Indian Wealth Management Forum 2019

We are proud to be the Gold Sponsor at the Indian Wealth Management Forum 2019 to be held at Four Seasons Hotel on August 22nd, 2019, Mumbai. We would be presenting powerful insights into the current landscape of the Wealth Market and our ‘RM-First’ design approach.

Click here to register and know more about the event

Recognizing the importance of relationship managers in wealth management, Vinay Kumar from Intellect would be presenting ‘RM Office – 2020 Advantage‘ at the forum, which would cover:

  • Opportunity to increase RMs productivity by 20%
  • Opportunity to reduce operational cost by 20%
  • Let your system take care of compliance – 3D Compliance
  • Leveraging Digital – Enhanced Outreach and contextualized experience
  • Actionable insights to direct the destiny of the business

The Intellect RM Office empowers advisors in carrying out effective conversations with clients and helps them make informed decisions. The effective conversation and informed decisions are enabled through actionable insights generated by the robust analytics engine of ‘Intellect RM Office’.

To know more about how ‘Intellect RM Office’ enables Relationship Managers to provide their clients with a high degree of personalized services at unbelievably low cost, Please visit our stall.

Vinay Kumar
Vinay Kumar 
Partner and Senior Vice President, iWealth

Vinay Kumar has over 30 years of experience in capital markets and wealth management. He has extensive expertise in private banking, wealth management and derivatives. He has rich experience in designing, delivering and selling wealth management products and solutions for global banks and financial institutions. He has led digital transformation consulting assignments with leading global banks. He is leading the innovation team for Intellect Wealth which is currently focused on applying of AI and ML to make Relationship Managers more effective and help their clients make appropriate investment decisions.

Vinay holds a post graduate diploma in management from IIM, Ahmedabad. He has written and edited a book titled ‘IT Professionals’ Handbook of Investment Banking and Financial Markets’.

Transaction Banking : Digital Take-over or Digital Make-over

The question has often been asked: why were banks caught so badly wrong-footed in transforming themselves in the face of the plethora of new entrant challenger banks and financial technology firms?

The Dow Jones is up over 2.5 times since 2008: no wonder people have forgotten the crisis.

Writing here, some 10 years plus after a near financial industry melt down, yet with the Dow Jones Index at an all time high,[1] and with unprecedented levels of excess liquidity, one may forgive the short-term memories of many readers.

However, for many operating across Retail and Corporate banking businesses, the longer term context will not be forgotten. The sheer scale and number of projects that followed the crisis put an immediate brake on client-led product development, with the imperatives of complying with a regime of regulatory initiatives becoming the single axis of all change resource (and monies) in the bank. But as we all know, change resource is more than money and accompanying people – how it is allocated heavily drives the level of innovative intensity and creativity across the whole company. Little surprise then, that banks could and would understand the language only of constraint, risk aversion and consensus-driven decision making. Those pressing for innovation and any entrepreneurial activity quickly became behavioural pariahs and ostracized from the mainstream bank.

Post-crisis regulation dominated the agenda allowing competition to step in

Fast forward to a time when the sheer velocity of change is getting faster and faster and where activity delays of weeks or maximum months sends shivers down most people’s spines.  How do we need to look at a period of many years when progress was frozen? Well, with real regret.  Regret because it really put the banks on the back foot and left the door fully open for competition to step in. And so the invitation was accepted and, as they say, the rest is history.

A second, less-anticipated development has been what can only be described as the Jeckyll-and-Hyde behaviour of a handful of regulators in the developed world: agitated by the lack of progressive decision making by consumers and SMEs, they launched into a full dismantling of the cosy club of domestic banking by driving a hard agenda of payments innovation and open banking. The key industry reference point was probably the damning report issued by the UK’s Competitive Market Authority unambiguously titled  ‘Making Banks Work Harder for You’.[2]  If, in the past, the regulatory pressure was conducted under a cloak-and-dagger approach, now the boxing gloves were clearly taken off.  Siding with the proponents of new technology and business models, the regulators had their opportunity to crack open the monopoly chain over product development, pure play manufacturing and client distribution and ‘ownership’. Now, on paper at least, this strong linkage would be broken forever, with banks needing to scramble to defend their beachheads.

