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The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","post_title":"Banking Disrupted: Collaboration with Fintechs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"banking-disrupted-collaboration-with-fintechs","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/banking-disrupted-collaboration-with-fintechs\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":3},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
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The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","post_title":"Banking Disrupted: Collaboration with Fintechs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"banking-disrupted-collaboration-with-fintechs","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/banking-disrupted-collaboration-with-fintechs\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":3},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
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And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","post_title":"Banking Disrupted: Collaboration with Fintechs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"banking-disrupted-collaboration-with-fintechs","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/banking-disrupted-collaboration-with-fintechs\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":3},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
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For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","post_title":"Banking Disrupted: Collaboration with Fintechs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"banking-disrupted-collaboration-with-fintechs","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/banking-disrupted-collaboration-with-fintechs\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":3},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
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Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","post_title":"Banking Disrupted: Collaboration with Fintechs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"banking-disrupted-collaboration-with-fintechs","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/banking-disrupted-collaboration-with-fintechs\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":3},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
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Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","post_title":"Banking Disrupted: Collaboration with Fintechs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"banking-disrupted-collaboration-with-fintechs","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/banking-disrupted-collaboration-with-fintechs\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":3},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
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At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n
\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n
\"Allectus
Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

\"Allectus
Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

\"Allectus
Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

Financial Services and Digital Transformation<\/h2>\n\n\n\n

The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

\"Allectus
Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n

We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

Financial Services and Digital Transformation<\/h2>\n\n\n\n

The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

\"Allectus
Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

\"The
The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

Trends for the Future<\/h2>\n\n\n\n

The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

Next Steps<\/h2>\n\n\n\n

Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

Search

Latest

\n
  1.  Become familiar  with best practices in innovation.<\/li>
  2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

    We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

    Financial Services and Digital Transformation<\/h2>\n\n\n\n

    The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

    During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

    \"Allectus
    Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

    Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

    Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

    The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

    The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

    \"The
    The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

    Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

    Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

    Trends for the Future<\/h2>\n\n\n\n

    The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

    The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

    Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

    Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

    Next Steps<\/h2>\n\n\n\n

    Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

    For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

    Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

    When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

    But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

    At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

    Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

    Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

    For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

    And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

    The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

    The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

    Search

    Latest

    \n

    Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

    1.  Become familiar  with best practices in innovation.<\/li>
    2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

      We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

      Financial Services and Digital Transformation<\/h2>\n\n\n\n

      The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

      During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

      \"Allectus
      Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

      Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

      Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

      The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

      The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

      \"The
      The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

      Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

      Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

      Trends for the Future<\/h2>\n\n\n\n

      The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

      The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

      Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

      Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

      Next Steps<\/h2>\n\n\n\n

      Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

      For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

      Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

      When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

      But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

      At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

      Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

      Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

      For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

      And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

      The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

      The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

      Search

      Latest

      \n

      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

      1.  Become familiar  with best practices in innovation.<\/li>
      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

        Financial Services and Digital Transformation<\/h2>\n\n\n\n

        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

        \"Allectus
        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

        \"The
        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

        Trends for the Future<\/h2>\n\n\n\n

        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

        Next Steps<\/h2>\n\n\n\n

        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

        Search

        Latest

        \n

        Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

        With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

        Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

        1.  Become familiar  with best practices in innovation.<\/li>
        2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

          We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

          Financial Services and Digital Transformation<\/h2>\n\n\n\n

          The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

          During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

          \"Allectus
          Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

          Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

          Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

          The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

          The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

          \"The
          The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

          Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

          Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

          Trends for the Future<\/h2>\n\n\n\n

          The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

          The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

          Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

          Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

          Next Steps<\/h2>\n\n\n\n

          Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

          For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

          Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

          When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

          But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

          At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

          Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

          Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

          For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

          And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

          The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

          The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

          Search

          Latest

          \n
          \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

          Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

          With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

          Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

          1.  Become familiar  with best practices in innovation.<\/li>
          2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

            We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

            Financial Services and Digital Transformation<\/h2>\n\n\n\n

            The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

            During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

            \"Allectus
            Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

            Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

            Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

            The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

            The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

            \"The
            The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

            Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

            Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

            Trends for the Future<\/h2>\n\n\n\n

            The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

            The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

            Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

            Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

            Next Steps<\/h2>\n\n\n\n

            Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

            For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

            Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

            When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

            But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

            At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

            Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

            Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

            For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

            And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

            The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

            The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

            Search

            Latest

            \n

            Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

            \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

            Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

            With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

            Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

            1.  Become familiar  with best practices in innovation.<\/li>
            2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

              We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

              Financial Services and Digital Transformation<\/h2>\n\n\n\n

              The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

              During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

              \"Allectus
              Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

              Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

              Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

              The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

              The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

              \"The
              The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

              Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

              Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

              Trends for the Future<\/h2>\n\n\n\n

              The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

              The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

              Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

              Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

              Next Steps<\/h2>\n\n\n\n

              Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

              For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

              Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

              When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

              But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

              At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

              Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

              Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

              For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

              And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

              The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

              The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

              Search

              Latest

              \n

              Conclusion<\/h2>\n\n\n\n

              Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

              \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

              Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

              With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

              Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

              1.  Become familiar  with best practices in innovation.<\/li>
              2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                Financial Services and Digital Transformation<\/h2>\n\n\n\n

                The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                \"Allectus
                Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                \"The
                The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                Trends for the Future<\/h2>\n\n\n\n

                The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                Next Steps<\/h2>\n\n\n\n

                Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                Search

                Latest

                \n

                Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                Conclusion<\/h2>\n\n\n\n

                Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                1.  Become familiar  with best practices in innovation.<\/li>
                2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                  We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                  Financial Services and Digital Transformation<\/h2>\n\n\n\n

