence and Automation as well. These A’s comprise some of the major factors disrupting our landscape. So, what does it all mean and how does it impact you? How consumers use information and communicate is shifting to what Google refers to as micro moments. We live in a world driven by instant sharing, YouTube videos, TED Talks, etc. Marketers need to shift their approaches and focus to how they capture consumer information – both actively and passively. This adds to the disruption. Ÿ I spend a good deal of time visiting clients – in fact; I count the companies I visit year after year, that’s companies, not individuals. Last year 129, the year before 105 – all global and across many sectors. Here’s what I am hearing (and seeing of course): Ÿ Consumer companies continue to focus on Millennials, and now Gen Z; these are mobile-centric consumers, they balk at traditional research, & more importantly, use visuals & video (SnapChat, Instagram, YouTube) to communicate & curate behavior. How you talk to them needs to change - meaning how you collect and capture what they’re doing. Healthcare companies are somewhat still focused on older generations (Boomers, Xers), but how this information is delivered is shifting to online sources of health information, and compliance mechanisms go beyond the life-saving pill to apps and other ways to reinforce usage of new treatments and medications. And it’s the same with doctors – tablets and mobile devices Ÿ 22 May 2018

  20. A Zappistore, Wizer, Audience, and other self-serve platforms also, has gained acceptance offering an automated way for marketers to get fast results using standard approaches. In fact, it’s resulted in a shift to marketers becoming more empowered for research ‘buying’ as insights teams continue to shrink. Industry Insight Stands for Insights Interactive techniques – our proprietary projectives yield greater depth and understanding, using interactive technology to engage – especially younger generations accustomed to living in a digitally-centric environment are used for their daily work, therefore research needs to conform with video interviews, etc. Ÿ Ÿ Navigating this learning also has its set of buzzwords and new requirements. AI and automation are the 2018 buzzwords on top of being Agile. Clients are re- architecting processes and disciplines. The emergence of Ÿ Depth of reporting – combining visual, verbal, emotional and contextual understanding, illustrating consumer closeness in both consumer generated and passive data capture. Your learning needs to conceptually, concisely and quickly deliver a ‘story’ that’s easily digestable and shareable Ÿ Faster delivery – automation to give you results in just a few days – even hours – to bring you consumer closeness Ÿ How do you live in this world? At BuzzBack, we’ve been pioneering innovation in insights for more than 17 years. In fact, this month, we turn 18 emerging as a leader in innovation. Sometimes we don’t explicitly use the word agile, because we’ve always been agile. That means providing insights at different stages in your innovation journey – sometimes with stages even conducted in parallel – faster and more affordably, making it easy for your team to move forward. Holistic view because your journey has multiple steps, and key themes need to fit together when you’ve completed the steps. Ÿ Over the years, hundreds of brands have relied on our techniques to better connect to consumers, break through marketing challenges, and fast-track their innovation – with proven results bringing new products to market. You’ll benefit from a unique experience that combines: Ÿ Research guidance – research steering, whether you’re an insights expert or at the early stages of developing a brand. Our seasoned researchers guide at multiple steps along the way When it comes to determining your next steps in marketing, how do you plan to get all A’s? 23 May 2018

  21. Auka: Transforming Retail Banking with Mobile Payment Products D reasons. They enable users to pay bills, purchase products and services, and check their account balances online, no matter where they are. A digitized method of payment is more secure and convenient than the conventional cash payment gateway. It is also a very helpful feature for users in remote areas. Wireless payment gateway systems are so easy to use and adaptable that about thirty percent of smartphone users employ them. igitized payment methods are gaining worldwide attention for all the right white-label mobile payment solutions. banks in the world who have monetized and increased their customer share using this model of mobile payments. Transforming Vision into Reality Auka’s Founder, Daniel Döderlein, believed for many years that sending money to peers should be as easy as sending a text message. The introduction of the smartphone made that idea possible. True to his vision, Daniel started working on a revolutionary payment platform. In 2010, after three years of studying both the proprietary Norwegian and the international payment networks, Daniel completed his design and launched it as mCASH. He had created the first technology of its kind in Scandinavia. Creating New Revenue Streams The European PSD2 and GDPR payments and data regulation systems are stimulating bank business. Banks were on the defensive with third parties taking over consumer interface while returns on card payments diminishing. Auka offers them a new channel for recruiting customers and creating new revenue streams through its proven mobile payments platform. All this is streamlined through Auka’s white-label consumer and merchant apps, which are owned and branded by the issuing banks on a SaaS model. Auka started as mCASH, Norway’s first mobile wallet. mCASH was the first fully-licensed financial services company to run completely on the Google cloud platform. In 2015, Norway’s second largest bank, SpareBank 1, acquired the exclusive branding and usage of mCASH in an attempt to keep up with Norway’s largest bank, DNB and its mobile platform, Vipps. Auka was formed off the back of this acquisition. In 2016, it was launched internationally to help banks in other regions create and launch their own Auka has the unique experience of building and launching a mobile payments platform including P2P and P2M payment functionality in a region where a solution like this did not previously exist. Daniel is an award-winning serial entrepreneur. He founded one of Norway’s first domain and web hosting companies when he was just 17. Today, he has more than twenty years of experience in the fields of IT, media, marketing and mobile. Daniel is also on the Google Cloud Customer Advisory Board. He has Banks in Scandinavia utilize the same underlying formula that powers Tencent’s WeChat Pay and Alipay. Scandinavian banks are the only 24 May 2018

