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Articles by Keith Stonell
It’s time for Fintechs to seize the moment on talent
It’s difficult to overstate just how much the way we work has changed over the past year. We all know it and we’ve all been living it since Covid-19 arrived and upended our daily lives overnight in early 2020.
Upcoming AI regulations - and how to get ahead of them
In April 2021, the EU proposed new regulation around the use of AI. Despite having left the EU, it remains the case that the UK lending market is intrinsically linked to the European banking sector and that the requirements of larger trading blocs tend to dictate the likely direction of travel for smaller markets such as the UK. Because of this, we can reasonably expect that UK legislation – or the practice of UK lenders - will continue to mirror closely that of our nearest neighbours.
Interoperability: The New North Star for Financial Market Blockchain
After nearly five years of experimentation, blockchain has reached an important milestone in financial services. This year, several distributed ledger technology platforms are either running live or preparing to launch.
Insurers as influencers: building a more sustainable, responsible, and equitable world
The seriousness with which insurers take Environmental, Social, and Governance (ESG) issues has come under increasing scrutiny in recent years. As both investors and underwriters, insurers occupy a central role in the global economy that gives them significant influence over the business activities of others. With the increasing risks associated with ESG issues, particularly climate change, there is clearly a need for insurers to think carefully about how they address ESG.
The Digital Future of Commercial Banking
Digital transformation isn’t only about retail banking. Commercial banks also need to transform. Let’s face it, most of the conversation about digital banking transformation is dominated by retail. Perhaps that’s because retail banking is generally more familiar. Almost everyone knows something about retail banking, and it’s easy to compare a digital banking experience with other services, such as online shopping or ecommerce.
Banking-As-A-Service. Why It Makes Sense For Banks.
According to Bain Capital Ventures, Banking-as-a-Service (BaaS) is set to become a US$3.6 trillion industry by 2030. There are recent signs of serious BaaS momentum. Leading banks including BBVA and JPMorgan Chase have already ramped-up significant investment in to the unique API-type model, and Goldman Sachs has announced its own new BaaS portal for developers.
Transforming Data Collection: FIRE as a common input layer
Originally posted on https://suade.org/learn/transforming-data-collection-fire-as-a-common-input-layer/ In January 2020, the Bank of England initiated a project entitled ‘transforming data collection’ with the aim to improve data at financial institutions and facilitate regulatory compliance processes. Among the Bank’s key considerations were common data inputs, modern reporting instructions, and changes to the reporting architecture.
Why companies need to think of remote customer onboarding in a Holistic Manner
As per recent report from Wall Street Journal one quarter of 165,000 branches of various banks in Europe will go away in next three years (https://www.wsj.com/articles/european-banks-use-pandemic-to-clean-house-11613298601). In 2020, one of the biggest car rental company closed more than 600 physical locations in Europe and middle east (https://www.autorentalnews.com/354232/hertz-addresses-coronavirus-impact-closes-stores ).
How Can Firms Use RegTech to Their Advantage?
It’s a common observation that change is constant and accelerating, and this is certainly true in the regulatory space, and amplified by the disruptions of Covid and Brexit. Significant new regulations (e.g. MiFIR, FinIA, FinSA, AIFMD, and MiFID to name just a few) flow alongside ongoing adjustments, clarifications, and enforcements and add up to substantial changes across financial service.
Why the FCA fair price ruling will drive product innovation and benefit consumers
The FCA consultation on fairness in pricing is closed. The industry now knows when they must have new controls, systems, and rules in place by September, and be ready to go live with new price and auto-renewal processes at the end of the year. So, insurers are now firmly on course to ensure pricing for new and existing customers must be the same, ending a pricing partition that has persisted for years.
Has COVID changed consumer attitudes towards insurance?
By Keith Stonell, vice president -EMEA, Guidewire Software The insurance industry had its battles with COVID-19, but consumers globally were left feeling that they had unanswered questions. As the world looked to the insurance industry to provide support around COVID such as business interruption policies, insurers were also urged to assess the effectiveness of their relations with customers.
Learnings from a CEO: adapting to life in Covid
Everyday, business leaders face challenges, ranging from the photocopier running out of ink or paper at the most inconvenient moment, to the latest development of a new piece of technology that outmodes their proposition overnight. However, it is now imperative that leaders improvise, innovate adapt and do all they can to keep their businesses moving and (ideally) growing. But what about when the world shuts down?
Trade Digitisation: To scale is to standardise
The global trade and trade finance industries are nearing an inflection point where we will either embrace digital platforms en masse, or will return to discussions about a future held back by endless challenges, as pockets of digitisation progress. For the most part, the technical challenge of digitisation has been solved through progressive approaches and technological innovation over the last few years.
