As the grand unveiling continues on Day 2 of our conference, immerse yourself deeper into the Experience Hall where innovation intertwines with excitement!
Transcription:
Frank Argano (00:10):
Good Morning everyone. Welcome to day two of our Product Demo Showcase. My name is Frank Argano. I'm a technology reporter with American Banker. For those of you joining us for the first time, welcome For those of you joining us for the second time, welcome back. Before we jump into demo, I just want to note some few housekeeping points for voting for the People's Choice Awards that's going on later today. Voting will close at 3:00 PM and you cast your votes by scanning the QR code on the back of your badge. You flip that over, it'll take you to the landing page where you can cast your votes for each of the demos that you'll see today, as well as the ones that you saw yesterday. You can join us at the closing reception later today where we're going to be announcing the winner of the 2024 People's Choice Award for Best in Show. But now that we're all set, help me welcome to the stage FIS Global.
Hashim Toussaint (01:00):
Thank you. Can everyone hear me? Good. Good Morning everyone. Welcome back. Quick intro again. My name is Hashim Toussaint. I am the General Manager for Digital Solutions at FIS. I saw many of you yesterday when we demoed our one to many consumer mobile products, which is a brand new redesign product from FIS. And we talked about really the vision there is to combine three essential elements when we think about modern digital solutions. One is a really interactive user-friendly UX experience powered by API layer that truly connects all of the backend systems in a way that delivers more value or more meaningful value to the end user. And again, making sure that we can really meet the customer where they need. So we talked about the initial phase of that product. Today we're going to showcase however, where we're going. So this is much more forward looking and what we're going to do is tie the experience we talked about yesterday to a banker sort of channel servicing the same customer.
(02:15):
So we'll walk through that flow. We'll also use a fraud use case to really highlight kind of where things are going, and then we're going to highlight throughout that journey places where the banker can really help enhance the experience for the customer and really serve as that customer in the ways that they need. So we'll go through that. So I'll jump right to it. So again, this will serve, you saw this yesterday. We showed the first phase of this where we brought together the highest use transactions and features for the customer, which include checking your balance. We pull transactions up, so you'll see that sort of flow through. You'll also see some additional components that we're going to be adding very quickly here. So I'll quickly go through it. So again, we looked at this experience yesterday. We have a number of accounts. We had them stacked.
(03:06):
The customer can expand them. Some of the new elements you'll see here is we also have insights. So the customer has certain savings goals. This particular customer, Cheryl, she is saving for a new house. She's also saving for our children to go to college. We also have information here around CD that's mature and that Cheryl has, which she can renew. We'll come back to the fraud. This fraud transaction here. This is the flow we're going to go through to highlight the different channels and again, bringing the customer experience together regardless of where the customer is interacting. So I'll call out a few more things. So we talked yesterday about bringing in credit insights. We have that at the forefront. We have information around high yield savings, and then we also have spending information down below. Again, really bringing together what the customer uses most frequently.
(04:02):
So with that, let's go into the flow. So the customer has identified suspicious activity. It could be fraud or could not be. I think as you think about what Cheryl's looking to do, she's going to be really cautious and she's going to initiate a flow that helps her get serviced by the bank. So what we're going to do here is essentially, so Cheryl clicks on that particular suspicious activity. Now I do want to call out, the goal here is to ensure that we can service options for Cheryl and she can decide how best to interact with the bank. So she has the option to report digitally. So she would click on that button, a form comes up, she can submit that fraud request into the bank, and then that process kicks off to really investigate to ensure that that's not a fraudulent activity. We also have options if Cheryl actually wants to go see a banker, she has the option to do so.
(05:02):
The flow we're going to go through is where Cheryl selects to visit the branch option there. Cheryl will hit the visit branch option. She'll have options around location as well as time slots. So we're going to click visit branch and this what happens here now is the banker at the branch actually receives Cheryl's request and pulls up the fraud activity. And so when Cheryl walks into the door, what she's looking to do within the branch is tied to her profile. So we're going to go into now transition to the banker experience and really help Cheryl solve what she's looking to do. So a quick call out here. So this is what the banker sees. As you can see over here, open case. This is Cheryl submitting the fraud requests through her mobile device. It's pulled up on the banker's view down below here. So we'll come back to that.
