Applying Open Banking to Bring Agility, Cost Reduction, and a Focus on Quality

With customer experience being at the heart of every organisation’s plans, businesses are increasingly working towards a dynamic platform to cater to the evolving needs of customers. “From an era when customers had to physically come into a Bank branch to an age where mobile banking is an ubiquitous way of transacting, we are now entering an era of the Bank going to where the customer live (internet)”, says Himanshu Shrivastava, Managing Director, Citibank Singapore in his opening keynote presentation at the CIO Leaders Summit in Melbourne.

 

‘Customer preferences are changing with the younger Millennials and Gen Zs opting for quicker and seamless technology interaction…’

 

The need to build a ‘Smart Ecosystem’ has never been more important for businesses. ‘Datafied’ customer interactions, neurons of APIs exchanging data between activities in real time with the addition of AI and Machine Learning results in delivering a Smart User Experience (UX) driving remarkable customer interactions and loyalty. From cashless to contactless transactions, customer preferences are changing with the younger Millennials and Gen Zs opting for quicker and seamless technology interactions enabling daily activities. From shopping without the need to check out to using ride-sharing apps for commuting, customers are already expecting a frictionless integration of their ecosystem based simply on ‘consent’. The same has been experienced in banking where the digitally born and bred banks and Fintechs are creating smart ecosystems giving the traditional financial institutions a run for their money, literally.

 

Citibank has created multiple revenue streams using APIs to support building new partnerships for growth and customer acquisitions. Study shows that banks that embrace the Open Banking APIs are expected to grow revenue by over 20% while those that are uninterested will decline by 30% by giving away their market share to disruptive challengers emerging in the market by 2020.

 

While without APIs there is a long cycle of requirements for definition and interfacing contracts to testing and validation between parties. The Investment in bespoke infrastructure, ongoing support and maintenance with partners and scalability are all impacted in the absence of APIs.

 

 

‘Dorothy’s ability to traverse the yellow brick road successfully was due to the smart partnerships she created on the journey…’

 

The many advantages of using APIs clearly outscores the effort required to activate them. It is a one-time effort and investment in API build and deployment. Partners have ready off-the-shelf standard APIs to consume and with a single support and maintenance model, it allows amazing scalability in partnership growth. Taking a leaf out of lessons from the Wizard of Oz story, Dorothy’s ability to traverse the yellow brick road successfully was due to the smart partnerships she created on the journey with Tin Man, Scarecrow and Lion whose combined strengths created a level of endurance and capability she would not have achieved on her own. Financial services firms are increasingly concentrating on only their core business, stopped developing tech internally and leveraging collaborations with Fintech solutions and APIs to get ahead in their customer experience journey.

A rich use case, functional sandbox covering all scenarios for independent partner certification and JSON message format, as also being available on public internet APIs are clearly enhancing effectiveness in growth and collaboration plans of business organisations. With a very low budget for APIs, these are surely ‘smart bets’ that organisations can enter to succeed in the long term. In a race to add more value to customers, the financial services industry needs to constantly innovate and collaborate to retain existing customers and to attract prospective ones. A recent survey showed that 69% of customers expect their banking institution to be innovative but only 12% considered their own banks being at the forefront of innovative solutions.

Media Corp’s CIO Leaders event created a platform of a multitude of expert speakers who excited, sparkled and challenged thoughts on the future of the industry all in a well planned and executed day of insights and interactions among top C-level delegates from across top Australian businesses.

For more information about the CIO Leaders Summit Australia please register your interest at http://cioleadersaustralia.com/

– Jilfy Joseph

 

For all media enquiries please contact:

Stacey Alker – Marketing Director, Media Corp International

E: stacey@mediacorpinternational.com

P: +61 (0) 484 963 072

 

Interview with Duncan Cavanough, Head of IT & Operations, AFL Telecommunications Australia

AFL Telecommunications Australia is part of AFL Global based in the US. AFL Global is subsequently owned by Fujikura Limited, Japan and employs over 4,500 people worldwide.

