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MoneyConf 2016: Machine Learning, Big Data and Data Privacy

Blueliv was thrilled to participate for the first time in the latest edition of MoneyConf 2016, based in Madrid.

The event offered us the possibility, to attend select panel sessions and participate to roundtables with Top-level financial decision makers and introduce our Cybersecurity solution. We also had the privilege to discuss with the different different financial industry professionals ranging from the most promising Fintech startups to the wealthiest global retail banks.

MoneyConf1

It is no news that the financial system is going through a revolution that was triggered by the 2008 economic crisis, the digital transformation and the rise of the Fintech. The giants of the industry were well represented and very active at the event. The significant presence of C-levels demonstrates their desire to convey the message that they are ready to embrace the change. Better, they are ready to sponsor the tech startups to integrate innovation in their evolving business models.

A certain degree of consensus exists between the different actors about their business priorities. Both Fintech and traditional institutions have some common leitmotivs, that I will attempt to summarize, below.

MoneyConf 21. Machine learning and Big data

The rise of online and mobile banking generates a strong interest for automating processes and getting relevant information about the customer digital footprint.

Fintechs and traditional banks are on their way to integrate big data analysis as part of their business strategy but are still novices when it comes to asking the right questions to generate the right business answers; those that can be converted into business opportunities.

In anticipation of the future of banking, much interest and concern is generated regarding learning machine behavior analytics. What information should be automated? What processes should be used to on-board customers? Which parts of the process should be manual or automated? Here are some recurrent questions that the industry tries to resolve in order to redefine the relation with their customers and to create the bank of tomorrow.

2. Client On-boarding

As surprising as it can sound, many financial institutions are still relying on paper and heavy manual processes to on-board customers. At Moneyconf, everyone agreed that these institutions will evolve and embrace the digital world motivated by the potential gain of productivity and efficiency generated. However, traditional banks do not yet share the optimism of Fintechs about the ability for the online Banks to acquire and on-board, the right customer segment in a very short time. “What is the point to on-boarding customers if they are not the targeted ones?” asked a C-level executive of a major European bank.

3. Customer experience and Data privacy

The digital transformation of the Financial institutions not only affects the existing business models but also impacts the overall customer experience.

In this context, the data loss privacy is one of the main obstacles to the “all cloud” adoption and it has significant consequences on the relation that their customers can have with them.

Reducing risk and preventing data loss is a security concern and this concern is integrated in the overall customer experience proposed by those who adopt an online business model.

What are the opportunities for the Cybersecurity Industry?

The digital transformation is disruptive for financial institutions. Security providers need to respond to this new era and adapt their offering. This is good news for the Security Industry and here is why:

  • The digital transformation will require advanced security to ensure an improved digital customer experience and to guarantee the trust between them and their customers.
  • The financial world is more and more aware, receptive and prepared to integrate the need to protect their customer data from cybercrime as a component into their business model.
  • Even if not yet a central topic at the conference, many of C-level executives consider Security as a critical factor to ensure a trustworthy customer relationship and a sustainable digital transition.

These points could actually be verified during the second day of conference at the Blueliv stand, where CEOs and top level decision makers were discussing with us their current and future security challenges, and the need for new approaches and solutions.

From its inception, Blueliv is an trusted partner of many of the biggest financial institutions around the globe. Moreover, a number of our Cybersecurity experts have years of experience within the financial vertical. This advantage enables us to offer tailor-made solutions and develop advanced proposals adapted to the specificities of the financial industry.

If you are a financial institution and would like to learn more about how Blueliv can help you, feel free to contact us to benefit from a free consultation with our dedicated experts.

 Blueliv Team

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