(05:58):
But before we go there, I do want to highlight one of the key things we have done here is really we've brought together all of the components that the banker needs to truly service and help Cheryl, not just for this particular fraud activity, but really help her achieve her financial goals. So right up front and center, we have a view of Cheryl's relationship with the bank. As you can see, as I mentioned earlier, she's saving for a home. She also is investing for her kids' college. We also can see here her channel of preference, which is mobile. We also understand the products that she has with us. She's a saver, but most importantly, she's a very satisfied customer. So again, this allows the banker to fully see where Cheryl is in the relationship before she arrives at the branch. So clicking deeper into the 360 view, we also have a list of next best actions for the banker to offer.
(06:54):
Cheryl, again, once we get through the main reason she's in the branch, but things like she can enroll in paperless, she can update her profile. There's a CD offer. So again, very personalized CD offer that again, the banker can offer to Cheryl. So again, really important to ensure that we surface up the most important elements of the relationship. So speaking about the fraud case. So the banker can then click on the, oh, I forgot to mention Cheryl enters the bank. She's authenticated, right? Different banks have different ways of doing that, but again, that process happens as normal and then Cheryl can be serviced within the bank. So we see the case, the fraud case, the banker clicks on that, and then there are a number of actions that the banker can take to help Cheryl. So one, we can lock or freeze the current card.
(07:45):
We can formally report the card lost or stolen. If that's the case and I do want to call out, we can also provision a digital version of the card into the wallet for Cheryl so she can continue to use that card and transact and not be disrupted as we process the fraud, the fraud transaction, and investigate the fraud transaction. We also can order a brand new card. So again, making it very easy and simple to have Cheryl continue what she needs to do. So in this case, we're going to provision a new card to the wallet. The other thing I will call out here is to transfer to new card. This allows us to transfer any sort of bill pay activity or payment sort of activity over to the new card so Cheryl can continue to pay certain bills and pay certain providers in a very seamless way. So no need to physically go do that for each relationship.
(08:45):
So that's submitted and then so that's processed. So Cheryl is now into, she submitted the request, the bankers now service Cheryl and the process to investigate fraud is underway. The other thing I would call out here is an email is sent to Cheryl, which lists out all of her activity within the bank and also where the fraud case is in the process. The other thing I do want to highlight here is we've also looked at digging much deeper into the relationship. The banker can do one of two things. They can pull up this much more detailed view of Cheryl's relationship before she comes to the branch. So again, being much more prepared to really welcome and service Cheryl as she needs, or while Cheryl is still at the branch, once the fraud case is submitted, being able to really have a much deeper conversation with Cheryl about again, next best actions.
(09:40):
One of the options here is really enrolling in Zelle and really transfer funds through Zelle. But again, how do we enable the banker to really enhance the experience for Cheryl? So again, we are on a journey and as we think about banker teller, we viewed as an extension of a digital experience, right? Digital really just is a combination of different UIs for different users connected through an API layer connected to various core systems that allows us to again, really deliver more value. So we view this as a very much connected experience regardless of channel. So that's all we had today. Thank you so much. Please talk to our team and our boots and looking forward to speaking and seeing each one of you. So thanks again,
Frank Argano (10:30):
Hashim. Thank you for talking a little bit more about FIS global. Now we're going to hear from Plinqit.
Jason Seale (10:37):
Thanks, Frank. Appreciate it. Morning everyone. I'm having some flashbacks here. I actually used to be a weatherman and for our previous life, and so putting this microphone on, I'm missing my green screen back here. But yeah, thank you American Banker. Excited to be here today. My name is Jason Seale. I am the SVP of sales for Plinqit. Plinqit is high-yield savings by Plinqit is focused on a fully white labeled end-to-end onboarding experience that really accomplishes two major concerns that banks are struggling with this days is volume, deposit growth and new market acquisition. And so as we go through the demo, I'll give you a little more understanding of what the platform looks like. Let's get it unlocked real quick and see. So first things first, with high yield savings by plan, we're going to start off with building a one page landing site or a microsite that users and new customers will be able to interact with, whether is a QR code, marketing collateral, things like that to be able to start the onboarding experience.
