On November 30th, more than 250 finance professionals gathered at the Etablissement Namur for the 2017 edition of the Luxembourg Finance Innovation Summit. After a series of conferences on the topics of innovation in insurance, financial services and payments, and an insightful startups session, the Luxembourg Finance Awards were distributed to acknowledge and recognized the best practices and solutions available in the Grand-Duchy of Luxembourg.
The event started with Master of Ceremony Jonathan Prince, co-founder of FINOLOGEE, asking: "In the digital age, how has the financial sector evolved and how are companies keeping or creating their leadership? What future is to expect for Luxembourg’s financial sector and how to comply with the new standards in terms of technology, regulations, human’s experience?".
Patrice Amann, EMEA Financial Services Business Lead at Microsoft, then took the stage for a presentation entitled "Empowering Financial Services in the Digitalized World". He first stated: "Business as usual is no more an option. There are a lot of opportunities for financial services providers". Mr. Amann then listed the four technology megatrends – mobile, social, big data and intelligence – which have one enabler in common: cloud. "Customer empowerment, innovation & agility, data rules and a new reality are the four significant forces that are currently affecting financial services. This digitalization is therefore transforming the landscape" he explained. Nowadays, new entrants and FinTechs are highly agile and cloud-enabled. They are also putting pressure on developing new business models across the different products and services. He then quoted Jami Dimon, CEO of JPMC: "There are hundreds of startups with lots of brains and money working on various alternatives to traditional banking". The ICT specialist then focused on how cloud-based platforms maximize business agility, on building intelligent banks, with the ultimate goal being the provision of a single experience for customers through one interface: one seamless end-to-end journey to the desired customer outcome. Patrice Amann concluded his presentation by discussing bots, conversation as a platform and the rise of robo-advisors in wealth management: "by 2020, virtually every wealth management and capital market firm will have built or licensed a robo-advisor platform or leverage AI to manage funds".
The "innovation" approach in the different branches of the finance industry
Marc Stevens started the session by focusing on innovation in the insurance sector. The CEO of OneLife went over the many digital projects and initiatives that have been successfully undertaken and implemented in the last 2 years, from a survey called R U #Digital for the stakeholders to the full inclusion digital roadmap, highlighting the fact that "everything started with people". 2016 was notably the year of agile and inclusive projects: rebranding, mobile app, digital campaigns, etc. The company is currently working on RPA, email automation and RegTech solutions, to allow the customer service and compliance departments to save time and focus on projects with a stronger added value. The life-insurance company is working towards a full process digitalization in 2018, but with a hybrid model with the human touch, working notably on new business models. Marc Stevens ended his presentation by stating: "Where we are going… we need people!".
Frank Roessig, Head of Digital Finance Solutions at Telindus, shared his expertise with the audience on the topic of innovation in financial services. Mr. Roessing started his speech by quoting his CEO Gérard Hoffman: "Onmi-channel account opening is the entry point for the future of banking: there is a new paradigm". He then shared the KYC client life-cycle process with the audience, putting the cycle of data management right in the middle of it: "Digital KYC is an inevitable evolution with benefits for clients and financial services providers alike". But nowadays, many challenges remain for banks such as manual paper work, an evolving regulatory framework, poor UX, security and fraud issues, and the fact that there is no such thing as a global identity standard. Reinforced KYC are therefore required. "The purpose of DigitalKYC is to make sure the client goes through a faster onboarding process and insure that the compliance team has a clear visibility and is able to make a rapid decision" he concluded.
His presentation was followed by the speech of Agnes Gerbaud Seuret (Chief Transformation Officer & Member of the Executive Committee Retail and Commercial Bank, BGL BNP Paribas) who tackled the topic of innovation in banks. The expert started her presentation with a video of the International hackathon which took place in June, bringing together more than 1,000 brilliant minds competing in the biggest hackathon of the financial industry. "It shows how dynamic BGL BNP Paribas is when it comes to digital transformation. We wanted to put experts together to tackle the challenges banks face on a daily basis " explained Mrs. Gerbaud Seuret. The digital economy, over the last 20 years, has seen exponential growth, yet, according to the CTO, transformation is not about technology alone, it is about technology helping customers to more proactive in this ever-changing environment. She ended her presentation by sharing two examples of projects that have been lead in Luxembourg, following the hackathon answering two different challenges: facilitating corporate customers digital onboarding by collecting data from different sources thanks to cognitive robotics, and leveraging customers' transaction data and knowledge to push them relevant, added-value information, regarding their finance thanks to deep learning.
