The 10 most influential voices in banking

$
INFLUENTIAL
VOICES IN
October 2018
www.insightssuccess.com
An Insight on the Opportunities
in the Big Data Industry
Industry Insight
The Age of Disruptive Banking
through Digital Payment Solutions
Digi-Payments
Brett King
Executive Chairman & Founder
Simplifying Banking with a Distinctive Digital Solution

magine an aged person from last century who has kept his entire lifetime's earnings in his house.
IThere is no one to look after him, and that holding is the only source to spend a wealthy life
ahead. For some reasons, one day he went out of the town, and there took place a robbery or
wildfire. How would he survive? Either he has to rigorously work in his old age or have to borrow
some money disowning his pride just because he does not have any other option. He may not have a
better option but we have; The Bank.
In the belligerent period of 21st century everyone is not blessed with a rich friend who can help
through the bad financial times. But there are banks to do the talking. From its inception the banking
sector has been the hidden, vividly unrecognized facilitator behind the revolution of many industries.
We may not admire bank loans because of their burdening interest rates but it is undeniable fact that it
is almost impossible to fulfill business needs without significant amount of finance that bank
provides. The sector has truly embraced an incalculable amount of change in society.
Banking is not just about lending or borrowing the money but more specifically it is about managing,
securing and multiplying your money. Its financial assistance has breathed a sense of control in the
money matters. Who would have thought the money can be multiplied by keeping it in a locker or
can be exchanged, credited or debited from any part of the world without keeping it in a pocket? The
sector has boomed infinite possibilities. It allows millions of us to pay for goods, services and transfer
Editor’s Note
The Better
Option

money whenever and wherever we want. Providing livelihoods for hundreds of thousands
families across the country. In addition to this banks contribute billions of pounds a year to our
public services, paying the salaries of nurses, teachers and other vital workers.
Above are the few unquestionable, unparalleled benefits of banking. However, we have to
accept that banks did not receive deserving admiration from the society for their contribution to
the livelihood. If we are ungenerous towards the contribution of the system, what about its
facilitators? Analyzing the inefficiency in financial matters many banking enthusiasts came up
with unique noteworthy solutions. Their influence has simplified several processes of banking.
Instigating various technological, logistical advancements they have taken the future of banking
to another level.
Considering their innovation zenith and dedicated efforts towards empowering the banking
sector Insights Success has come up with a distinctive issue “The 10 Most Influential Voices in
Banking” which recognizes the incalculable contribution of banking enthusiasts who has
revolutionized banking processes with their inventive excellence.
Our Cover Feature admires the inspiring efforts of Brett King, an International Bestselling
author, and Executive Chairman and Founder of Moven. A mobile finances tracking app that
updates in real time and on the go. It also functions as a mobile bank that allows you to conduct
instant transactions around the world using your phone.
The magazine also features worth a read contribution of nine other voices in banking whose
stories and expertise will also overwhelm you. In addition we have also included articles from
our very own in-house editorial team and industry experts. Don't forget to flip through that as
well.
Let's start reading, shall we?
Kedar Kulkarni

Digi-Payments
The Age of Disruptive Banking
through Digital Payment Solutions
Brett King
18What a tech CEO can
teach your business
about digital
Industry Insight
in the Big Data Industry
48
Leader’s Desk
Being conﬁdent about your future
when your organization is
designed for control
Cover Story
ARTICLE
Unboxing banking
Multiplying, Managing and Securing
your Money
Benchmarking Future
42
34
26

24
30
Alain Falys
A Passionate Leader Empowering
Banking Technic
22
Chris Skinner
Demystifying the Financial
World for You
Joe Seunghyun Cho
An Innovator in Banking Industry
Matthias Kröner
A Trendsetter Connecting
Customers with Humanity
and Transparency
38Nektarios Liolios
Advocating a Global Fintech Revolution
40
Sankalp Shangari
A Global Advisor for the Digitally
Decentralized Financial Ecosystem
46
MessageSolution
Technologies
Compliance Transformation

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Contributing Editors
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Brett King
Executive Chairman and Founder
Moven

Brett King
You can be a bank without
branches and without
advisors today,
but you cannot be a bank
without technology.
Cover Story

here are very few people who
Tcould honestly claim that they
are in complete control of their
finances. While the majority of us have
used budgeting programs or
applications, we often discover that
getting insights from the data is not as
simple as we are led to believe.
Until now, one man is on a mission to
make your money talk to you,
wherever you are and whatever you
may be doing. His name is Brett King.
King of Financial Innovation
Brett King is the Executive
Chairman and Founder of Moven, a
mobile banking and financial
management app that works in real
time, even for signing up. For many
customers Moven functions as their
day-to-day mobile bank, one that
allows you to conduct instant
transactions around the world using
your phone.
The idea for Moven came to Brett, who
is an International Bestselling author,
when he was promoting his first book
in 2010. The book titled Bank 2.0,
dealt with the evolution of the bank
account, banking in general and the
direction they were headed. While on
his Bank 2.0 book tour, a skeptical
senior bank executive told Brett that it
was likely no banks had the capacity or
will to deliver the types of services on
which the book touched anytime soon.
This was where Brett found his
window of opportunity. He also
recognized that a mobile platform
might allow him to strongly
One of the chief differences between
Moven and the innumerable banking
apps currently available is its focus on
effecting real change in every user’s
nancial habits.

differentiate a new smart bank account around behavior, financial
health, digital onboarding, and customer acquisition. Never one
to procrastinate, Brett registered the domain, MoveNBank.com
(Move and Bank) that very day and commenced work on the first
app prototype.
Moven was established the following year and the first seed
round in 2012 generated $2.5m. They went live in 2013 with
Brett as the CEO, a position he recently relinquished to move
into the role of Executive Chairman. Today, he continues to chart
the strategic direction of the company and maintains his intimate
involvement in the product design process.
The company has now bought in over $50m in strategic and
venture funding, created a direct banking service in the USA and
an enterprise software business that is licensing its technology to
banks across the globe, from Canada to New Zealand. They are
currently finalizing the process of acquiring a full national bank
charter in the U.S.
Unparalleled Insight
One of the chief differences between Moven and the
innumerable banking apps currently available is its focus on
effecting real change in every user’s financial habits.
That is not just a throwaway marketing line or a pipe dream
–statistics reveal that Moven customers save an average of 4-8%
month on month from their peers after migrating from a standard
debit card issued by a mainstream bank.
Rather counter intuitively, this is not achieved through interest
rates and promotions, the two most common tools used by
banks. Instead, Moven focuses on understanding the individual
and then intelligently injecting behavioral prompts and
gamification elements in the app to guide them in saving
proactively on a daily basis.
It is not a static process; the app learns as it interacts and is able
to predict the time of day and day of the week when a user is
most likely to respond positively to a prompt to save better. In
this way, Moven is creating smart savers who become
progressively healthier financially the more they use the
platform.
The enterprise component of Moven takes two forms. Firstly,
financial institutions can use it as the basis on which to create a
new standalone app or mobile bank account offering to help their
customers in their quest for financial wellbeing.
Otherwise, they can take advantage of Moven’s proprietary app
components, conveniently created as discrete modules, by
On average Moven
customers who migrate
to our app, save about
4-8% month on month
versus a typical debit
card from a mainstream bank.