Twelve powerful wealth management trends. Twelve opportunities in 2021. Are you ready?
After a turbulent year businesses are looking for some bulletproof guidance and inspiration, wealth management is no exception. There is no doubt that the Covid-19 has changed the world for ever, but let's not make the pandemic a scapegoat for the woes of asset and wealth management organisations. Prior to the pandemic, the wealth management sector was facing multifaceted challenges arising from the digital disruption, evolving customer segments, and shifting competitive dynamics.
The state of FinTech: a recap of 2020 and a glimpse into 2021
2020 was a very challenging year for most industries, and FinTech was no exception. However, the FinTech industry seems to have weathered the storm that continues to ravage the globe. Below we discuss three of the main trends KAE identified as defining for the industry. Maintained growth & consolidation Following the outbreak of the pandemic, investment budgets were slashed in most industries as uncertainty began to overshadow strategic planning. Less so in FinTech.
The insurtechs are coming to get you! What to watch in 2021
In the world of insurtech, it is typical to make bold predictions about the state of the market and where it is headed. The fact is, however, that as the market matures investment in companies is becoming more concentrated and ‘trends’ are more long-term. This consolidation is beginning to drive an increasing amount of meaningful innovation in the sector, as innovative business models and technologies are scaled to meet customer demands.
The scale-up factor: Hong Kong’s fintech advantage in the post-pandemic world
The COVID-19 pandemic has forced lockdowns and impacted economies globally. As we recover from the pandemic, the focus for international finance hubs is resilience and recovery. One of the most important success factors for fintech companies in the post-pandemic era is the ability to scale. From funding, to product development to distribution and market opportunity – these scale-up factors are critical for sustained fintech success.
There is no reason to sell. What will happen to Bitcoin and Ethereum?
During the past week, the price of Ethereum has increased by 45%, Bitcoin - by almost 20%. Let's try to answer one of the main questions of traders and investors — what to do with assets now, will they continue to rise in price or will the correction begin? On the night of Tuesday, January 5, the price of Bitcoin on the Binance crypto exchange exceeded $32.8 K, now it is $31.2 K. Over the past day, the cryptocurrency has risen in price by 6%, during a week - by almost 20%.
Twice as good. How digital twinning delivers for banks
Institutions from across the banking sector are turning to digital twinning to help them with a range of challenges. A digital twin is a virtual representation of a real-life entity or system, created in software. Digital twins can take many forms, but the essence is invariably about capturing and using data in a way that accurately mirrors the physical world. The idea is to use the twin to simulate conditions, test scenarios and explore what-ifs.
Lloyd’s of London Blueprint Two claims to show the way
At the beginning of the pandemic, there were perhaps few institutions that looked less well equipped to function under social distancing than Lloyd’s of London. Synonymous with antiquated practices and the primacy of dealing face-to-face, business at Lloyd’s should have ground to a halt this year. Of course, the reality is that this has not been the case. The London Market has, like many other businesses and organisations, proved to be more flexible and pragmatic than many would have believed.
How Technology Continues to Revolutionize the Car Buying Experience
Among the many sectors that have been affected by recent advancements in technology, the market for cars is one of the most notable. This is valid for both used and new vehicles alike, and we have seen a lot of growth on this front in recent years that has pushed some businesses to reevaluate their approach, while it has also opened the eyes of some buyers to what the market holds for them.
Win or lose? Winning banks break through the Big Tech Nash equilibrium.
In today’s ever-changing business landscape, where companies need to try and stay ahead of their competition, innovation should be one of the most important focus areas. According to strategy consultant BCG, innovation indeed is a top-three management priority for almost two-thirds of companies. This is however the lowest level since the financial crisis in 2009 and 2010—perhaps reflecting the uncertain economic outlook amid geopolitical tensions and the outbreak of COVID-19.
Customers Are Looking to Insurers for Stability in 2021
Like everyone else, insurers have had a tough year with COVID-19 and the ensuing economic uncertainty. The sudden re-modelling of their businesses around mass working from home, the collapse in the markets for travel and other insurance products through to the difficulties around claims for business interruption insurance, are all factors that have affected insurers and their relations with customers. COVID-19 has shaken badly, but has not broken, people’s bonds with insurers.
Reimagining Banking and Financial Services in a Post Covid-19 world
When the global markets strived to contain the spread of Covid-19, many banking and financial institutions (FI) were more determined than ever to emerge successful from the pandemic. Even in the face of seemingly unfavourable macro and microeconomic factors, the focus for financial services firms was embedding resilience, stability and reimagining the future of finance in the new normal.
2020 is changing the way we 'Do Risk and Resilience' forever
You are the CRO. Responsible for measuring risk impacts due to not only the pandemic, but multiple uncertainties ranging from disrupted supply chains, economic impacts to historic wildfires and hurricanes. How you and your teams do risk and resilience management is transforming today and will evolve tomorrow and every day into the future as we adapt to these crises. We are compelled to raise risk management to a new level.