(11:37):
We facilitate everything from start to finish with high-yield savings by Plinqit. We use the onboarding, we provide the KYC, the account linking funding, money movement statement ledger, and reporting metrics that go with this. So you'll see a number of CTAs involved with this demo site knowing they can open the account in three easy steps. Once they do that, they click open the account, they're taken to a mobile responsive site. This is not a standalone application that a new customer can use to do this. We do that to keep things at a fraction of the cost of what a full digital onboarding experience would look like, as well as a speed to market concept. So the first thing they'll do is they'll come in, they'll start their email address and password to get things started off. Once they click continue, they'll verify that they've started their account and then we're off to the races.
(12:23):
Once they log in, we will start to facilitate MFA in the background for an additional layer of security. They'll put their cell phone number in, click continue. They'll get their code to continue the process, and then they're off to open the high yield savings account. The first thing we start to do is collect information on that new customer. Again, remember the focus here is volume deposit growth, and new market acquisition. This is a capability for you to get outside of your existing geographic footprint into new markets to really test a new digital brand or an affinity or a niche brand that kind of gives you the crawl of what a crawl, walk run aspect would look like. For new market acquisition, they'll put in their name, date of birth, social security for KYC and OFAC verification, additional information required for their physical address. They'll go through that.
(13:11):
Click continue. The nice thing about this too is because we're focusing on new market acquisition, if you're looking at getting outside of your existing geographic footprint, you'd like to get some additional data points around what your new market is bringing to the table. We can configure and customize this to get two to three different data points that you'd like to learn about this new market. I always recommend maybe not more than two or three at a time for this because as you know, the more clicks you have, the higher your abandonment rate can get. So we'll get information about employer occupation as well as annual household income, any additional information that's needed throughout this process. Once we click continue, we'll confirm that information. We'll certify they're not subject to backup withholding. Once we confirm and continue, KYC will begin to run. Anything that throws up a flag with KYC or OFAC verification, the new customer will be notified at this point that their application is under review.
(14:03):
The nice thing about how yield savings by Plunket is we provide all the service and support needed for the bank in terms of facilitating and managing these accounts on behalf of the bank. Once the identity is verified, the next thing we'll do is we'll link the funding account. We have two options. We leverage an aggregator to be able to link that account or they can do that facilitated through micro deposits, which we handle on the customer's behalf. Once they click continue to link this account. Again, this is a funding account. This is not a focus on cannibalizing your existing customers. We see minimal cannibalization within this platform because we're going outside of the geographic footprint. So think of some of the other examples you may have seen Marcus by Goldman Sachs, Roger by Citizens Bank of Edmond, Brio Direct by Webster Bank. This is the digital only approach or the division of or subsidiary of what your existing charter brings to the table.
(14:56):
So we'll go ahead and put in our online banking credentials to fund this account and link. Once we click continue, we've successfully linked that account and then we're off to the races to fund. You hold all your interest in risk mitigation efforts within this platform. You set the threshold on what the minimum requirement is. You can also set the cap on the amount of deposits you're bringing into this high yield savings account. Once you click continue, all the disclosure information are your T's and C's that we incorporate into this platform. Once they confirm and continue, we're ready to fund and start saving the account, they do have the opportunity to add a beneficiary or a trust for this. We'll just keep the platform going and we're finished and we're funded. You can see here where the linked account is associated with this. The nice thing about high yield savings by Plunket is that it is a highly secure platform.
(15:43):
This is not a transactional account. We don't see chargebacks. There's no card issuance. It strictly is one way in and one way out. So we're mitigating a significant amount of fraud within this platform. They'll see their transaction history throughout the mobile responsive site. Any additional information they need can be seen here. We also provide statement information throughout this platform. So on top of the statement information on a monthly basis, we also provide substitute 10 99 for tax reporting reasons at the end of every year, and then your typical alerts and account information here. So how is this all built out? This is all built out on a proprietary virtual ledger system, something we call VI Ledger or villager for short. And so this is from a compliance and a regulatory perspective. This is where you'll be able to manage these accounts. The nice thing about high yield savings by Plunket is that this is a core agnostic platform.
(16:37):
We do not require core integration for this platform to deploy. We create one account on your core system and then we structure this as an FBO or an omnibus account structure. So one account for the benefit of all your depositors and all of your deposits and all of your customers roll up into this FBO account. The nice thing about this is you have the granularity that you need to see exactly who these customers are and who these deposits belong to. The other nice thing about it too is these are new customers coming to your bank that you can now cross-sell and deepen that relationship with because again, these are outside of your existing geographic footprint. We have some customers that deploy within four states around where they're located. We have some customers that have deployed this nationwide and are seeing a significant amount of success through the platform.