inserting them into their existing apps. This gives their
customers the same remarkable insights into their financial
behavior enjoyed by Moven users.
Predicting the Future
Brett is absolutely categorical in his belief that every
business, particularly in the finance sector, must adopt
technology to stay relevant and competitive.
“You can be a bank without branches and without advisors
today, but you cannot be a bank without technology,” he
says, “Banks which rely on branch traffic for revenue will
be an endangered species by 2025.”
To demonstrate that the march towards a technology-centric
financial ecosystem is inevitable, Brett cites trends from the
past four decades.
“We introduced the ATM machine back in the ‘80s, internet
in the ‘90s, and mobile banking in the 2000s. That is a
steady shift towards digital distribution and engagement at
the core of the banking business, and one where we’ve
sought to eliminate friction from day-to-day money
situations.”
“We’re moving to a world dominated by digital with a
focus on real-time, low-latency, frictionless delivery. By
2025, more people will interact with a bank’s technology
layer daily than they do with branches annually - if
branches still exist. We will just expect banking to be
embedded in the world around us through technology,
available when and where we need it.”
Brett alludes to this in his latest book, Bank 4.0: Banking
th
Everywhere, Never at a Bank, his 6 book and the third in
the series based on that first book that led to the founding of
Moven.
“Central to the future is the fact that banking is no longer
predominantly about being great at banking itself but rather
about excelling at banking technology.”
He adds, “As we move towards embedded, ubiquitous
banking, we are redesigning banking based on technology-
led experiences and not the products we used to have at a
branch. For example, we don’t need plastic in the Bank 4.0
world. You can pay with your phone, so why get a customer
to apply for a plastic credit card?”
“Instead we’ll just provide credit access when and where
you need it, instantly.”
However, Brett is quick to caution that it is not technology
for technology’s sake, it’s a fundamental transformation of
the banking model.
“The key pillars of the future really revolve around
understanding when and where your customer needs your
platform and advice as a bank. This will require tons of
data, artificial intelligence, and technology delivery
capability.”
“Much of what we have considered ‘core’ to banking –
asset allocation and portfolio management, risk profiling,
identity, fraud detection, smart contracts for trade finance,
etc. – will be built into algorithms in the medium term.”
The obvious consequence will be that the banker of the
future will be distinctly different, too. “The skills you need
to be a successful banker will be really focused on being
good at the technology of banking. The key roles that will
differentiate banking tomorrow are things like machine
learning, data science, behavioral psychology, experience
design and so forth,” explains Brett.
Persistence and Vision
While so much of what Brett has predicted over the course
of the past few years may seem obvious in hindsight, his
perspective and approach certainly weren’t as readily
embraced when he introduced them.
Key pillars of the
future banking really
revolve around
understanding when
and where your
customer needs
your platform and
advice as a bank.

He reveals that his pitches did not immediately receive the positive response it has now been proven that they deserved. The
fact that the nascent Fintech sector was so new did not help.
“As a startup, there were a number of challenges, the first of which was raising financing. I’d never done this before so it was
a super-steep learning curve.”
“Secondly, finding the right team dynamic was a challenge. We had issues with team members who wanted to change the
strategic direction of the company. That threatened to dilute our central differentiation; they were trying to skate where the
puck was today, not tomorrow.”
“Lastly, we’re in a regulatory environment in the U.S. that has really done nothing to help FinTech players, so we’ve had to
break new ground repeatedly along the way. I guess that is at the very core of being an innovator!”
Now that the first series of speedbumps have been overcome, Brett and Moven focused firmly on growth and expansion.
“We have pursued both a challenger bank model and an enterprise licensing model with one singular objective, to get our app
and experiences on as many devices for as many customers as possible. By the end of 2018, we’ll have more than 5 million
users across half a dozen countries. By 2019 we’ll more than double that again.”
He adds some advice for aspiring bankers, “Experiential design will dramatically influence the everyday use of embedded
financial services and banking in the next 10 years. You can be certain that banks will not be competing against other banks in
this world; they will be competing against technology players.”
Read my book
Bank 4.0:
Banking Everywhere,
Never at a Bank.
It lays out
a roadmap of key
developments in the
banking space over the
next 10 years and how
experiential design will
dramatically inuence day
to day use of embedded
nancial services and
banking.

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CORPORATE OFFICE

Management BriefCompany Name
Fidor Bank
fidorbank.uk
Matthias Kröner
CEO
Fidor comprises of Fidor Bank, a European challenger bank
with a community concept – Fidor Solutions, a technology
partner that helps build and run banks from the ground up –
Fidor Factory, an in-house customer engagement agency.
Lala World
lalaworld.io
Sankalp Shangari
Founder & CEO
LALA World aims at building a Global Digital Decentralized
Financial Ecosystem to support the inclusion of the Unbanked,
Undocumented, Micro-entrepreneurs, Students and
everyone else.
LATTICE80
lattice80.com
Joe Seunghyun Cho
Co-founder
LATTICE80 is the World’s Largest Fintech Hub.
Gavin
meetgavin.com
Matthijs Nelemans
Co-founder
Gavin is the first risk-sharing service in the world. Its
technologically advanced platform ensures that customers won’t
pay any up-front premiums, and claims are settled right away.
Moven is a mobile finances tracking app that updates in real time and
on the go. It also functions as a mobile bank that allows to conduct
instant transactions around the world using phone.
International Private Banking Systems, Ltd. provides private
banking and wealth management software for the private
banking sector.
Yoyo Wallet is a fastest growing payment gateway with
emerging banking technic.
MessageSolutions
Technologies Inc
messagesolution.com
Josh Liang
President
MessageSolution is an industry technology leader in compliance
archiving and eDiscovery solutions for on-premise, Cloud, and
MSP/ISP-hosted multi-tenant environments.
Movencorp
moven.com
Brett King
Founder
Finanser Ltd
thefinanser.com
Chris Skinner
CEO
International Private
Banking Systems
www.ipbs.com
Bruce G. Raine
Owner
Yoyo Wallet
yoyowallet.com
Alain Falys
Co-founder &
Chairman
The Finanser is the portal to the knowledge base of the Financial
Services Club.
Startupbootcamp
startupbootcamp.org
Nektarios Liolios
CEO & Co-founder
Startupbootcamp elevates startups to a global level by giving
them direct access to an international network of the most
relevant partners, investors, and mentors in their sector.

Pam Bateson is an expert coach and
mentor in business, training others to
Masters level qualiﬁcations and
supervising coaches. She has worked
within the healthcare, retail, hotels,
construction, media, agencies, education
and public sector. She specialises in
Coaching, Mentoring, Employee
Engagement, Change Management,
Learning and Development and
Organisational Design. She has worked
with all levels in organisations from
graduates to the CEO. She has
designed change programmes that
connect projects, outcomes, training and
coaching. The performance outcomes
have been outstanding. She is CEO
and Co-Founder at Thrive Partners.
About the Author
$$ 18 October 2018|

am Bateson set up Thrive
PPartners, an on-demand
coaching company, three
years ago. In this article, she
shares her point of view on how
important humans are in a more
digital world, what she’s learned
as a tech CEO, and what this
means when you’re looking to
use tech in a way that’s both
disruptive and works for
customers.
$$ 19October 2018|
Benchmarking Future

