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

 

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.

Enabling TelcoTech with big data

Eugene Yeo, Group Chief Information Officer at MyRepublic closed the CIO Leaders Summit with a presentation around “Enabling TelcoTech with big data”

This presentation covered:

  • MyRepublic’s strategy on staying nimble and lean through TelcoTech
  • Use cases of how MyRepublic is leveraging on big data to create value in the firm

About Eugene Yeo
Eugene Yeo is Group Chief Information Officer at MyRepublic. His primary focus is on driving business agility and transformation across the regional footprint of the company, through the use of innovative technology and efficient business processes. He is a regular keynote speaker at TM Forum events globally and sits on the advisory panel of various startups and educational institutions across Asia-Pacific.

Emerging technologies and its applicability to education

Mitra Bhar, Chief Information Officer at NSW Education Standards Authority, delivered a workshop around “Emerging technologies and its applicability to education”

Emerging technologies such as artificial intelligence, virtual and augmented reality, blockchain, conversational platforms etc are having an impact on various aspects of our lives. The presentation focused on its impact on Education in general with a focus on K-12.

About Mitra Bhar
Mitra Bhar has been working in IT in the Public Sector for around 30 years covering all aspects of IT. She started her career in IT as an Analyst Programmer in the NSW Department of Agriculture. Mitra’s current role includes providing strategic direction for NESA in the midst of a fast changing technology landscape. One of Mitra’s objectives is to research new technologies and how they can be applied for the delivery of NESA services to its customers and stakeholders.

 

Transforming a 99-year-old appliance maker: the digital paradigm shift

Jai Thampi, Head, Digital Transformation & IoT at Electrolux Asia Pacific, delivered a workshop around “Transforming a 99-year-old appliance maker: the digital paradigm shift”

What if you were tasked to transform a market leading century-old corporation that is anything but digital-first? Where would you start, and how would you go about it? Jai Thampi discussed how Electrolux has embarked on a consumer-centric transformation strategy that is showing tremendous potential within just months of initiation.

About Jai Thampi
Jai Thampi is head of digital transformation & IoT at Electrolux Asia Pacific where he is reimagining the company’s future through launch of IoT-enabled connected appliances, digital innovation roadmap including new business models and services, M&A and partnerships, startup acceleration, partner engagement etc. Prior to Electrolux, Jai held senior leadership roles at Cisco, Belkin, and Philips.

Commonwealth Bank – Analytics at Scale – Way of Working

Josh Gow, Head of Analytics, Commercial & Group at Commonwealth Bank, delivered a workshop around “Commonwealth Bank – Analytics at Scale – Way of Working”

Josh shared insights into his global team’s way of working to deliver and run analytics at scale across Australia’s largest publicly listed company, Commonwealth Bank.

About Josh Gow
Josh Gow is the Head of Analytics – Commercial and Group, Commonwealth Bank. In this role he leads analytics & information delivery change and run support to the group and commercial business units. He has 15+ years’ experience leading and delivering value in technology, analytics and platform operations and transformation programs, predominately in the financial services sector.

Digital strategy and the changing role of the CIO

Steve Church, Head of IT at Pandora, presented a workshop around “Digital strategy and the changing role of the CIO”

This session addressed:

  • Digital strategy health check for your organisation including:
    • Framework for digital strategy and
    • Are you thinking about these trends on the horizon and how they impact your business?
  • Opportunities these presents for CIO’s and their changing role

About Steve Church
Steve Church is a Senior Business and IT leader with broad generalist and specialist experience across diverse industries and roles including; eCommerce, Digital, FMCG, Operations, Project Management, Strategy, Retail Sales, Technology and Procurement.

What is Innersourcing and when should you consider it?

GitHub and IAG discuss IAG’s move of their talent pool to this model and the positive results they have seen.

Kieran Clulow from IAG joined Sam Hunt from GitHub to share how IAG transformed their previous siloed talent pool into an integrated, high performing talent team using the Innersourcing model. They discussed the challenges they needed to overcome and Kieran shared how the team saw an instant increase in velocity.

About Kieran Clulow
Director Data Engineering, IAG bio not provided despite all attempts made.

About Sam Hunt
Sam Hunt joined GitHub in 2015, bringing 18 years of local IT industry experience. He specialises in business efficiency applications with a focus on better collaboration. Prior to GitHub, Sam worked for organisations such as Progress Software, Alfresco, Intelledox, Hitachi Data Systems and Corporate Express, specialising in business solutions driving efficiency, transparency and cost reduction.

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