                  The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                  During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                  \"Allectus
                  Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                  Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                  Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                  The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                  The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                  \"The
                  The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                  Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                  Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                  Trends for the Future<\/h2>\n\n\n\n

                  The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                  The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                  Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                  Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                  Next Steps<\/h2>\n\n\n\n

                  Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                  For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                  Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                  When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                  But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                  At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                  Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                  Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                  For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                  And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                  The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                  The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                  Search

                  Latest

                  \n

                  Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                  Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                  Conclusion<\/h2>\n\n\n\n

                  Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                  \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                  Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                  With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                  Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                  1.  Become familiar  with best practices in innovation.<\/li>
                  2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                    We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                    Financial Services and Digital Transformation<\/h2>\n\n\n\n

                    The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                    During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                    \"Allectus
                    Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                    Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                    Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                    The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                    The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                    \"The
                    The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                    Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                    Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                    Trends for the Future<\/h2>\n\n\n\n

                    The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                    The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                    Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                    Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                    Next Steps<\/h2>\n\n\n\n

                    Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                    For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                    Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                    When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                    But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                    At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                    Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                    Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                    For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                    And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                    The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                    The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                    Search

                    Latest

                    \n

                    Ai and Customer Experience Management<\/h2>\n\n\n\n

                    Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                    Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                    Conclusion<\/h2>\n\n\n\n

                    Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                    \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                    Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                    With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                    Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                    1.  Become familiar  with best practices in innovation.<\/li>
                    2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                      We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                      Financial Services and Digital Transformation<\/h2>\n\n\n\n

                      The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                      During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                      \"Allectus
                      Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                      Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                      Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                      The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                      The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                      \"The
                      The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                      Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                      Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                      Trends for the Future<\/h2>\n\n\n\n

                      The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                      The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                      Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                      Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                      Next Steps<\/h2>\n\n\n\n

                      Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                      For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                      Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                      When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                      But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                      At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                      Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                      Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                      For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                      And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                      The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                      The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                      Search

                      Latest

                      \n

                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                      Conclusion<\/h2>\n\n\n\n

                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                      1.  Become familiar  with best practices in innovation.<\/li>
                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                        \"Allectus
                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                        \"The
                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                        Trends for the Future<\/h2>\n\n\n\n

                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                        Next Steps<\/h2>\n\n\n\n

                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                        Search

                        Latest

                        \n

                        Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                        As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                        Ai and Customer Experience Management<\/h2>\n\n\n\n

                        Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                        Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                        Conclusion<\/h2>\n\n\n\n

                        Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                        \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                        Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                        With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                        Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                        1.  Become familiar  with best practices in innovation.<\/li>
                        2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                          We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                          Financial Services and Digital Transformation<\/h2>\n\n\n\n

                          The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                          During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                          \"Allectus
                          Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                          Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                          Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                          The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                          The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                          \"The
                          The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                          Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                          Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                          Trends for the Future<\/h2>\n\n\n\n

                          The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                          The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                          Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                          Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                          Next Steps<\/h2>\n\n\n\n

                          Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                          For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                          Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                          When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                          But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                          At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                          Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                          Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                          For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                          And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                          The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                          The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                          Search

                          Latest

                          \n

                          Big Data and New Service Frontiers<\/h2>\n\n\n\n

                          Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                          As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                          Ai and Customer Experience Management<\/h2>\n\n\n\n

                          Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                          Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                          Conclusion<\/h2>\n\n\n\n

                          Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                          \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                          Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                          With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                          Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                          1.  Become familiar  with best practices in innovation.<\/li>
                          2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                            We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                            Financial Services and Digital Transformation<\/h2>\n\n\n\n

                            The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                            During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                            \"Allectus
                            Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                            Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                            Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                            The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                            The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                            \"The
                            The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                            Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                            Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                            Trends for the Future<\/h2>\n\n\n\n

                            The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                            The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                            Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                            Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                            Next Steps<\/h2>\n\n\n\n

                            Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                            For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                            Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                            When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                            But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                            At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                            Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                            Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                            For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                            And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                            The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                            The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                            Search

                            Latest

                            \n

                            The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                            Big Data and New Service Frontiers<\/h2>\n\n\n\n

                            Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                            As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                            Ai and Customer Experience Management<\/h2>\n\n\n\n

                            Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                            Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                            Conclusion<\/h2>\n\n\n\n

                            Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                            \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                            Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                            With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                            Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                            1.  Become familiar  with best practices in innovation.<\/li>
                            2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                              We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                              Financial Services and Digital Transformation<\/h2>\n\n\n\n

                              The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                              During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                              \"Allectus
                              Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                              Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                              Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                              The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                              The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                              \"The
                              The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                              Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                              Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                              Trends for the Future<\/h2>\n\n\n\n

                              The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                              The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                              Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                              Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                              Next Steps<\/h2>\n\n\n\n

                              Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                              For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                              Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                              When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                              But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                              At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                              Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                              Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                              For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                              And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                              The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                              The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                              Search

                              Latest

                              \n

                              In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                              The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                              Big Data and New Service Frontiers<\/h2>\n\n\n\n

                              Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                              As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                              Ai and Customer Experience Management<\/h2>\n\n\n\n

                              Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                              Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                              Conclusion<\/h2>\n\n\n\n

                              Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                              \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                              Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                              With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                              Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                              1.  Become familiar  with best practices in innovation.<\/li>
                              2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                \"Allectus
                                Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                \"The
                                The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                Trends for the Future<\/h2>\n\n\n\n

                                The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                Next Steps<\/h2>\n\n\n\n

                                Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                Search

                                Latest

                                \n

                                Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                Ai and Customer Experience Management<\/h2>\n\n\n\n

                                Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                Conclusion<\/h2>\n\n\n\n

                                Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                1.  Become familiar  with best practices in innovation.<\/li>
                                2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                  We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                  Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                  The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                  During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                  \"Allectus
                                  Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                  Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                  Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                  The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                  The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                  \"The
                                  The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                  Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                  Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                  Trends for the Future<\/h2>\n\n\n\n

