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TRANSCRIPT
aps ASSURANCE PROGRAMME SOLUTIONS
CHANGE & TRANSFORMATION
SPECIALISTS FOR THE WEALTH & ASSET MANAGEMENT INDUSTRY
Digital Transformation & Innovation
March 2019
2
APS: Disruption has happened across the board with no signs of stopping
• 80% of us check the phone
within 15 mins of waking and
90% keep it within 3ft of us - day
and night (IDC)
• Approximately 40m messages/
minute sent on What’s App
(WhatsApp)
• 6.4 billion connected things in
2016, up 30 percent from 2015
with an estimated 20.8 billion by
2020 (Gartner)
• c. $2trillion will be spent on
Digital Transformation in 2019 -
more than half of this will be on
Workplace initiatives and Op
Model transformation (IDC)
• Within investment management
68% are planning to invest more
into their websites with 49%
planning to spend the same as
on security issues (Kurtosys)
Everyone (end
everything) is constantly
connected
Startups and FinTechs
continue to proliferate
Digital spend continues to
increase
• There are now more than 8,000
Fintech companies globally –
4000 of these in the UK and US
(INSEAD)
• In the UK $1.8bn (£1.3bn) of
cash went into Fintechs in 2017,
a rise of more than 150 per cent
on 2016 and a bigger increase
than either the US or China.
3
APS: 4 key trends are driving Organisations to innovate
Flexible Technology and Data
Increased and improved
connectivity of data
facilitates real time analytics
based on accurate data,
while Cloud and SaaS
solutions can enable Asset
Managers to build flexible
and scalable infrastructure all
of which form the basis of
Digital, Machine Learning and
AI offerings.
Changing Customer Expectations
Today’s customers have
completely different
expectations set by ‘Silicon
Valley’ companies -- they want
access wherever they are,
whenever they want and on
whatever device (or channel);
combined with simplicity,
transparency, engaging and
relevant content; and a greater
say over how their money is
managed.
Cost and Margin Pressures
Costs and challenges associated
with scaling legacy systems is
driving many firms to review their
operating models. Regulatory
changes including RDR, FATCA,
MiFID II and GDPR have put even
more pressure on firms to capture,
retain and retrieve data driving up
the costs of compliance while
downward pressure on fees
continues from both regulators, low
cost ETFs and disruptors
Emerging Competitors – and partners
New entrants are defining the new
standards for client experience and
challenging the status quo with innovative
business models while large incumbents
are launching their propositions forcing
others to follow or risk being left behind.
As fintechs adapt their business models
yesterday’s competitor becomes today’s
potential partner
£Digital
4
APS: AI and Machine Learning has been dubbed as the “fourth industrial revolution”…
Simple: back office robotic automation, recommendation engines and voice recognition
Complex: advanced analytics and self-
teaching AI
01010101011010110100`0010101010101010101001010101011010110100101010101010101010
5
APS: …Opportunities exist for Organisations to harvest the potential
Improve efficiency
Enhance client
experienceLower risk
Free up time to spend
speaking to clients,
improving the quality of
service
Perform simple tasks in an
automated way, without
need for human input
Analyse more information,
more quickly than a
human could process
Make decisions in a
reasoned, impartial way –
removing emotional
response
Use predictive analytics to
identify and avoid
potentially costly risks
Remove human error in
investment and
operational processes
Anticipate and proactively
respond to client needs
Interact with existing and
potential clients in a more
targeted way
6
APS: Power has shifted to those who own the customer experience
Age of
Manufacturing
Age of
Distribution
Age of
Information
Age of the
Customer
Dominant
Companies
Sources of
Dominance
1960 - 1990s 1990 - 2010s1900 - 1960s 2010 - 2020s
7
APS: FinTechs are disrupting the the market – primarily around CX and Price
Sign Up
4-5 minutes
Minimum Investment
$0
Speed of Execution
5 clicks
Fee Transparency
0 clicks
The time it takes to open a Betterment or Wealthfrontaccount
The number of clicks to send money through Venmo --versus 15 clicks through Bank of America
The minimum investment to open an account at Betterment
The number of clicks to view the advisory fees charged by most Robo Advisors
8
APS: As FinTechs proliferate and disrupt the market… they can also be
potential partners
Fintech LandscapePOWERED BYDEs ig n ED BY
PIERRE DREUX
v ERs iOn 2.0
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• 82% of incumbent Financial
Services organisations expect to
increase FinTech partnerships in the
next 12 months*
• 89% of European incumbents
believe their business is at risk from
FinTech companies within the next
5 years*
• 55% of FinTech and 40% of
incumbent organisations site
differences in management styles
and culture are the single biggest
impediments to successful
collaboration*
• “Traditional Financial Institutions are
too slow in implementing things. For
a startup it takes no time to adapt
to new circumstances and make
changes accordingly. Incumbents
take forever. Integrating with them
is a nightmare because they lack
the culture, know-how, and they
lack the incentive.”
