How can data empower next generation F inT ech and eCommerce? LSCM Logistics Summit 2016 30 Sep 2016
1 5-24 years old 51 % Of our 20 -50 hours spend online weekly Source: Censtad Dept
How to better inform decision -making and building customer relationship?
L ending Payments/billing Personal finance / wealth management M oney transfer Blockchain/digital currencies Institutional tech E quity crowdfunding InsurT ech F inT ech’s definition continues to evolve T echnology continue advancing the banking, financial services and insurance sectors
Big data: using structured and unstructured data in innovative ways to promote efficiency, productivity and to develop new product offerings in a more meaningful way.
F inancial sector deal with massive data on daily basis, but navigating them is a huge challenge ◇ Legacy systems ◇ Hard to discover ◇ Organisation size and need to insights in massive address cost amount of data
W her erea eas F inT ech comp mpanies are t thr hriving ng by bei eing … 1 . N Nim imble le: q quic ickly ly respon ond t to o custom omer need eeds 2. F oc ocused: s spot otting gaps in t n the he ma market 3. D D a ata-dr driven and d
Inno nnovation n in f n fina nanc ncial s services highly focused financial-services applications, often more effective and less expensive than traditional companies e.g. insurance
Mobile -friendly, low cost robo-advisors provide better defined savings solutions on the basis of goals and risk appetite
R egT ech potential: lowering compliance cost for financial institutions and regulators alike ◇ modeling and ◇ identity ◇ real-tim e forecasting validation (AML, m onitoring and KY C) behavioral e.g. m achine analytics intelligence and e.g. enabling analytics is used to access to E.g. autom ates assess the im pact inform ation shareholder of m ore than 2,600 collected in 50 disclosures and variables on each countries from a flags potential business unit of an range of sources; problem s FI. biom etric validation technology;
W hat do these innovations have in common? • Intuitive & accessible user interfaces • User-friendly business models • Greater transparency • D ata-driven insights
F F r rom BIG dat ata t a to S MAR R T T dat ata with A h AI and nd machi hine ne l learni ning ng focusing on meani ning ngful ul pieces of information for more ac accurat ate decisions
UI that can read your mind to suggest or highlight actions that are relevant will generate biggest value Improve engagement and turning first time customers into repeat buyers.
45% of online shoppers are more likely to shop on a site that offers personalised recommendations Source: Invesp
P redictive A nalytics for eCommerce Predictive Search T argeted Recommendations and Promotions Pricing Optimisation F raud M anagement Inventory M anagement Business Intelligence
Hong Kong: huge potentials to succeed How to spur innovation and help incumbents evolve? Effective market competition, ease of market entry Sandbox: important first step to more collaborative approach to regulation SVF licensing scheme: foster certainty and consumer trust
Making Creating Data market demand Work Talent User-centric Building / Policy mindset education Innovation- Infrastructure friendly regulations Holistic policies is necessary
P rivacy Security T rust
You can find me at Facebook: Charles Mok 莫乃光 Twitter @charlesm ok charlesm ok@charlesm ok.hk www.charlesm ok.hk
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