AFL provides industry-leading solutions, products and services to the energy, service provider, enterprise and industrial markets as well as a number of emerging markets.

Duncan’s role is to ensure the IT plan and systems supports the business to produce the most technical fibre optic cable and cable systems to meet future (not current) market demands. This not only encompasses IT, but operations, finance, logistics to ensure business continuity across all departments.

Originally Duncan started with one of the first Fibre Optic company’s’ in Australia back in 1994 called AFC Group. From this he has seen the internet and data expand to levels never thought of back then. AFL acquired AFC in 2015.

 

Q. What do you feel are the biggest challenges IT leaders are currently faced with within their business?

A. Fibre optics, being the backbone of the core network in today’s modern world, has always kept me at the forefront of what speeds and feeds can be achieved. In light of this, I see the biggest challenge of IT leaders is providing core networks that have enough capacity to meet the data hungry needs of society, and having the skill base to implement.

Q. As an IT leader, what do you feel businesses continue to get wrong when it comes to their marketing strategy?

A. We market to the ‘now’ which is hard because of the inherent nature of society, when we need to plan for the future. Like with road building and transport infrastructure, we look at how big we need it now, not how big it should be in 10-20 years time.

Q. What are the latest trends and behaviours you predict will be surfacing on the market over the coming 12 months?

A. I hope we get back to using technology to give ourselves personal time back. We seem to have so much tech, it takes most of the day to ‘check’ everything. Tablet, watch, smartphone, smart Tv, Ok Google, Hey Siri….we need tech to support lifestyle, not be a slave to it. If I had to identify something specific however, I see health monitoring (for the ageing population) and fitness trends utilising tech more.

Q. What is the best piece of advice you have received within your job over the years?

A. It’s easier to ask for forgiveness than permission. (Originally quoted by Grace Hopper, a Rear Admiral in the US Navy and one of the first computer programmers) Born 1906

 

Everything you need to know about Digital Transformation, but were afraid to ask – Travers Stow

ROUNDTABLE DISCUSSION

Travers Stow, Chief Information Officer, Sigma Healthcare

Travers held a roundtable discussion that unravelled digital transformation and the things you need to know but are too afraid to ask. He discussed the key things you need to focus on so you can be business led, but with IT as the key enabler.

ABOUT TRAVERS STOW

An experienced and successful senior executive with demonstrated business transformation and turnaround capability across information technology, infrastructure, financial services and health.

KEY ACHIEVEMENTS

Designed and managed the stabilisation of Energy Australia’s 2012 billing system implementation (C1), then re-structured and project directed the successful migration of 1.7M customers from Ausgrid to Energy Australia.

Managed the successful delivery into production of Transurban’s new back office tolling technology platform (GLIDe) and built a high performing IT operations team.

Re-cast Australian Unity’s retail distribution to better reflect changing customer preferences for technology based distribution channels (telephony and internet).

Creating an Innovation Culture – Michael Henry

WORKSHOP 1

Michael Henry, Global Head of Digital Experience, BHP

Michael’s workshop discussed how the rules of the game have changed, and how we live in a time of disrupt or be disrupted.  It has never been more important for organisations to be innovative, resilient and self-disruptive.  But how do we remain relevant and create a culture of innovation and more importantly embed it in to all levels of the organisation?

This workshop unpacked the key principles for creating an innovative culture in a case study style that discussed:

  • The key steps to create an innovative corporate culture
  • The role of leaders and managers in fostering innovation
  • How to embed an innovation and growth mindset

Michael shared his experiences both professionally and from his studies at the University of Oxford.

