apidays LIVE Hong Kong - Beyond Open Banking - Open Innovation & Open Business by Alex Chan
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apidays LIVE Hong Kong - The Open API Economy: Finance-as-a-Service & API Ecosystems Beyond Open Banking - Open Innovation & Open Business Alex Chan, CEO of FORMS HK
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apidays LIVE Hong Kong - Beyond Open Banking - Open Innovation & Open Business by Alex Chan
- 1. Beyond Open Banking – Open Innovation & Open Business FORMS Syntron Hong Kong Alex Chan FORMS HK CEO FORMS HK or #formshk
- 3. Agenda 1. About FORMS HK 2. A Reality Check about Open Banking 3. What Goes Wrong 4. Beyond Open Banking - Open Innovation & Open Business
- 4. Who We Are ABOUT FORMS Listed in SZ (300468.SZ) Specialized in Banking Industry 2,300+ Talents Market Cap (RMB) 60%+ HK & Overseas Rev > 60%
- 5. WhatWe Do ABOUT FORMS We help ESTABLISHED BANKS to CHANGE THE BANK We help VIRTUAL BANKS to BUILD THE BANK We help CENTRAL BANKS to Shape the future of money
- 6. FORMS is entrusted by central banks to shape the future of CBDC Phase 2 Cross-border Payment Network by
- 7. Agenda 1. About FORMS HK 2. A Reality Check about Open Banking 3. What Goes Wrong 4. Beyond Open Banking - Open Innovation & Open Business
- 8. 8© 2020 FORMS HK Consultancy Study Digital Corporate Banking Strategy & Roadmap Final Report E X E C U T I V E S U M M A R Y © 2020 BEA | FORMS HK Confidential Touch Points And if SME thrive, they create jobs and fuel the economy, then banks benefit. Third Party Applications Accounting HR Loan Service Loyalty Management Trade Services Others Open API Platform Beyond Banking Marketplace 8© 2020 FORMS HK Embrace new technology with open APIs, to serve clients smarter with easy access to bank services and delightful experience When SMEs have easier access to banking services, it’s easier for them to run their business and grow. Open Banking and API Becomes the De Facto Strategy Recommendation Source: FORMS HK Consultancy Reports
- 9. Source: Accenture, MarketWatch, PwC Open Banking Forecast is Optimistic and Encouraging
- 10. Do you feel it? Do you see it coming? Reality Check
- 11. Agenda 1. About FORMS HK 2. A Reality Check about Open Banking 3. What Goes Wrong 4. Beyond Open Banking - Open Innovation & Open Business
- 18. Agenda 1. About FORMS HK 2. A Reality Check about Open Banking 3. What Goes Wrong 4. Beyond Open Banking - Open Innovation & Open Business
- 19. 19© 2020 FORMS HK Problem 1 Open Banking
- 20. Let’s put the focus back on customer journey Home Buyer as an example
- 21. Desired Customer Experience is crucial in the home purchase journey Pre-sale Balloting Unit Selection Mortgage Lifetime Engagement
- 22. …The first-time buyers who prefer a Hassle-freehome purchase experience Target Persona Early 30sProfessiona l Young Couples 90% LTV mortgage policy ~HKD6.5M
- 23. … transform the current registration of intent, sales documents viewing and demo flat visiting activities into Digital Experience At Pre-sale Stage
- 24. Interactive + Augmented Reality + Virtual Reality … collect and view the sales documents in an Interactive Way … visit Virtual Demo Flat to experience 360° in/outdoor environments
- 25. BALLOT TOKENREGISTRATION OF INTENT E-DEPOSIT PAYMENT … a friendly Online Paymenteases the fund collection, settlement and further refund processes if needed … InstantVirtual Card incentify the registration of intent with minimum effort Digital Payment(enabled by banks in a frictionless manner)
- 26. PASP GENERATIONUNIT SELECTION QUEUEING REAL-TIME SALES STATUS … real-time Queueing and Sales Status is welcome by buyers! At Unit Selection Stage
- 27. … using APIs to link up among multiple stakeholders to make the process simpler, faster, smarter and safer Solicitor Government Agency Credit Bureau Buyer Insurer BankProperty Developer At Mortgage Stage Ballot Token Credit Score S&P Policy Mortgage Deed Registry
- 28. ★ TOKENOMICS Incentive Rewards Behavior Customer experience should not be stopped after the homeowners are moved in … it is just the start of Lifetime Engagement
- 29. From interior design, furniture fit-in, relocation, mini-storage to club house facilities booking. Banking service should be driven by customer journey … even though it is being made invisible Use Case 1 – Nano Couple Building Their Nano Dream House Purchased new Nano Flat Online interior design See ad and scan QR code to begin building virtual dream home on a mobile app Ready to checkout and finance the purchases Order door-to-door mini storage on an app Book clubhouse facilities online
- 30. 30© 2020 FORMS HK Problem 2 API = Innovation
- 31. 90%+ Open banking initiatives are taken up by IT department, digital banking organization or dispersed across various lines of business
- 32. Open Business Banks should position API Economy as a new line of business. It should be assigned resources, budget and being empowered to run like a business, i.e. Open Business
- 33. From Open Banking to Open Business • Maximize bank’s values to foster tight business partnership with eco- system partners to fulfill the selected customer journeys: oBank’s customer base (both retail & commercial) oBank’s payment, credit and other financial capabilities oBank’s IT capability • The “Open Business LOB” to own the whole stack from partnership management, product manufacturing, API development & operation • Engage and enable your partners, i.e. co-create product, co-develop APIs. Bargain exclusivity for a certain period of time • Take control of the client experience, client engagement and DATA • Tailor-made the customer journey per target persona 33
- 35. Thank you.