                                  The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                  The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                  Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                  Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                  Next Steps<\/h2>\n\n\n\n

                                  Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                  For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                  Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                  When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                  But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                  At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                  Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                  Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                  For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                  And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                  The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                  The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                  Search

                                  Latest

                                  \n

                                  However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                  Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                  In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                  The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                  Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                  Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                  As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                  Ai and Customer Experience Management<\/h2>\n\n\n\n

                                  Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                  Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                  Conclusion<\/h2>\n\n\n\n

                                  Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                  \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                  Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                  With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                  Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                  1.  Become familiar  with best practices in innovation.<\/li>
                                  2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                    We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                    Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                    The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                    During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                    \"Allectus
                                    Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                    Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                    Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                    The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                    The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                    \"The
                                    The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                    Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                    Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                    Trends for the Future<\/h2>\n\n\n\n

                                    The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                    The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                    Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                    Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                    Next Steps<\/h2>\n\n\n\n

                                    Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                    For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                    Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                    When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                    But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                    At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                    Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                    Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                    For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                    And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                    The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                    The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                    Search

                                    Latest

                                    \n

                                    Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                    However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                    Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                    In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                    The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                    Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                    Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                    As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                    Ai and Customer Experience Management<\/h2>\n\n\n\n

                                    Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                    Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                    Conclusion<\/h2>\n\n\n\n

                                    Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                    \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                    Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                    With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                    Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                    1.  Become familiar  with best practices in innovation.<\/li>
                                    2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                      We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                      Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                      The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                      During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                      \"Allectus
                                      Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                      Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                      Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                      The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                      The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                      \"The
                                      The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                      Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                      Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                      Trends for the Future<\/h2>\n\n\n\n

                                      The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                      The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                      Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                      Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                      Next Steps<\/h2>\n\n\n\n

                                      Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                      For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                      Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                      When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                      But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                      At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                      Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                      Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                      For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                      And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                      The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                      The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n
                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n
                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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                                      Latest

                                      \n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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                                      Latest

                                      \n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Another reason why Millennials would consider big tech companies as a viable option for financial services is the digital experiences such entities offer. While mobile apps and text messages have a high adoption rate<\/a> in this age set, a large proportion of this cohort expects digital experiences to be more meaningful than this. For instance, the ability to seamlessly access banking services via social, mobile and web without having to log in each time, or repeat questions is an important driver in this area. Consider the seamless nature with which a user can move from one service to another within the Google ecosystem. This is the level of omnichannel access retail banking needs to adopt to build walled gardens of their own that result in exceptional digital experiences for a digitally omnivorous customer base.<\/p>\n\n\n\n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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                                      Latest

                                      \n

                                      An EFMA and Capgemini report<\/a> found that 32.3% of retail banking customers might consider big tech companies like Google and Amazon for financial services. This is in line with the previously cited FICO survey that found that 68% of millennials gravitate towards big banks. This affinity to big players is traceable to the ecosystems these big players tend to build, which makes it easy to switch from one service to another. Consider Lending Club<\/a>, another Silicon Valley tech company that provides Credit-as-a-Service. Users of the platform can borrow from any lender, whether that lender is another bank or another individual, without having to create an exclusive relationship with either. This sort of mobility, by a generation that has grown up in a sharing economy, provides insights into the direction retail banking must head in order to stay apace with a digital-first consumer base.<\/p>\n\n\n\n

                                      Another reason why Millennials would consider big tech companies as a viable option for financial services is the digital experiences such entities offer. While mobile apps and text messages have a high adoption rate<\/a> in this age set, a large proportion of this cohort expects digital experiences to be more meaningful than this. For instance, the ability to seamlessly access banking services via social, mobile and web without having to log in each time, or repeat questions is an important driver in this area. Consider the seamless nature with which a user can move from one service to another within the Google ecosystem. This is the level of omnichannel access retail banking needs to adopt to build walled gardens of their own that result in exceptional digital experiences for a digitally omnivorous customer base.<\/p>\n\n\n\n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Digital Ecosystems<\/h2>\n\n\n\n

                                      An EFMA and Capgemini report<\/a> found that 32.3% of retail banking customers might consider big tech companies like Google and Amazon for financial services. This is in line with the previously cited FICO survey that found that 68% of millennials gravitate towards big banks. This affinity to big players is traceable to the ecosystems these big players tend to build, which makes it easy to switch from one service to another. Consider Lending Club<\/a>, another Silicon Valley tech company that provides Credit-as-a-Service. Users of the platform can borrow from any lender, whether that lender is another bank or another individual, without having to create an exclusive relationship with either. This sort of mobility, by a generation that has grown up in a sharing economy, provides insights into the direction retail banking must head in order to stay apace with a digital-first consumer base.<\/p>\n\n\n\n

                                      Another reason why Millennials would consider big tech companies as a viable option for financial services is the digital experiences such entities offer. While mobile apps and text messages have a high adoption rate<\/a> in this age set, a large proportion of this cohort expects digital experiences to be more meaningful than this. For instance, the ability to seamlessly access banking services via social, mobile and web without having to log in each time, or repeat questions is an important driver in this area. Consider the seamless nature with which a user can move from one service to another within the Google ecosystem. This is the level of omnichannel access retail banking needs to adopt to build walled gardens of their own that result in exceptional digital experiences for a digitally omnivorous customer base.<\/p>\n\n\n\n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Going deeper into personalization, increasingly digitized consumers are looking for bespoke products and services that fit their lifestyle and future financial needs. Another FICO survey<\/a> found that Millennials are five times more likely than those over 50 to close all accounts with their primary bank. The primary reason cited for switching was high costs, a sticking point that banks can address by leveraging technology to lower costs. Another area banks must experiment in to bolster personalization is offering service access via voice ID, an important area as Voice-as-a-Channel gains momentum<\/a> through the proliferation of smart devices like Amazon Alexa and Google Home.<\/p>\n\n\n\n