  22. Additionally, Daniel regularly speaks at various banking and tech conferences on upcoming banking disruption and mobile payments. He is highly sought-after for his remarkable insight and vision, and has given talks at Google Next in Europe, the Paris Fintech forum, Viva Tech and London Fintech Week. First Company to Launch a D2C Mobile Wallet Auka is one of the first companies to launch a D2C mobile wallet. With an admirable tech experience and ability to create a solution the company has first-hand learning’s of launching a service like this in market. Auka has a string of firsts to its name. It was the first to develop mobile payment technology in the Nordic countries, the first to launch mobile payments in Norway, and the world’s first regulated financial services company to run 100% on public cloud. Auka is one of the partners of Google Cloud’s Advisory Board. It has given regional banks the ability to create their own white-label mobile payments options. Its innovative solution has helped them to retain and acquire customers, gain a new channel through which to monetize payments, and also to prevent third-party disruption. Daniel Döderlein Founder “Auka’s platform enables retail banks to provide innovative products and services to consumers and businesses without the overheads from legacy IT.” A World of Opportunity The regulatory technical standards which guide the implementation of the second payments services directive (PSD2) expire in September 2019. “Banks in the EU are required to have their open banking systems in place to connect with third-parties by then. They must publish their compliance plans six months prior to this. “Additionally, they must have solutions to ward off the onslaught of disruption and competition from third- parties, fintechs and other banks.” Auka partners with banks in this transition period to help them strengthen their digital payments channels in this period of regulatory-driven and global banking change. contributed extensively to several IT and telecom startups. This experience has enabled him to develop a vast network in related fields and build market-leading products. 25 May 2018

  23. USING BIG DATA AI AND TO COMMUNICATE WHEN SECONDS COUNT Tara Kelly Founder & CEO SPLICE Software About the Author A serial innovator, published author, Founder and CEO of SPLICE Software, Tara Kelly is passionate about technology’s potential to change lives for the better. She has consistently channeled that belief into developing technologies that enhance operations, enable better service delivery, and improve the customer experience. This has resulted in creating three customer experience companies and turning an innovative idea into a patented, proprietary technology (US Patent Number 9348812) that harnesses data streams to create personalized, automated messages. SPLICE solutions were included in Gartner’s “Cool Vendors in Insurance, 2016” report and Forrester’s “IoT and Analytics Startups Can Turn Insurers into the ‘Good Guys’” brief. 26 May 2018

  24. Insider's Insight O natural disasters are gearing up for the 2018 Atlantic hurricane season, which begins on June 1. Everyone is hoping it’s not as active as last year’s hurricane season, which was among the most destructive on record, with six major hurricanes and more than $280 billion in damages. rganizations like property and casualty insurance companies, utilities and other businesses that help people recover from About the Company SPLICE Software creates stronger connections and improves the customer experience by delivering personalized messages to your customers via their channels of choice, at the most critical points along the customer journey. Our cloud-based Dialog Suite™ uses Big Data & Articial Intelligence to deliver Data-Driven Dialogs® that can be leveraged across phone, SMS messaging, and AI-assisted devices like Amazon Alexa and Google Home. It’s just part of how SPLICE combines art & science to help you connect with your clients in new ways. Our award-winning Suite enables Retailers, Insurance companies, and Financial Services rms to collect and manage customers’ permissions and preferences so you can personalize, communicate, test, and measure like never before. Recovery is still ongoing in many areas, notably Puerto Rico. But hurricanes aren’t the only danger to lives and property that insurers must address. Wildfires can occur at any time of the year, especially under drought conditions and when winds are high. Floods occur year-round and can cause catastrophic damage, as can tornados, hail, blizzards and a range of other weather-related events. Organizations that need to urgently communicate with customers or employees before and after a weather event often encounter difficulties because they don’t have the contact information they need. Either the data they have is out of date, or they’re using a channel (work email addresses, landlines, etc.) that the people they’re trying to contact aren’t monitoring during the emergency. After a disaster, organizations encounter even more difficulties in communicating. Customers may have left the area or are in a location where the infrastructure suffered significant damage. Organizations that are trying to move crews into place to address the damage often have trouble mobilizing their people because of communication breakdowns and difficulty visualizing conditions on the ground. Big Data, Small Data and AI to the Rescue Fortunately, it’s possible to plan ahead, gather needed data and deploy technologies, including artificial intelligence (AI) and data visualization tools, to enable critical communication when seconds count. For businesses like property and casualty insurance companies, using the right technology assets can 27 May 2018

  25. stakeholders. For example, after a hurricane has moved through an area, power restoration and civil engineering crews may be on hand, but without an accurate view of conditions on the ground, it’s impossible to deploy assets effectively. enable communication with customers before and after disaster strikes. It all starts with data. Companies that need to communicate with customers (or staff) during an emergency should prepare by gathering small data, such as complete contact information, making sure to distinguish between cell phone and landline numbers. They’ll also need to get permission to make contact and ask which channels people prefer, e.g., text, email, voicemail, social media, etc. A weather event that knocks out power and damages infrastructure can delay recovery efforts, leaving customers stranded and crews idled just when the need for help is most acute. However, a data visualization app that takes in big data from multiple sources can provide clarity on conditions on the ground, allowing leaders to make informed decisions. With the small data taken care of through pre-disaster outreach and data cleanup projects, organizations can put big data and AI to work before and after a disaster to communicate with customers and employees. Insurance companies can reach out to customers who are in an area threatened by a disaster, providing helpful information on making a claim. Picture utility team leaders with several power restoration crews in a disaster zone. Data pouring in from social media, weather services and other sources can help them pinpoint which crews to send to address specific sites with infrastructure damage. But data visualization tools that show conditions in real time, such as road and bridge closures, can help them take decisive action immediately. Sorting customer information by ZIP code to pinpoint customers in the path of danger, insurers can use big data and AI to send automated messages via the channel customers prefer, reminding them to move to a safe location and including tips on what documentation they’ll need to file claims and instructions on how to contact the insurance company once the danger has passed. The Secret Sauce Is Simplicity Emergency management tools that integrate big and small data and leverage the power of crowd knowledge and AI can provide critical information that can be visualized and understood in seconds. The ability to send mass communications is also important. Automated voice messages can deliver catastrophe warnings, post- catastrophe service updates, office closure notifications and much more. This type of outreach is helpful to both customers and the companies that send the communication. It can help insurers avoid losses by warning customers of impending danger, and instructions help customers receive the prompt service they need after a disaster strikes. Personalized outreach also helps strengthen the bond between brands and the customers they serve. Speed and accuracy are important, but simplicity is the secret sauce. A software platform that integrates all of these elements and allows the people who are managing critical events to visualize complex, evolving factors in real time can be a game-changer. Whether communicating with customers or employees, when seconds count, big data and AI are indispensable allies. Once the immediate danger has passed, organizations like utilities, claims adjusters, emergency response teams, etc., need to deploy field crews. A software solution that can harness AI, advanced data visualization capabilities and mass communications tools can deliver the information decision-makers need with speed and accuracy. Big data is essential, but information alone isn’t enough — decision-makers need to be able to visualize it to make the right calls and communicate with affected 28 May 2018

