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Articles by Martin Haering
The Three Pillars Of An Open Finance Philosophy
In bygone eras, one of the ways that competitive advantage was won was through differentiation; having a superior product or service that was hard to replicate cemented your relevance in the industry. The concept of being open — to new collaborations, to joint routes to market, to technical transparency — was almost unheard of, as organizations ringfenced their innovation and tried to dominate or monopolize markets.
Collaboration Will Make or Break Challenger Banks
From the rise of disruptive challenger banks like China’s WeBank, Timo in Vietnam and YouTrip in Singapore, to the new digital banking licenses announced by Hong Kong and Singapore this year, Asia’s banking landscape is evolving apace. Many of the new players are focusing on niche areas. Indeed, this is their initial strength. But the test will be whether they can also extend themselves and build a sustainable and profitable collection of solutions.
As Community Banks Become Digital, Agile And Collaborative, Customer Experience Must Remain Key
Community banks play a vital role in the U.S. economy, both through their contributions and in the provision of financial services that underpin the success of their communities. They may not have the huge budgets or loud voices of their Wall Street counterparts, but they’ve forged strong and deep bonds with their customers that are hard to replicate and hard to break.
Open Banking Starts With An Open Mindset For Financial Institutions Of All Sizes
Visionary musician and composer Frank Zappa has been credited with saying, “A mind is like a parachute. It doesn't work if it is not open.” This observation also rings true when it comes to driving innovation in financial services for large institutions, community banks and credit unions alike. The financial sector is undergoing a tech-driven transformational shift, and it’s no secret that banks and credit unions must innovate to survive.
Three Tips For Becoming An Open Banking Brand Genie
Historically, bank brands could count on loyal customers to support multiple product lines and revenue streams, from deposit accounts to mortgages, credit cards to retirement portfolios. But technology is exposing consumers to an ever-expanding menu of products and services across multiple channels, many of which offer more enticing user experiences than are available from their traditional banks.
The Four Open Banking Models, And The Factors Financial Institutions Must Consider
Yesterday’s banks were not designed to serve today’s customers. Overcoming legacy systems remains one of the biggest obstacles for banks looking to offer a frictionless experience. Digitization can be seen as an expense; in reality, it provides banks an opportunity for new revenue growth. U.S. retailers are dealing with the same dilemma. With the rise of e-commerce, victims of the “retail apocalypse” failed to recognize that digital transformation is more than just a cost.
Key Benefits of Robo-Advisors in Fintech
When you are investing and strive for a higher ROI, whom do you address? As a rule, you reach out to a team of wealth advisors. That means meeting regularly with those financial consultants to discuss your ventures and make adjustments to your investment portfolio. This process is time and money consuming and can be frustrating, as well. This does not need to be the case. We know how to change it with a revolutionary new approach to wealth management.
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Our values and how they differentiate us
In March 2015, we secured the third new banking licence in the UK in over 150 years and launched later that year in September. So, it’s quite remarkable that today, we’re now one of the most active lenders in the UK, having lent over £3bn to fast-growing businesses, with 40,000 savings customers whose deposits help fund our lending. Despite this continued growth in a very fast moving sector, we are always heavily conscious to stay true to core values.
3 Tips to Enhance the Digital Banking Experience
Customer communications (for better or for worse) have an impactful role in the Customer Experience (CX), and they affect customer loyalty. It's time for banks to seize this as an area of opportunity, and strategically re-engineer their processes for creating, managing, and enhancing interactions with customers (including alerts, notices, social media posts, forms, on-demand communications, marketing campaigns, account/customer servicing documents, and more).
If you can’t beat them, join them
As I continue to look at the 2019 Accenture Banking Trends, this month I will be focusing on the disruption of the UK banking industry. There are two key forces I will be exploring here: the rise of new market entrants – including Fintechs and challenger banks – and the growing influence from China. Interrupting the traditional banking business model As Accenture warns, it’s easy to think that digital transformation in a different part of the world will not affect the UK market.
How To Prepare Your Company For The Fourth Industrial Revolution
This is a repost from my Forbes Technology Council Blog last month. "Progress is impossible without change, and those who cannot change their minds cannot change anything." – George Bernard Shaw Automation is nothing new. In fact, it's been influencing manufacturing processes for centuries, allowing human beings to produce without constantly keeping their hands on the wheel.