                                      Digital Ecosystems<\/h2>\n\n\n\n

                                      An EFMA and Capgemini report<\/a> found that 32.3% of retail banking customers might consider big tech companies like Google and Amazon for financial services. This is in line with the previously cited FICO survey that found that 68% of millennials gravitate towards big banks. This affinity to big players is traceable to the ecosystems these big players tend to build, which makes it easy to switch from one service to another. Consider Lending Club<\/a>, another Silicon Valley tech company that provides Credit-as-a-Service. Users of the platform can borrow from any lender, whether that lender is another bank or another individual, without having to create an exclusive relationship with either. This sort of mobility, by a generation that has grown up in a sharing economy, provides insights into the direction retail banking must head in order to stay apace with a digital-first consumer base.<\/p>\n\n\n\n

                                      Another reason why Millennials would consider big tech companies as a viable option for financial services is the digital experiences such entities offer. While mobile apps and text messages have a high adoption rate<\/a> in this age set, a large proportion of this cohort expects digital experiences to be more meaningful than this. For instance, the ability to seamlessly access banking services via social, mobile and web without having to log in each time, or repeat questions is an important driver in this area. Consider the seamless nature with which a user can move from one service to another within the Google ecosystem. This is the level of omnichannel access retail banking needs to adopt to build walled gardens of their own that result in exceptional digital experiences for a digitally omnivorous customer base.<\/p>\n\n\n\n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Upstart is a FinTech startup based in Silicon Valley<\/a> that is rethinking how credit is assessed. Founded by ex-Google employees, the company uses machine learning and analytics to create credit personas based on credit score, years of credit, employment history, education background and area of study. In contrast, traditional credit assessments cover only the first two areas; credit score and years of credit. The Upstart approach to credit assessment is in line with what Millennials expect from banks, which is deeper and more meaningful insights into their lives to determine what financial products they need and qualify for. Traditional banks will do well to consider such unconventional ways of assessing credit to better align with customer expectations.<\/p>\n\n\n\n

                                      Going deeper into personalization, increasingly digitized consumers are looking for bespoke products and services that fit their lifestyle and future financial needs. Another FICO survey<\/a> found that Millennials are five times more likely than those over 50 to close all accounts with their primary bank. The primary reason cited for switching was high costs, a sticking point that banks can address by leveraging technology to lower costs. Another area banks must experiment in to bolster personalization is offering service access via voice ID, an important area as Voice-as-a-Channel gains momentum<\/a> through the proliferation of smart devices like Amazon Alexa and Google Home.<\/p>\n\n\n\n

                                      Digital Ecosystems<\/h2>\n\n\n\n

                                      An EFMA and Capgemini report<\/a> found that 32.3% of retail banking customers might consider big tech companies like Google and Amazon for financial services. This is in line with the previously cited FICO survey that found that 68% of millennials gravitate towards big banks. This affinity to big players is traceable to the ecosystems these big players tend to build, which makes it easy to switch from one service to another. Consider Lending Club<\/a>, another Silicon Valley tech company that provides Credit-as-a-Service. Users of the platform can borrow from any lender, whether that lender is another bank or another individual, without having to create an exclusive relationship with either. This sort of mobility, by a generation that has grown up in a sharing economy, provides insights into the direction retail banking must head in order to stay apace with a digital-first consumer base.<\/p>\n\n\n\n

                                      Another reason why Millennials would consider big tech companies as a viable option for financial services is the digital experiences such entities offer. While mobile apps and text messages have a high adoption rate<\/a> in this age set, a large proportion of this cohort expects digital experiences to be more meaningful than this. For instance, the ability to seamlessly access banking services via social, mobile and web without having to log in each time, or repeat questions is an important driver in this area. Consider the seamless nature with which a user can move from one service to another within the Google ecosystem. This is the level of omnichannel access retail banking needs to adopt to build walled gardens of their own that result in exceptional digital experiences for a digitally omnivorous customer base.<\/p>\n\n\n\n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

                                      Search

                                      Latest

                                      \n

                                      Personalization<\/h2>\n\n\n\n

                                      Upstart is a FinTech startup based in Silicon Valley<\/a> that is rethinking how credit is assessed. Founded by ex-Google employees, the company uses machine learning and analytics to create credit personas based on credit score, years of credit, employment history, education background and area of study. In contrast, traditional credit assessments cover only the first two areas; credit score and years of credit. The Upstart approach to credit assessment is in line with what Millennials expect from banks, which is deeper and more meaningful insights into their lives to determine what financial products they need and qualify for. Traditional banks will do well to consider such unconventional ways of assessing credit to better align with customer expectations.<\/p>\n\n\n\n

                                      Going deeper into personalization, increasingly digitized consumers are looking for bespoke products and services that fit their lifestyle and future financial needs. Another FICO survey<\/a> found that Millennials are five times more likely than those over 50 to close all accounts with their primary bank. The primary reason cited for switching was high costs, a sticking point that banks can address by leveraging technology to lower costs. Another area banks must experiment in to bolster personalization is offering service access via voice ID, an important area as Voice-as-a-Channel gains momentum<\/a> through the proliferation of smart devices like Amazon Alexa and Google Home.<\/p>\n\n\n\n