  26. Bankable: An innovative Banking as a service provider T international banks need a reliable, secure and agile transactional platform that can eliminate payment inefficiencies. One of the key players of this field is the London based FinTech, Bankable. Bankable provides a range of payment solutions under a “Banking as a Service” model. Currently deployed solutions include digital banking, virtual account services, card management and processing services and payment processing services. corporates with the ability to replicate their operational system. As a result, this allows any client to create an unlimited number of virtual accounts and entities (countries, division, business units etc.) for money in and money out. VLM automatically deals with the reconciliation of inbound and outbound payments that occur from the virtual accounts. It also enables transactions to be initiated from those accounts. he global market place, insurance companies, FinTechs, and national and commercially and of course technically. Bankable’s key added value indeed lies in the strong technology they provide, with Bankable’s Virtual Account Management platform as the core feature to the broader payment service Bankable enable. The Bankable platform enables their customers to quickly go to market, with a full turnkey solution depending on their business needs, via a single multi- channel platform. Bankable is globally connected to custodian banks, processors, card manufacturers and other suppliers in the payments ecosystem, and they also provide programme management services – enabling Bankable to deliver an end- to-end solution for corporate and consumer payment programmes. Bankable’s unique interoperable platform as a service can be deployed in white-label or via API to provide real-time payment solutions. Bankable targets both B2B and B2B2C clients with several products, including Digital Banking, a Virtual Ledger Manager (VLM) and Payment Cards Programs. Digital Banking: Bankable’s Digital Banking platform are leveraged by banks, FinTechs, Telco’s and retailers to launch a digital bank from scratch. Bankable technology can be deployed to generate accounts with IBANs, issue payment cards linked to the accounts, and access payments schemes, including Faster Payments, SEPA transfers and SWIFT payments. The core of the solutions is the Account Management System, which handles all the accounting and reconciliation and provides connectivity to Bankable’s ancillary services. Bankable’s client base ranges from global corporates, incumbent banks and insurers, to SME’s and FinTechs who leverage the Bankable platform to streamline their payments processes and generate new net revenue opportunities. With Bankable’s products and services, banks are enabled to focus on their brand and products, and to quickly launch products in new territories and easily target new categories of customers. Large corporates can leverage their services to improve payroll, expense and purchase management with their card programmes. FinTechs can quickly launch innovative payment tools for niche target groups, and large insurance companies obtain streamlined processes including admin & fraud management, with real-time financial support tobeneficiaries. Corporate and consumer card programmes: Bankable’s platform can be leveraged by corporates to launch card programmes to improve their expense, payroll, and purchase management processes, and can be used by distributors to deploy card programs targeted at consumers. Virtual Ledger Manager: Bankable’s VLM is a solution that provides a faster, clearer, and more scalable operating model for cash management with its high-level capacity to process standardised and proprietary data in all machine-readable bank formats. It is applicable to any bank account and can be easily integrated to the general banking prism in which corporates evolve. For corporate programmes – Bankable offers a fully white- labelled self-service platform for SME’s and corporates to issue VISA and Mastercard prepaid cards to employees for expenses, purchasing, payroll, incentives etc. Ÿ A Unique Interoperable Platform Bankable’s overall competitive advantage is their capacity to serve global clients on various levels: legally, The Bankable virtual account structure is a data segregation and security system, which provides large 30 May 2018

  27. banking solution, which can be deployed featuring both physical and virtual cards. A Visionary Eric Mouilleron founded Bankable with the vision of eliminating payment inefficiencies. Prior to Bankable, he co-founded Valtech, an IT project-based software consulting company. In 1999, Valtech had an IPO on Euronext and by 2000, it had grown into a multinational company with 12 offices in 8 countries, with more than 1,200 employees and a market cap of USD 1.5 billion. Before co-founding Valtech, Eric was a marketing strategist for the New York Times and then at Groupe Hersant. As a Founder and CEO of Bankable, Eric builds a culture of diversity and passion in what they do, and he inspires his employees to give their best and help the company grow. A Remarkable Journey Eric Mouilleron Founder & CEO After successfully leading Valtech, Eric moved on to new entrepreneurial endeavors in the FinTech industry. This was after he attended the first Mastercard prepaid conference in Prague in May 2007, an event which provided him with insights into the payment space in Europe. Bankable was launched in December 2009, in the wake of the game-changing European Payment Services Directive (PSD1). This legislation disrupted the European finance industry as it forced the industry to be more open and competitive - freed from regulatory yokes, non-banking players were finally able to thrive. By then Bankable, the global architect of innovative payment solutions providing “Banking as a Service”, was set-up by design to legally, technically and commercially build long lasting partnership with banks and global corporates. “Bankable provides a range of payment solutions under a ‘Banking as a Service’ model.” Since 2012, Bankable stands as “the friendliest FinTech to incumbents”; this was controversial at the time, because in those days, most FinTechs aimed to destroy the banking industry. Despite the general apprehension and competitiveness, Bankable that year signed their first bank partnership with Deutsche Bank, Global Transaction Banking.Today, Bankable is partnering with several European banks, Moneyou (a subsidiary of ABN AMRO) being one of them. This relationship evolved into a successful partnership – resulting in a fully digital challenger bank for consumers within 6 months of the first initial meeting. Bankable is now in the midst of its exponential growth, planning to extend its range of services to the USA, the Middle-East, Africa and the Asia-Pacific region by 2020. It gives clients cost-effective centralisation of their payments as it replaces cash and checks, as well facilitates real-time reporting on employee spending. Ÿ For consumer programmes – Bankable’s platform can be used by large corporations, banks, non-bank financial institutions, FinTechs, etc. to launch their own consumer programmes. The platform can be leveraged into a light Ÿ 31 May 2018