ABOUT MICHAEL HENRY

Michael Henry is the Head of Digital Experience for BHP, a leading global resources company.
He is responsible for the Mobility, Collaboration and User Experience teams worldwide.
Michael specialises in global leadership, having inspired leaders and their teams across Australia, Asia, Europe, Africa, and the Americas.
A digital transformation pacesetter for over two decades, Michael has delivered both complex systems integration projects and managed global infrastructure services. Influencing the direction of global organisations amidst significant complexity, Michael has driven structural alignment, enhanced capability and business outcomes.
Joining Oxford University’s Organisational Leadership programme at the prestigious Saïd Business School in 2017, Michael’s studies have focused on understanding the keys to leadership success in the digital age. Specifically, his research has encompassed effective leadership strategies for environments characterised by disruption, fast-paced innovation and digital transformation.
Michael continues to evolve a personal leadership style recognised for its wide ranging vision, finessed stakeholder management and a passion for meaningful mentorship. This vision is anchored by Michael’s continual drive to identify, develop and implement the leadership and digital tools required to realise sustainable competitive advantage.
Michael will share his personal leadership journey and unpack the key principles he has used to develop and lead high performing teams.

Open Banking and API’s – Himanshu Shrivastava

Himanshu Shrivastava, Managing Director, Citibank Singapore

Himanshu’s presentation looked at Citibank’s Journey towards API and Open Banking partnerships. How being an ecosystem player helps the existing business to grow and get new revenue streams and how technology can simplify and nudge towards next generation platforms.

ABOUT HIMANSHU SHRIVASTAVA

  • Head of Digital Technology – APAC/EMEA, Global Consumer Technology, Global Consumer Business, Citibank NA.
  • Himanshu and his team are responsible for accelerated delivery of Citi’s Mobile first strategy and driving digital channels to next generation technology capabilities. Responsible for Development and Deployment of Internet and Mobile banking platform, API, ESB and CMR applications for Asia and EMEA Consumer Business. The primary focus for this role is application development, deployment of technology based business critical solutions, standardization of platforms & processes, managing large teams in diverse geographies, off shoring & outsourcing, vendor management.
  • Himanshu joined Citi in 2003 as a Manager – Application Development in Business Systems Team of CitiFinancial, India. Since then, he has had many stints within Consumer Business Technology in India and Singapore. He has extensive experience in Product Development, Project Management and Implementation. Product/Solution design using various technologies. He leverages his knowledge of Citi’s systems and technology to deliver solutions to clients.
  • He holds a Bachelors Degree from the Delhi University specializing in Computer Science, Mathematics and Science & a Masters of Business Administration from Institute of Management and Technology, Ghaziabad, India (I.M.T.) specializing in Marketing and Technology.

Interview with Luke Knowles of Wandera

Who are Wandera and what do they do?

Wandera is a leading mobile security company, providing multi-level protection for users, endpoints, and corporate applications. Security teams worldwide rely on Wandera to eliminate threats, control unwanted access, prevent data loss and enhance user privacy. The company pioneered the application of data science to tackle the complex challenges of mobile security with MI:RIAM, the industry’s most effective threat intelligence. Recognized by analysts and trusted by thousands of enterprise customers, Wandera was founded in 2012 and is headquartered in San Francisco and London.

What do Wandera see as some of the key challenges facing senior IT executives?

Mobility into the enterprise has exploded, what started as a consumer technology quickly spread into businesses allowing employees to work in a more agile & flexible way. Operational demand for an infrastructure that enabled mobility grew quickly, but left IT scrambling to keep up. The nature of mobile devices presents a number of security challenges that aren’t necessarily covered in the traditional security stack.

As yet, companies have not invested in mobile security solutions in the same way they have in their traditional infrastructure. Many companies have started by using mobile device management (MDM) solutions which allow for fast deployment of business apps, the ability to block unwanted apps and also wipe devices remotely if there is a security risk detected – more aimed at management and configuration rather than protection. But with the growing prevalence of BYOD ownership models, employees aren’t necessarily comfortable having corporate technology installed on personal devices possibly monitoring traffic.