Regulators have clearly moved from shoring up capital to making banks feel the full force of competition.

But defending core business and elevating the level of commitment to digital transformation has in some respects paid off for a number of institutions. Whilst popular opinion has wanted to write off banks, evidence to date shows that they are not capitulating. Overall, cost cutting and trimming business scope has arrested the decline in worsening ROE performance. Up to relatively recently, market shares of major banks in the UK and USA has showed little dilution. More recently SME lending and mortgage business distribution has shown some signs that the larger banks are losing ground – but again this is not a seismic change.

The history of digital “transformations” is woeful, but has paid off for a few.

What might be truly game-changing, however, is the advent of new data protection legislation (GDPR) across the UK, EU and, in future, to be followed by other regions (indeed, GDPR’s scope already effectively stretches way beyond Europe’s shores). GDPR came onto the statutory books at the end of May and draws much tighter parameters around how financial institutions and, importantly, the fintech industry at large, treat individual data. In recent years across banks, the term ‘doing what is right for the customer’ has been adopted as the best-practice role model vocabulary, translating into the right behaviours. Now such language will need to be adopted by the newcomers.  The usage of some of the more sophisticated new technologies will need to evidence that ‘sales’ or ‘solutioning’ advice is backed by the right level of client insight and expertise. So will ‘certification’ re-emerge as a growing theme in the future finance landscape? Quite likely, with the number of cases of mis-selling still very fresh and the already well-established hard lines drawn around investment and foreign exchange advice now industry norms.

GDPR represents a game changer.  Might it bring fintechs into the fun world of regulation – and doing the right thing?

So it would not be a misplaced view to see the adoption of better data protection environments helping incumbent banks defend their patches. Own goal for the regulators perhaps?

Thirdly, and finally, there is perhaps a more genuine concern surrounding the continued health and success of banks. Design thinking has been a pivotal discipline rescuing many a household name (Procter & Gamble being a well documented case in point)[3] across a number of industries. In banking, outside of the relatively small confines of digital circles, the term and what it means is not understood. Putting the ‘customer at the centre’ and ‘driving innovation’ are well-worn platitudes, but without a major shift in cultural ability realizing true innovation around clients is unlikely to happen – and certainly not on a sustainable basis.

Corporate history shows sustainable advantage is about thinking differently – and the CEO’s job is to lead that change.

Digital transformation is not easy: McKinsey reports that 74% of such transformation programs failed in 2018. Worse, employees are not committed to such programs: only 55% of corporate employees devoted themselves to the new paradigm, as opposed to 68% in 2014. The use of best practices such as senior-level ownership, prioritization and transparency has also declined from 2014.[4]

How, then, do we want to see banks to nurture the innovation pipeline?

Well, in all honesty, the tone will need to be set from the top.

CEO’s and Group Executives will need to look at their business problems very differently beginning to feel far more comfortable with abandoning logical historically driven insights. Banking tomorrow will be driven by leaders who have a strong sense about what that future state will be refining mysteries into better honed heuristics that bank staff can begin to work on. Leaders themselves will need to be very finely tuned listening agents with immense acumen in accurate diagnostic processing – clarifying what the external environment is saying and where the likely behavioural nuances and trends are settling.

This cultural challenge will demand empathetic leaders but with the uncompromising belief in their convictions. One can only be reminded of the three key tips that Steve Jobs gave Indra Noori when she requested a session with him before taking or her role as CEO of Pepsi Cola: (1) Stick to your guns, (2) Don’t be too nice and (3) Own your own legacy.[5]

In future, if banks really want to ‘do what is right’ for the customer they will need to truly walk in their shoes – Design Thinking 101.