                                      Digital Ecosystems<\/h2>\n\n\n\n

                                      An EFMA and Capgemini report<\/a> found that 32.3% of retail banking customers might consider big tech companies like Google and Amazon for financial services. This is in line with the previously cited FICO survey that found that 68% of millennials gravitate towards big banks. This affinity to big players is traceable to the ecosystems these big players tend to build, which makes it easy to switch from one service to another. Consider Lending Club<\/a>, another Silicon Valley tech company that provides Credit-as-a-Service. Users of the platform can borrow from any lender, whether that lender is another bank or another individual, without having to create an exclusive relationship with either. This sort of mobility, by a generation that has grown up in a sharing economy, provides insights into the direction retail banking must head in order to stay apace with a digital-first consumer base.<\/p>\n\n\n\n

                                      Another reason why Millennials would consider big tech companies as a viable option for financial services is the digital experiences such entities offer. While mobile apps and text messages have a high adoption rate<\/a> in this age set, a large proportion of this cohort expects digital experiences to be more meaningful than this. For instance, the ability to seamlessly access banking services via social, mobile and web without having to log in each time, or repeat questions is an important driver in this area. Consider the seamless nature with which a user can move from one service to another within the Google ecosystem. This is the level of omnichannel access retail banking needs to adopt to build walled gardens of their own that result in exceptional digital experiences for a digitally omnivorous customer base.<\/p>\n\n\n\n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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                                      The picture these statistics paint is one of shifting expectations of an increasingly digitized consumer base. For banks and other retail banking institutions, this represents both a threat and an opportunity. On a threat level, there are Silicon Valley startups that are rising to fill in the gaps left by traditional banking, as will be covered later in this article. On the opportunity front, this shift represents an unprecedented opportunity to not only offer services to Millennials but to occupy the figurative home screen of their lives, something big tech companies like Google, Amazon, and Apple have managed to do. To delve into the shifts retail banks can expect and how they can capitalize on these shifts, we cover three broad areas we believe hold the biggest promise for radical digital transformation and growth: personalization, digital ecosystems, and automation.<\/p>\n\n\n\n

                                      Personalization<\/h2>\n\n\n\n

                                      Upstart is a FinTech startup based in Silicon Valley<\/a> that is rethinking how credit is assessed. Founded by ex-Google employees, the company uses machine learning and analytics to create credit personas based on credit score, years of credit, employment history, education background and area of study. In contrast, traditional credit assessments cover only the first two areas; credit score and years of credit. The Upstart approach to credit assessment is in line with what Millennials expect from banks, which is deeper and more meaningful insights into their lives to determine what financial products they need and qualify for. Traditional banks will do well to consider such unconventional ways of assessing credit to better align with customer expectations.<\/p>\n\n\n\n

                                      Going deeper into personalization, increasingly digitized consumers are looking for bespoke products and services that fit their lifestyle and future financial needs. Another FICO survey<\/a> found that Millennials are five times more likely than those over 50 to close all accounts with their primary bank. The primary reason cited for switching was high costs, a sticking point that banks can address by leveraging technology to lower costs. Another area banks must experiment in to bolster personalization is offering service access via voice ID, an important area as Voice-as-a-Channel gains momentum<\/a> through the proliferation of smart devices like Amazon Alexa and Google Home.<\/p>\n\n\n\n

                                      Digital Ecosystems<\/h2>\n\n\n\n

                                      An EFMA and Capgemini report<\/a> found that 32.3% of retail banking customers might consider big tech companies like Google and Amazon for financial services. This is in line with the previously cited FICO survey that found that 68% of millennials gravitate towards big banks. This affinity to big players is traceable to the ecosystems these big players tend to build, which makes it easy to switch from one service to another. Consider Lending Club<\/a>, another Silicon Valley tech company that provides Credit-as-a-Service. Users of the platform can borrow from any lender, whether that lender is another bank or another individual, without having to create an exclusive relationship with either. This sort of mobility, by a generation that has grown up in a sharing economy, provides insights into the direction retail banking must head in order to stay apace with a digital-first consumer base.<\/p>\n\n\n\n

                                      Another reason why Millennials would consider big tech companies as a viable option for financial services is the digital experiences such entities offer. While mobile apps and text messages have a high adoption rate<\/a> in this age set, a large proportion of this cohort expects digital experiences to be more meaningful than this. For instance, the ability to seamlessly access banking services via social, mobile and web without having to log in each time, or repeat questions is an important driver in this area. Consider the seamless nature with which a user can move from one service to another within the Google ecosystem. This is the level of omnichannel access retail banking needs to adopt to build walled gardens of their own that result in exceptional digital experiences for a digitally omnivorous customer base.<\/p>\n\n\n\n

                                      Automation<\/h2>\n\n\n\n

                                      An AVOKA State of Digital Banking Report<\/a> found that only 1 in 4 banking products can be applied for online while less than 10% of small business accounts can be opened online. The challenge here is that most retail banking processes are still manual. Mortgage lending, for instance, is still firmly rooted in manual processes, resulting in a 40-day approval time. Roostify<\/a>, a FinTech startup based in San Francisco, California, is using technology to automate this process and shave off days from the loan approval process. By doing this, the startup is helping lenders meet the expectations of customers, who expect automated digital services wherever they transact.<\/p>\n\n\n\n

                                      Further to this, artificial intelligence (AI) assistants are poised to play an increasingly pivotal role in how customers access retail banking services. For instance, if a customer asks a bank AI assistant what is required to get a loan, the AI must be able to analyze the customer\u2019s financial records and provide them with a tailored answer. Voice controlled actions like balance requests, bill payments, internal and external transfers are also an area banks must focus on to meet retail customers\u2019 expectations. Combining this with deep consumer analytics will help banks automate credit approval processes, increase speed-of-service (a key factor in retail banking) and provide deep analytics to customers that help them make better financial decisions based on their unique contexts.<\/p>\n\n\n\n