(17:25):
So you'll see a dashboard here that shows you a quick snapshot of the total depositors that have come in the total number of transactions. Once you peel the onion back and get a little deeper into detail, you can see the FBO account overview here. From a treasury perspective, you'll always have an idea of what your pending balance is going to be. So the overnight A CH is what you can expect from a deposit standpoint. The total submitted balances that have come into this FBO account, the amount of interest earned in that period, as well as what the interest balance needed to be paid on the earnings for these accounts. As I said, the granularity aspect is key here. We can see each and every depositor that has come through this platform. We can also manage their KYC initiatives here. So if they did get something that was put on hold under review, we can go in simply manage that account.
(18:11):
They're timestamped and they're dated and seeing what their source is. You can also see anything around their beneficiaries, KYC, history, et cetera. The other nice piece about this too is when you see depositors, again, these are the new customers that are coming to your bank, bringing new dollars to your organization. You also have a list of users here. These are all the internal back office staff that is managing this platform on your behalf. Some of the key performance metrics we're seeing right now within this platform are pretty outstanding. About 75% of these deposits are coming from mega banks. Bank of America, Wells Chase, B of a. Three fourths of these dollars are being funded from some of the largest banks in the country. The key statistic that we see here that's really nice is that almost 50% of these account holders are in an age demographic you wouldn't expect to see within a high-yield savings account.
(18:59):
About 50% of them are aged 40 or less, which is key because that tells me that a younger demographic has a higher amount of disposable income that they're paying attention to offerings out there. But two, these are new customers that have come to your organization that are in their prime borrowing years, the capability to cross sell to. So in the end, again, fully white labeled experience. If you're looking to test a new digital or a new affinity brand approach for volume deposit growth, as well as new market exhibition, that's what we bring to the table. So thank you again for your time. I'll be bouncing around if you have any questions, feel free to let me know. Okay,
Frank Argano (19:37):
Thank you. Thank you, Jason, for talking a little bit more about lint. Next up, you're going to hear from Onespan.
Patrick Albert (19:51):
It's on the side.
Saurabh Khurana (19:56):
Keep going.
(19:59):
Thank you so much for joining us today for an exciting demo of Onespan solution for financial services. Now, Onespan is a global leader in digital agreements and risk mitigation solutions for global organizations. We're trusted by more than 60% of the world's largest financial organizations and we have operations in more than a hundred countries. Today we'll be showing you a subset of our solutions, which includes electronic signatures, embedded identity verification and smart forms, and that helps you deliver an end-to-end customer onboarding and customer service workflows. Now, the reasons customers prefer to go with one span compared to our competitors is threefold. One, we solely focus on regulated markets. So we have a focus on financial services, insurance, public sector and healthcare, which means we're underpinned by an enterprise grade architecture and security. Second, unlike many of our competitors, we let you fully white label our solution so that your brand is front and center. That allows you to build more brand loyalty as well as accelerate business outcomes such as increasing application completion rates. And lastly, we're totally invested in your success. So as an example, we offer transparent and all in pricing, which means that we can often deliver cost savings that are 30 to 40% higher than many of our competitors in this space. Alright, with that we're going to jump into a demo of a customer onboarding workflow in this case for a loan application. Pat, over to you. Thank
Patrick Albert (21:48):
You sir. Rob. So we're going to start the demonstration off today with a smart form. There are going to be three pieces of technology, smart forms ID verification, and the electronic signature portion. So some of the advantages to smart forms, unlike the traditional PDF, traditional PDF, you have to enter data manually print it right onto the PDF, that can cause incomplete documents coming in. It's a bad experience. So with smart form, it's a very personalized experience. Customers can actually come out to your website and initiate this in a self-service manner so you don't have to have people talking to them to help fill out the application. In my example here, this one, a customer went out to my website and I pulled a lot of information. So the document is fairly pre-filled and it also helps me speed up my demonstration today. So some of the advantages again, are propagating the data.
