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Keynote: Why Open Banking/AI/AR is exciting is going to shape Payments and Fintech of the future in the Middle East at ArabNet Digital Summit 2018
Why Open Banking /AI/AR is
going to shape Banking,
Payments and FinTech of the
New Open Banking/Fintech type services coming our way.
Best Strategy to enable your Bank to work with FinTech start-ups
Virtual (VR) and Augmented reality (AR) in Payments-Latest trends
Creating immersive, emotional experiences
Banks new generation competitors: Google/Apple Pay/Amazon/FB
Other technology that could effect your Bank, AI, Voice, BlockChain and
new mobile Proximity services
My Wish is to suggest what Banks/FinTech’s should
be doing for the Future!
Farshad Nowshadi. M.Phil
25 years Global Consultant to Reuters Financial
VP-eStrategy (Advising Board) for Saman Bank
– One of the Largest Banks in the Middle East
Investor/Mentor/ to European Startup Finance-Tech companies
L39-Canary Wharf -London
Station-F Paris –FinTech PnP/BNP FinTech Startups
Initial Investor into GOOG
Consultant to Microsoft Financial Services & D-Bank
International Author of Managing Tech/Finance Books
International Speaker at many Global Banking Conf’s
Rise of the Internet/Technology
has changed Banking forever.
Finance and Tech:
Todays amazing Rate of
Is the fastest ever ..
“It is the slowest rate we will ever
experience in the next 100 years!”
Partly thanks to Open Banking (PSD2) innovation
I Predict Death of Cash by 2025!
CCards to follow few years later!
“Bank Branches and just cash
dispensing ATMs will both
disappear over time!”
Dealing with Cash has its
Big overheads to process
Security issue & Tax
Often associated with Money
Is your Bank Ready for
what is coming?
This is BIG: Europe's PSD2
(Payment Service Directive 2)
Is Going to accelerate further Banking Innovations
Thanks to Standardizing European Wide Open Banking
Access via API’s
13 JANUARY 2018-Went Live
Why I think Open Banking (PSD2)
is Sexy for Customers!
Problem Today (To access users Bank Acc Details)
Need to talk to individual Banks for its Access terms
Or Use Dirty Screen Scraping!
Very time consuming, and limited diversity
New Dawn of Open Banking.
One API for accessing all Open Banks/Financial Co.
Standardize Data Security T&C and User/KYC User Identity
Improve competition and reduce Fees
New Services can now Focus on
Improved convenience with reduced COSTs!
This is BIG: Europe's PSD2
(Payment Service Directive 2)
Consider the Advantage to
Amazon (Or Google/FB) ..
When it gets Certified as a PISP
(Payment Initiation Service Provider) ..
Reduced Fees and improved Usability
Examples: New Open
YOLT App (a ING
Sync all your
See in one
Comparison Financial Site-
Many People starting to go straight to
Comparison Financial Services sites
For Accounts, Loans, Mortgages etc..
Example: MoneySuperMarket.com ,
Old Days go to your Bank, and go with what
ever they say is coming to an end.
Use them to your benefit
Use them to monitor your competitors
Ensure you are compatible (Where possible)
Few Technology that I think will
help you to create an
Omnichannel Presence in 2018!
VR and AR,
Proximity, AR, BlockChain, Voice
VR and AR open
VR vs AR
What is the
Google and Apple
investing big time.
iPhone 8+ and
Pixel 2 supporting
AR in Banking is it
coming your way?
AR your Card, Branch,
Google to Extend Street
View to show your
Items/services in your
What could this mean
See your Manager?
See what is on offer?
Example of VR in Payments
A demo of what AliBaba is working on now.
of using AR and AI To simplifying
Buying and Paying!
Voice is the New Touch!
Just ask your Bank what you want!
Alexa-Amazon & Google Home
New Technology Provider Solution
The main Key Player
(Old name Google Wallet)
+ Magnetic Strip Compatible
All support Tokenization idea and
Is more secure. Its tokenization method means retailers
never see your actual credit or debit card number, just a
virtual account number as a one off Token.
Google Wallet Pay Via Email
Now Support USD and UK Pound
Inc Gmail on your Mobile! Send or Request Payments
What does this mean for 1.5 Billion Users?
So What can we do
with the Technological
challenges facing us?
(A few practical suggestions)
What is one top thing Customers want
from our Mobile/Internet Services?
Convenience at Better Value!
Speed, Reliability, Security all flow on..
If you can really deliver this-
You will be successful……...
Example of Convenience
HSBC introduces “Faster Balances”
Once activated, simply swipe the App
home screen down to view the balance of
your chosen account(s)
- no need to log on
Integrated into your Mobile Banking App
Fast Balance can be turned on or off
quickly and easily
Master Card (Selfie & Blink!)
Passwords are such a Pain!
I always say “Less is More.
But do less, even better!”
Next Gen Banking Apps
A Complete renewed design
Bank Services (Old) vs Customers wants (New)
Saman Bank: Investing Today in
Mobile Payment services of
Advice create: Create Userbility Labs
Invite our Focused Group users
to do the basic tasks on our
Use your Services on Customers
Now really observe in the Lab,
how easy it was for them!
Compare it with the Competition
If we get this right (like Amazon
and Google) you will become a
great Bank of the future!
Advice: Get involved with
FinTech Start-ups Corporate Vs Startup
Why take Risk ? Vs Must
Take a Risk
Big Over Heads Vs Min
Slow decision making VS
Quick decision making
Be an Angle or VC into
EG: Level39, Avatech,
Final Advice- For you and your
• Look into using AR and VR, to simplify users
• Look into “Open Banking” initiative
• Invest today in the Best Mobile Solutions
• Be an Investor/Mentor in Accelerators/Incubators
for Startup Finance-Tech companies (R&D)
• Invest in Usability Focus before public release
Provide a Fantastic, Convenient and great Value
Banking Service for your customers.
This is the only path for long term success!
AI Payments of Future :
Apps, AI and convenience-NOW!
Just use your
Mobile and Just
Bring it all
My name: Farshad Nowshadi
From : Saman Bank
Please feel free to fill out your evaluation.