"No more card, no more cash, no more devices" was the name of the presentation given by Gilles Moro, Founder & CEO, EMP Corp, who shared is vision of the payment universe in 10 years, which will be composed of one single e-wallet and a smartphone. "Smartphone will replace the traditional payment terminal" he added. Gilles Moro told the audience about the history of EMP Corp, with almost 30 experts now working for the company, and presented the advantages of the several products available, benefitting both customers and e-merchants. The company's latest product allows payments with the smartphone in just a few seconds, and no payment terminal is needed. "TePeeLib is a secure app and a secure payment link is sent by SMS to the customer" he concluded.
This first session ended with François Masquelier (Senior Vice President, Head of Treasury and Enterprise Risk Management, RTL Group, and Chairman of ATEL) talking about the benefits of innovation and technology in treasury. "The question is not WHETHER our economies and functions will be affected by digitization but WHEN and HOW. We need to adapt, to be agile" he stated before going into details of the transformation of treasury, which has, according to him, entered a new era of its developments. "We can really talk about disruptive innovations and many changes: e-payments, new financial regulations, robotization of processes, algorithms, market volatility and also cyber-crimes and fraud" explained François Masquelier. After listing the drivers of this evolution, he concluded by stating: "The better is ahead. The future is now".
The ever-growing startup FinTech ecosystem
In a session dedicated to startups and powered by the LHoFT (Luxembourg House of FinTech), 5 young dynamic FinTech companies shared their vision. Valérian Branco is the co-founder of Goldbaum. The startup aims at becoming the new standard in financial product selection in Luxembourg and later in Europe, by providing guided research, end client reports and guided advisory. Oleksiy Shostak and Samuel Eustachi presented ume, a transforming digital solution for the due diligence of fund distribution. ume is a mutualized web based platform designed to support Management Companies in the oversight of their network of distributors. Then, the audience got the opportunity to learn about Uniskip through the presentation of Lucas Bajoc. The startup offers a local and international payments and transfers service in financial inclusion with anti-money laundering. BitPesa offers instant, low-cost and easy way to make business payments into/from/within sub-saharan Africa. David Yen, Head of Global Strategic Partnerships) presented the startup to the 250+ finance professionals. BitPesa is notably regulated by the CSSF in Luxembourg. Vincent Him, Business Development Director at Duco ended this startup session. The young company notably works with financial institutions by helping them change their processes by efficiently using their data.
Right before celebrating the best practices and solutions of the Luxembourg market, two demos were organized. David Kiener, Managing Partner of Dekan Group, gave a presentation entitled "Compliance leadership in tech times". Finally, Kenza Bouzouraa (Head of Sales and Business Solutions, Ainos) focused on the upcoming Global Data Protection Regulation.
The ceremony started with Telindus Luxembourg winning the FinTech Solution of the Year award for the creation of a trusted Digital Customer Onboarding platform for individuals and legal entities, which is also compliant with current and upcoming regulations.
eProseedRTC was named RegTech Innovation of the Year. The solution enables organizations to self-assess their level of compliance with the GDPR and has a comprehensive database of 350 regulatory requirements.
The Best Innovation in Insurance award was awarded to Bâloise Assurances for GoodDrive, the first automotive telematics insurance to help young drivers save money for good behavior on the road.
ume won the Finance Startup of the Year as it enables to 90% of the time and efforts on due diligence process and helps make better informed decision and reduce risks related to fund distributors.
The jury members then awarded the Outstanding Contribution to the Financial Center of Luxembourg to Luxembourg Stock Exchange. The award was handed over by Laurent De Buyser, Co-founder and Managing Partner, Intensum. Seen as a gateway to access international investors, it is home to almost 50% of the world listed green bonds from 36 worldwide issuers.
Finally, the FinTech Leader of the Year prize was awarded to Nasir Zubairi. The CEO of the Luxembourg House of FinTech is recognized as an international FinTech expert and is known to be a strong team player as well as a sound communicator with the ability to work in a fast paced environment. Moreover, the entire community is aware of his tremendous commitment to develop the Luxembourg Financial place. "It's all about team, environment, collaboration. Thank you to all the people who are working on moving finance and Fintech in Luxembourg forward. I really hope it continues" added the FinTech Leader of the Year 2017.
The event ended with the traditional networking cocktail, allowing finance professionals to further discuss the latest trends of the sector. InFinance would like to thank all the candidates and all the partners of the event: Microsoft, Intensum, EMP Corp, FundsQ, OneLife, Telindus Luxembourg, Elgon, Clearstream, Unsikip, Duco, Goldbaum, Ume, BitPesa, LHoFT, Agefi Luxembourg, Enterprise Magazine, Chronicle.lu, Leaders League, BEAST & RMS.lu.
Publié le 01 décembre 2017