(22:38):
So if you had multiple documents within the same package for new account opening, you can take their first name, last name, and you can move that into every single document. So they don't have to retype the data or they don't have to write that on a paper document. We can also do masking. So if there's information that you need to collect such as a social security number, we can make sure that the pattern matches. And if this is an existing customer and you actually have his social security number on file, you can actually validate to make sure that the number he entered was correct or even prefill that for him. And since this is very customized as well as they start to select different options, you can have additional information open up and expand. So it would be very much like a TurboTax experience. So if I said that I was going, if I did have dependents, it would expand the document and it would allow me to type in information about those dependents. And of course the best thing about smart forms, as you get down to the bottom, if I do try to submit and move on before everything is complete, it's going to tell me that, hey, you're missing some information. So I have to select the radio buttons, make sure everything is complete before I hand it back
(23:53):
After the first document is done. Of course, if there were multiple documents, depending on the account type that they're opening, you can go one document after another within a smart form in a very customized workflow. It's not static. And this is something that can be developed by your business folks. It's not something that requires a lot of coding, it's very low code or even no code. And as we transition out of this, once I get to the very last document and submit, we're going to move from the smart form to the ID verification piece. So the ID verification piece is going to use my mobile phone and use the camera so that I can take a picture of the driver's license front and back and do a selfie. So the first thing it's going to do is ask me my mobile number. I did not capture that as part of the initial document. And once I continue, it's going to give me instructions on my desktop and it's going to tell me that, Hey, we need to validate your id. So please have a government issued ID and an internet connection and move on to the next screen.
(25:02):
And at this point, it's telling me that it just sent me an SMS text message to my mobile phone. So I'm going to leave the desktop and go to my emulator and we're going to start from here and show you what that experience would look like to validate my id. So it's very user-friendly, meant to walk somebody through the entire ID verification process. And there's no training involved of course, and it is going to ask me to use my camera as you would expect. And the instructions inside of here are also very flexible. We're asking that person to select which type of ID they want to use, whether it's a driver's license or a simple ID or a passport. If I do select a driver's license, I have to select which country. One span is very international. We do business in over 250 different countries. So I will select that I am from United States and also select the state that I have my driver's license from because every state has a different id. It's all a little bit different and we move on to the next step. The next step of course is capturing a picture of front and back. And for my demonstration today, I actually did modify some of the use case. It is not going to look at my real id. I'm just going to take a picture of my business card
(26:21):
And once that's finished, it wants to make sure it's not blurry, that there's no glare, and we could retake it if we needed to. But I will move on to the next, which is the backside of my driver's license.
(26:37):
And once it has this and I hit the submit button or the next button, it does a number of things. The first thing it does is it does scrape some of the data off of that driver's license and we can compare the name. So is this really Patrick Albert's id? Does that match the application? So those have to be the same. Another thing that it can do is to look at all of the watermarks, the font that's being used, the roundness of the corners, and just determine that that is truly an id. The images on the ID are the right size, they're in the right location. So once we have that and we know that this ID is for Pat, we're going to go ahead and hopefully, depending on bandwidth, we're going to do a selfie, try it one more time here before I pull the plug. I do have one just like in a cooking show in the oven ready to go. And at this point it's going to ask me to smile. It's going to look at my face. Hopefully it's going to match here. And due to timing, we have two minutes and 30 seconds left here. I'm going to pull the plug and we're going to go into signing
(27:48):
On the desktop because we have, it usually takes about three minutes. And now what we do though is we would compare that face to the driver's license just to make sure that the driver's license is valid. It did belong to Pat. Pat is the one sitting there. We did a liveliness check. We made sure he blinked, he smiled. So that is the same person that is there. So we're going to go into the signing experience and there's an email that's also generated as part of this. So the signing experience is very, it's white labeled. So with one span, we do not put our logo front and center. We allow you to do that. Come on here.
Saurabh Khurana (28:37):
Perfect.
Patrick Albert (28:41):
Capture the right one.
Saurabh Khurana (28:48):
This one, just click on the dos, click on the dot
Patrick Albert (28:51):
Don't touch the screen,
(28:53):
It's touch screen.