In October 2015, I gave up a successful
career as a management consultant and
coach to set up Thrive Partners. Lots of
people thought I was crazy. I was
approaching 50, with two children still
at home. But for the decade running up
to that decision, I’d been thinking
about a better way to deliver coaching
– supported by digital, to share more
widely the coaching tools I’d used to
help clients for many years.
This was the business I set out to build
three years ago. Today, we’re working
with 25 clients on five continents –
delivering our own brand of on-
demand coaching, backed with insights
for the whole business. The learning
curve has been steep – particularly for
someone who, by their own
confession, didn’t have a lot of
experience in learning technology. So
here, I wanted to share some of the
things we’ve learned – and what it
might mean for your business.
Dream big
I didn’t really set out to build a
business that would be considered
disruptive, but my background as a
lean engineer and coach did mean that
we ripped up the rulebook when it
came to the coaching industry. We
scrapped the idea that you needed to
meet face to face, and that sessions had
to last an hour, or even two hours. And
we made it a lot easier for people to
access a coach to answer the questions
they had there and then – increasing
access so people could chat to an
expert within an hour.
Working with my co-founder, we then
rebuilt the industry by asking the
biggest questions we could imaging.
What if we could make coaching
available to whole organisations? What
if we could get listening as valued as
speaking? And what if we could help
organisations learn as quickly as
individuals?
I found these questions irresistible: I
wanted to do for coaching what Uber
had done for getting a taxi, Netflix had
done for home entertainment, and
The whole-system insights we
produced has helped to make sales
processes smoother, improved
communications and created more
opportunities for people to learn.
Keep it human
With suicide being the biggest killer of
men under 45, loneliness sweeping
through developed economies in
epidemic proportions and a third of all
young people suffering from anxiety, I
strongly believe that we have a duty to
keep talking to each other as a society.
We believe that keeping the art of
conversation alive in this digital age is
essential; only humans can master
creativity, empathy, humour and
imagination in a way that’s compelling.
Information is everywhere, so we’re
using technology differently – to offer
real human experiences at scale, at any
time of the day, whenever our clients
need a conversation, for everything
you can’t Google.
And what of the future? Curiously,
even the structures of artificial
intelligence and machine learning look
set to mimic human patterns. It’s still
early days, but leaders in this space
talk of ‘deep learning’ with AI – by
layering up different tools that connect
in the same way as our brain’s neural
networks.
And so, the next three years?
My recent experiences have led us to
ask even bigger questions than we did
to begin with – which I suspect will
lead to our next irresistible set of
adventures! What if we could
transform learning management
systems into learning ecosystems?
What if any community of learners
could connect with any community of
teachers? And what if a better
understanding of outcomes from
learning could help both individuals,
organisations and society to thrive?
I for one believe there are exciting
times ahead.
Tinder had done for dating. It’s these
big dreams that have galvanised our
success in the last few years – and
which has set us in the right direction
for the future.
Build for modern users
Despite big dreams, we’ve also made
our fair share of mistakes! A lot of
them mistakes happened when we took
our attention away from our end
customers. It sounds obvious to see it
there on the page. But it can be easy to
lose sight of the customers that matter
most, especially when, as a tech CEO,
sometime we get preoccupied with a
shiny piece of new technology.
So, what to consider first when it
comes to users? The main thing to bear
in mind is that they expect experiences
that are easy and fast to access – a shift
brought about by what we call the
‘Amazon Prime Mindset.’ In this era,
clunky user experiences reduce the
chances of uptake of services. In short,
if your technology can’t match or
exceed the quality of digital experience
people get in their everyday lives, then
you’ll need to go back to the drawing
board.
Create wins for the many
So, if users come first – who else can
we harness the power of technology
for?
Our answer? Everyone else in the
system.
Early on in the development of our
MyThrive platform, we realised that
delivering digitally would enable us to
do more than just scale and facilitate
coaching in global organisations; it
would also mean we could spot trends
and patterns within communities of
users, in organisations or society at
large. Just as carefully listening has a
powerful and transformative role in
one-to-one coaching conversations,
carefully listening to and analysing
anonymised version of the
conversations we host has a powerful
and transformative role within whole
organisations.
$$ 20 October 2018|

Today technology enthusiasts are emphasizing, with their knowledge and dedicated mindset, the technological
revolution approaching the digital world. Alain Falys is one such European entrepreneur with these cohesive
personality traits. He is the Co-founder and Chairman at Yoyo Wallet. He is a geek at heart, a technologist, a
business executive, and an investor with a deep understanding of financial services and e-commerce.
Alain is also a Partner at and a founding LP at blockchain fund Fabric.vc. He is a member of RBS’Firestart.co Technology
Advisory Board and a Director at Fintech companies Pelican.ai and OneLinq.nl.
He previously co-founded the OB10 global e-invoicing network, which floated in London as Tungsten Corporation Plc. He
was Senior Vice President at Visa International and co-founded Omnis Mundi, an e-commerce incubator with operations in
Frankfurt, Berlin and Zurich, with successful startups such as BuyVip sold to Amazon in 2010.
Alain holds the Diplôme d’Etudes Supérieures Européennes de Management from the NEOMA Business School and a BA
Honours degree in European Business Administration from the Middlesex University, London.
Delivering Seamless Payment Experience
Yoyo Wallet provides a combined and seamless payments and retailer loyalty experience, delivering personalised benefits to
consumers at the point-of-sale. Initially delivering payment, as well as retailer-specific loyalty collection and voucher
redemption to its users through a branded app experience, recent partnerships with Starling Bank and Visa has now seen the
company embedding these functionalities into individual banking apps to create the levels of engagement that those in the
financial services industry have been striving for.
A Passionate Leader Empowering
Banking Technic
Alain Falys:
Alain Falys
Co-founder & Chairman
Yoyo Wallet
$$ 22 October 2018|

Digitalizing Banking Technics
In the current digital world, bankers need to reconnect with
what their customers now want, requiring them to
constantly remain up-to-date with the ongoing technical
revolution. The vast majority of consumers are now
‘digitally native’, and not only want a personalised instant
banking experience, but also the ability to access the
benefits that touch their daily consumer journey. At the
same time, bankers are now having to consider what the
expectations of the next generation of customers will be -
the ability to adapt a platform quickly is only going to
become more and more important.
Renovating Journey through Knowledge
During the early days of the internet, Alain created one of
the first SaaS platforms that completely digitized supplier
invoices by capturing the right data to optimize accounting
functionality for corporate businesses. Dealing with the
sheer volume and richness of the data that came out of such
a platform re-enforced his view towards its power.
Extracting data and being able to quickly identify what is
essential is key to maximizing the customer experience.
This was something Alain had already identified in the early
days of his career when he ran the commercial card division
at Visa Europe. His time there helped shape his
understanding about the power of payment data and the
payment rails behind that payment data.
Continuously Evolving Banker’s Role
Bankers and banks have begun to recognise that in this day
and age, even with the best in-house tech teams, they will
not be able to win new consumers with higher demands on
their own. There’s now an obvious need for partnerships
between established banking and fintech innovation. Hence
why banks are beginning to incorporate external
functionality from the likes of Yoyo Wallet, either through
the new Open Banking framework or individual banking
initiatives. The company believes its partnership with
Starling Bank will be seen as a pioneering moment for retail
banking.
Employing Emerging Banking Enthusiasts for Better
Future
Every bank is now setting goals to keep up with this
growing market. Yoyo Wallet has already partnered with
Starling Bank and Visa, and the company aims to integrate
its functionality into more traditional banking apps -
focusing attention on the personalisation of the payments
experience to create retailer loyalty, regardless of payment
method.
There are very few moments in any industry sector where
visible transformations take place. In banking, these
moments usually come about when you see a combination
of tech evolution, enhanced consumer expectations, and
regulatory change. And it’s a moment when creativity can
blossom. The banking sector is now going through one of
these rare moments.
"And it’s not about replacing "traditional" with "emerging"
- it’s about transforming what’s already there to create a
banking experience that adds real value for the customer in
a digital age," adds Alain.
Fastest growing
payment gateway
with emerging
banking technics.
‘‘‘‘
$$ 23
$
October 2018|

t was around 2000 B.C. when the first ‘banks’ came
Iinto existence, making loans to farmers and merchants
who carried goods between cities. Over the course of
four millennia, mankind has come a very long way in terms
of what it expects from the finance industry.
Today, financial technology allows us to easily and securely
send and receive money and commodities to and from any
part of the world while sitting at our desks. With this
convenience also comes complexity and the average person
hardly understands the mechanisms behind even simple,
everyday transactions.
One person with an intimate understanding of the financial
arena has been sharing his knowledge and insight with the
world through his books and blogs.
His name is Chris Skinner.
Varied Experiences Make Good Writers
An independent commentator on the financial markets and
on Fintech, Chris holds a degree in Management Science
and a post- grad degree in Insurance, along with a diploma
in Industrial Studies.
Starting his career as a Sales Manager, he has held several
positions in several prestigious companies. Chris has been
Chris
Skinner:
Demystifying the Financial
World for You
What will banking look
like ten years from now,
how will it work and who
will make it happen?‘‘
Chris Skinner
Author & Commentator
$$ 24 October 2018|

