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VF2018: Digital transformation of financial services (Rojin Nair, General Manager Fintech Solutions, Celero)

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Celero brings a rich history and extensive experience in the co-operative financial services sector. The only Canadian company included in the 2017 IDC Top 100 FinTech Rankings, Celero provides full-service, end-to-end IT, that meets the unique needs of credit unions and financial institutions. As the needs of clients shift to meet the financial service delivery demands of the technology savvy member, so too is Celero evolving with the credit union system. Celero is helping clients build their future delivery in key strategic areas: Digital and Mobile Banking; Enhanced IT services; and Modernizing Core Banking. For more information, visit the company's website at www.celero.ca.

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VF2018: Digital transformation of financial services (Rojin Nair, General Manager Fintech Solutions, Celero)

  1. 1. Confidential © Celero 1 Celero Overview Digital Disruption & Transformation
  2. 2. Product To Customer ECONOMIC SHIFT Digital Technology CONNECTED SMART WORLD Global Entrepreneurship STARTUPS Cheaper, Better, Faster, Personalized Choices USER EXPERIENCE New Generation, New Thinking, New Needs TRANSFORMATION
  3. 3. EXPERIENCE Instant Omnichannel Buy Borrow Pay
  4. 4. AUTONOMUS ORDERING Frictionless Commerce
  5. 5. Consumer Expectation EXPERIENCE INCLUSION HOPE Social Perspective DEMOCRATIZE DECENTRALIZE P2P SOCIAL VALUES Digital Transformation DIGITIZATION DIGITIALIZATION Technology Enablers CLOUD AI BLOCKCHAIN DIGITAL IDENTITY COGNITIVE COMPUTING OPEN BANKING IoT Business Enablers FINTECH CHALLENGER BANKS NEO BANKS BaaP Digital Economy DIGITAL ASSET & TOKENIZATION DIGITAL CURRENCY Regulatory Enablers PSD2 GDPR
  6. 6. GLOBAL FINTECH ADOPTION INDEX 18%
  7. 7. PLATFORM Digital First One Service Full Stack Service CHALLENGER NEO Banking Service Payment Service Lending Service Account Service Curated Digital Market Place
  8. 8. Account ServicesPayment Services Investment Services Secondary Bank Lending Services Fintech ServicesInsurance Services Open Banking Primary Bank Regulatory Controls Self Sovereign Identity
  9. 9. Intelligent Business Processes Decision & Recommendation Engine Smart Agents COGNITIVE INTERACTIONS BOTS Cognitive Banking
  10. 10. My bank has no bots Mine too …… PERSONALIZATION Expectation of
  11. 11. Mechanization Mass Production Computerization ARTIFICIAL NARROW INTELLIGENCE Intelligent Automation ARTIFICIAL GENERAL INTELLIGENCE Autonomous Systems ARTIFICIAL SUPER INTELLIGENCE
  12. 12. Robotic Process Automation Emulating Human Execution of Definable, Repetitive Tasks Apply Approve Close & Fund Appraise Underwrite
  13. 13. Blockchain / Distributed Ledger DIGITAL ASSET / VALUE EXCHANGE Digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions SMART CONTRACTS Digital contract execution protocol allows automated enforcement of laws, regulations DIGITAL IDENTITY Consumers to control their own identity and share between trusted entities with their consent FINANCIAL DISINTERMEDIATION Digitally enabled businesses, society and economy 2008 / 09 ECONOMIC CRISIS Need to democratize & decentralization
  14. 14. Market Place CHALLENGER BANKS NEO BANKSTRADITIONAL BANKS BANK AS A PLATFORMS FINTECHS NON-TRADITIONAL BANKS
  15. 15. Digital Transformation It Is Not About You – It is About Your Customers Future Experience
  16. 16. AMBITION VISION DIGITIZE DIGITALIZE CULTURE INNOVATE OPTIMIZE BUSINESS MODEL The Journey USER EXPERIENCE
  17. 17. FINANCIAL EXPERIENCE FINANCIAL INCLUSION FINANCIAL HOPE
  18. 18. Brand Identity - Financial Institution Partner 60 e-commerce companies in 14 categories like travel, health, hospitality etc.
  19. 19. fintechs Digital Dilemma
  20. 20. What Is Your Digital Ambition ? DIGITALLY ENHANCED BUSINESS DIGITALLY TRANSFORMED BUSINESS DIGITAL BUSINESS
  21. 21. “We want to be the D in GANDALF”
  22. 22. Who Is Your Partner?
  23. 23. COMPETE INCUBATE COLLABORATE Navigating Digital Storm
  24. 24. Decentralization of “Power” Connected Global Ecosystem UX - Startup Nexus Speed Of Digital Transformation AI – Business Differentiator Disappearance of “Brand Monopoly & Loyalty” Culture of Innovation & Outside-In Thinking Rate Of Technology Evolution Consumer Centric Economy Risk of Not Doings vs Risk of Doing
  25. 25. “inclusion” – outside in thinking NOT just “growth” – inside out thinking how to innovate & disrupt? EXPERIENCE INCLUSION HOPE
  26. 26. Confidential © Celero Thank You

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