(28:57):
And we'll go into the signing experience. Again with the white label solution, your logo would be front and center, which is very important to our customers. They want to make sure that is not powered by some third party. Your company name is very trusted. So as we go through the signing process, they would see the documents, they could electronically sign. That's not the same one by the way. This is a different, so once they do go through the electronic signing process, the document is digitally sealed, it's protected, it's encrypted, so no modifications can be made. After the signing process is complete, the documents are made available to you. They can be downloaded, you can initiate your downstream processes, whether that's fulfillment, if it's a loan can be, it can be stored in the cloud inside of a blockchain technology or import it to your electronic vault or your content management system. But all of the audit trail is available to you. So you can have that in case of any type of dispute or any type of internal auditing. So I'd like to talk more. We have 30 seconds left here, so I'm just going to wrap things up and mention that if you guys have any questions, if you want to see the demonstration in full or have questions on it, we are right back over by the ServiceNow booth right across from there. And I welcome you guys to come over and visit us. Thank you,
Saurabh Khurana (30:06):
Thank you,
Frank Argano (30:10):
Thank you. Thank you
(30:15):
Patrick Saurabh, thank you again for talking a little bit more about your company. Next up we're going to hear from Persistent Systems
Karan Maini (30:24):
Folks. All right, I'm Audible. My name is Karan Maini. I lead up the Banking and Financial Services segment at Persistent. And for the last 35 years, we've been in the business of system integration. So our demo is going to be slightly different. We are trying to create what is called a digital studio offering that allows our clients to figure out what's the best choice. When you're going out and looking at all of our partners out here, how do you figure out which one fits a particular use case? Where am I going to use them? How do I generate ROI on them? What's my total cost of ownership going to look like? So we are trying to create what is a transparent Swiss watch finally orchestrated, and we want to show that through an experience where you can onboard a new customer, you can then see what's happening in real time with all of the back office systems.
(31:17):
How do your customer service agents really use those systems? And then you're going to show you something very interesting. How do you use GenAI to really make this time to market that everyone is after? So we are going to start off with what we've got as the persistent digital banking studio app. Now this app is something that we created with a low-code platform called Out Systems. We get onboarded through the standard signup process. We look at putting in a date of birth, we get a OTP onto our phones and we get people into an application stage. The products that we've got coming into this mobile app, which is our front end channel, is coming in from a core banking platform like mabu. You could use any core banking platform to actually build products and ship those out. The time to get a new product from the back all the way to the front is about 30 seconds.
(32:12):
So you can create a product definition and see it flow all the way into the front. Now here in this case, we are going to do a small loan. We are trying to figure out does a person want to clear some debt? So we do a small needs personal loan. We get into the application stage out here, we want about $10,000. We've got a 10 yard that we can specify and let's get started. So the first thing is what do we want to do? We want to pay off some other debts and we want to get into eligibility. Eligibility is something that's being done by a rule engine called Sapiens at the back. And that's got rules that you specify in terms of what do your underwriters really put out there. We can configure it in any way and shape you want. When you go into applying for a loan, you essentially have the standard terms and conditions that come up and that's where your loan application starts. So this is where the magic starts to happen. We start by validating what is going to be tied in as identity. Just give me a sec.
(33:22):
Now the first proof that we are putting in out here, and this is obviously not me as you would figure, but this is
(33:31):
Just Click. This is something that's going into KYC,
(33:38):
Which is being done by on Fido, another partner of ours. And once we've got a selfie in there, is going to do a match. Now we are obviously trying to get most of this done in the same process, but what it's doing is it's taking an official document, it's matching it with what we really want to see as a verifiable biometric. And the glass box out here is going to show you that the process is effectively going to a KYC provider. The KYC provider is again plug and play. You pick. Once that is done, you then upload a second document, which in this case is a passport. So we click on the passport, we get page one, we then click a second page, which is right here
(34:34):
And done. Now this is something that's happening in a matter of seconds. It's something that's going back. There are APIs we are calling. There's a whole bunch of stuff that is being orchestrated at the back and this now is completing your initial biometric scans. Once you've done that, you also want to know what's some other data that you can gather for this customer. And once you've gathered this data, you then can pretty much flip it over into underwriting. The underwriting on this is again something that you can do as a rule-based engine. So what that means is that you'll be able to figure out what amount of applications are going into pass through. So let's say I own the property, I own it for about five plus years. I've got asset that you can verify the eligibility against and you are pretty much done. You pick an employer, you've got a paycheck that's coming in, you've been employed for about five years, good working history, the rules are all getting satisfied to now onboard this person.