- CEO of a Latin American FinTech
* PWC Global FinTech report 2017
9
APS: Transformation requires developing excellence across 4 building blocks
Simple, Flexible &
Scalable Architecture
Shift from legacy systems to flexible open
architecture, Cloud/ SaaS, digital
ecosystems and API integrations (including
FinTechs and other 3rd parties) to support
the Digital vision
Customer at the heartAn obsessive customer-centric
mindset and approach to deliver
seamless, omni-channel
experiences (to bother external and
internal customers) building in
regular dialogue with customers for
feedback and product innovation
A Culture of Innovation
An entrepreneurial culture and
environment where ideas are rapidly
trialled and tested before progressing to
implementation and iterative
improvement
Data at the coreHarnessing structured and
unstructured data from within
the organisation as well as
external sources to develop
insights and drive customer-
centric propositions, Machine
Learning and AI solutions
APS: Starting from the customer and business needs to deliver the solution
9. Prioritization Map
5. As-Is/To-Be Experience Assessment
6. Experience Analysis
1. Business Priorities & Design Principles
3. Architecture Review & Diagnostic
2. Target Segments, Goals and Personas
(identifies the service gaps and greatest opportunities to impact customer experience)
7. Treatments & Opportunities 10. Sketches and storyboards
(high-level req’ts across the operating model and architecture)
8. Target State Capabilities
(identify the best tools to offer e.g. front-end functionalities, triggers, digital capabilities)
(Guiding rules for defining to be customer journeys and strategic KPIs – align to business goals)
13. Roadmap & KPis
11. Visual and UX designs
(prioritised journeys, quick wins and big wins)
KPIs (customer & business); ways to measure; set baselines and targets
Front-line staff interviews
12. User Stories, Process Flow, Business Req’ts & Wireframes
Future State – Change of Circumstance
Syste
ms
Custo
mer
Bra
nch
Manufa
ctu
ring
No
Yes
Enter change
including primary
contact details
Receive
confirmationDetails correct?
CROSS SELL
PROCESS
Establish scope
and type of
change
(address, phone
# etc)
Offer customer
confirmation via
channel of
choice
Submit change
of circumstance
Explain
requirement
Identify & verify
customer
Scan CHIP and
PIN card
Trigger and store
cross sell lead
Apply change
across products
selected
Confirm effective
date to apply
change
Action and close
lead (book
appointment /
cross sell)
Generate
confirmation to
customer via
channel of
choice
Generate
appointment in
diary (if
applicable)
Correspondence
reflects
requested
change
Explain
requirementEnd
Target Processes
HL Req’ts
Wireframes
Articulate Business Goals Customer Priorities, Review Current State Define and Iterate Customer Journeys (As-Is and To-Be)
Assess Experience Gaps
Determine Opportunities & Required Capabilities
Define Business Requirements, Benefits
& Roadmap
Customer Focus Groups
Desktop research and Analytics deep-dive
4. “Moments of Truth” Analysis
5.
Imp
lem
ent
(pinpoint the differentiators/ must haves vs. nice to haves? Score features on customer impact, delivery complexity and cost)
Omni-Channel Journeys to highlight moments of pain and delight
11
APS: Supporting your Digital transformation from vision to implementation
Digital Operating ModelFuture Visioning Delivery SupportRapid Prototyping
Workshop with Senior
Leadership and key
stakeholders to review industry
best practice, explore the ‘art of
the possible’ and define future
state vision
EXAMPLE DELIVERABLES
• Visioning Workshop write-up
• Themed requirements summary
• Differentiation / segmentation analysis
• Best practice & trends analysis
• Customer Personas and Journeys
• Tech landscape/ architecture
EXAMPLE DELIVERABLES
Future Visioning Digital Operating Model
Development of a target state Digital
operating model and supporting
processes to establish best in class
digital capabilities. Definition of a
supporting transformation plan to
move from current to end-state
• As-is operating model review
• Operating model definition
• Process design / re-engineering
• Quick win and long term transition plan
EXAMPLE DELIVERABLES
Rapid Prototyping &
Proof of Concepts
Development of customer centric
ideas into low and high fidelity
prototypes and the evolution of
these through to proof of
concepts to rapidly deliver
minimum viable products (MVPs)
to assess the viability of ideas
• Initial digital prototype created
• Technical development of MVP and
ongoing stakeholder & QA testing
• Two-week live testing with real
stakeholders
EXAMPLE DELIVERABLES
Project management and
business analysis and testing
support to ensure the solution
is delivered in a way that
maximises user adoption and
improves business outcomes.
Delivery Support
• Visual and UX Designs
• Project structure documentation
• User Stories
• Testing plan and documentation
• Training documentation
2
APS: Digital is moving towards a more holistic approach
Manual Electronic Automated Connected Integrated
Fund
Management
Data
Management
Relationship
Management
Sales &
Marketing
Paper ledgers & trade tickets
Physical paper records
Separate specialised fund
management tools
Client-led information
demanded
Information
on-demandAsset Manager led information
given
Generic tools
Connected fund
management tools
All interaction in person Targeted approach
Annual updates
Electronic records Golden source recordsMachine Learning
Risk &
Compliance
Sample based
manual reviewsSample based
electronic reviewsException based
investigations
Dynamic
monitoring
Main interaction in person1:1
APS Digital will help clients achieve a more connected and integrated business.
12
A S S U R A N C E
P R O G R A M M E S O L U T I O N S
Change & Transformation
Specialists for
Wealth & Asset Management
UNITED KINGDOM:ASSURANCE PROGRAMME SOLUTIONS
CONTACT US:
APS OFFICE NUMBER: +44 2380 302490 OR
EMAIL: [email protected]
WWW.APSOLUTIONSUK.COM
6 LLOYDS AVENUE, LONDON EC3N 3AX
We Change & Transformation Specialists in the
Wealth & Asset Management Industry with a proven
track record in delivery and experience within
Global Banking, Insurance, Asset and Wealth Management.
We pride ourselves on delivering projects on time,
budget and quality expected in a rapidly changing
landscape. Our vision is to become a trusted
partner within the industry with whom organisations
can rely on to deliver to the institutional quality
expected.
Our mission is to break the compromises that clients
face when using Consultancies & Resource
Agencies.
APS are a Strategic partner for expert system integration within Financial Services
A B O U T U S A P S
S E R V I C E
O F F E R I N G
Consultancy
Resourcing
Managed Services
Professional Services
A P S
C O M P A N Y V I D E O
https://youtu.be/lRW8SOf4UjY