While MDM’s may be the first step in managing mobile devices, without a Mobile Threat Defense (MTD) solution in place it is impossible to tell if a mobile is infected with malware, if someone has clicked on a phishing link if an app is leaking data, and the list continues.

Attackers are wise to the fact that corporate mobile devices are often the weak link in a company’s infrastructure, and exploit this weakness through targeted campaigns. Phishing is the number one threat to mobile, backed by research from Google, Black Hat and US Homeland Security, and last year research showed that 76% of businesses suffered a phishing attack. Furthermore, users are 3x more likely to click on a phishing link on a mobile device than on desktop.

The proliferation of mobile malware is also a top security concern for enterprises across the globe. Research from Wandera showed 13% of all organisations experienced a malware incident on a mobile device in 2018.

With data breaches hitting the news daily, companies can’t be too careful when it comes to security. Mobile security needs to be given the same resource and investment as all other parts of a businesses IT infrastructure. With the corporate perimeter becoming porous, companies need to adopt a more risk averse stance when it comes to security and protect at both on the endpoint and at the network level.

How can Wandera help secure mobile devices?

Wandera has a mobile-first approach to security. It integrates into your EMM/UEM solution allowing you to make the most of your existing investment. Based on a zero trust model, the integration allows for continuous conditional access. By communicating device-based risk status (based on multiple outside-in and inside-out threats), Wandera enables organizations to control access to corporate data and applications based on the threat status of the device.

The Wandera app not only provides effective endpoint security, protecting against threats on the device such as malicious or risky apps and detecting man-in-the- middle attacks. Our Secure Access Layer employs network-level protection to proactively stop threats from reaching the device, blocking phishing, malware and cryptojacking, and initiating a secure tunnel when under attack.

Whatever your device strategy – BYOD, COPE, COBO – our solution is built with privacy at the forefront, with no private data decryption or monitoring of personal data on the device: such as text messaging, emails, or photos. Wandera is designed to safeguard your employees with encryption so actual data is not visible whether at rest or in motion, while ensuring they don’t fall prey to phishing theft of their own personal credentials.

The admin portal gives admins access to see what security issues are lurking within their fleet. There are a number of dashboards which give insights into what apps are leaking data, if anyone is clicking on phishing links, and any malware installed on devices. As well as this you can see who is operating outdated OS’s and if anyone has jailbroken their device. From here, admins can set policies in place to monitor devices and only flag up the issues they want to see. They can also block access to sites just as adult, gambling and extreme, which are areas of the internet well known for their higher risk.

Wandera are well known in this space and the only vendor who secures mobile devices end to end. Wandera were recognised in Gartner’s 2018 Market Guide for Mobile Threat Defense as well as identified as a leader in IDC’s MarketScape for Mobile Threat Management.

What are the key messages that attendees will take away from Wandera’s roundtable discussion?

Join Wandera’s Asia Pacific mobility leader Luke Knowles for a roundtable discussion to learn more about how you can protect against the rapidly changing mobile threat landscape. You’ll hear real life examples of how other business have been infiltrated and what steps have been put in place to mitigate future risk, and importantly what technologies are most relevant in helping CIO/CISO’s protect against mobile threats.

Interview with Simon Reiter, Chief Information Officer – Defence Health

Simon is a business transformation leader with more than 20 years of ICT industry experience along with seven years of experience operating at the CIO level, demonstrated success in leading transformation programs that enhance the customer experience while delivering organisational strategic change.

Team Leadership: Managed crossed functional teams of up to 60FTE’s, transforming underperforming departments to high performing teams, recently at Defence Health this saw an improvement from 58% employee engagement to 98% for the past three years under my mentoring and leadership

Business Transformation & Process Improvement: Led large scale transformation programs, through the adoption of business processes management which have improved organisational customer satisfaction and business efficiencies through the adoption of CRM, Omni Channel, Digital, Cloud and AI platforms

Strategic development: Successful track record in leading, developing & executing business aligned ICT strategies to deliver the maximum return on technology investment, while position ICT as a strategic business enabler.