(35:40):
This is where we upload a salary slip allowing us to validate the employment. And once the employment is validated, that's pretty much all the information you need. Now we are talking about disbursement. Disbursement happens with the creation of a new savings account. It's again a product that we configure all the way in the lean code that we are using. And this particular disbursement is now happening through Stripe. So we've integrated a lot of fintechs that come together to put all of this together. And once this is put together, you pretty much get DocuSign. You figure out how to get all of this into a digitized process and your customers onboard it. Now at the back of this, you're dealing with documents that were collected. They're put into our AWS S3 bucket. The AWS S3 bucket talks to Salesforce, which allows your customer service agents to actually engage at any part of the journey and see if there was a drop off.
(36:46):
If there was a drop off, they can give a call, they can shoot out an email, they can put out a text. You have a link in there, a deep link that allows you to pretty much get that customer re-engaged. Any part of that journey you can get to. And at the same time in the future, you have lifetime value analysis. You have customer 360. You want to see what did you get in the initial KIC so that you don't ask for those documents all over again. All of that gets taken care of. So we integrated a whole bunch of these technologies as a showcase of what goes on behind the scenes. Now we are going to move over to our laptop here and we are going to show you what happened when we created this account. So the first thing that happened is it created an account in Mabu.
(37:29):
That's your customer. That's the reference where you are going to see a personal loan was put out. And that personal loan is now an active account on mabu. You also have a whole bunch of information on where the account was set up, what product definition it picked up. If you're doing variable pricing for your financial products, you can create a product factory out here so you can actually see multiple clients that will have different pricing models for each of the financial products that you put out there. The second thing we'll show you is what we did in Salesforce and we created the whole process of getting a lead, converting it into an opportunity, converting it into an account. And all of this is something that you have lineage on now so you can actually see this customer. And this is where your customer service agents, your mid office, your back office can really benefit from tools like this.
(38:22):
Now, the whole idea of the digital studio is it gives you a choice. It gives you a choice to do multiple POCs. We've cultivated a very rich ecosystem of partners who you can evaluate. You can bring your own partners as well. We've got the sandboxes, we've got the data. We can do POCs in rapid titration to help through product selection. And this can happen for the 14, 15 odd subsystems that you would probably need to pick if you're floating a new charter or it would take care of all the legacies that you have to migrate from when you are a traditional backing institution. Now we've done this for about 14, 15 odd digital challenges in the last 36 months alone. And the fastest time we've taken four time to market is about six months. So from the time you got your charter till the time you onboard the first customer, six months, and we've integrated all of this.
(39:15):
Now, the next thing that we want to show you is where is generative AI going and what do we use it as a technology services provider. So we created an asset that we call Wingate. Now this is to help you build story backlog. So when you create a program plan, you get your business case approved. Now your product managers are going to sit and write out user stories, epics that will go into Jira. That's what you're going to develop against. We can automate that process to an extent where earlier it'll take you about three to four months to get this done. We can actually give you a base to start with, cut that whole cycle down to a bunch of weeks. So in about two weeks you can generate a user backlog to build. So let's do this quickly. So in this case I'm going to talk to the chat bot. We want to create a mobile app. We want to create a mobile app to onboard commercial customers, do background verifications and integrate with multiple third party providers. It's going to ask me, it's a new idea. We are going to onboard small and medium businesses.
(40:37):
We want to create a frictionless customer journey for seamless onboarding. There are a few products in the market like this, but we want this to be the best one.
(40:49):
Now it's going to create what we have as a typical roadmap. And this roadmap is something that everyone can look at your business users, your product owners, your technology teams, everyone aligns on the common baseline of saying this is what we are going to align to. So what it's done for me in a matter of 30 seconds is it's put together a whole backlog in terms of this is the roadmap, this is what we are going to build, this is the app, this is what the metrics are for it. There's a eight quarter roadmap that is created and it's created epics for you. Now the epics are not enough to get started. So in the meanwhile, it's also creating something in Jira for us. Within Jira. It's creating all of the backlog that you would need for these epics. You're going to have stories that come down to technical stories and user stories.
(41:40):
So let's pick one up. We want to create a client onboarding workflow. Boom, we got about enough detail out here to start figuring out where this goes. And let's say if you're doing something in the middle, you can now see that there is enough detail in here for a product manager to go in and say, this works for me, or this does not work for me. I'm going to make some changes. But it just saved about 80% of the time that you're going to take to debate what is a typical onboarding workflow. Now this is generative AI that we are using to get to market faster. So the next bank that we launched, we probably want to do it in about four months and bring that time down further. Thanks.