Editor's Notes
- All those very practical, impactful and successful FinTech projects earn us some of the most prestigious recognition in the market. We are the biggest winner of the latest IFTA FinTech Achievement Awards. We win a total of 6 awards, including the Rising FinTech Star of the Year by our very young and talented FinTech Consultant, Vienna.
- Yes, there are banking account aggregators, there are banking offers comparisons, there are use cases of supermarket allowing customers to pay with credit card bonus points. But does it really make an impact on you? Does it really matter about your choice of banks? Does it really deliver tangible growth opportunities for banks?
- Is it due to technology challenges? Is it due to regulatory challenges?
- Is it due to technology challenges? Is it due to regulatory challenges?
- Target Buyer Group – Young professional couples in their early 30s recently married and are looking to buy their first flat. Given their salary range and the recent 90% loan-to-value mortgage loan policy, their target price range would be ~HKD 6,500,000 Property Sales – Chinachem’s Sol City, a completed first-hand residential property which meets the target persona group’s budget and needs Dedicated Mortgage Bank – CNCBI Insurer – CNCBI (with 90% loan-to-value mortgage loans)
- VR view – If buyers are targeting flats that face a certain directions or on a higher floor, viewing a physical demo flat cannot really tell buyers what they want to know. A digitalised VR viewing experience would allow buyers to view a flat down to these details (such as the floor, facing, or even the exact flat according to the layout released by Chinachem.) Booking a demo flat viewing online – Allowing buyers to book an exact time slot to view a demo flat can reduce the hassle of long queue and waiting time at the demo flat viewing site. AR view – Once at the demo flat viewing site, buyers can make use of augmented reality technology to start building their dream homes, placing their desired furniture and get a feel of what their future dream home would be like. Interactive home decoration – Prior to visiting a demo flat, buyers can start placing furniture onto the floor plan using the mobile app so that they can get a feel of the spacing of the flat, the finished design can also be saved and then be brought up by AR when they reach the demo flat viewing site.
- Online registration of intent – Instead of writing a cheque and filling in the physical form. This process can be digitalised by providing buyers an online form filling experience. In order to ensure a fair chance for everyone, an IDV process should be included so that everyone taking part in the registration process has to verify their identity. Electronic deposit payment – Deposit can then be taken as an online electronic payment to enable a more efficient experience for the buyer and also ease the collection and create extra cash flow for Chinachem. Mortgage loan pre-approval – The data captured during the registration process can then be ready for mortgage loan pre-approval as early as anytime after the deposit is placed.
- Online queueing – Reduce waiting time if the typical queueing and flat selecting process can be digitalised and done as an online process. Electronic initial agreement – Initial purchase agreement can be in the form of an e-form and buyers can provide e-signature using the mobile app.
- Use of Blockchain – Assume straight through underwriting and corresponding processes on blockchain to speed up the overall process when applying for mortgage. Smart contract - of PASP, ASP, mortgage deed, title deed, etc. Mortgage loan pre-approval – The data captured during the registration process can then be ready for mortgage loan pre-approval as early as anytime after the deposit is placed.
- Social community – Buyers can gather with other buyers to share the joy of purchasing a new flat and have a conversation about anything related to the whole experience and even provide help to each other when moved in. Lifestyle services – Leverage CNCBI & Chinachem’s other resources and partners, such as malls, hotels, themed parks, credit card promotional offers to create a different lifestyle theme for home buyers. Brand building – Having a community and offering lifestyle services to new buyers can start building the brand for both CNCBI and Chinachem.
- Storage
- All those very practical, impactful and successful FinTech projects earn us some of the most prestigious recognition in the market. We are the biggest winner of the latest IFTA FinTech Achievement Awards. We win a total of 6 awards, including the Rising FinTech Star of the Year by our very young and talented FinTech Consultant, Vienna.