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AI Banking as a Platform - Rotman Design Challenge

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We pitch an AI solution, establishing conversational banking to democratize financial planning, for the final of the Rotman Design Challenge.

Veröffentlicht in: Wirtschaft & Finanzen
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AI Banking as a Platform - Rotman Design Challenge

  1. 1. Team 2.0 Simplii Jen. Democratizing financial planning through conversational banking.
  2. 2. Karol Kalejta Adrien Stern Liz Kwon Conor Farese • Ad Tech PM & Designer from S. Korea • Looking for advices on mortgages • 4 yrs designing in mobility, energy, and manufacturing • Lost in the world of joining finances with a partner • 4 yrs experience in Banking, Fintech, and Wearables • Trying to find good green investments • 6 yrs consulting internationally in finance and retail • Wishes he understood international tax rules
  3. 3. Where we started What we observed Who we created How she will work Agenda
  4. 4. What will the future look like?
  5. 5. Our research 42 16 to 65 4 Interviews Age range Continents covered
  6. 6. “My banker and I go way back. I’ve known him for over 30 years.”
  7. 7. Trust is moving from people to software.
  8. 8. “It’s like Amazon knows me... and I love that.”
  9. 9. …offer a trusted advisor that empowers everyone to achieve their own financial goals ? An intimate, life long companion Offer personalized solutions that evolve with users Leverage technology to democratize wealth management How might we…
  10. 10. Meet Jen.
  11. 11. Meet Jen.
  12. 12. “How do you make sure Jen is someone that encourages people to really open up?”
  13. 13. “Millennials might use a roboadviser and then feel like they’ve checked a financial planning box - all without having thought strategically about the future. Will Jen encourage people to think ahead?”
  14. 14. “I am very interested in general market updates and financial planning assistance, but I don’t see myself using a voice AI like Jen right now.”
  15. 15. Client percentile Household wealth Democratizing wealth management with a personal touch Simplii Jen + Simplii Jen • Savings goals • Budgeting assistant • Low-cost investment options • Market information updates • Integrated visualization • Access to financial advisor • Holistic wealth planning • Full-suite of investment products • Concierge service $150k
  16. 16. Revenues • Fees on AUM • Sales fees from cross selling • Affiliate marketing fees from lifestyle brands Business Model Start-Up Costs • Dev costs • Customer acquisition costs • Tech and org consulting fees On-going Costs • SG&A • Maintenance and tech • Marketing and scaling
  17. 17. Implementation Framework SANDBOX TOOLS & TECH PROTOTYPE SCALE • Scale business • Market and acquire clients • Expand to new platforms • Grow new ’lifestyle’ partners • Build first version of product • Roll out with selected partners • Test with ‘lifestyle’ partners • Prepare appropriate data • Design API team and acquire tech skills • Establish tech partnerships • Create internal space to experiment • Co-ordinate externally with regulators to carve out sandbox • Find first clients to work with
  18. 18. Simplii Jen aligns with CIBC long-term strategic goals ADVISOR REMAINS AT CENTER OF RELATIONSHIP INCREASE OPPORTUNITIES FOR CROSS SELLING DIGITAL LIVING PLAN INNOVATION LEADER ACQUIRE NEW DIGITAL PARTNERS ENHANCE CLIENT EXPERIENCE Propelling Forward
  19. 19. Key risks associated with Jen Client Security and Privacy Regulatory Landscape Organizational Transformation Client Relationship Ownership
  20. 20. Simplii Jen. Democratizing financial planning through conversational banking.
  21. 21. Q&A
  22. 22. Data and Privacy Concerns are Among Key Risks Facing CIBC RISK New channels to interact with a bank produce new ways for client identity to be hacked or stolen. MITIGATION Partner with nextt generation security and cryptography companies to tackle new wave of security problems. Client Security and Privacy Regulatory Landscape Organizational Transformation Client Relationship Ownership RISK Ambiguity may remain around who the client relationship belongs to leading to clashes with partners. MITIGATION Clearly define affiliate marketing fees, commission and revenue sharing prior to full-scale of product. RISK Solution has potential to drastically alter the current staffing model as well as accelerate pace of the evolution of branch based network. MITIGATION Initiate change management program, employment retraining and ability to change functions within bank. RISK Initial build of solution will be within the confines of a sandbox however with scaling new issues may arise. MITIGATION Include regulators across all scaling phases to ensure on- going compliance. Take on a supportive stance towards new fintech regulation.

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