writing blogs for over a decade and still writes every single
day. He has also written several books on topics ranging
from European banking regulations to the credit crisis and
even on the future of banking.
Chris started writing when he realized that he had the
ability to take very complex ideas and articulate them in a
conversational way. People like his books because they
tackle complicated subjects like blockchain,
cryptocurrencies and machine learning which are
increasingly relevant to the Fintech industry and explain
them in a way that people of all ages can understand.
His last three books have been particularly popular. Digital
Bank, which came out in 2014 describes the challenges of
creating a truly digital bank and the methods to overcome
them. His second book, ValueWeb showed how Fintech
firms are building the internet of value for IoT using the
latest technologies of apps, APIs and analytics.
Chris’s latest book, Digital Human shows how technology
can become the basis of inclusion for everyone on the
planet. This book is exceptional because it also summarizes
his experiences of travelling the world over the last thirty
years and some of the unique discoveries into the origins of
humankind that Chris has made.
Lessons that Shaped his Journey
Many of Chris Skinner’s books were not planned but
instead triggered by particular interactions and incidents.
Digital Bank, the first book that he wrote seriously, was
conceived upon a request from a client. At that point, he
had been blogging for a decade and decided to take his
posts and edit them into chapters.
Since then Chris has launched a futures lab in NCR, the
ATM Company in the 1990s, a network called the Global
Future Forum in Unisys in the 2000s, and a large network
called Shaping Tomorrow when he became independent in
the 2000s.
He spends a considerable part of his time looking at the
future of finance because he says that it is ‘the only thing
nobody knows, but everybody is going there’. This
forward-looking approach began many years ago after he
gave a presentation at a conference and one of the feedback
forms said, “Tell me something I don’t know.”
Chris’s current focus on the future also centers on teaching
others how to make money from it.
Witnessing the Change
Chris acknowledges that the role of a banker has changed
over the years, especially in the recent past. Ten years ago,
all bankers talked about were regulations and risks; now,
they talk about technology and speed.
Fast cycle change combined with completely trustworthy
risk management is a very different role to just doing risk
management and that’s the big change.
Sage Advice
Chris advises aspiring financial experts to not accept ‘no’
for an answer and to challenge everything. He believes that
‘there are no dumb questions, just stupid answers.’
He emphasizes that to make it big in the finance industry,
bankers must learn how to code as coding, or gain an
understanding of it because it has become as important
today as being able to speak English. This will help them
focus on customer experience through digital relationships.
Enthusiasts should have a passion for the things finance
represents – economic success, wealth, power – and how
technology is democratizing, decentralizing, and
redistributing assets. Money and Technology are at odds
with each other, and today’s banker needs to understand
that divide and bridge it.
Looking to the Future
From a personal perspective, Chris recently became a
father for the first time and his main goal has shifted to
giving his sons the best childhood anyone can have.
From a business perspective, he says that his aim is to leave
a lasting mark on the financial services industry in its road
to digitalization, something that can be argued he has
already done.
$
$$ 25October 2018|

he way people make payments are changing faster due to the improved integration of digital technology. This has
Tbeneﬁted the industry with increased competition and consumer demands.
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.
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
$$ 26 October 2018|

in these areas, they are likely to switch completely to
technology enabled payment solutions.
The payment solution processes will become more
innovative because of the following disruptive trends;
· 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.
· Customer-Focused Strategy as a Priority
One retained customer is one attained success. ~
Chidiebere Moses Ogbodo
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
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.
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
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.
$$ 27October 2018|
Digi-Payments

oe Seunghyun Cho is the Co-founder and Founding
JCEO of LATTICE80 and Co-founder and
Chairman of Marvelstone Group which owns
100% of LATTICE80. Joe is an entrepreneur and hedge
fund manager who has built a couple of asset management
companies and worked on financial institution M&A deals
directly.
Joe’s role in LATTICE80 is to open operations in more
cities and build a global network.
Joe diversifies his banking solutions in two angles among
which first one is his close work with Fintechs via
LATTICE80 platform. By working with creative
entrepreneurs, Joe and his company always have access to
new ideas and innovations. Second angle is their focus on
social angles. Joe and his team are specialized and focused
in emerging market solutions and services with social
impact.
Journey towards Innovative Future
As an entrepreneur, Joe’s journey has always been based on
his way of contribution to social impact. As a student, he
dreamed of working with the United Nations. He has been
volunteered in Nepal as a part of his Korean national
service for over 2 years. In early 20s, he found himself
drawn towards the financial world and wondered how he
can direct his skills to bring positive changes.
Joe’s first experience in building an asset management
company and quant hedge fund from scratch gave him
many valuable lessons, and he considered it as an
achievement to an extent. It was both enjoyable and
challenging for him to be able to create a new business as
an entrepreneur and an investor.
Joe’s second venture of developing a financial group with
partners to acquire a $2B dollar asset management company
was another stepping stone. The experience exposed him to
new ideas of how innovation can be incorporated to
optimize resources in traditional businesses over time, and
the importance of having a team with a similar long term
vision to make it come true.
This led him to his third experiment of building a next
generation financial group, Marvelstone Group. With
LATTICE80, Joe, being the group’s innovation arm, brings
the existing ecosystems and stakeholders together up to a
new level which brings new waves of new solutions and
extends the company’s financial reach to more markets and
untapped segments. It is important to collaborate and grow
together so that Joe and his team can make a difference.
th
Joe recently finished his 60 travel spending 2 weeks in
Europe and 2 weeks in Asia which has been quite
challenging. But Joe will continue his journey as it is with
meeting Fintech Startups and other stakeholders who are
building the future of banking and making the world a
better place, as he finds it better for the innovative future of
banking sector.
Challenges that Every Entrepreneur Experience
As per Joe’s point of view, it is expected that every
entrepreneur faces challenges everyday where expected
work challenges can be managed, but few usual things that
are not directly work related can be more challenging.
People management or developing a progressive work
culture is crucial for any growing startup. While one can
count on his/her trust worthy people to be the supporters, it
can be observed that there may be distractors and even have
to deal with new challenges like fake news and Internet
trolling these days. But Joe is fortunate to have both his
partners as his strong pillars of support.
Evolvement of Bankers
According to Joe, with ascend in the number of pivotal and
ground-breaking financial technology, the role of banker is
$$ 30
Joe Seunghyun Cho:
An Innovator in Banking Industry
October 2018|

“Build the world’s largest
network and grow via
partnerships rather
than competing.”
continually evolving and has to be changed as per the
requirements. As a new generation of customers (millenials)
gearing up and changing the demands, bankers will need to
evolve to fit into a new culture of creating the right
customer experience, alongside a greater understanding on
application of technologies to support that. Joe states that,
“I am lucky to be in the position to meet many Fintech
companies all over the world. While Core banking is very
much still the same, we see that technology is making
banking more efficient and smarter.” With this, Joe
mentioned Challenger Banks as an example for the relative
concern.
Future Aspire
It is still a young project focusing on innovation and
experimentation. Joe’s job in the second year is to enter
more cities and build partnerships globally. His near future
goal is to open in 10 cities and initiate more products to
bring more services to startups, investors and corporates
alike, and as a Fintech startup and platform, the company’s
future goal is to get listed eventually.
Formidable Advice
Joe describes the attributes that every banker should possess
the willingness to learn new things and should be adaptable
to change. He further explains that banks face continuous
pressure from an ever-changing global environment even
though nobody has seen significant developments yet. Just
by being open to change and new solutions, bankers will be
able to stand out among their peers.
Joe’s advice is to listen to the customers and take advantage
over the existing banks with legacy systems for the
emerging banking enthusiasts.
$$ 31October 2018|

ndividuals with entrepreneurial
Imindsets are often drawn to
opportunities, innovation, and new
value creation. Entrepreneurial
characteristics include the ability to
take calculated risks and accept the
realities of change and uncertainty.
One personality with such a marvelous
mindset is Matthias Kröner, a leader
in digital banking.
Starting his career in the hotel industry,
Matthias gained a deep knowledge of
customer service. With his
entrepreneurial mindset, he founded
Germany’s direct bank DAB in his
thirties. He then ventured out when the
company was sold, ultimately co-
founding Fidor Bank in 2009. Fidor
fulfilled the need for an open bank that
valued transparency and gave voice to
customers. Fidor was started with a
unique community concept that
enabled customers to increase their
financial knowledge, share their skills,
ask questions, review products, and
make suggestions. Today, it is proud to
count over 750,000 active community
members, and has expanded its
activities to create banks together with
partners.
As CEO of both Fidor Bank and Fidor
Solutions, Matthias drives all strategic
decisions towards scaling and
expanding the group internationally.
Under his leadership, Fidor is
continuing to flourish and has doubled
its size year-on-year.
A Trendsetter Connecting
Customers with Humanity
and Transparency
Matthias Kröner:
Matthias Kröner
CEO
Fidor
$$ 32 October 2018|