  28. Redefining the Institutional Desktop within Capital Markets Redefining the Institutional Desktop within Capital Markets Dan Schleifer Co-founder ChartIQ E institutions have notoriously struggled to keep pace with technology. Many, if not all, desktops that power Wall Street are programmed in what are now referred to as “legacy” languages: Java, .NET, and C++. This becomes increasingly problematic the longer they sit there. The degradation of user experience and functionality creates serious consequences for a product (and the bottom line), especially when compared to their modern counterparts. ntire organizations are driven on technology that no longer meets the expectations of end users. Particularly in the financial space. Financial In today’s world of hyper expectations, user experience must be the leading driver in determining product strategy. Web technologies—HTML5, CSS, and JavaScript to name a few—are what deliver the modern UX that users have come to expect. These technologies came and conquered. They’re responsible for the “mobile first” and cloud movements that transformed businesses around the world. Web technologies have had such a big impact on the bottom line that they are now a cornerstone of any great company or product strategy. The rise of modern UX and UI has fundamentally changed the way business leaders and organizations think about product development. As technology evolved over the years, so did consumer expectations. Engineers improved their methods and craft, better products were delivered, and consumers reaped the benefits of an interactive, intuitive UI that delivered a great UX. However, that same deliverable quickly conditioned and influenced users’ expectations, making it even harder for engineers to keep pace. Users want and expect a beautifully designed, modern, interactive experience on any device, anywhere. But the financial space is always a little tough. Developing tools for financial professionals isn’t the same as building a taxi service app, a chat platform, or a food delivery app. The needs of financial professionals—analysts and traders in particular—are far more complex and require technical sophistication and industry-specific intel. With help from experts in the field, institutions began to deliver the experience modern users demanded. Web technologies played a huge role as devices proliferated and 32 May 2018

  29. Leader's POV cross-platform technology became essential. But through all of this, there was one device and tool that was overlooked: the desktop trading terminal. The last mile of web technologies is bringing their inherent advantages to the institutional desktop trading station. steeped in legacy architecture, a chance to preserve the current apps that power their business while simultaneously building forward in HTML5. The open terminal accomplishes this by making it possible for organizations to embed their own native applications into a modern, interoperating platform that connects and syncs data. The final product is the functionality that end users want. And that’s been a long time coming for Wall Street’s darling: the desktop. Your choice of data and components. All working seamlessly together. The desktop is king in the financial industry thanks to its sheer power, performance, and efficiency. Right now a proprietary terminal sits on the desk of 325K of the most influential decision-makers in finance. Close your eyes and imagine the trading floor full of paper tickets and runners. One of the first industry revolutions moved Wall Street from print to computers. And now, we’re in the midst of another great revolution as HTML5, CSS, and JavaScript are being applied to financial technology. “The move to bring powerful web functionality and integrate disparate systems into a unified user experience is redefining the institutional trading terminal as we know it.” Individual windows can be easily connected with the touch of a button so that they communicate with one another and synchronize data. This allows for a federated approach, where components are loosely coupled, but integrated into a unified whole. With these new developments, organizations can, for the first time ever, reduce their dependence on the proprietary terminal and choose the data that is relevant to their organization. When data sources are interconnected, synchronized, and organized to best meet the end users’ needs... the entire workflow is made efficient. Power users in finance need access to a lot of data—and quickly. This explains the large investment in the desktop computer and 12+ monitor setup. But what if you could take all the data within those monitors and have each monitor’s contents talk to each other, fit on one screen, or stretch out across many screens depending on your preference? What if you could fill multiple areas on your screen with the data that mattered most to your own organization? And what would happen to your business if you could integrate your legacy and native applications into the same platform as your modern web technologies? AND they could all interoperate? This is the future of the desktop: one experience powered by many apps. Its smarter, better-looking, and more powerful. And it’s finally here. At ChartIQ, we’ve been working with HTML5 for years to guide large financial institutions through the inevitable upgrade process. We built our open terminal platform, Finsemble, to help these same institutions deliver a compelling and efficient user experience on the desktop. Finsemble is a middle road between the powerful-but-rigid legacy environment and the dynamic-but-constrained browser environment. APIs allow window communication and syncing, and client-side integration is fast and easy. You can learn how to start revolutionizing your desktop trading terminal at chartiq.com Financial firms employ thousands of desktop apps for trading, market research, and collaboration. They can be modern or legacy apps. They can be licensed from third- party vendors or built in-house.They can be built with different technologies such as Java, .Net, Angular, or Flash. But no matter the situation, financial institutions are faced with a hodgepodge of disparate, splintered applications across the entire organization, and definitely on the user’s desktop. These apps might provide insight and power and individually be great, but they’re just a single app on a page, unaware of its surroundings. With Finsemble, customized workspaces and workflows are quick to assemble for developers. And they are flexible, so the unique requirements of each and every organization are individually met. Embedding native applications into an HTML5 environment allows these large, legacy-driven orgs to finally deliver the best possible user experience. Within the last five years, software frameworks called containers have given us the ability to have multiple types of applications work together on the desktop, regardless of language. The latest tech development is building advanced functionality on top of the container, because the container isn’t enough. When HTML5 and JavaScript are used on top of a container, they can leverage APIs, a microservice architecture, and modern functionality to bring users a new platform experience—an open terminal experience. About Dan Schleifer Dan Schleifer is a Co-founder of ChartIQ, a front-end software company that specializes in HTML5 functionality and APIs for capital markets clients. ChartIQ provides tools that make migrating and updating to modern interfaces easy for large financial institutions. Learn more at chartiq.com An open terminal experience is exactly what financial institutions need to solve the headaches associated with their outdated technology. It allows large organizations, 33 May 2018

