How can data empower next generation F inT ech and eCommerce? - - PowerPoint PPT Presentation

How can data empower next generation F inT ech and eCommerce?

LSCM Logistics Summit 2016 30 Sep 2016

20-50 hours

• nline weekly

1 5-24 years old

spend

Source: Censtad Dept

51 %

Of our

How to better inform decision-making and building customer relationship?

L ending Payments/billing Personal finance / wealth management M

• ney transfer

Blockchain/digital currencies Institutional tech E quity crowdfunding InsurT ech

F inT ech’s definition continues to evolve T echnology continue advancing the banking, financial services and insurance sectors

Big data: using structured and unstructured data in innovative ways to promote efficiency, productivity and to develop new product

• fferings in a more meaningful way.

F inancial sector deal with massive data on daily basis, but navigating them is a huge challenge

◇Legacy systems and need to address cost ◇Organisation size ◇Hard to discover insights in massive amount of data

W her erea eas F inT ech comp mpanies are t thr hriving ng by bei eing…

1 . N Nim imble le: q quic ickly ly respon

• nd t

to

• custom
• mer

need eeds

• 2. F
• c
• cused: s

spot

• tting gaps in t

n the he ma market

• 3. D

a D ata-dr driven and d

Inno nnovation n in f n fina nanc ncial s services

highly focused financial-services applications, often more effective and less expensive than traditional companies e.g. insurance

Mobile-friendly, low cost robo-advisors provide better defined savings solutions on the basis of goals and risk appetite

◇modeling and forecasting e.g. m achine intelligence and analytics is used to assess the im pact

• f m ore than 2,600

variables on each business unit of an FI. ◇identity validation (AML, KY C) e.g. enabling access to inform ation collected in 50 countries from a range of sources; biom etric validation technology; ◇real-tim e m onitoring and behavioral analytics E.g. autom ates shareholder disclosures and flags potential problem s

R egT ech potential: lowering compliance cost for financial institutions and regulators alike

W hat do these innovations have in common?

• Intuitive & accessible user interfaces
• User-friendly business models
• Greater transparency
• D

ata-driven insights

F r F rom BIG dat ata t a to S MAR T R T dat ata with A h AI and nd machi hine ne l learni ning ng

focusing on meani ning ngful ul pieces of information for more ac accurat ate decisions

UI that can read your mind to suggest or highlight actions that are relevant will generate biggest value

Improve engagement and turning first time customers into repeat buyers.

45% of online shoppers

are more likely to shop on a site that offers personalised recommendations

Source: Invesp

P redictive A nalytics for eCommerce

Predictive Search T argeted Recommendations and Promotions Pricing Optimisation F raud M anagement Inventory M anagement Business Intelligence

Hong Kong: huge potentials to succeed

How to spur innovation and help incumbents evolve? Effective market competition, ease of market entry Sandbox: important first step to more collaborative approach to regulation SVF licensing scheme: foster certainty and consumer trust

Holistic policies is necessary

Policy

Creating market demand

Talent Building / education

Making Data Work

User-centric mindset Innovation- friendly regulations Infrastructure

P rivacy Security T rust

You can find me at Facebook: Charles Mok 莫乃光 Twitter @charlesm ok charlesm ok@charlesm ok.hk www.charlesm ok.hk