Industry leader: Seen as a leader in the Industry, current member of the Private Health Insurance IT Industry Committee, and mentor to the Victorian ICT for Women organisation. Additionally, my experience is often called on to present as an Industry expert at conferences, recently including the 2018, CISO conference on the ethics of Artificial Intelligence within the Insurance industry and chairing the 2018, Insurance Claims management & Customer experience conference. Additionally, in 2013 I was privileged to be nominated for ITSM Project of the year in 2013 for my “Business Transformation’ project.

As an IT leader, what do you feel businesses continue to get wrong when it comes to their IT strategy?

I see lots of organisations that invest significant organisational resources into developing a five year strategic plan and then either take a set and forget attitude or don’t develop metrics to report the strategic plans success and how it is enabling the organisation to grow/transform.

What are the latest trends and behaviours you predict will be surfacing on the market over the coming 12 months?

With the increase of digitisation, transformation we will continue to see a rise in cyber security incidents while many organisations continue to view security as an afterthought rather than incorporate security from conception, through design and into the final systems go live

What is the best piece of advice you have received within your job over the years?

Making time to build and maintain relationships within all levels of the organisation, this is critical to ensuring that IT is seen as a valued business partner and ensuring that the business works with you when they face a problem and your able to then demonstrate the value of how technology can assist them in improving their process.

What is one key takeaway you hope our IT audience leaves with after hearing your presentation on site?

How as a CIO you can gain confidence from your executive peer group to play a key role in leading the emerging technology & digital frontier for organisations.

Interview with Glen McLatchie, Group Chief Information Officer – SkyCity Entertainment Group

Glen is an experienced senior executive with an extensive background in delivering business and digital change on a global scale. I have a strong strategic orientation; having held several senior business and IT executive roles allows me to contribute to overall business direction alongside core technology and digital strategies.

he flourishes in changing environments and my commercial acumen and pragmatic approach to business and IT problems have been honed in large European and Asian environments as well as across Australia and New Zealand. This wide breadth of experience has enabled me to become a highly successful leader of change.

he has a real passion for the development and investment in people, particularly long term strategies for personal growth and capability improvement.

What do you feel are the biggest challenges IT leaders are currently faced with within their business?

Technology has always been important, but today there is not an organisation on the planet that is not undertaking some form of digital transformation. One of the many challenges I see for IT leaders is managing the complexity of a full stack transformation versus the easier, more recognisable, and arguably the more rewarding customer facing parts – coined by all and sundry as digital.  Addressing the whole of enterprise business architecture is hard and complex to do, and far less transparent to the board, but in the end is the only real way to deliver sustainable business benefits through tech enablement.

As an IT leader, what do you feel businesses continue to get wrong when it comes to their IT strategy?

Many organisations still believe that digital is something that is separate to IT.  Creating the role of a CDO and thinking that this somehow removes the technology debt or poor IT capability that legacy organisations often have.  In other words, their strategies focus in on symptoms rather than core problems.  Address the root cause of the problem by lifting the IT delivery capability, and if the CMO can’t do it create a role of Chief Customer Office – focusing on the customer experience, of which digital (or tech) is just one component.

What are the latest trends and behaviours you predict will be surfacing on the market over the coming 12 months?

5G will begin to allow us to control anything from anywhere.  My own view is that rather than having driverless cars, why not have a bank of uber drivers sitting in a building in India or China driving cars, or construction site cranes, in the US or Australia.  This removes all the legal and moral hurdles of driverless cars.
Robotics and AI will continue to become more mainstream, which in turn will see a rise in the need for tech skills and a decline in the need for low skilled workers. Which raises all sorts of societal issues.

What is the best piece of advice you have received within your job over the years?