                                      The Next Frontier: From Digital Banks to Smart Banks<\/h2>\n\n\n\n

                                      While traditional banks are today focused on becoming digital banks, the next frontier, which is already emerging, is the need to transform into smart banks. While digital banks are nothing more than digitally-enabled traditional banks that offer the same old services, smart banks are the banks of the future that offer products and services based on each customer\u2019s unique needs. Such banks will not have a list of services offered but instead will have a list of questions an AI will ask to provide custom-made products and services for each customer. For traditional banks to attain this metamorphosis, they must create a build, buy, adopt or partner strategy that leverages FinTech advances emerging in Silicon Valley, which will afford them the insights and technical capabilities to become the leaders in this bold new world.<\/p>\n\n\n\n


                                      \n\n\n\n

                                      Visit Silicon Valley Fintech Startups<\/h2>\n\n\n\n

                                      Silicon Valley Innovation Center<\/strong><\/a> helps financial sector executives experience and connect with the Silicon Valley fintech startup ecosystem through a Navigating FinTech Disruption executive immersion program<\/strong><\/a>. As Silicon Valley is a hotbed of fintech innovation, company executives benefit greatly from visiting the innovation hub and interacting with startups<\/strong> like the ones mentioned in this article. Through this immersive experience, executives also gain deep insights<\/strong> into how partnering with Silicon Valley startups<\/strong> can be a game-changer<\/strong> for their businesses.<\/p>\n\n\n\n

                                      Find Out More<\/a><\/div>\n","post_title":"FinTech Is Transforming Retail Banking and Traditional Banks Must Pay Attention","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/fintech-is-transforming-retail-banking-and-traditional-banks-must-pay-attention\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":641,"post_author":"1","post_date":"2018-09-28 12:04:00","post_date_gmt":"2018-09-28 19:04:00","post_content":"\n

                                      Five thousand years ago, a Sumerian farmer recorded the sale of livestock on a clay tablet, setting in motion the finance industry as we know it. The industry has gone through numerous transformations over those five thousand years, but none as big as the one currently underway. With the development and maturing of digital technologies like the internet and commercial software, the financial industry has managed to become one of the most dynamic and vibrant industries in the world. A Fujitsu Global Digital Transformation report<\/a> found that of all industries surveyed, finance stood out as the most aggressive in the adoption of digital transformation technologies with 89% of finance companies polled planning, testing or implementing digital transformation strategies.<\/p>\n\n\n\n

                                      However, there remain systemic challenges in finance. These include fraud, financial modeling and forecasting, and customer experience management. Today, few finance organizations can claim significant differentiation from the competition. While some may excel in one area or another, in general, finance is as homologous an industry as they come. This picture may be set to change as organizations embrace digital transformation. Focus on disruptive technologies like Ai, blockchain, and others has become the prime differentiating factor that finance organizations are rushing towards. In this article, we look at three such disruptive FinTech technologies and the possible applications they have in finance.<\/p>\n\n\n\n

                                      Blockchain and Fraud Detection<\/h2>\n\n\n\n

                                      In a landmark survey<\/a> that drew participants from 70 countries, PwC found that up to 45% of finance organizations had suffered an economic crime over the duration of the survey as compared to only 34% across the other industries polled. The survey found that among the key threats the finance organizations faced, the top five were asset misappropriation, cybercrime, money laundering, accounting fraud, and bribery and corruption. These challenges represent the core challenges finance organizations face in their operations, with massive investments going into mitigating them. However, a breakthrough technology known as blockchain may hold the key to finally solving this millennia-old problem.<\/p>\n\n\n\n

                                      The blockchain is an immutable network of distributed ledgers (records) that each maintains a copy of data. When one block changes, it replicates the changes to all the other blocks. For someone to change one block and hide the changes, they would need to change all the blocks, something that is incredibly difficult. This technology could solve the fraud problem by making it near-impossible for criminals to tamper with records to favor their fraudulent activities. While blockchain implementation is still in its infancy, the theoretical possibilities are very promising. Finance organizations interested in putting the issue of fraud to bed will do well to invest in blockchain experiments.<\/p>\n\n\n\n

                                      Big Data and New Service Frontiers<\/h2>\n\n\n\n

                                      Big data has been a buzzword for the last ten years. Today, the term is getting better quantified as more understanding of data and its possibilities emerges. According to Forrester<\/a>, of all data collected, organizations analyze or use less than 0.5% of gross collected data. In finance, the possibilities are even more pronounced. Consider the amount of data finance organizations generate as customers interact with various financial services and tools.<\/p>\n\n\n\n

                                      As the concept of big data matures, finance organizations can use such data to generate higher-value business advice, perform better planning and forecasting, streamline accounting and compliance, enhance decision making, lower costs and mitigate errors, and decrease risk while generating higher returns. Such options open possibilities for finance organizations to offer better-customized products and services to customers that meet and anticipate needs in a dynamic and evolving manner, shelving the one-size-fits-all approach to service provision. However, the dilemma that remains to be solved to unlock big data gains is disparate siloed data, which currently makes it difficult for finance organizations to generate a single view of organization-wide processes.<\/p>\n\n\n\n

                                      Ai and Customer Experience Management<\/h2>\n\n\n\n

                                      Within Ai, Voice-as-a-Channel is taking off across consumer industries. Spearheaded by the development and rapid evolution of Ai-driven devices like the Amazon Echo, iPhone and Google Home that have brought AI assistants to the masses, organizations are scrambling to develop business use cases for smart assistants. In finance, Bank of America\u2019s Ai assistant Erica<\/a> is one such example of the role Ai assistants will play in the future. Currently, Erica can help users perform simple voice-activated tasks like inter-account transfers, P2P payments, and bill queries. Such tasks, however, only represent the tip of the iceberg of what is possible.<\/p>\n\n\n\n