Why It May Not Be Enough With Innovation And Simplicity For Digital Banking Success
The key mission of the digital age and modern technologies is to ease the difficulties of our day-to-day lives. Every success-oriented financial entrepreneur is striving for a simple and user-centered service. But, what about the users? Why do they sometimes still put up with complex banking services, even though they might have experienced an alternative that's much more simple and user friendly? It's a million dollar question that has been discussed but still remains unanswered.
Our experience of the Martin Lewis effect
Don’t ever let anyone try to convince you that the “Martin Lewis effect” isn’t real. It is. How do I know this? Because I experienced it for the first time earlier this month as COO of OakNorth, and it has dramatically changed my view. It all started a few weeks ago when we were contacted by the research team at ITV’s The Martin Lewis Money Show.
Know me, consult me, take care of me: Banks need to raise the bar for financial advice
Continuing my blog series looking at Accenture’s 2019 banking trends, this time I’m exploring how improved adoption of cloud and data analytics will enable banks to raise the bar in the way they deliver retail financial advice. We’ve seen some exciting advancements in banking over the past few years with regard to digital assistants. With many banks now allowing customers to interact with Siri, Alexa and others, customers can check their balance, review spending and even make payments.
DATA STRATEGY FOR DRIVING GROWTH OF FINANCIAL INSTITUTIONS
Bank assets are all tangible and intangible resources which are owned or controlled by a bank to produce positive economic value. Besides loans, investments, cash and other items, DATA deserves a separate line on a balance sheet of financial institutions as it produces and adds significant value to the bank’s profitability and sustainability.
Step Towards Banking Revolution: Next Generation Back-office UX Designs
Frustration. Surprising, but that's the feeling thousands of banking employees experience daily when working with outdated banking back-office systems. How would you feel if your main working tool was creating problems instead of helping to solve them? And, we're talking about banking here, where mistakes literally cost money, clients, and reputation.
Step Towards Banking Revolution: Next Generation Back-office UX Designs
Frustration. Surprising, but that's the feeling thousands of banking employees experience daily when working with outdated banking back-office systems. How would you feel if your main working tool was creating problems instead of helping to solve them? And, we're talking about banking here, where mistakes literally cost money, clients, and reputation.
What Is Trophy Value, And Why Is It Important For Your Rewards Program?
In the incentives and rewards industry, the best rewards make use of “trophy value,” offering recipients recognition and a long-lasting feeling of appreciation for their loyalty. Much like winning an actual trophy, such as in a sporting event, a trophy value reward serves as a cherished memory that continues well after the life of the reward itself, creating long-lasting satisfaction.
Roots manoeuvre: IoT helps insurers join the dots
The value of the Internet of Things (IoT) to the insurance industry is becoming understood but there is plenty of room for even more innovation. The roots of IoT applications in insurance lie in how telematics were used to support early blackbox insurance for younger drivers. Early applications of this technology were being talked about over a decade ago on the BBC, for example. Today, we are seeing IoT evolve as cars become more connected, smarter, and have more autonomous driving features.
The valuation of banks in a more fragmented market
This is the first in a series of blogs looking at the top 10 banking trends highlighted by Accenture for 2019. Building on their predictions, I plan to explore some of the themes raised, starting with the topics of fragmentation of the market and bank valuation. Banking – unlike manufacturing, for example – has been built as a vertically integrated business.
Where oil and data do meet
As Bernard Marr suggests “Data is the new oil!” It is a claim you will have heard many times. Marr goes on to suggest that “It’s easy to draw parallels due to the way information (data) is used to power much of the transformative technology we see today – artificial intelligence, automation and advanced, predictive analytics.
The state of the nation’s business credit scores
Trying to expand any business takes investment, but with many smaller businesses often lacking sufficient cash, securing additional funds can be the solution your business needs to grow and become more productive. However, a poor credit score can limit your chances of doing this. All businesses have a credit score ranging from 0 to 100. The higher the credit score is, the better position financially a business is deemed to be in.
A Little Less Conversation, a Little More Action in Insurance!
Towards the end of last year, I attended a major insurtech conference. As ever, the week was packed with interesting debates and stories about how technology is impacting the insurance industry and how insurers are reacting to changing customer demands. One of the key takeaways concerned the manner in which customers might soon be communicating with their insurer. Talk becomes action There has been a lot of chat (pun intended!) in the insurance industry about the future impact of chatbots.
The Cyberthreat Trends the Financial Sector Needs to Follow
By Scott Cutler, Director, Sales - UK&I MAM at Fortinet For cybercriminals, a successful cyberattack has the potential to bring significant financial gain. Capitalising on the theft of information, whether credit card or banking data or the selling of personally identifiable information (PII) on the dark web, ultimately involves exploiting a person or organisation associated with the Financial Services sector.
