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Vritti E-Mag GHBW September 2017 Single Page.Cdr vritti Edition 9 | September 2017 BLURB MOBILUTION Open Banking TECHNICALLY SPEAKING Democratizing Wealth Management C O N T E N T S CHANGING LIVES State of Mobile Financial Services in WAEMU TRENDING NOW Blockchain bane or boon for Banks IN THE MEDIA vritti September 2017 3 Blurb Dear readers, FinTech is not exclusive to startups anymore. Leading financial institutions are embracing technology to grow their business and expand their reach. This edition of Vritti explores how the disruptive nature of FinTech is revolutionizing financial services ranging from financial inclusion to wealth management. First up, we discuss what’s driving banks to expose APIs and enable third party developers and applications to access their customer data in a secure manner in the article “Open Banking”. Further, we take a look at how Robo-advisors are transforming the financial advisory business in the article “Democratizing Wealth Management” Next we turn the spotlight on West African Economic and Monetary Union (WAEMU) region and see how mobile money is accelerating financial inclusion in the region in the article “State of Mobile Financial Services in WAEMU” Lastly, we analyze impact of Blockchain technology on banks in the article “Is Blockchain a Bane or a Boon for Banks” I hope you enjoy reading our articles like we enjoy writing them for you. Srinivas Nidugondi SVP and Head of Mobile Financial Solutions Happy Reading! at Mahindra Comviva 4 vritti September 2017 Mobilution Mobilution vritti September 2017 5 By adopting technology to deliver financial services, banks have always grown: be it credit/debit cards, ATMs, core banking systems or online commerce gateways. Both financial institutions' and their customers' lives have improved through faster and more convenient services, and banks were never threatened by technology, till recently. —- By Prasad Nilkod Shambhu New age 'fintech' companies plan to change applications to access their customer's data the way individuals and corporates buy and through the use of Open APIs. It enables access financial services by offering customers to share their banking data such improved customer experience, lesser fees, as transaction history and account details personalized financial management at their with any other software application, in a secure fingertips. But banks have taken solace in manner in real-time. the fact that they enjoy the trust of masses, When external parties have access to have a near monopoly of all sophisticated and consumer's historical data, they can build a high value financial services such as housing whole suite of applications around financial loans, coupled with exclusive access to customer institutions, such as providing a better customer data which enable cross-selling of a gamut experience, aggregate account information of financial products to keep the competition spread across multiple financial institutions at bay. Even today, employees get paid in a bank at a central place, combine customer's financial account, and fintech providers, in spite of their history and other personal data to generate best efforts and rapid growth, are secondary more accurate credit profile, offer person- accounts in the lives of a typical consumer. alized saving advice, etc. It allows customers “Open Banking” is an emerging trend which to gain a 360 degree view of their finances has quickly moved from being an idea to and manage their money and accounts wisely. reality threatens to disrupt this state of affairs. With open banking, customers do not just Open Banking involves bank and other financial consume the platform, but contribute to it. institutions enabling third party developers / 6 vritti September 2017 Mobilution The main driving forces behind “Open banking” becoming mainstream phenomenon are: REGULATIONS Quite a few regulators have begun mandating that banks open up the data held by them and share them with 3rd party applications. Initiatives such as PSD2 from EU and Open Banking Standards of UK will kick in from 2018, and banks operating in Europe will not have the luxury of not sharing data and allow customers greater control over what they want to share with whom. Even Australia has announced in its 2017-18 budget, a move towards open banking regime and has set up a committee to finalize the provisions. The head of competition Bureau has indicated that the Canadian government is looking at regulatory action to promote sharing of transactional data between banks and fintech companies. COMPETITION The bar for customer experience is being set by fintechs which offer frictionless digital banking experience through mobile phones for a lesser fee than traditional banks. Incumbents can lower their cost of operations by adopting technology to automate back end operations and decrease personnel required to service customers by offering low- cost self-service channels to their customers. CUSTOMER EXPECTATIONS Consumers are increasingly getting comfortable with digital only channels such as smartphones to meet their banking needs, and expect the banking experience to be similar to those offered by technology led organizations such as Uber or Starbucks. If incumbents fail to meet customers' expectations, they risk being disintermediated by fintechs, who will build relationship with consumers. Mobilution vritti September 2017 7 We can see the signs of shift towards open banking or platform banking as increasing number of financial institutions are voluntarily providing access to third party applications through APIs. Few of them are: N26, a Germany based Europe's third largest bank, digital only challenger bank Credit Agricole, provides an has forged partnerships app store through which with a wide variety of customers can download financial service providers apps which complement its such as TransferWise and core offerings. It does this Allianz, to offer complementary by exposing APIs to external products on its platform. developers who can then build novel apps with its data. Capital One, a USA BBVA, a Spanish bank Similarly, in Japan based bank has launched “Open Banking MUFG, Japan's launched a developer Business”, which enables largest is reportedly portal - Capital One third parties to integrate planning to provide DevExchange, along with BBVA's data to build secure access to its with open APIs new applications and online banking use cases. systems to fintech firms. OPEN BANKING: GAINING SIGNIFICANCE 8 vritti September 2017 Mobilution Although there is a definite shift towards customers who are typically rural or low open banking with push coming from both income customers will be left with lesser choice, enlightened regulators across the globe as and it might create a winner takes all kind of well as incumbent banks who have realized situation where a few large banks only survive. that the bank of the future will be as much of Banks have always made use of APIs in their a technology company as a financial banking software; but transition from private institution, there are few challenges on this and closed APIs to public and open APIs is path. Without a standard for data sharing or afoot. The drivers for this change are standardized APIs for banking services, regulatory pressure, elevated customer each bank will develop its own proprietary expectations and cost pressures. APIs let API format and integrating all these various fintech and banks collaborate with each formats will be cumbersome and erode other; banks find new distribution channel some of the benefits of open banking such and greater access to customers, help as easier sharing of data between any two incumbents innovate quickly and reduce financial institutions or fintech companies. time to market for new financial products. Also, it would be hard for the regulators to Customers' adoption of fintech has been evaluate and judge the quality of data shared slower than anticipated, but advent of Open by a bank through its APIs, and even Banking can upend some of the competitive enforcing the spirit of the regulations which advantages that banks have by decoupling envisages truly open transfer of one's the value chain, usurping customer financial data between financial service relationships and enable merchants and providers through customer's consent in a customers to interact directly with each seamless manner. Moreover, smaller banks other. Europe is the clear leader in this which do not have the technology muscle and transformation, but rest of the world is slowly capital required to upgrade their IT systems waking up to the benefits of sharing of to an open API system will lose out, and their customers' financial data. About the author: Prasad is Product Manager of mobiquity® Money at Mahindra Comviva. He has 5 years of experience in building software products form the backbone to enable financial services organizations to effectively serve their customers. He is amazed by the impact access to formal financial services has on lives of people all around the globe and believes financial inclusion will not be possible without technology led solutions. Mobilution vritti September 2017 9 10 vritti September 2017 Technically Speaking D E WM O C R A AT I ZLI TN GH M A N A G E M E N T Why financial advisory is only for the privileged? If we look at the Global wealth pyramid, ~86% of the wealth is owned by the High net worth and above segment which is just 8.2% of eligible adult population. The people in these segments are the ones who can afford to get personalized advisory and wealth management services. The remaining
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