GlobalData Plc

FinovateEurope 2017: Introducing Resham Karira

Analyst, Retail Banking

Resham’s interest in retail banking evolved after working for a bank as part of its business process re-engineering strategy. Holding the view that banks are not “objects” but rather social processes in which everyone is a participant, she learnt about consumers’ needs, preferences, and expectations.

Which areas of financial services are you most interested in and why?

I’m most interested in understanding how fintech labs and sandbox environments are determining the way forward for real-time experimenting, and how this is transforming the provision of banking services. For instance, a number of banks and fintech start-ups are integrating blockchain technology for cross-border payments and finding new ways to exchange data. It will be interesting to see how banks collaborate with fintechs while meeting the needs of their stakeholders – namely delivering a sustainable innovation strategy and adding value to existing customers.

Which area of financial services will see the greatest collaboration with fintech in 2017 and why?

Artificial intelligence (AI) will see more collaboration with fintech in 2017, as fintech and AI adoption is rapidly gathering pace. For instance, a number of robo-advisers are adding AI capabilities to track account activity, and providers are using AI to analyze and understand how consumers are spending, investing, and making their financial decisions. Some banks are even using AI for customer service. For instance UK high-street bank RBS has developed Luvo, a technology that assists customer service agents in finding answers to customer queries. It has a human personality and is built to continually learn and improve. In my view, the impact of AI will certainly increase in 2017.

Which demo are you looking forward to in particular and why?

bankUP is a fintech bank focused on SMEs. It provides a one-stop-shop combination of core banking products (business accounts, Mastercard) and integrated fintech services. bankUP offers APIs, a developer community, and data analytics tools. This creates an opportunity to create vertical industry apps to provide tools for the management of small businesses. It will bring banking and managing SMEs to the next level, i.e. making the process simple, digital, flexible, and customized.

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