The last few years have witnessed the rise of new age players disrupting traditional financial services models with their innovative technology driven solutions. As 2018 and beyond look even more exciting, we believed it was the right time for industry leaders and influencers to assemble under a roof, and exchange viewpoints on the potential impact of technology in the future. With this thought, we organised ‘Next in Tech’ event on 18 May 2018, which saw participation from 120+ leaders at financial institutions (FI) and FinTech firms.
The event commenced with the launch of two reports by PwC technology leadership. The first report discussed the role of technology in influencing key themes in financial services space such as next level of customer delight, next generation risk assessment, deeper social impact through financial inclusion, omni-present banking and transformation of back-office processes through blockchain and robotic process automation (RPA). Click here to read the full report.
The second report brought to the table a unique concept of sachet model in financial services space. With the need to deepen the reach of financial services, there is a huge scope to offer small tenure, short duration and need/context based financial services across the country. Click here to read the full report.
This was followed by focused panel discussions involving key decision makers in the industry and PwC leaders. The attendees got insights around themes such as impact of emerging technologies, application programming interface (API) and cloud economy, intelligent automation and digital experience 2.0
One of the key highlights of the event was showcasing of innovative solutions through kiosks. PwC teams and their technology partners demonstrated various solutions such as Intelligent Automation, Drone powered solutions, FinTech cloud based marketplace, FinTech led innovation in practice, digital asset management solutions, PwC + Salesforce innovation hub and PwC + SAP innovation hub. We are pleased to inform you that the attendees of the event appreciated the kiosk approach of collaboration.
Technology is becoming a transformative agent for every sector of the financial services industry. With the pace of change showing no signs of slowing, our financial services clients are looking at technology with awe and inspiration. In recent years, we have witnessed a large-scale industry adoption of RPA, where organisations have seamlessly transformed their businesses, taking significant advantage of this evolving digital workforce.
PwC has taken automation technology to the next level into what we now call “intelligent automation”—a combination of RPA bots, intelligent bots, and conversational bots. Improving our partner ecosystem across such automation technologies helps with achieving a transformation approach towards IPA and achieving a firm-wide fit for growth proposition.
We assist our clients in their automation journey from strategy through execution. Our expertise goes beyond RPA to support continuous improvement & innovation by integrating RPA with new technologies to create an Intelligent Automation proposition.
DAMS delivers a single, unified interface for automating an enterprise’s IT infrastructure, applications and processes that includes monitoring, event handling and remediation. DAMS is envisaged to provide proactive support and a common interface for all managed services requirements such as infrastructure monitoring, ticketing and solutioning. This framework will help clients track their infrastructure incidents, changes, problem, infrastructure monitoring and dashboards through a single tool. By leveraging on latest technologies like ML, NLP and AI, this tool takes managed support services to the next level by proactively identifying the right solution for an incident from the knowledge repository and existing solutions, automatically applying change requests, taking business decisions in optimising DevOps infrastructure.
Partner, Digital and Emerging Technologies
At PwC, we work at the intersection of business and technology to provide innovation to fuel your customer experience. We can help you deliver the seamless anywhere, anytime access your customers have come to expect by combining our business and strategy expertise with our award-winning solutions powered by Salesforce technology to enable transformation across your business:
Leader, Salesforce Technology Consulting
#PwCFinTech team helps banks and other FIs navigate the FinTech ecosystem and generate ROI from their innovation efforts.
The team has developed a proprietary ‘Innovation Management Office’ framework to assess client requirements, develop use-cases, scout the market for the most suitable FinTechs and run PoCs to assess fitment and embed them into business as usual. We have had numerous success stories in driving innovation across investment banks, new age retail banks, insurance firms, FinTech accelerators and brokerage houses, among others.
We collaborate with FinTechs having disruptive solutions to help them on their growth journey, create go-to-market strategies and bring about the next wave of disruption. We also engage with the investor community to help them identify the right targets in the FinTech ecosystem that match their strategy and thesis.
The team regularly publishes a number of reports, articles and other forms of thought leadership for disseminating our insights on trends, regulatory updates and ways in which clients can leverage them.
Partner and Leader, FinTech
PwC’s cloud-based FinTech marketplace aims to drive collaborative innovation with faster exploration, integration and speed to market. As the evolution of FinTech is spurring disintermediation in the FS landscape, manufacturers (banks/insurers/fund houses) seek to partner with other ecosystem players for growth. This has led to the emergence of new partnership patterns and business models along with a new set of impediments due to various regulatory, technology and legal factors. Through our marketplace we seek to eliminate these and enable a smooth integration experience for manufacturers and FinTechs to come together and create value.
Our solutions will enable:
Partner and Leader, FinTech
The financial industry is transforming at a bewildering rate and drones are playing their part in this process. Some of the major ways in which drone technology is adding unprecedented value are:
PwC assists its clients with administering drone-powered solutions as supporting tools in the entire workflow so as to help create a framework that reduces costs and removes needless overheads. Further, through ML and AI, drone data can be processed into meaningful information resulting in better decisions in a vastly reduced timeframe. Clearly, drone technology is set to play a niche role in the financial sector.
Leader, Big Data and Emerging Technologies
At PwC, we team with SAP to Co-Innovate and help our clients with business transformation initiatives that drive performance improvement. We focus on areas across the value chain, ranging from Customer Engagement to financial transformation and implementation.
In this regard, PwC offers a Digital Front Office Transformation solution powered by SAP Hybris Stack that allows organisations to have a deeper connect, meaningful and contextual engagement with the customers throughout their journey. Be an integral part of Customers’ Discover-Decide-Use cycle by being available through omni-channel touch points. Our solutions have positive impacts on the following areas:
What’s more, with the SAP Leonardo platform. future requirements for IoT, Blockchain and Machine Learning can also be catered to.
Partner, SAP Implementation Services
Partner, India FinTech Leader, PwC India