  30. T The changes can be witnessed in Travel, E-commerce, Household Bill payments etc. The recent integration of technology in payment solutions makes transactions fast and seamless and can be done at the comfort of your homes. he way people make payments are changing faster due to the improved integration of digital technology. This has benefited the industry with increased competition and consumer demands. Although we are witnessing a considerable change in the payment solution industry, there is still a consistent use of the cash and cards, which solely depends on the geographical setting. In some places, people prefer cash and cards, while in other places, they encourage the more use of digital solutions; for example: The United States and Canada. Analysis has shown that 36 May 2018

  31. Digi Payments in these areas, they are likely to switch completely to technology enabled payment solutions. and digitalized concepts. Various financial organizations that may not be able to handle the process of migrating from the traditional format to the digitalized platform finds ease in doing so by partnering with technology companies. The payment solution processes will become more innovative because of the following disruptive trends; Organizational growth is measured both in market value, infrastructure and the extent of their networks. The integration of digital technology advances in payment provisions helps especially the finance-oriented establishments to easily expand their reach, even to the most hidden places in the world. This helps to touch the lives of people no matter the class and status and it repays with tremendous customer growth. · Improved Security and Payment by Codes · Digital Banking and Remote Payment Approval As the younger aged masses are turning up to technology more than the traditional mediums, there is a notion that most payment solutions will be done through digital- enabled mediums rather than cash or cheque. This will result in more engagement of mobile phones and digital software applications. Various business outlets are accepting more of mobile payment which is helping them to improve customer experience. The addition of instant alerts, appreciation notifications and instant payment delivery is making this innovation more interesting. Security is huge concern when money is involved. People are so conscious and very inquisitive about how their money will travel from the sender to the receiver. In so many cases, they will even think that such platforms as digitalized mediums are not trustworthy as a single wrong number can direct their money to unknown destination. The transaction as of the old was true cheques. But today, there will be a limited need for those methods, rather, payment will simply be done by inputting a certain username and password and your dashboard will be opened. Through this page, you can easily make every payment. The age of digitalization is turning the whole process into code- based and this raises the question of how to stay safe. It is also believed that for security purposes, the instant notification of transaction, linking of secured email and encryption to individual data and disaster-recovery provisions will lead the innovation to better direction. This concern has a big deal with blockchain, augmented reality, IoT and biometrics. You may be asking how the future will look like with tech- enabled payment solutions. As the world is growing and globalization is gaining a good ground, people blends in to what they see that is working well. So, as digital payment solution is making even the life of the lay man on street easy, more people in the near future will completely adopt this innovation. It will not harm the financial institutions, but it will be great if they can migrate or better integrate some form of technology strategies in their financial solutions. This change may be slow, but it will be consistent as the technology changes are not giving room for procrastination. · Customer-Focused Strategy as a Priority Customer experience post business encounter is what makes a difference in the industry. Digital banking solutions are improving the way customers feel after making their payments. In the past years, one need to stand in a queue in the bank before they can make even the smallest transaction, but the integration of technology innovation has reduced the stress to the lowest level. We can witness improved services and instant expense management which is helping everyone that is using this medium to stay above the crowd · Improved Customer Satisfaction through Rewards A customer tends to check back on the sales-person who gave them a tip or discount after purchase. This is also applicable in payment solution. After people makes a purchase online or even via cards and the seller offers them a certain percentage of discount, they will always want to come back. The good news is that most business enterprises are supporting this idea in collaboration with the finance institutions. · FinTech Collaboration and Expansion of Networks The innovation in payment solution is incorporating feasibility of resource management between the financial and non-financial organizations. Through this development, the result will lead to easy merging of both the traditional medium of resource management concepts with the recent 37 May 2018

  32. Fintech Fintech The Next Big Thing The Next Big Thing Francisco Mariscal Co-founder & CEO W e are at a time in which technology advances at an incredible pace, unlike other generations, today’s society is accompanying technology, allowing it to develop without fear of looking back. Unfortunately, regulation and laws cannot advance at the same speed, and that is creating dangerous gaps that can destabilize the economy as we know it today. The crisis we have experienced during the last decade has shown the shame of the economic system, and its fragility in some aspects, such as its banking dependence. The latter has allowed alternative investment to hatch, and with it many fintech tools, blockchain systems, tools based on peer to peer, etc ... 38 May 2018