[1] Over 26,000 at time of writing compared with just a little over 10,000 on 29 September, 2008.

[2] “Making Banks Work Harder for You,” Competition and Markets Authority (CMA), 9 August, 2016.  See press release “CMA paves the way for Open Banking revolution”, https://www.gov.uk/government/news/cma-paves-the-way-for-open-banking-revolution

[3] “How Procter & Gamble Designs Change,” Peter Cohan, Forbes magazine, 12 May 2012, https://www.forbes.com/sites/petercohan/2012/03/12/how-procter-gamble-designs-change/#74fc3fd55dd7

[4] “How the implementation of organizational change is evolving,” Blake Lindsay, Eugene Smit, Nick Waugh, McKinsey, February 2018.
https://www.mckinsey.com/business-functions/mckinsey-implementation/our-insights/how-the-implementation-of-organizational-change-is-evolving

[5] “Steve Jobs to PepsiCo’s Indra Nooyi: Don’t be too nice,” Ruth Umoh, CNBC, 6 August, 2018.  https://www.cnbc.com/2018/08/06/3-things-pepsico-ceo-indra-nooyi-learned-from-apple-founder-steve-jobs.html

Insuretech Connect

Insuretech Connect, Sep 23 – Sep 25 2019 | Las Vegas

Intellect SEEC is back as a Title Sponsor at ITC, the premiere event for the insurtech industry. Look for us in the Expo Hall to learn more about our products Risk Analyst, and Xponent.

Meet with our thought leaders to discuss the ever changing insurtech landscape. Make plans to attend our workshop to witness our thought leadership in action. Stay tuned for more details.

For registration click here

Sibos 2019 London

Sibos is the among the largest annual events for the financial industry and is organized by SWIFT. For the first time Sibos will be hosted in London, a global financial superpower renowned for its affinity for finance, technology and innovation, and home to many leading figures in the financial services industry. Intellect will be exhibiting at Sibos 2019, to be held in ExCel, London 23-26 September. Visit Intellect at booth D120 and get Transaction Banking 2020.

Last year we made Contextual Banking a reality. This year we are delivering it across the world. Our state-of-the-art tech stack, comprising cloud-native microservice enabled by API’s, is shared by all our key products, such as Liquidity Management, Trade Finance, Payments, and many others. Our game-changing platform is now powering the digital transformation of many transaction banks across the globe. See it in action.

Not only do we empower banks to understand and even anticipate the ambitions of business customers, but we cauterize risk with non-destructive microservice deployments that work seamlessly with existing architecture. Our digitization ensures that legacy systems can retire with grace, and banks can reach new heights by offering contextual, actionable insights to corporates small, medium or large.

Visit Intellect at booth # D120 and discover what Transaction Banking 2020 is and how it surpasses current, traditional approaches to Transaction Banking

  • How to reduce operational inefficiencies & risk
  • How to enhance data analytics
  • Techniques to improve customer engagement
  • How to avoid pitfalls of dynamics underpinning success
  • Ultimately how to drive revenue growth

Schedule an appointment and speak with the experts about:

Click here to Schedule an appointment

DIA Amsterdam

Jun 25 – Jun 27 2019 | Amsterdam

Pranav Pasricha, CEO of Intellect SEEC will be presenting at DIA Amsterdam this year, along with Kelly McLaughlin, VP for Product and UW Strategy at Liberty Mutual in a discussion you don’t want to miss.

These highly-regarded insurtech industry leaders will discuss practical experiences in this session titled, “A practitioner’s guide to Commercial Underwriting transformation with AI and Big Data”.

In this session, you’ll learn:

  • How to build an AI-based system around legacy technology with live use cases
  • What paths are available
  • How to choose partners
  • How to test underwriting results in a low-risk environment
  • and how to scale enterprise-wide

Make sure to sign up and plan to attend this session and take away lessons for everyday use of AI in your underwriting.