Focused Aim with Planned Journey
Matthias’s journey has always been
centered around learning: what he can
learn from his customers, what he can
learn from his mistakes, and what he
can do to keep his goals front of mind.
Consequently, Fidor has adopted an
agile culture whereby it’s always
innovating.
When he established the bank, it
needed to reach customers without the
help of huge funds or marketing
budgets. Therefore, the bank built a
social media and digital marketing
strategy around its community to build
its own brand and reach customers in
the most effective way.
With Fidor Solutions, the need was to
develop in a way that promoted
innovation. The bank selected its B2B
partners carefully to focus on success.
It now works with big names - whether
they are corporations looking for
solutions or partners complementing
Fidor’s offering, from fintechs to large-
system integrators.
Forthright Business Approach
The bank gives customers the freedom
to create. With this attitude, Matthias
wants customers to manage their
money through being able to do more,
not less. He wants to give freedom and
control back to the consumer, to create
their own future, whatever that looks
like to them.
This approach goes for businesses too.
B2B customers should be able to create
their own banks and not feel held
hostage by their IT capabilities.
According to Matthias, tech has grown
so much over the past few years and is
not showing any signs of slowing,
hence, bankers must be able to better
service their customers and focus on
being an equal partner, rather than
dictating terms.
Connecting Customers on a Personal
Level
Matthias strongly believes in having a
connection with customers. For that
reason, Fidor aims to design solutions
and offerings that are directly relevant
to its community. The bank looks after
such an approach and always
welcomes feedback.
Talking about the vital attributes that
every banker must possess, Matthias
says, “A technologically-based mindset
is essential. The reality is that, today,
people don’t go to banks. They turn to
their phones or tablets to bank online.
So the question, and the challenge, is
then how do we make this process
frictionless and add value?” He further
adds, “Whilst banking managers have
been focused on numbers over the
years, there is now a need to change.
Leadership must now focus on creating
the right culture to succeed. An agile
structure that adapts to customers’
changing behaviors is a must”.
Customized Services for the
Customers
Fidor creates technology that addresses
the needs of its customers through its
three robust pillars:
- Bank / customer co-creation: The
bank works together with the
customers, using its community as a
platform. Customers share invaluable
information and recommendations that
drive the bank’s roadmap and design
solutions that make an impact. Fidor is
currently working on new features
together, with its customers, in
response to PSD2.
- Co-entrepreneurial spirit: The bank
collaborates with other organizations to
create new banking concepts, and with
fintechs to drive innovation. This co-
entrepreneurial spirit fast tracks the
delivery of innovative solutions to
customers.
- Cross-industry approach: Fidor
doesn’t just work with banks, but also
with retailers and telecom
organizations to create business models
focused on use cases and customer
value for respective verticals. Its
knowledge about the customers and
their lifestyles is broad, and the
convergence between banking and
other industries means that consumers
can more easily bank with purpose.
Solutions for the Future
Belonging to Europe as a home
market, Fidor is growing and bringing
solutions to its bank and non-bank
partners, leveraging its EU banking
licence. Outside of the EU, the bank
focuses purely on technology and
adapting itself to the respective needs
of different markets. For example, the
bank’s digital banking platform,
fidorOS, is sharia compliant in the
Middle East, where it is a mandatory
requirement for one of its partners,
Abu Dhabi Islamic Bank.
Consumer demands are evolving
rapidly. As Fidor’s business model
continues to evolve to meet these
needs, the bank is focused on making
consumers’ experiences better through
its marketplace. This marketplace store
gives consumers the opportunity to
discover fintech and banking offerings
they can trust, and help them build
their wealth while enabling banks to
innovate and diversify their offerings.
The reality is that
people turn to their
smart device
everyday - why
should banking
be different?
$$ 33October 2018|

In this era of changing technologies, the Big Data
domain has evolved in a very short period of time. It
plays the most pivotal role across all industries. The
ability of Big Data to mine critical data has radically altered
the dynamics of the way businesses function, drive sales,
and attract customers. It has become an essential
component of business strategy nowadays. A business tastes
success by uncovering insights locked inside data. The
overlaying trends will examine the evolving ways
enterprises can realize better business value with Big Data
and how improving business intelligence can help
transform organizational processes and the customer
experience. There is a demand for better data management
from most of the business executives for compliance and
increased confidence to steer the business. It will help them
in more rapid adoption of Big Data and innovative and
transformative data analytic technologies.
Insight-driven Organizations
In this present year, businesses will move beyond just data
handling to leveraging the insights that Big Data uncovers.
As understanding, managing, and manipulating Big Data
has now become fairly ubiquitous, most of the companies
have the ability to deal with it. Mining data will be the
center of attraction and it will help effectively to meet
organizational requirements and for precise targeting of
products and services. An insight-driven approach will
facilitate an evolved customer experience, competitiveness,
advanced security and operational efficiency.
Cyber security Applications
Today, everyone is dependent on the digital technology and
our dependence has reached an unprecedented level. Cyber-
attacks have also become much more prevalent. An
increased occurrence of ransomware has been registered
across the globe and cyber criminals are now targeting
personal data and devices. Concerning the prime industry,
cyber security can only be possible through big data
analytics which will become a major area of investment and
will grow swiftly. It is necessary for the enterprises and the
government agencies to upgrade their security systems to
next-generation software which can address ultra-modern
security threats.
Analytics across the enterprise
It can be said that the analytics will not remain isolated to a
few departments like marketing and risk management. On
the other hand it will infuse the entire enterprise. To
understand the dynamics of business operations, data
analytics will be utilized and will also reveal ways and
means to increase efficiency. Hence to derive overall
business strategy, insights from multiple departments will
be integrated and redundant processes will be eliminated. It
will also help the departments to increase efficiency,
growth, and productivity.
Bridging the talent gap
If the demand expands further, the talent gap in data
analytics will soar. It is expected that organizations and
academic institutions will collaborate closely to generate
skills and talent to meet the demand for data engineers. The
functions of all corporate employees will be expected to
understand, appreciate and work with analytics since it
emerges as one of the key instruments in every
organization. The academic institutions are also looking
forward to put together degree programs in data science.
IoT and People
There will be a transition from Internet of Things (IoT) to
Internet of People (IoP). Interactions, predictive analytics
around human behavior, and other subjective areas will
grow and start to filter all industry verticals. For example,
hospitals will increasingly deploy machine learning
techniques to predict the likelihood of the relapse of a
disease. This will enable them to work out a patient’s
readmission precisely at the time of the initial discharge.
BIG DATA INDUSTRY
$$ 34 October 2018|