  33. Industry Insider The problem we are experiencing is that, with the mentality of breaking the rules so as to write them again (something that in principle should be positive for society), we are forgetting the basic rules on which our society is based; data protection, right to privacy, capital controls, or protection of retailers, are basic rules that should not be forgotten, because if we do so, we are going back in time despite being in the most advanced technological cycle in history. And this can lead to a spiral as much or more dangerous than the crises we have experienced in recent decades. clear that crises, like wars, generate poverty, although in the long term these allow the pillars upon which the economies are built to be more solid, and with that comes certain economic evolution and improvement, at least to date. Therefore, my insistence on control, at least in what affects citizens, the companies can take risks, but without transferring them to people. About the Author Francisco Mariscal is a Founding Partner of Fellow Funders. Telecommunications and industrial organization engineer from Universidad Europa, he has a master’s degree in Quantitative Finance from AFI and an Executive MBA from EAE Business School. In general, the fintech sector has a huge market for its development potential, disintermediation and the creation of value for the user will mark the next decade. The new generations want products that provide value and that do not generate captivity of anything or anyone. And this is my reflection, to generate value to the user, it is something more than just to provide a friendly and easy to use tool, we must protect the users and explain the risks to be assumed. We are seeing how many investment platforms sell high- risk products to their users through marketing tools. It is clear that we could not live on a banking product eternally. But what can not be allowed is that the rules of protection for retail investors are violated, because in doing so we will be destroying a complement of value to the traditional banking product. Do not mistake the passion necessary to advance in a disruptive business, with moving forward at any price, the next decade will be marked by major changes in many sectors: Fintech, Insurtech, Foodtech, Legaltech, etc. As we can see in their names, they all rely on technology, in which in most of the cases there is no regulation or jurisprudence, so we must be cautious with the rules on which we write, because if we do it in the wrong way we will be wasting the opportunity that is being given to us. volume under management with this type of product has multiplied by 5 in direct investment on the same type of asset, I do not say that that is bad in itself. But when we see that companies that have not been able to finance themselves by normal alternative investments, manage not only to do it by this method, but also obtain three times the capital they needed, it looks like we are facing a bubble, and that if it is not controlled can only bring problems to the system, and possibly the ones that will pay for this will be the usual ones, the retail investors. All this will bring fear into the tools that are being born now, and could end up becoming a mere frustrated attempt, instead of a complement of the future. Both examples described above are allowing us to generate inflation in value and price, something which we all know what it will bring us ... It is A clear example of the above is that the majority of cryptocurrencies, which as we all know are written under Blockchain technology. The blockchain technology is very reliable, but it is not infallible, and unfortunately the states are not prepared for its supervision and control, so even though its survival and development is clear, here the market is not ready to hatch, and unfortunately we are seeing how it advances at a speed of madness, and possibly we will see scary situations, because the vested interests are very high, and possibly some are not entirely licit. As a conclusion of all the above, almost all the Fintech tools have a long life ahead, the regulation is tracking behind, but if we want it to last over time, we must not forget the basic rules of user protection in all its aspects. Although there are no rules in most cases we must use common sense, which in many cases we are demonstrating that it is the least common of all the senses. Users are our loudspeaker to change things, and if we mistreat them, all they will say is that we are another failed attempt at evolution. Another example, are the famous ICOs, in 2017 we have seen how the 39 May 2018

  34. Stable, Extensible, and Evolving Insurance Technology BriteCore: B core, data, and digital solutions into a single, comprehensive suite. Founded by two cousins, Phil Reynolds (CEO) and Chris Reynolds (COO), BriteCore was backed in its early initiatives by a consortium of mutual insurance providers. Since its launch, BriteCore has rapidly evolved to support different types of insurance. Today, it manages billions of dollars in premium for approximately 50 companies across the US and Canada. BriteCore is fueling innovation for insurance carriers, MGAs, and InsurTech startups through its open source, API-driven platform that is stable, flexible, and adaptable. Key Products and Services Embrace the speed, storage, and security of cloud computing Automate business workflows and processes Deploy products within a reasonable timeframe and budget The best-of-breed mentality of the 2000s gave rise to heavily fragmented IT systems that do not operate seamlessly together. Today, many carriers spend the majority of their IT budget and time managing system integrations instead of driving innovation. BriteCore helps these struggling insurers overcome inertia by offering a licensing model that supports ongoing innovation, scales relative to premium volumes, replaces periodic and costly upgrades with a simple monthly subscription, and manages daily upgrade paths for clients. riteCore is a fully managed, cloud-based insurance software system that combines Ÿ Ÿ Ÿ BriteCore’s solutions provide many benefits, including the following: Comprehensive Insurance Processing Suite: All modules (listed above) work together seamlessly and reliably. Automated SaaS with Dedicated Support: The futuristic solution does not require IT or support resources to deploy and maintain solutions. BriteCore’s approach benefits clients by smoothing the scaling cost with limited management overhead and by performing incremental releases, managed daily upgrades, and perpetually modern software. BriteCore’s origin with domestic mutual insurance carriers helped the company build a strong service arm experienced in all areas of insurance operations. Its industry-leading technology make BriteCore the best possible choice for providers seeking to innovate, automate, or disrupt. BriteCore offers multi-line, multi-state, and multi-location policies for personal, commercial, auto, and specialty lines of business. Core modules include Policies, Claims, Billing, Reporting, Analytics, CRM, Rules and Rating, Document Management, Agent Quoting and Inquiry, Policyholder Access, and Mobile Applications. The company’s extensible platform can be customized to any brand, product, or workflow, employing a wide-variety of features and functionality. Dedicated Resources and Community Source: BriteCore offers personalized implementation plans with dedicated migration and education resources. Aligning core objectives with dedicated tech solutions has produced a 100% implementation success rate for the past five years. Empowering Factors BriteCore provides a community to align common interests and tooling to empower customer differentiation. The company’s customer-centric focus mixed with its tech-first mentality enables insurers to: Product and Platform: BriteCore can be used both as a product with a user interface and as an API-driven platform. Insurers can extend Test new products and quickly bring them to market Adopt new technologies to improve operation and efficiency Ÿ Ÿ 40 May 2018