Session Details

Topic: A practitioner’s guide to Commercial Underwriting transformation with AI and Big Data

Speakers: Pranav Pasricha and Kelly McLaughlin

When: Tuesday, June 25 at 4:30 p.m.

For more information Visit here

Malaysian Wealth Management Forum 2019

We are proud to be the Gold Sponsor at the Malaysian Wealth Management Forum 2019 to be held at The Hilton, Kuala Lumpur on July 4th, 2019. We would be presenting powerful insights into the current landscape of the Wealth Market and our ‘RM-First’ design approach.

Click here to register and know more about the event

Recognizing the importance of relationship managers in wealth management, Anand Rai from Intellect would be presenting ‘RM Office – 2020 Advantage‘ at the forum, which would cover:

  • Opportunity to increase RMs productivity by 20%
  • Opportunity to reduce operational cost by 20%
  • Let your system take care of compliance – 3D Compliance
  • Leveraging Digital – Enhanced Outreach and contextualized experience
  • Actionable insights to direct the destiny of the business

The Intellect RM Office empowers advisors in carrying out effective conversations with clients and helps them make informed decisions. The effective conversation and informed decisions are enabled through actionable insights generated by the robust analytics engine of ‘Intellect RM Office’.

To know more about how ‘Intellect RM Office’ enables Relationship Managers to provide their clients with a high degree of personalized services at unbelievably low cost, Please visit our stall.

Anand Rai 
Senior Manager, iWealth

Anand has over 10 years of experience in the business of Wealth Management and in designing of wealth management products. He has worked as a Consultant with large regional and global banks. His area of expertise includes financial planning, performance analytics and trading systems. Currently he is actively engaged in designing systems which increase productivity in the Front Office specifically that of Relationship Managers and their supervisors

Navigating the changing contours of Securities Trading

Malaysia: Navigating the changing contours of Securities Trading

19th June, 2019 | Venue: at Sime Darby Convention Center, Kuala Lumpur, Malaysia from 9.00 am to 2.00 pm.

The current economic environment coupled with the arrival of disruptive technologies has huge potential for the Malaysian Capital Market in general and specifically the Securities Trading business. The need of the hour is to have a digital platform which enables omni-channel, multi-asset contextual trading aided by research and analytics, and has integrated risk management and back office to increase leverage. This becomes more powerful when digital on-boarding can be seamlessly integrated and providing as a single solution.

Intellect along with Association of Stock Broking Companies (ASCM) are organising an event focused on looking at the capital market in Malaysia and talk about digital channels and avenues to increase the liquidity in the market. The discussions will also be centred around looking at how a potential growth can be brought about ,by combining the power of a digital on-boarding along with “ Broker- In- A- Box” and how disruptive technologies can transform the securities trading landscape.

We are excited to have Dato Ahmad Azman Dato Abdul Manaf, Chairman ASCM , as the key note speaker and setting the right tone.

This will be followed by a panel discussion titled, Digital Brokerage poised for growth – Catalysts and Challenges”. Subhasish Bhattacharyya of Intellect, a 25 years veteran on Capital Markets and Fintech will moderate the discussion and will be joined by :

  • Dato Ahmad Azman Dato Abdul Manaf, Chairman at ASCM
  • Mr. Warren Mak, Founder & MD at Ted Wealth
  • Mr. Wong Yoke Weng, Director – Securities at Affin Hwang Investment Bank
  • Mr. Gopal Kiran, Senior Manager – Fintech Strategy at Ernst & Young

This would be followed by showcasing Capital Alpha from Intellect, which is already certified by leading stock exchanges from similar markets in the region including Stock Exchange of Thailand (SET) and Philippine Stock Exchange (PSE) and Bursa Malaysia registration process has been initiated. Importantly it provides a seamless digital experience starting with on-boarding to a trading experience combined with integrated mid and back office, aided by contextual research and analytics.

Keep following us to keep abreast of the happenings as they unfold !!!