Frank Argano (42:25):
Thank you guys. Big thank you to the team of Persistent Systems for talking a little bit more about their technology. Last up and closing us out for the product demos for both days is the team from First Orion right up here.
Clark Wooten (42:38):
Hey, Good Morning. So I'm Clark Wooten and the Industry Leader for First Orion. And this is Christine Guinan. And we're here to demo our informed branded calling solution. So nothing commands attention like a phone call. When your phone rings, you snap to attention immediately. You want to know who's calling and why they're calling. So people talk to their financial institutions or their banks for a variety of reasons. They want to either open a new account or they want help for a stolen or a lost credit card and the list goes on. But for general matters, people say that an email is perfectly acceptable, but for critical or urgent matters, the phone call is still preferred over twice as much as any other option. So we were once able to trust that phone call. But because of scam calls, the phone has become a bad experience.
(43:30):
First Orion surveyed more than 5,000 mobile phone subscribers and over half of those subscribers said that they received a scam or a fraudulent call from someone posing as their bank. 87% of people just don't answer calls from unknown callers. And so even if they're expecting a call, so how do you reach your customer when they're too afraid to answer their call? You do this by restoring trust in the phone call experience through first Orion's branded calling solution. So that enables a business to control how their business name appears on every outbound call placed to a consumer each time you call your customer our informed branded calling solution, put your business name and even your logo right on the phone screen right at the time of the call. So who's calling every time customers want and they deserve this kind of communication experience and branded communication is delivering it. Christine's going to demo our informed branded calling solution for you now.
Christine Guinan (44:34):
Alright, hi everyone. So one of the great things about this solution is how easy it is to get started. We're deeply integrated with the major carrier networks in the us so T-Mobile, AT and T and Verizon. So if you wanted to leverage this solution, there's no apps to download, no downtime, no integration required. It's really as simple as you providing those outbound dialing phone numbers you use to make your business calls and then provide the caller name that you want to ensure displays on that call every time you reach out to one of your customers or maybe even a prospect. And so what we're showing here is on our website you can go in and kind of demo what that experience could look like for your customers when you make a call. Nope, I'm going to scroll up a little bit right here. And so what you're seeing very closely resembles what the experience would look like if you went to update a branded calling program. In our portal, you'll see the different fields here, like business name, you have 32 characters you can use. And so let's say Good Bank is the name of your business, we'll add a phone number
(45:41):
That you want to brand and display that caller name. And then you also have the option to add a reason for the call. And so we can just say fraud department, the city we're calling from Boca, you can't actually specify what city you're calling from. That will be auto-populated based on where you are actually calling from. But for example, sake will type in Boca, Florida. And then on the portal where you would launch this type of program, the launch button would be where the try it button is. And then once you launch that program, it will push out into the carrier networks and that branding will be live. So if you go to make a call from one of those outbound dialing phone numbers, that name will display on that recipient's device in real time. On the left, you can see here what maybe a typical phone call may look like from one of your business phone numbers.
(46:29):
I probably wouldn't answer a call like that, or a call that says scammer spam. It's not really a call I would trust. With our logo solution, you'll actually see that logo display along with the caller name. And then on the right is our baseline flagship solution that just gives you the control over the caller name. And the solution is carrier specific. As I mentioned, T-Mobile ATT and Verizon are the main carriers in the US but it is device agnostic. So it does work on Android, iOS, or wearable devices. Very intuitive solution and very easy to get started with. And Clark, I'll hand it back to you.
Clark Wooten (47:06):
So here we have some stats about the impact in the ROI that this kind of solution has. So we have obviously a big impact on answer rates, which then lead to a higher conversion rate for a lot of our banks. And this is actually applicable across any industry. We'll actually be displaying this at the digital insurance conference in a couple of days as well. And we also have additional solutions that we call Sentry and other lines of products that help with spoofing and blocking actual spam and spoofing calls as well. So on our portal, you can go, or on our website, you can go and actually request the demo or we're right back here in this corner on the ride and we'd be happy to talk through and demo it for you. So have a great conference. Thank you.
FIS Global | Plinqit | Onespan | Persistent Systems Inc. | First Orion
July 17, 2024 5:23 PM
47:58