  35. Differentiating Factors Realizing the insurance software field is competitive, BriteCore employs key strategies to stand out among its rivals. Below are a few differentiating factors that give BriteCore a competitive edge: Technology Leader: BriteCore claims its tech stack is decades ahead of its competitors’. Built with modern technologies such as Docker, AWS, and Python, the software is nimble and responsive. The platform is also fully accessible via API, opening an endless number of possibilities. Ongoing Innovation: BriteCore is committed to ongoing innovation, making it the last system clients will ever need to purchase. As part of its upgrade path, offered at no additional cost to customers, the company is replacing its current product with a new suite of microservices, expanding the possibilities for current and future carriers. Phil Reynolds CEO Dedicated Resources: BriteCore understands every facet of its clients’ operations and invests heavily in the education, resources, and tooling required for producing consistent successful outcomes. True Monthly SaaS Subscription Model: BriteCore is a web service, funded by a monthly subscription fee, hosting fee, and optional services retainer. The SaaS model replaces large capital expenditures with a smooth monthly operating expense that reduces the barrier to entry and replaces costly upgrades with continuous software releases.. “We seek to fuel innovation for insurance carriers, MGAs, and InsurTech startups through an open source, API-driven platform that is flexible, is adaptable, and increases speed to market” An Instrumental CEO BriteCore CEO Phil Reynolds started life after college as a professional musician. In 2004, he joined his cousin Chris Reynolds to found Intuitive Web Solutions (IWS) and create BriteCore. Phil holds a certificate in “Leading Change in Complex Organizations” from the Massachusetts Institute of Technology, and speaks frequently on organizational design and technological innovation for property casualty carriers. Phil received the “Governor’s Missouri Entrepreneur of the Year” award from the Governor Jay Nixon and led IWS to the #288 spot on the Inc. 500 list. Under his instrumental leadership, BriteCore has generated about $35m in revenue since its initial launch. BriteCore aims to expand its reach by improving its capabilities. Its new suite of microservices under development is designed to meet the needs of Tier 1 carriers both domestically and globally. BriteCore through code contribution or configure the system using user-friendly management tools and interfaces. Comprehensive Testing and Review: Insurers who participate in BriteCore’s Community Source Code Contribution program follow the same workflow as BriteCore engineers when extending core system functionality. Mature development processes backed by thousands of regression tests ensure the platform remains stable and secure. As more members participate, compounding results are achieved. 41 May 2018

  36. Being Tames Rietdijk CEO Business Forensics confident about your future when your organization is designed for control 42 May 2018

  37. Leader's Desk About the Author Tames Rietdijk (1966) started his career in 1987 at KPMG as accountant (division financial institutions) and has been working mostly for software companies since 1994 in different positions from Product Manager to CTO. Since 2005 Tames has been certified as Anti Money Laundering Specialist by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and he is a tutor at the Radboud Management Academy. Tames is Chief Executive Officer at BusinessForensics and his area of expertise lies with Product management, Forensic investigations and Data analytics. He is responsible for the design and development of the various BusinessForensics propositions applicable for the banking, investment and insurance industries. In his vision on Risk management Tames calls for Risk based supervision instead of traditional Rule based supervision. Risk based supervision requires trend analyses with a total view instead of a snapshot of a specific event. For Risk management to be effective, more is needed than just detection of risks and that is the reason why the BusinessForensics platform offers a total solution in data mining, big data processing up until case management and sanctioning. D firms. Most of the banks and insurance firms know this better than anybody else. Regulators and supervisors are almost furiously trying to restore this trust by imposing strict rules upon them that focus on preventing the previous incidents from happening again. Even though this might win them some battles, I will definitely not win them the war, as the issues they are struggling with are far more complex: ue to several incidents within the financial sector related to their integrity, people and society in general have lost their trust in banks and insurance Ÿ Replacing current solutions being ‘end-of-life cycle’ for which safeguarding the history as built up in their current system may be a specific issue, in addition to a potential operational risk when solutions cease to function; Ÿ Trying to manage their data: volume, privacy, complexity, security, availability etc. Especially in a context of finance and risk, additional requirements apply to the confidentiality, origination and audit trail of data; Ÿ Processing too many operational risk issues, imposing a reputational risk for both the bank and its leaders, is troubled by a large number of false positive alerts, taking up valuable time and resources. These is only an example of reasons for a growing back log. Ÿ Reducing their IT expenses: keeping old aged systems up-and-running is difficult and expensive, resources understanding these systems are growing scarce, and such a situation is definitely stalling IT innovations, where they seem to be required to adopt new technology; BusinessForensics also aims for banks and insurance companies to rebuild trust. Yet we realize that to win the war, it takes a different approach. We believe that banks and insurance companies need to reorganize themselves in order to improve their operating models and to safeguard the integrity of their employees and clients. Yes, this involves new rules & regulations. But that is not enough. Ÿ Responding to findings from regulators and supervisors, which need to be resolved imminently at the risk of large fines, negative career implications or even license consequences; 43 May 2018