                                      Consider the National Australia Bank (NAB), which through its innovation lab NAB Labs, is working at integrating Amazon Alexa into its financial services<\/a>. The partnership would blend the access Alexa has to users\u2019 personal lives with their financial transactions. This level of visibility could potentially turn Alexa and similar Ais into personal financial planners able to advise users on the best financial decisions to make. Further, finance organizations can use this data to build even more sophisticated products and services for customers, opening new revenue streams. Such a transformative customer experience would provide finance with the key differentiating factor that has so far proven elusive.<\/p>\n\n\n\n

                                      Conclusion<\/h2>\n\n\n\n

                                      Unlike other industries, finance may have the highest stakes when it comes to embracing digital transformation. Facing mounting pressure from digital currencies like Bitcoin, increasing scrutiny by legislators, and the commoditization of fraud and cybercrime, finance sector players must, as a necessity, forge forward with digital transformation agendas. Such a push holds even greater promise for smaller players in the sector, who can disrupt incumbents by deploying digital-first finance experiences as is the case with Lemonade insurance<\/a>. Established companies will need to be on the lookout for such disruptive technologies as startups, and other more-nimble competitors throw all their chips on the table with the hope of cashing in big when the digital-first economy goes mainstream.<\/p>\n\n\n\n

                                      \"\"<\/a><\/figure>\n","post_title":"Digital Transformation Insights: Digital Transformation Opportunities in Banking","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"digital-transformation-insights-digital-transformation-opportunities-in-banking","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/digital-transformation-insights-digital-transformation-opportunities-in-banking\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":666,"post_author":"1","post_date":"2018-08-13 20:27:00","post_date_gmt":"2018-08-14 03:27:00","post_content":"\n

                                      Here at SVIC we recently designed and executed a custom immersion program for investment firm Allectus Capital. Allectus is a great example of how any business can discover something new in Silicon Valley; even though the majority of the firm\u2019s $300 million portfolio is in tech sector investments, its executives still found plenty of new insights into areas like blockchain and digital transformation during their trip to the bay area.  <\/p>\n\n\n\n

                                      With Allectus based out of Sydney, Australia, the majority of its investments are in the UK and the Asia-Pacific region. So the company\u2019s one-day immersion program with SVIC was also a chance for the Allectus executive team to scout out potential new investment opportunities.<\/p>\n\n\n\n

                                      Allectus\u2019 came to Silicon Valley with two key learning priorities:<\/strong><\/p>\n\n\n\n

                                      1.  Become familiar  with best practices in innovation.<\/li>
                                      2. Gain an understanding of the major trends in the fintech space.<\/li><\/ol>\n\n\n\n

                                        We custom-built a varied program which answered to those needs and showcased the wide variety of companies and expert knowledge available within the Silicon Valley ecosystem.<\/p>\n\n\n\n

                                        Financial Services and Digital Transformation<\/h2>\n\n\n\n

                                        The program began with a visit to Western Union<\/strong>. Originally a major player in the American telegraph business in the late nineteenth century, Western Union is today a leading example of a legacy company which has transformed itself for the digital era.<\/p>\n\n\n\n

                                        During a presentation from the general manager of the high principal money transfer branch, the Allectus executives learned about the steps Western Union has taken in recent years to increase revenues coming in through digital channels. Those revenues have now reached about $300 million, three times more than they were in 2010. A big part of that success has been down to the company engaging with consumers through its mobile apps, which have been downloaded more than 3 million times on the Android and iOS platforms.<\/p>\n\n\n\n

                                        \"Allectus
                                        Allectus Capital executives learn about Western Union's digital transformation journey from one of the money-transfer company's senior managers.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Hearing Western Union\u2019s story answered to both of Allectus\u2019 learning objectives. The Allectus team saw how Western Union has overcome disruption in its industry by putting data and technology at the heart of its products and business processes. This strategy has allowed it to compete with newer companies and startups in today\u2019s highly competitive digital payments and money transfer market.<\/p>\n\n\n\n

                                        Key takeaway from Western Union:<\/strong> with the right strategies and partnerships legacy businesses can rebuild themselves to become leaders in the digital era and compete with digitally native companies.<\/p>\n\n\n\n

                                        The next stop on the Allectus program was at Robinhood<\/strong>, an investment trading platform on web and mobile which has shaken up the retail investment market through its commission-free business model. In a presentation from the company\u2019s head of business development, Allectus\u2019 executives heard about how Robinhood has cut out manual account management and storefront locations to keep its costs down, therefore freeing customers from a major pain point: the fees paid to brokers for buying and selling shares. Robinhood\u2019s alternative is to generate revenues through collecting interest on clients\u2019 cash balances and offering a premium subscription service with additional features.<\/p>\n\n\n\n

                                        The company says what sets it apart from other trading platforms is its commitment to making stock trading available to a mass audience, not just a wealthy few. As the Allectus team learned, Robinhood appears to be making good on that promise, with a big percentage of its customers coming from the millennial generation. The median age of a Robinhood user is 32 and while some analysts question if its commission-free approach can work long-term, the market seems confident: following a Series D funding round in May, Robinhood was valued at $5.6 billion, a significant jump from its $1.3 billion valuation after fundraising a year earlier.<\/p>\n\n\n\n

                                        \"The
                                        The Allectus Capital executive team hears from Robinhood, a fintech startup disrupting the investment industry through its commission-free business model.<\/figcaption><\/figure><\/div>\n\n\n\n

                                        Learning about Robinhood was exactly the kind of education in fintech Allectus wanted. Apart from being closely related to Allectus\u2019 own investment business, the trading platform was also highly relevant as an example of how technology is disrupting the financial services industry through new business models which reach previously underserved customers.<\/p>\n\n\n\n