Sales for start- and scale-ups : 5 lessons learned
Lesson 1 : Sales should be on the top of your business plan! Do you remember the 4 P’s of the marketing mix? Product Price Promotion Place 3 out of the 4 factors refer to sales, only 1 to the product. The sales plan is as important as the product and the financial plan! Sales, as product development, has its cost. Never underestimate it and take in account from the very beginning. Lesson 2: A product doest NOT sell itself, however unique, all-performant and appealing it may look.
Has lockdown broken the magic of brokers?
Insurance brokers have always had a special relationship with their customers, one that some might have felt was impervious to change. Due to the current pandemic and the lockdown measures related to it, brokers, along with many other professionals have had to reimagine the ways in which they do their jobs and interact with their customers. The real question for brokers is what place they have in the ‘new normal’.
COVID vs HUMANoidS: 'Your enemy’s enemy is your friend'
The whole world is fighting against Covid. The once so intimidating robots suddenly seem to be the new found friends in this battle for a safe Earth. Now all those critics who thought robots are threat to life are re-thinking, when they see these machines move around to deliver medicine, check vitals, disinfect premises and even conduct tests.
Beyond onboarding: pitfalls and potential during a pandemic
Coming into 2020, many wealth management firms were beginning to realise that their continued focus on the digital transformation of onboarding, at the expense of other wraparound processes, was putting their business at risk. In January we released an e-book my colleague spoke to them about the need to see client lifecycle management (CLM) for what it is – an end-to-end process that must be addressed in entirety, to remain competitive and drive value for clients.
Data holds the key for lenders to say 'yes' to home buyers
When Chancellor Rishi Sunak stood up in parliament to increase the stamp duty threshold to £500,000 until March next year, he intended to wake the UK’s property market from its slumber. The Covid-19 pandemic put any plans people had for moving on hold. In the middle of April, our data shows mortgage applications dropped to a fifth of the levels recorded in the week before the country went into lockdown.
Is working from home actually best for customers and employees?
You will have done well in the last few months if you have avoided talk of the ‘new normal’ and the paradigm shift many of us have experienced in working practices. In many ways, the changes that have been forced upon us are a good thing. People have wanted more flexibility in their lives for some time and the largely positive experiences many businesses have reported in the move to home-working means that flexibility is likely to be the norm once lockdown is over.
Why fintech has fallen in love with Kubernetes
Kubernetes is a word some people in fintech will have seen mentioned but few are likely to understand (and even fewer know how to pronounce!). The reality is, however, that far from being a technical side note, it has become a powerhouse of innovation in the financial services sector over the past few years. Kubernetes is Greek for helmsman or pilot, and that’s a good indication of what it does. It is an open-source system for automating deploying, scaling, and managing applications.
Marketplaces in the financial industry - Here to stay?
Marketplaces are hip and trendy on the internet and will likely evolve even more in the near future. In some markets (like food delivery, transportation, commerce, holiday…) they already represent double digit market shares (e.g. in 2018 $1.86 trillion was spent globally on the top 100 online marketplaces), but for the financial services sector, their impact (even though there are a few unicorn FinTechs in this space) on the industry is still limited.
The great insurance disappearing act: what is the industry’s role in an ecosystem economy?
The sale of goods and services is becoming increasingly part of an ecosystem economy. From vehicle leasing to managed networking services, business models that combine different goods and services are more and more commonplace. Motor and consumer electrical markets have been adapting to these changes for some time, and they are now becoming ever-more accessible.
Are insurers’ heads in the cloud?
We are all adjusting to new ways of living and working and one such adjustment, I’m sure many of us have now encountered, is the virtual conference. Beyond the obvious upsides such as not having to deal with the travel, the jet lag, the hotels, and the bad coffee, the virtual conference experience has been an interesting and enjoyable one.
Bank 19 - a brave new bank for a brave new world?
In common with many others, I too was relieved when the government introduced a variety of fiscal measures designed to support the UK economy and the wider population as we navigate our way through this global pandemic. Finally, after a nerve-racking delay, an increasing number of small-to-medium-enterprise (SME) businesses have now received the government’s ‘bounce back loans’ which will hopefully help them to weather this tragic situation.
How to realise the Future at Lloyd’s
The Future at Lloyd’s Blueprint One, the plan to transform the market, has been covered widely by City of London insurance pundits, but there is still a long way to go before we know what it looks like. The Blueprint represents a decisive moment in Lloyd’s of London’s history in that it is a break with previous attempts to modernise the London Market. This is not another LM TOM. Delivering exceptional value to customers means that the focus has to be on customer service.