Retaining the human touch in an AI driven world
Younger generations are increasingly comfortable with fully automated experiences –interacting with digital assistants, chatbots and robo-advisors in their daily lives. But while these technologies have their place in the customer experience, it’s essential that businesses still give their customers the opportunity to escalate complex issues or discussions to a human operator.
Digital Banks - Value Propositions
There is little doubt that mobile is an increasingly popular channel to manage finances as 2018 saw 61% of smartphone owners in Europe using mobile banking apps, an increase from 2017’s 48%. Therefore, it comes as no surprise that tech-focused start-ups are also attempting to offer a more streamlined, mobile-focused experience.
It's A Bank's Choice To Self-Disrupt Or Self-Destruct
Since the financial crisis in 2008, I have seen banks focusing on the disruption of the status quo due to the rise of fintech. In the face of successful digital disruptors, the question became whether banks would be replaced or even exist in the future. Sure, there are multiple data points that support this view -- 2018 saw record highs of venture capitalist-backed fintech deals, and PwC reported that 88% of financial services companies fear losing revenue to innovators.
Research: You spend 50 percent extra time and money if your development vendor isn't into fintech
You’d think by now fintech companies must have a clue about finding the right software development vendor, but as it turns out many of them still don’t. Over the years of working in this industry, we've talked to numerous companies to find out what the main pitfalls of outsourcing in fintech are. The main takeaway is that the lack of domain expertise in “generic” software development outsourcing companies often leads to different issues that cost clients their money — here are some of them.
Sterling bounces as markets price in a softer Brexit
The huge margin of defeat suffered by Theresa May's withdrawal agreement paradoxically boosted the Pound last Tuesday, which finished the week atop the G10 rankings. A string of weak economic data from China and the Eurozone was positive for the Dollar, where the government shutdown means little macroeconomic news is being released. Market focus this week switches to the European Central Bank (ECB) and, to a lesser extent, the Bank of Japan.
Five financial markets trends in 2019
Looking forward to the year ahead to try and predict some of the most significant trends that will steer the financial markets forward in 2019 has become a tradition amongst financial technologists. As we kick off 2019, here is my contribution to the debate – five trends to watch out for this year. 1) Cloud to become ubiquitous. 2018 marked an evident shift with regards to how cloud technology is perceived by financial firms.
Supporting Fintechs in engaging with financial institutions
Towards the end of 2018, the British Standards Institution (BSI) published a set of guidelines, advising Fintechs how best to engage with financial institutions with the goal of delivering a successful outcome for all: banks, Fintechs and end customers. The report includes recommendations and common pitfalls to avoid. It’s a useful reference guide for Fintechs starting on their journey.
Five Customer Experience Trends That Will Lead The Banking Transformation in 2019 and Beyond
It can be a major challenge to adapt a financial company to the fast-paced digital world. For some, it’s not only about success in the future but a question of existence. At the same time, there are hugely successful companies that are achieving extraordinary results with minimal resources. What’s their secret? After analyzing their approach, we’ve identified five brilliant trends that lead the transition to digital and make it extremely successful.
A Big IDea for Banks
In the digital world banks can win by doing more of the same... What is a bank? A place to store money? Yes, but keeping cash under the mattress doesn’t make a bank of your bed. A lender? Sure. But today you can get a line of credit from almost anywhere. A payments facilitator? Absolutely. Yet banks need third-party tech, independent networks, processors and clearing houses to get the job done. It’s hardly a USP. Strip away all the products and services that banks provide. What’s left? A model of trust.
Request to Pay: challenges for the Treasurers of Creditors, but bonanza for the Treasurers of Debtor
“Request to Pay” or “RtP” is a new service planned for the UK by Pay.uk (formerly known as New Payment Systems Operator), and is likely to be adopted in some form within the Single Euro Payments Area as well. The basic concept is that an invoice for regular utility supplies – like water, gas, electricity, phone – is not collected via Direct Debit any longer.
The Right Partner Can Make All The Difference!
One of the most important aspects of being a successful person is knowing that “you can’t do it alone.” Something I learned at a very early age is that you are only as good as the people you surround yourself with. Hurdling may be an individual sport, but I wouldn’t have reached the top of the podium at the 1992 Olympics without the help and support of my team.
How Prepaid Programs Can Help University Students
Every year, nearly 40 percent of all college students around the world receive a form of payment from their school to help with their studies, living arrangements, and more. Unfortunately, the majority of these payments are still made via cheque, forcing students to endure long wait times and take up the valuable time of campus office administration and staff. At college, students should be spending their time focusing on studies and preparing for the future, not worrying about finances.