Business-science collaboration
Businesses will have to learn and deploy traditional, scientific techniques of pattern-matching and artificial intelligence for
analytics use cases. For example, techniques to analyze gene sequences in DNA are being used in text-matching algorithms to
process bulk emails. It is expected to see very close collaboration between data scientists and the scientific community. For
example, image processing is widely used in ‘tagging’ in social media, while voice recognition is used in apps.
Technology
There will be brisk moving in the organizations from on-premise platforms to cloud and hybrid environments. Around 44
percent of applications used by Fortune 500 organizations are already on the cloud, and more than 50 percent of IT
applications will move to the cloud by the end of the year. There will be a rise in demand for analytics tools that are simple,
flexible, and capable of handling a variety of data sources. Hadoop enables to store an extremely large volume of data at a
significantly lower price point and hence it will continue to become increasingly popular. The share of unstructured data in
the data warehouse will continue to increase, which will further cause for Hadoop. Hadoop, now, is past the business
relevance and scalability assessment phase and its adoption is expected to accelerate strongly.
We are advancing towards a completely new era in the domain of analytics. Big data is disruptive and it has paved the way
for pioneering ideas and innovative techniques across industry verticals. It is now driving the stream of disruption and
expanding the scope of opportunities for previously untouched market segments. Organizations need to leverage Big Data
analytics to its full capacity so as to thrive in this competitive world.
Industry Insight
$$ 35October 2018|

Message
Solution
$$ 38
Message
Solution
Technologies Inc.Technologies Inc.
Compliance Transformation
essageSolution Technologies Inc. has
Mhistorically been recognized as a technology
innovator, creating value from unstructured data.
As such, MessageSolution has become one of the most
influential voices in IT industry as well as the banking
sector.
Based in the Silicon Valley, MessageSolution focuses on
world-class compliance archiving, eDiscovery, backup and
data security solutions. MessageSolution management team
is comprised of dedicated professionals from IBM veterans
to Stanford graduates, that provide enterprise software
solutions in various industries around the globe.
MessageSolution designs the products and services to be
scalable, robust, and compatible with all major email and
file systems to meet clients’ compliance, eDiscovery and
data security needs. MessageSolution caters its platforms
and services to banking and financial partners for
companies as small as 25 employees up to global
enterprises as large as 130,000 users. Ultimately, the
company strives to provide solutions that mitigate risk,
reduce costs and increase ROI for its partners and global
enterprise customers. MessageSolution operates globally
with products deployed in 50 countries of providing
exceptional services that garner continual growth
worldwide.
Best of Breed Compliance and Governance Solution
MessageSolution has undertaken the task of building
unified archiving and eDiscovery solutions. Microsoft
Office, Exchange On-premise, IBM Domino, and all
enterprise file environments such as SharePoint and Office
365 OneDrive are all supported by MessageSolution
platforms.
The 2010 Dodd-Frank Wall Street Reform and Consumer
Protection Act added a layer of accountability and more
costs of doing business in banking sector, which also
spurred merger acquisition activity. MessageSolution
addresses the new development and the needs with the
software solutions that enable compliance, reduce litigation
costs, and provides instant accountability of digital assets
for large and small businesses.
Furthermore, MessageSolution implemented enterprise-
class functions and features for global banking entities for
community banks to large financial institutions to meet
global compliance requirements including FRCP, Frank
Dodd, FINRA for the U.S. financial organizations, and
GDPR for European markets and associated North
American markets.
Delivering Hybrid Services to SME’s & Global
Enterprise Clients
MessageSolution’s unique PII Protection Framework
(Personal Identifiable Information) and innovative
architecture in enterprise information archiving and
eDiscovery are designed to support a large volume of
unstructured data for retention management and data search
in all languages. Scalability and virtual capability are the
company’s biggest strength.
MessageSolution Advanced eDiscovery Platform makes it
easy to track and map legacy PII from email and file servers
while a secured email gateway blocks and redacts Outlook
emails subject to PII policies. The MessageSolution
Platform also enables compliance officers to protect PII and
privacy and provides permissions for audit export and
search analytics.
It is field proven the MessageSolution Platform can
concurrently support over 25,000 active users per
VM/server, which would normally require 5 to 6 servers to
do the job by the ’leading vendors’ in the compliance
archiving eDiscovery market. In a clustered environment,
MessageSolution saves enterprises and ISPs (Internet
Service Providers) dozens of hardware server
configurations in a datacenter operation or a cloud
environment.
Also, independent of a third-party database, the
MessageSolution Platform is a virtual appliance that is
installed over the Internet. MessageSolution is the first in
the market that has delivered global system installation and
configuration with a complete online deployment process,
including the multi-geographic installations across the
world.
As a Microsoft ISV and cloud archiving eDiscovery vendor,
MessageSolution provides unified policies for retention and
shared access to email, file servers, and SharePoint. This
ensures that enterprises and organizations have the agility to
search and account for all email communication and related
files on demand.
Redefining Benchmarks
Initially, global conglomerates only collaborated with
October 2018|

$$ 39
known providers such as IBM or Microsoft. In order to
attract global projects and implementation,
MessageSolution designed its products to be bold,
advanced, and capable of supporting ultra large enterprise
environments. The product development team innovated
more administrator-friendly functions and feature-rich
solutions to penetrate the global enterprise markets. This
process required additional development resources and
commitment to the marketplace. Thanks to an initial
architectural design that focuses on supporting large
environments, MessageSolution’s leading-edge
technologies have been implemented by large enterprises,
international banks, and the
financial institutions around the world today.
Being Client Centric and a Trusted Partner
Recognized by the industry survey for excellent technical
support and services, MessageSolution has been the first
choice of the global companies of all sizes. Even after some
enterprise clients made multiple changes in email and file
environments (for example from IBM Domino or
GroupWise to Microsoft Exchange, then to Exchange
Online and OneDrive in Microsoft Office 365), they
continued using the MessageSolution Platform because of
its commitment in providing advanced technologies in
compliance archiving and eDiscovery solutions.
MessageSolution effectively helps enterprise customers stay
in compliance by providing the most cost-effective solution
in the marketplace. The company demonstrates its
commitment to customers, and values its long-term
relationship with global clients.
Envisioning Excellence
MessageSolution emphasizes on building trust and
aintaining strong relationship with its global partners and
clients. Its goal is to expand in the banking industry and
embark on more channel partnerships, managed service
providers, and system integrators in all market sectors. To
achieve them, MessageSolution will continue to improve,
build, and enhance their products and services to provide
excellence in what it does best.
What’s Next?
MessageSolution has been working with banks and
financial institutions to ensure privacy protection for their
clients. As of May of 2018, GDPR became effective. Thus,
MessageSolution provided its European partners and North
American businesses that have customers from Europe with
compliance archiving eDiscovery services to protect and
staying compliant at the same time. In June 2018, the
California Consumer Privacy Act (AB 375) was passed,
which gives consumers the right to own, control, and ensure
that their personal data is protected and secured in financial
companies’ storage database. To be sure, MessageSolution
is preparing their partners and clients with the advent of
AB375.
Customer Satisfaction and Testimonials
“MessageSolution has one of the best archiving solutions I
have seen and I would like to continue on all browsers, it’s
competitive and easy to use.” - Philip Austin, Shiroki
North America, Inc
“The design of MessageSolution Enterprise Email Archive,
particularly its remote support capability that reduces
installation requirements and eliminates costs associated
with on-site installation, can reduce IT-related support
costs.” - Michael Osterman, Osterman Research
“MessageSolution’s archiving products are easy to use and
customer support is excellent. Customer support has high
satisfaction.” - Gartner Magic Quadrant 2014
MessageSolution is the
global technology leader
in enterprise compliance
archiving, eDiscovery,
and data
security—delivering in
cloud, on premise, and
service provider hosted
platforms.
‘‘
‘‘
Josh Liang
October 2018|