  38. As a result, your organization feels as if it is ‘Designed for Control’, having protected both the privacy of individuals and value of your assets. Sustainability requires banks and insurances firms to embrace their future with confidence. This also involves new technologies and new data, which in turn will bring them new risks. It even involves new competition. Ÿ In this complex financial world, BusinessForensics provides a coherent package of future-proof solutions to the major challenges facing all financial institutions in the coming decades: Ÿ Implementing new laws and regulations, Ÿ Becoming more responsive to new emerging risks, Ÿ The increasing volume, complexity and velocity of (new) data, Ÿ Embracing new technologies, being able to drive business innovation, Ÿ Preparing for the new competition: technology platforms, crypto currencies, fintech etc. We believe that truly good-natured banks and insurance firms can be compliant with new rules and regulations. Embrace new technologies and new data. Timely identify new risks. Face their new competition with confidence. To create an organization that is in control. By design. Only then will they be able to avoid crime, coincidence and prejudice. And that is where BusinessForensics comes in. We achieve that level of control for our customers by continuously monitoring their compliance- and integrity risks, from multiple angles. The result: a transparent and truthful view on ‘what is happening, here and now’ in their organization. Our focus on risk allows them to respond effectively to emerging challenges, in order to keep the bad guys out (in terms of clients and employees). By learning from our customer’s experience, our system continuously improves their responsiveness and resilience. Improves their level of control. Control brings confidence, and only with confidence can you build a bright future. BusinessForensics aims to be the trusted partner of choice for banks and insurance companies aiming to rebuild trust. To us, partnership means cooperating to reduce all relevant compliance- and integrity risks to levels that are acceptable for banks and insurance firms, for their clients and for society as a whole. Our approach follows 7 standard steps: Ÿ An experienced team that understands and is passionate about (big) data analysis, machine learning and (cyber) security, bringing sustainable fintech innovation to your company, Ÿ We structure your data in such a way that you are prepared for every possible outcome, as it is impossible to predict what you will come across during your analyses. Ÿ We deliver a fine grained, adaptable configuration because every organization is unique and the system must resemble your specific situation as much as possible. Ÿ The results or our joint analysis must result in an increased awareness and understanding of what is happening here and now within your organization, with a focus on (integrity) risk. Ÿ This improved insight in the identified risks will allow you to decide how to best respond to them, in order to reduce potential damages as much and as soon as possible. Ÿ Our collaborative learning approach allows your organization to continuously improve its resilience and pro-actively reduce its risk profile through automated feedback loops, BusinessForensics provides a structured approach to reducing a bank or insurer’s risk profiles while reducing their cost of compliance, and at the same time improving their damage recovery rates. Trust accelerates performance. Between banks and their clients, man and machine, old and young. About the Company The team at BusinessForensics consists of consultants, architects and developers with offices in The Hague and Singapore, and has been offering software and know-how for monitoring and managing compliance and integrity risks since 1998, amongst which are financial and economic crime risks. Preferred customers are those banks and insurcance firms that take pride in maintaining or (when necessary) rebuilding the trust of their clients, who do not view compliance as a burden but feel the inherent need to 'do the right thing'. So as partners, we can keep crime, abuse and coincidence away from their clients. The forensic platform (the HQ products) provides real-time (big) data analysis of network, transactions and signal of evolving risks and threat. These are presented users in an accessible and understandable way, providing context and situational awareness. As a result, companies and institutions can discover these risks early and immediately take measures aimed at limiting possible damage as much as possible and optimizing chances for recovery. Compliance is also demonstrated by measuring good behavior. Confidence in our system increases by minimizing the number of false positive alerts. In addition, unnecessary (reputational) damage is reduced and corporate agility is greatly improved. Trust improves performance; between man and machine, young and old, customer and supplier. 44 May 2018

  39. Traits to Posses the Best Enterprise Security T IBM reported that more than a billion personal data was stolen and leaked in 2014 alone, which made it the highest recorded number in the last 18 years. Criminals are always a step ahead of the existing security systems. So companies should have best strategies and practices for enterprise security. he founders occasionally forget about implementing important fundamentals of security and start running after shining technology. The security budgets are limited, so they need to be sure about covering highest breach areas before moving onto other things. So how do we ensure to have the best security systems? It all has to do with having a solid foundation, which starts with these basic practices. Strong Firewalls Firewalls are the first line of defense for any enterprise. It basically controls the flow of the data and decides the direction of flow of data. The firewall keeps harmful files from breaching the network and compromising the assets. The traditional process for implementing firewalls is at the external perimeter of the network, but to include internal firewalls is the popular strategy. This is one of the best practices of companies by making it the second line of defense to keep unwanted and suspicious traffic away. Securing Router Routers are mainly used to control the flow of the network traffic. But routers do have security features too. Modern routers are full of security features like IDS/IPS functionality, quality service and traffic management tools and strong VPN data encryption features. But very few people use IPS features and firewall functions in their routers. To have improved security posture companies need to use all the security features of routers. Secured Email It is highly common to receive emails from the suspicious sources. The email is the main target for the criminals. An 86 percent of the emails in the world are spam. Even if the latest filters are able to remove most of the spam emails, companies should keep updating the current protocols. If the no, of spam emails are large, then it only means the company is at greater risk of getting malware. Updating Programs To make sure your computer patched and updated is a necessary step if you are going towards fully protected enterprise. If you can’t maintain it right, then updating already installed applications is an important step in enterprise security. No one 46 May 2018

  40. Secured Vision can create 100 percent perfect applications, but one can make changes accordingly trying to keep it with the pace. Thus, making sure your application is update will let you know the holes programmer has fixed. Securing Laptops and Mobiles You may wonder that why securing laptops and mobiles is in the list. But it is true that securing laptops and mobile phones that contain sensitive data of enterprises. Unlike desktop computers that are fixed, laptops and mobiles are portable and thus are at higher risk of being stolen. Making sure you have taken some extra steps to secure laptops and mobiles is as important as implementing strong firewalls. Encrypting laptops and mobiles with the help of softwares is a great tactic to be followed for secured enterprises. Wireless WPA2 This is the most obvious feature of all. If companies aren’t using WPA2 wireless security, then they need to start using it. Many methods of wireless security are insecure and can be compromised in minutes. If companies have wireless WPA2 installed, then it will be difficult to breach for criminals. Web Security Verizon Data Breach Investigations Report stated that the attacks against web applications in the recent years have increased at an alarming rate, with over 51 percent of the victims. Simple URL filtering is no longer sufficient, as attacks are becoming more frequent and complex. The features that need to be considered for web security systems are AV Scanning, IP reputation, Malware Scanning, and data leakage prevention function. A web security should have the ability to correctly scan the web traffic. Educating Employees Making sure that employees are educated about safe and online habits is as crucial as securing enterprise with top class anti virus and firewalls. Educating employees about what they are doing and how to be pre-defensive is more effective than expecting IT security staff to take steps later. Because protecting end users against themselves is the most difficult thing to do. So, employees must understand how important it is to keep company’s data safe and the measures they can take to protect it. While the world is approaching with more and more cyber theft and crimes, these simple and standard tools based foundation of enterprise security can protect the companies from such attacks. 47 May 2018

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