The adoption of various digital technologies by consumers to access transactions online and via smart phones, has raised expectations of the products and services they receive from financial services providers. It has transformed the way customers and financial service providers engage with each other. Benefits to providers are the ability to further understand and profile customers in much greater detail than before. New products, delivery channels, operating models and metrics can result in cost savings and revenue opportunities for the providers.
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The Impact of Digital Technology on Financial Services
1. ACOI Presentation
The Impact of Digital Technology on Financial Services
@TSSG_WIT
@BarryMDownes
Barry Downes, CEO 25/11/2015
2. Agenda
• TSSG Introduction
• Key Technology Trends
• The Impact of Digital Technology on Financial Services
• Opportunities
• Next Steps
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3. About me
• CEO of TSSG, an International Research Institute hosted by WIT.
• Previously, Founder of FeedHenry Ltd, a mobile cloud platform, sold to Red Hat Inc.
(NYSE: RHT) for $82 million in 2014.
• Also set-up and led TSSG’s Venturing team which has produced 14 start-ups with 3
additional launching in the next 12 months.
• Originally worked in the USA for Infinium, a leading ERP software company.
• On return to Ireland worked for AIB Bank on their Retail Banking Systems and later led the
redevelopment of their Home Mortgage System as a consultant for an AIB and IBM venture
called Resolution Technology.
• Later delivered Insurance systems for RSA in Dublin and Scottish Widows in Edinburgh as
a consultant for Phoenix Technology Group.
• Been out of Financial Services for the past few years but coming back to the community
and looking at it afresh both from the perspective of TSSG supporting the industry through
innovation projects and also that of an investor.
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4. 4
TSSG
• International Research Institute hosted by WIT.
• Founded by Prof Willie Donnelly in 1997 and led by CEO
Barry Downes.
• Has 140+ staff and is 100% self funded.
• Expertise in key areas relevant to EI/IDA TIME cluster:
• networks,
• mobile and
• datamining and security services.
The Telecommunications Software and Systems Group (TSSG) at WIT
• Completed over 110 direct industry projects for start-ups in
Ireland over the past 3 years and has spun out a number of
leading international start-ups such as FeedHenry Ltd.
EXPERTISE
• On doing world class research and innovation -
then turning this into economic impact in the South
East and Ireland by supporting EI and IDA clients
and by creating and supporting start-ups.
FOCUS
IMPACT
7. Networks Mobile
Communications
Services
TSSG Core Focus Areas
Network Virtualization
Software Defined Networking
(SN) & Software Platform &
Infrastructure as a Service
Mobile Cloud Platforms
(PaaS) and advanced mobile
applications
Communication Services
Platforms (PaaS) and
applications e.g. Web RTC
8. TSSG Core Focus Areas
Architecting and Engineering
advanced services in mobile,
IoT and security.
VR/AR Communications, 3D
User Interfaces, Education,
Simulation and enabling
hardware
Predictive Analytics
Social Network Analysis
Data Security and Privacy
Services
Engineering
Virtual and
Augmented Reality
Data Mining and
Security
15. Mobile is the catalyst –
Node.js is the tool
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1)Benedict Evans, Mobile is Eating the World(October 2014) http://benBevans.com/benedictevans/2014/10/28/presentaion-mobile-is-eating-the-world
2)IDC Reveals Worldwide Mobile Enterprise Applications and Solutions Predictions for2015. http://www.idc.com/getdoc.jsp?containerId=prUS25350514
Source: RedHat
17. PSD2
• As a result of new EU rules – PSD2
• Third Parties will soon have direct access to bank accounts and
• Will be permitted to initiate payment orders on these accounts on
behalf of account holders.
• This potentially puts distance between you and the account holder
and could deprive you of access to valuable transaction data.
• And you will need to provide an API to these Third Parties.
19. TSSG Data Lifecycle
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End to End unified
Communications
Sensor
Networks
Wireless
access
Networks
Network
optimisation
RDBMS
NoSQL
Graph
Data Storage
Semantic
Analysis Sentiment
Analysis
Context
Enrichment
Location
Based
Data
Enrichment
Distributed Non-
Distributed
Predictive
Analytics
Social
Network
Analytics Decision
Support
Data
Analysis
Context
Awareness
Recommendation
Prediction
Trending
Data
Services
Privacy Trust
Security
Infrastructure
Test-beds
20. Example - TSSG Ceartas Project
• Using Social Network Analysis in the Criminal
Intelligence Domain
– Internal Intelligence
• Land Registry
• Ports Authority
• Revenue
• Court Transcripts
– Open Source Intelligence (OSINT)
• Newspapers
• Internet Forums
• Social Networking Websites
• Uncover people and relationships previously unknown
to the authorities.
• S.N.A. techniques to discover social patterns in criminal
organisations.
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21. TSSG WIZEONI Project
• Problem
– IoT contributing to digital management
headaches for individuals: touch point
fragmentation, privacy concerns
– Privacy & Security are increasingly under
scrutiny and are acting as inhibitors to
enterprise adoption of IoT
• Solution
– To develop a commercially viable Data
Platform as a Service (DPAAS) to address
problems of the IoT industry.
• Impact
– Created a DPAAS solution that allows
enterprises to deliver meaningful IoT services
in a privacy preserving, scalable manner .
26/11/2015 www.tssg.org 21
52. Summary
• Significant forces driving change – cloud, mobile, big data,
blockchain.
• Significant innovation occurring in the FinTech start-up sector
outside of Ireland that may not be that easy to see right now but
which will have a big impact on business in the future.
• Significant challenges – Security, existing systems, regulation.
• Important new EU rules – PSD2
• = Major threats.
56. Some Questions for You - Mobile
• Do you have a Head of Mobile and do you already have apps
deployed for your customers?
• If so how do they compare in usability and engagement to the
apps customers use everyday?
• Can your customers make P2P Payments, regular transfers
and pay bills from their mobile today?
• Can you approve a personal loan for an existing customer
with a salaried account in real time, instantly on mobile?
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57. Other Questions
• Do you have a Venture fund that invests in FinTech inside and outside of
Ireland?
• Do you have a skunk-works team that can create new and related FinTech start-
ups that can do things the existing business might find hard to do?
• Do you have a FinTech Incubator that attracts start-ups to co-locate with your
organisation?
• Have you put a team in place to make your organisation easier to partner with
for start-ups?
• Do you have a team in place that is analyzing how your organisation can
compete with the Unicorns when they eventually do enter the Irish market?
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