Open Banking - four models for the digital future
In a number of my previous blogs, I’ve pointed to the importance of platformification, and the need for banks to explore new revenue models for Open Banking. In this blog, I’d like to explore the topic again, this time taking a look at some of the Open Banking models out there today. As with every business, each bank has its own unique goals, products, target audiences, vision and most importantly: people.
Time to push a 'D' in CHRO: Digital and Data
The modern workplace is undergoing tremendous change. In what is being referred to as the Fourth Industrial Revolution, automation is quickly replacing jobs involving repetitive tasks.
Is AI revolutionizing the Digital Marketing & redefining it as Artificial Intelligence Marketing
A few years back - incorporating AI in digital marketing was very much reluctant, but now, AI is evolving and has made its prominence in all aspects of our life, and; digital marketing is not an exception. Various surveys indicate that AI and ML would be the most critical platform for multiple innovations and pay the way for all the emerging technologies. AI technology with its core elements is already revolutionizing the digital marketing world in the most unexpected ways.
Credit Chameleon: tuning in to changing attitudes
It is said that in time everything changes. Certainly, how most of us feel about borrowing money is likely to change, possibly many times, over the course of our lives. Lenders keen to secure repeat business, therefore, must also change. This means innovating in product design. It also means keeping close track of how their customers’ attitudes are shifting as the years go by. There is, for example, mounting evidence that aspirational borrowing is growing across a variety of different age groups.
Culture: The overlooked weapon
Much has been written about the Culture of technology firms created in the last 10-15 years that turns the ideas of the 20th Century on their heads. Whether it is the Culture deck from Netflix or the handbook from Valve they seek to use Culture as a differentiator in the war for talent. Rather ironically due to the reliance on people, these ideas have not been applied extensively to the consulting industry.
Let’s talk about Customer Experience
With the FCA and CMA mandating that large UK banks must publish information on how likely people would be to recommend their bank, it’s much easier for consumers and small businesses to compare the services offered by different current account providers. The goal is to stimulate greater competition, encouraging customers to evaluate different bank offers and switch if they find a service that suits them better elsewhere.
FREE Ebook - A Guide to Making the Most Out of this Holiday Season
[FREE Ebook] A guide to making the most out of the holiday season. Did you know? Companies using incentive programs reported a 79% success rate in achieving their goals when the correct reward was offered. Furthermore, a 5% increase in employee retention can generate a 25% to 85% increase in profitability.
Enriching customer relationships in financial services: the role of automation
Since every major step forward in process efficiencies, in any industry, entails a moral consideration, it's no surprise that there may be some hesitation around its adoption in the financial services sector. My colleague, Jason Bell, recently discussed the pressing need for banks to transform into technology companies in his blog, 'The opportunity no bank can ignore'. Jason discussed the emphasis often given to the year 2020 as a watershed year, pointing out how close it is.
AI and ML in Financial Services Compliance Management: Use Cases for FIs
“Nobody phrases it this way, but I think that artificial intelligence is almost a humanities discipline.
Zero Ambiguity Fraud Management
How to select the correct operational option to help your organisation beat fraud By Dr. Mark Goldspink is CEO of The ai Corporation I continue to be surprised by the lack of analysis and focus on operational efficiency when it comes to understanding all aspects of fraud prevention. Organisations spend a lot of time on improvements and removing ambiguity within their teams. It is a constant, ongoing activity, across all businesses.
4 fintech startups changing the way people donate to charity
Over the decade since the global financial crash, charities have had a tough time securing donations. Cultural shifts mean that trust in institutions has plummeted and people are less willing to indulge doorstep or street fundraisers.
Supply Chain Tokens and Finance
Collaboration is a key business enabler and parties decide to collaborate if: Each party is driven by economical behavior and spends the least to achieve the maximum return. In a world where all parties trust each other they would know that each one gets a fair return for the committed effort. In the real (i.e., trustless) world, motivation to collaborate is driven by self-interest.
Siri and Alexa: driving change in corporate banking
Just as people have quickly adjusted to using digital assistants such as Alexa, Siri or Cortana to check the weather, book a cab or reserve cinema tickets, it’s a logical next step for banks to launch voice activated services. Many are already experimenting with this approach. Capital One enables its customers to check their balance, track spending and pay bills using Alexa. Similarly, challenger bank Monzo offers smart interactions with Alexa and other voice-activated assistants.
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