Let Your Agile Squads Breathe!!!
Most people are other people, Their thoughts are someone else’s opinions, Their lives a mimicry, Their passions a quotation!!! - Oscar Wilde Nothing can sum up social life as beautifully as Oscar while did more than a century ago. We emulate similar behaviour at every social construct that we engage in. In our homes, neighbourhoods, offices and relations. We get influenced, inspired and enchanted by ideas that we naturally connect with.
The new age of Fintech - What you need to know about data aggregators
Earlier last month, news feeds were abuzz about a major acquisition within the financial industry, when Visa purchased fintech startup - Plaid, for a substantial sum of $5.3 billion. Although major news, for the majority of the readers this was the first time they have heard about Plaid, raising the questions of how could this company that many have never heard of before suddenly get such massive valuation.
Financial inclusion - A word with many meanings
Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Sign Up Channels Group External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Let’s get this gig on the road
The “gig economy” is growing rapidly. Technology acceleration has enabled businesses like Deliveroo to pioneer its working model in the UK. The increasing number of contractor jobs has risen from 1.3 million in 2018 to 4.7 million and it seems that more industries are shifting to an ad hoc basis when it comes to employing staff. For insurers, this presents a new opportunity to protect workers and employers. Gig economy workers do not necessarily need, or indeed want, to be insured all the time.
Goldman Sachs on its way to dominating the fintech market
2019 saw a lot of big companies getting into fintech and trying to develop their own innovations or invest in the right startups across the world. We’ve seen some companies do it right and many do it very wrong. It is a shaky industry in terms of what works and what doesn’t. When companies like Goldman and Sachs decide to go into something that decentralized, it could become a disaster.
Embedding AI gives CFOs a second pair of eyes
It is widely believed that we only use 10% of our brain, but science has without doubt disproved this fact. However, it is easy to see why we would believe it. We often find ourselves failing to achieve our full potential, whether this comes in the form of lacking productivity at work, the impact of stress or tiredness on our decision-making, or letting friends and family down. We are only human, we have our limits. This then begs the question: how do we improve our potential?
Will South Africa maintains its status as the unlikely fintech lead...
This year has been a huge success for South Africa and Africa in general as well in terms of gaining a reputation for innovative technologies, embracing financial innovations and producing unicorn startups. This year we’ve seen many services and products come out of South Africa that have impressed the rest of the world and now we’re seeing more and more investors pouring their resources to Africa instead of US or China because of this trend.
What will Fintech scene look like in 2020 according to the industry experts
2019 was an excellent year for fintechs in terms of exposure and raising awareness among the majority of the population about what fintechs are and what potential they hold for the regular citizens. In 2019 we saw a major spike in the number of fintech, in the funding of these fintechs and the collaborations between these startups and the larger, more traditional institutions.
Insurers should look alive in 2020
May you live in interesting times, so goes the Chinese curse. 2019 has certainly been an interesting year for insurers. Going into 2020, the industry is grappling with the fallout from disastrous weather events, and with chastisement from regulators in the UK on how insurers must do a better job in delivering value to customers. Nonetheless, the insurance industry continues to step into the breach and support people, often in times of incredible emotional and financial need.
Connecting with Millennials & GenZ candidates in Financial Services: Intelligent talent acquisit
Millennials and Generation Z already represents 49,7% of U.S. population, which is a challenge for the ability to recruit, hire and train a diverse workforce for banks and insurance firms. Millennials & Gen Z in a transforming Financial Services industry Banks and insurance firms are fighting the war for talent - and nearly all major banks are starting to look more like technology companies than banks.
How To Coordinate A Global Tech Team
“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell This is a reprint from my recent article for Forbes Tech Council Every software platform, piece of hardware and back-end system developed at my company has required coordination between tech development groups spread across the world. Our primary hubs are located in India, Serbia, Germany, the U.K. and the U.S., but we have people working in more than 20 countries worldwide.
Does Lloyd’s Have the Insurtech Blueprint for the Future?
In September 2019, the world’s oldest insurance marketplace made yet another announcement about how it would transform itself for the future. The announcement of the Lloyd’s Blueprint One had been well signalled when Lloyd’s announced the Future of Lloyd’s Prospectus back in May. This was followed by a consultation exercise that wrapped up in July. To give me some perspective on all of this, I touched base with my colleague, Ian Gibbard.
2020 predictions: the new era of spending for the CFO
In the last 12 months, CFOs, particularly in the UK, have been forced to count the pennies when it comes to budgeting in an era of political and economic uncertainty. As we move into 2020 we expect, or at least hope, that we will have more clarity. With this comes spending – CFOs will look to spend funds they have been holding back over the previous year and will look to invest in areas that will help their company thrive and grow.
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