Taking into consideration the drive to transform the
fintech ecosystem, devising contemporary
acceleration strategies, democratic entrepreneurship
qualities, and a knack for innovation, Nektarios Liolios has
been recognized as an influential voice in banking.
Nektarios is the Co-founder and CEO of
Startupbootcamp FinTech, the organization behind the
global industry-focused innovation programs.
Working to address the relationship between corporates and
startups, Nektarios works closely with industry partners and
investors around the world in key FinTech hubs including
London, New York, Mexico City, Mumbai and Singapore.
Driven by entrepreneurship, collaboration and the desire to
change the industry, Nektarios is a global nomad, travel
geek, and sneaker freaker.
“Since I stepped into the world of FinTech innovation
almost a decade ago, on the surface it appears that we have
come a long way, in reality, despite all the noise and
#fintecheverywhere, I see so little of real change,” states
Nektarios. He hopes that this will change over the next 10
years as corporates understand startups better and realize
that these problems can be tackled.
Nektarios also comprehends that by listening to advice from
outside the organization, based on experience and data,
corporates can start to understand the importance of their
role and how best to approach innovation.
Addressing the misinterpreted quality that startups deliver,
Nektarios expresses, “We regularly hear banks complaining
about how FinTech startups aren’t offering the right
solutions that they can plug directly into their businesses.
Many big financial services companies join an
accelerator/incubator/lab as part of their quest to find these
mythical problem-solving startups, but when one starts
Nektarios
LioliosAdvocatingaGlobalFintechRevolution
Nektarios Liolios
Co-founder and CEO
Startupbootcamp FinTech
$$ 40 October 2018|

digging a little deeper it becomes very clear, very quickly
that there is little understanding of the value that startups
can actually provide.”
“Corporates need to understand that startups will not solve
all of their problems. It is very rare to find anyone who has
put in serious time and effort in trying to be strategic about
innovation before getting started,” he adds.
According to Nektarios, what he’s missing most is the
recognition that the large organizations need to work on
themselves to be startup-ready, in the same way they expect
the startups to be enterprise-ready. He expresses that when
asked how organizations measure the success of their
initiatives or what success looks like, the responses are
generally a lot of corporate waffle.
He also asserts that most of these organizations don’t
incentivize innovation across the ranks. “Saying that, we
should give some credit to those banks that have created a
meaningful innovation strategy and are embracing
innovation better than others, but no one has really cracked
it yet,” he adds.
Corporates need to define what they want to change
internally and acknowledge that this won’t happen without
investing in changing the company culture is what
Nektarios suggests. Embracing an R&D mentality which
means trying multiple things at the same time, looking at
failing as an important part of the process, and to find the
one thing that will actually work is the key to bring about a
change, according to him. Moreover, building a portfolio of
different innovation initiatives, looking at the different
innovation horizons, but also, being patient does the rest of
the work, he says.
Nektarios asserts that most startups are not addressing the
issues that are central to a bank’s P&L. Banks should focus
on what they’re good at – be clear in what their core assets
are and let others solve the problems they can’t focus on.
“Stop trying to do everything. It goes back to setting a
clearer path - figure out what the end goal is and create a
roadmap that will help get you there. If banks had a better
idea as to what they were actually trying to achieve, they
might be more patient and be prepared to experiment,” he
advises.
Outside of financial services, some industries have started
to get their heads around this. “Should we be looking
outside of our own industry to learn how to address some of
our pain points?” asks Nektarios. “Success and the real
evolution of financial services will come from recognizing
that startups can’t solve every problem. Some existing
challenges can only be addressed by the incumbents. They
have to ‘build it’ themselves but it has to happen, ’startup-
style’, whilst continuing to engage with startups for all the
other things,” he asserts.
“For this to happen, a serious change internally within
banks is required, and until then, we will continue to be
frustrated that we’re not evolving as an industry and
keeping up with the needs of the customer,” adds Nektarios.
A Radically Disruptive Organization
Startupbootcamp is continuously growing and expanding its
global footprint. In FinTech alone, it has plans to continue
to expand into new markets where the potential to be part of
a FinTech hub is in foresight. The company is also
continually looking at new ways to engage with customers
by listening to the challenges and pain points and building
new innovation program models to help address their key
concerns.
Startupbootcamp focuses on finding synergies between
emerging and established companies. It fine tunes each
innovation program to enable corporate/startup
collaboration. This allows its partners to find new lines of
revenue, provide solutions for their customers, gain
innovation insights, improve internal processes, and
leapfrog competition by innovating faster.
Each program the organization conducts is supported by
corporate partners who are offered the opportunity to gain
access to a global pool of early and late stage technology
startups. The company takes the guesswork, out of which
startup would be the best fit for each business. Partners also
benefit directly from its programs through innovation
initiatives aimed at assisting with their own innovation
pain points.
With Startupbootcamp, you
gain access to the most relevant
connections in your industry.
‘‘
$$ 41
‘‘
October 2018|

Multiplying, Managing
and Securing
your Money
Abank is a financial institution licensed to receive deposits and make loans. Banks
may also provide financial services, such as wealth management, currency
exchange, and safe deposits. There are two types of banks: commercial/retail
banks and investment banks. In most countries, banks are regulated by the national
government or central bank. Banks act as payment agents by conducting checking or
current accounts for customers, paying cheques drawn by customers in the bank, and
collecting cheques deposited to customers' current accounts. Banks also enable
customer payments via other payment methods such as Automated Clearing House
(ACH), Wire transfers or telegraphic transfer, EFTPOS, and automated teller
machines (ATMs).
Breaking down the different kind of 'Banks’
Commercial banks are typically concerned with managing withdrawals and receiving
deposits as well as supplying short-term loans to individuals and small businesses.
Consumers primarily use these banks for basic checking and saving accounts,
certificates of deposits (CDs) and home mortgages. Examples of commercial banks
include JPMorgan Chase & Co. and Bank of America Corp.
Investment banks focus on providing corporate clients with services such as underwriting and assisting with merger
and acquisition (M&A) activity. Morgan Stanley and Goldman Sachs Group Inc. are examples of U.S. investment
banks.
Central banks are chiefly responsible for currency stability, controlling inflation and monetary policy and overseeing
money supply. Some of the world's major central banks include the U.S. Federal Reserve Bank, the European Central
Bank, the Bank of England, the Bank of Japan, the Swiss National Bank and the People's Bank of China.
While many banks have both a brick-and-mortar and online presence, some banks have only an online presence.
Online-only banks often offer consumers higher interest rates and lower fees. Convenience, interest rates and fees are
the driving factors in consumers' decisions of which bank to do business with. As an alternative to banks, consumers
can opt to use a credit union
Revenue Generation
A bank can generate revenue in a variety of different ways including interest, transaction fees, and financial advice.
Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits
from the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending
$$ 42 October 2018|