“It’s about them stupid”.  In other words, it’s always about your people, their family, their lives, their promotions, their well-being.

What is one key takeaway you hope our IT audience leaves with after hearing your presentation on site? 

That they are not alone in the challenges they face, and by sharing with each other we may just pick up a tip or two that will make our job a smidgen easier.

Interview with Mick Havill, Chief Information Officer – WISE Employment

Mick Havill has over 40 years of achievement in IT across a wide range of business sectors.

He provided a variety of industrial control systems in harsh environments across the globe culminating in the implementation of the first ‘safety-critical’ software systems for the nuclear industry.

He was recruited as a consultant to Barclays to apply ‘nuclear thinking’ in order to raise the quality and performance of their banking systems.

In 2003, Mick joined ANZ to manage their global technology operations.  Mick became a key architect in the implementation of a major transformation program within ANZ before joining IAG to head infrastructure delivery to CGU.  This was a transformational role delivering IAGs platform which has become the basis of their regeneration.

After 20 years in financial services Mick took the role of CIO at WISE Employment to deliver opportunity to the most disadvantaged in our community.   Revolutionary innovation in the area of mobility has delivered a launch pad for WISE Employment’s growth and success.

He has built an expert team from a diverse background and in partnership with large corporate drives innovation as an early adopter.

What do you feel are the biggest challenges IT leaders are currently faced with within their business?  

  • Business demand for speed to market – Technology can deliver but it requires a cultural shift in the business. Collaboration and agility require true engagement.
  • Building and developing a passionate and competent team – Challenges of ‘team’ when from different business backgrounds geographically distant.
  • Sifting the hype from the reality – Living on the edge requires a degree of risk taking. To be successful, I have to recognise when a hyped solution will not deliver and create a strategy to deliver.

Tell us about your approach to supporting diversity in the workplace?

  • WISE is all about diversity in the workplace. We aim to support the most disadvantaged members of society and fully believe in empowerment through employment.
  • We own and operate four social enterprises that are dedicated to providing work opportunities for people from disadvantaged backgrounds, those traditionally under-represented in the trades (for example, women) and people with mental illness.
  • I see that technology can assist by bridging gaps that create social exclusion.
  • In my department we are fortunate to have diversity in ethnicity, gender and disability

What advice do you have for an IT graduate who is looking to join the workforce today?

  • Get real about the global position of IT today in Australia. There is a lot of stiff experienced competition and it is hard to get established.
  • Endeavour to keep abreast of the changing technology so that you have real skills which are in demand in a global market.
  • Client facing skills add to your personal selling proposition.
  • Know your brand and develop it.

What are the key things you look for in potential IT employees?

  • Creativity – knowledge leads to an ability to carry out tasks in a methodical fashion. It takes creativity plus knowledge to be able to see opportunities for radically changing for the better.
  • Passion – to be successful in IT people need to have a passion about technology, a passion to learn, a passion to try, a passion that drives you to keep trying until it works and a passion to make sure that it runs without error.
  • Customer focus – technology is not an end in itself. It is all about customer service. I look for people with both customer and commercial awareness.

What are the latest trends and behaviours you predict will be surfacing on the market over the coming 12 months?

  • Infrastructure
    o Hybrid Cloud – A swing back from total cloud deployment using hyper converged systems
    o IOT – still looking for solutions
    o FMC – Convergence and management of voice/video calls through mobile or landline
  • DevSecOps
    o CI/CD
    o Containerisation
    o Automated Testing
    o Scrumban framework
  • Applications
    o Micro-services architecture

What is the best piece of advice you have received within your job over the years?

  • “Believe in yourself”
    • Despite an uninspiring engineering education, an interest in STEM and the wisdom of experience has given me the tools to be innovative – so take a risk and back myself!
  • “Understand the value you bring to the organisation”
    • Measure the successes and ‘failures’ in terms the benefit and learning brought to the organisation – the net $ value from the changes you have driven!

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