                                        Key takeaway from Robinhood:<\/strong> established business models in the financial services industry are actively being disrupted by companies leveraging technology to come up with new approaches that eliminate customer pain points.<\/p>\n\n\n\n

                                        Trends for the Future<\/h2>\n\n\n\n

                                        The third meeting on the Allectus executives\u2019 program was with the Stanford Blockchain Collective<\/strong>, one of the university\u2019s biggest blockchain groups. During a Q&A session with one of the collective\u2019s co-founders, the Allectus team were able to find out everything they wanted to know about blockchain including its use cases and its potential to disrupt established industries. It was a unique opportunity for Allectus to get insights into blockchain from an expert source at the cutting edge of research in the field.<\/p>\n\n\n\n

                                        The last stop of the day for Allectus was at Institute for the Future<\/strong>. An interdisciplinary, non-profit think tank, Institute for the Future specializes in forecasting how today\u2019s technology trends will impact our economy and society in the years to come. A presentation from one of the research group\u2019s principal technologists taught the Allectus team about the history of the Silicon Valley ecosystem: which forces have shaped it over the years and helped it prosper. The executives also learned about how Silicon Valley will change in the future as technologies become more sophisticated and interoperable. As explained in the institute\u2019s presentation:<\/p>\n\n\n\n

                                        Future app and service designers will create new user experiences with blended combinations from a vast palette of continuously morphing technologies.<\/i><\/p><\/blockquote>\n\n\n\n

                                        Key takeaways from Blockchain Collective and Institute for the Future:<\/strong> The way end users experience technology is set to change radically, with fields like blockchain still in their relative infancy and full of potential.<\/p>\n\n\n\n

                                        Next Steps<\/h2>\n\n\n\n

                                        Allectus Capital\u2019s one-day immersion program reflected the diversity of resources available in Silicon Valley: disruptive startups, legacy businesses, groundbreaking research and world-leading experts are all concentrated in the bay area. For companies which want to learn, the great news is that our executive immersion programs can connect you to this tech ecosystem with its wealth of insight and experience.<\/p>\n\n\n\n

                                        For the Allectus executive team, meeting in person with innovative companies showed them that disruption in financial services is happening now. They saw that to stay competitive they need to react, and quickly.  Ideas on how to react, including by partnering with startups and experimenting with new technologies, came through presentations from Western Union and Robinhood. Both companies laid out blueprints for a successful digital transformation.<\/p>\n\n\n\n

                                        Visits to the Blockchain Collective at Stanford University and Institute for the Future, meanwhile, were also illuminating. They gave Allectus insights into the economic and social changes which are still to come. For executives investing now in the future success of their company that knowledge is invaluable; it will help them back the technologies which are going to have the biggest impact in life - and in business - in the years to come.<\/p>\n","post_title":"Allectus Capital in Silicon Valley: Fintech Disruption and Innovation Trends","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends","to_ping":"","pinged":"","post_modified":"2019-12-27 20:45:15","post_modified_gmt":"2019-12-28 04:45:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/allectus-capital-in-silicon-valley-fintech-disruption-and-innovation-trends\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":685,"post_author":"1","post_date":"2018-07-18 00:23:00","post_date_gmt":"2018-07-18 07:23:00","post_content":"\n

                                        When Fintechs first started appearing, early views were that their disruptive approach would result in some form of a zero-sum standoff with conventional banks. Yet that winner-takes-all forecast has yielded to the reality of a more collaborative future: the top ten US banks have committed more than $4 billion in disclosed funding<\/a> across 81 FinTech deals since 2012.<\/p>\n\n\n\n

                                        But traditional banking models remain at risk. Consumer engagement with Fintechs is growing and it is widely expected that one of the big tech platforms like Google or Amazon will soon enter the market.<\/p>\n\n\n\n

                                        At the same time, technology continues to evolve at a blistering pace, as do consumer expectations. Today\u2019s sophisticated customers demand an omnichannel banking experience where every product, service and transaction is contextualized to their unique financial needs.<\/p>\n\n\n\n

                                        Going forward then, the key to a bank\u2019s success will be its ability to combine continuous technology innovation with an emphasis on delivering a personalized banking experience.<\/p><\/blockquote>\n\n\n\n

                                        Achieving that in today\u2019s climate of sustained disruption is no easy task. A combined market map recently compiled by CB Insights<\/a> shows over 100 startups are leveraging AI to deliver solutions in everything from credit scoring, lending and compliance to personal finance, asset management and debt collection.<\/p>\n\n\n\n

                                        For traditional banks this should be both an exciting and worrying prospect. But as long as they  embrace innovation and experimentation with new technologies, they have nothing to fear.<\/p>\n\n\n\n

                                        And these deals have been spread across the FinTech solutions portfolio, including asset management, alternative lending, personal financial management, etc., and the technology solutions portfolio, including blockchain, analytics, AI and RegTech.<\/p>\n\n\n\n

                                        The challenges and opportunities now appearing for traditional financial institutions is the central focus of Banking Disrupted 2018<\/a>, the second edition of an exclusive thought leadership summit for the banking and capital markets industries.<\/p>\n\n\n\n

                                        The two-day event, organized by Silicon Valley Innovation Center in partnership with PRMIA, brings together banking leaders, Fintech innovators and technology pioneers. Understanding the digital future of finance will be at the top of the agenda, with Fintech entrepreneurs and thought leaders defining the impact of technologies like Blockchain and  AI. They will also discuss global banking innovation case studies and share their vision for the future of consumer and commercial banking.<\/p>\n\n\n\n

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