$$ 43October 2018|
Unboxing banking

And once you have several months' worth of emergency
savings, you'll want to transfer your extra savings into a
retirement account. You simply can't take advantage of the
opportunity to earn money in the stock market or earn
interest on deposits if you're only willing to keep your
money under your mattress or on a prepaid debit card.
Risk Management
As a general policy, banks hold on to customer deposits to
protect themselves from fraud. When you look up your
bank account balance at the ATM or online after making a
deposit, you may see a difference between your account
balance and your available balance. This lets you know that
a deposit you've made hasn't cleared yet. It's extremely
important to be aware of how your bank's deposit holds
policy works so that you aren't penalized for trying to make
a payment with money you don't yet have access to. The
bank's hold policy will always apply to business days, not
calendar days. A business day is any day that is not a
Saturday, Sunday or federal holiday.
Automatic Saving Plans
Many banks offer automatic savings plans, and these can be
a great way to develop a regular habit of saving money. At
some banks, establishing such a plan is also a way to obtain
lower banking fees. An automatic savings plan is something
you need to set up. It simply involves choosing a specific
sum of an amount that you're willing to have automatically
transferred from your checking account to your savings
account, usually once a month and on the same day every
month (except when that day falls on a weekend or
holiday). Although some people are nervous about the idea
of committing to save a certain amount automatically each
month, most of the investment leaders say that paying
yourself first is a key component of building wealth. The
other major benefit of establishing an automatic savings
plan is that you don't have to remember to set aside money
for savings each month – your bank will do it for you.
The Bottom Line
Banks provide security and convenience for managing your
money and sometimes allow you to make money by earning
interest. Convenience and fees are two of the most
important things to consider when choosing a bank,
whether you are opening a checking, savings or money
market account or putting funds into a certificate of deposit.
Be sure to develop methods to stay on top of your account
balances in order to avoid fees, declined transactions and
bounced payments. To protect your money from electronic
theft, identity theft and other forms of fraud, it's important
to implement basic precautions such as having
complex passwords, safeguarding your PIN and only
conducting online and mobile banking through secure
internet connections.
activities. This difference is referred to as the spread
between the cost of funds and the loan interest rate.
Historically, profitability from lending activities has been
cyclical and dependent on the needs and strengths of loan
customers and the stage of the economic cycle. Fees and
financial advice constitute a more stable revenue stream and
banks have therefore placed more emphasis on these
revenue lines to smooth their financial performance. In the
past 20 years, American banks have taken many measures
to ensure that they remain profitable while responding to
increasingly changing market conditions.
Liquidity Creation and Financial Fragility: A Theory of
Banking
Loans are illiquid when a lender needs relationship-specific
skills to collect them. Consequently, if the relationship
lender needs funds before the loan matures, an individual
may demand to liquidate early or require a return premium.
Borrowers also risk losing funding. The costs of illiquidity
are avoided if the relationship lender is a bank with a fragile
capital structure, subject to runs. Fragility commits banks to
create liquidity, enabling depositors to withdraw when
needed, while buffering borrowers from depositors'
liquidity needs. Stabilization policies, such as capital
requirements, narrow banking, and suspension of
convertibility, may reduce liquidity creation.
Battalion of Security
If you live paycheck to paycheck, the most you're ever at
risk of losing or having stolen is the amount of your last
paycheck – a sum you clearly can't afford to lose if money
is tight. Keeping your money secure is paramount. And
once you have more than a few hundred dollars to your
name, you'll want to protect your savings.
The most secure place to put your money is a bank account.
As long as you choose a legitimate bank that has Federal
Deposit Insurance Corporation (FDIC) insurance (or a
credit union that has National Credit Union Association
insurance), any money you put in the bank (up to FDIC
insurance limits) is protected. To date, the guarantee
provided by the FDIC has proved to be completely reliable,
even during times of financial crisis like the 2008 recession
or the savings-and-loan crisis of the early 1990s.
Era of Investments
Once you are earning more money than you need to get by
each month, you'll want to go beyond a checking account
and start saving and investing your money to give yourself
more financial security. With money in savings, you can
handle irregular expenses like car repairs even if they don't
fit into your monthly budget. A large enough emergency
fund can tide you over during a period of unemployment.
$$ 44 October 2018|

Back in the day, banking was indisputable and was a uniform
business, where clientele was reliant on what the banks
offered; whereas in the present scenario, digitalization has led
to a complete modernization in the banking structure. Disrupting the
traditional banking system is a digital banker named Sankalp
Shangari, the CEO and Founder of LALA World, playing
reformative roles in this digital era. Sankalp avidly confronts new
competition, regulations, technology, customer expectations,
challenges, and opportunities in order to meet the customer’s
requirements and expectations.
About the Digital Banker
At an early stage, Sankalp recognized the world of modern
banking through his formal education and his professional
experiences. During his career, he pursued Master’s Degree
in Finance from the CASS Business School which
polished his entrepreneurship skill and continued to
understand about the international finances. Prior to
LALA World, he gained his leadership experience at
Macquarie Deutsche Bank and with JP Morgan
Chase in London and Singapore.
This experience aided him to imbibe the
characteristics of recognizing talents and
employing them to achieve the best results.
Sankalp incorporated this with his passion for
Blockchain technology which led to the
establishment of LALA World that seeks to use
technology to make a social difference. As the CEO of
LALA World, his role is to seek out new ways in which technology
can be utilized for alleviating poverty and also to develop new
models for social business that can help the society at a large
scale.
The Power of Compassion and Empathy
During his initial days, each of his family members had
resided in different countries and had witnessed the
problems faced by dis-advantaged and unbanked people in
A Global Advisor for the Digitally
Decentralized Financial Ecosystem
$$ 46
Sankalp Shangari:
Sankalp Shangari
CEO and Founder
October 2018|

those countries. Sankalp’s mother was especially
empathetic towards these problems faced by migrant
workers, which compassed him to move her thoughts and
ideas towards a world of possibilities where all these could
be solved. He pushed himself to work towards realizing her
dream which eventually became his own dream.
In the year 2013, Sankalp got acquainted with Blockchain
Technology as a tool and developed a new set of ideas
which became his life-changing moment. Finally, he
comprehended the roadmap of bringing his mission to life
which was non-existent before.
A Decentralized Financial Ecosystem
Currently LALA World products can be used by anyone
who wants to attain financial freedom, since its prime focus
has always been the unbanked. The company realizes that
the biggest challenge faced by these unbanked people is
that of an absence of credible transaction history against
which they can avail loans.
So, all of the company’s banking solutions are based on the
creation of a unique identifier called LALA ID. This can be
used by anybody in the world just by providing the mobile
number and email id to avail basic services in the LALA
APP. Further, by adding more information and uploading
documents in the app, the LALA ID can be built to act as a
global identification document. This can also be utilized by
its partner service providers to avail different services.
Apart from this, another feature that sets the company in a
unique space from other banking solutions is the LALA
Score. Thus, by building on LALA Score, any unbanked
can avail loans via its lending arm LALA Lends. LALA
Score rates each individual based on various parameters,
and based on this ratings/score, they can avail loans.
Achieving the Dream
During the initial phase of establishing the company,
Sankalp had to face specific issues related to finding the
right people for his team who share the same vision and
who would work with him passionately. Secondly, finding
someone for the role of an exemplary leader and manager
who kept his people together, recognized their talent and
provided an exemplary growth path to their careers.
Building a team of hard-working personnel and sharing an
equal level of motivation to achieve the goal was the
biggest hurdle that he overcame in his journey. Today, the
‘LALA family’ members are standing strong besides him
and clocking in several hours of their waking life to realize
the shared dream of alleviating poverty.
Due to the collective efforts of LALA family for over two
years, he has managed to expand the company at an
exponential rate. He also takes pride in launching the first
ICO (Initial Coin Offering) that has delivered its working
products within 6 months.
Bequeathing the Keys of Success
Nowadays, exhibition of a specific set of characteristics is
expected from all bankers. There are some skills that could
be developed with resilience and practice. Recognizing this
Sankalp suggests the emerging bankers to especially polish
their comprehension of technology. In addition, he
mentions, “If a banker is acquainted with new technologies
and can incorporate those to enhance security, decrease
costs and streamline banking processes, then that person
can go a long way.”
Envisioning the Future
The ultimate goal of the company is to support the inclusion
of the 2.5 billion unbanked people. This is a humongous
task for the organisation and hence Sankalp has divided the
journey into sub-goals. They intend to achieve a customer
base of one million by 2019, provide loans of around USD
Ten million by the end of financial year 2019 and they are
working towards achieving the 100 million mark in
customer engagement by the end of 2021.
Utilizing emerging
technologies as a tool
to successfully develop
and run multiple social
businesses for
alleviating poverty.
$$ 47October 2018|

About theAuthor
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 Operations Officer at BusinessForensics and for the clients in the financial industry
(banks and insurance companies) he is a trusted advisor for CFO's, CRO's and Fraud Departments
because of his Risk management background combined with a thorough knowledge of software and
technology.
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.
Due to several incidents within the financial sector
related to their integrity, people and society in
general have lost their trust in banks and insurance
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:
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 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;
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;
Ÿ Replacing current solutions being ‘end-of-life cycle’
Being confident about your future
when your organization is
designed for control
$$ 48 October 2018|

Tames Rietdijk
CEO
Business Forensics
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 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 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. 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 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.
Ÿ 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
Ÿ 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.
Leader’s Desk
$$ 49October 2018|

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.
Ÿ 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,
Ÿ 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.
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.
Ÿ 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.
Ÿ Trust accelerates performance. Between banks and their
clients, man and machine, old and young.
About theCompany
$$ 50 October 2018|

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