Press "Enter" to skip to content

Innovating for Financial Services | Himanshu Warudkar | TEDxMITSG


so we have a very beautiful talk we’re
in the office about creative creativity
and IPS officer marketing author so many
names
today there’s one topic we haven’t
touched upon I think which is equally
importantly to call of which the world
place I saw right all of you ever might
become now I am wondering the statement
of individuals in the network so
whatever fits in there anyway
so what I’m going to talk about is the
story of banks because over the past 18
19 years I have had the opportunity to
see Bank competence and it’s a very
interesting story so let’s begin
[Music]
we know this movie
so these days I tell you my story I have
a perfect linear story and used to
little bit of that fender when you call
yourself an idiot so I joined you in the
river and by calling myself an idiot
because you might use this character
this is the engineering here used to
make aa big media and PR compaction of a
river right and look at what I’m going
to find gold in Ghana by well I mean the
fact is after passing over to the right
is what cannot be written up any so I
know it’s an afternoon session so I was
prepared in some videos in there just to
you know P of H you can raise the one
side the video is comin right so the
story of banks goes a long way back
something
resistant very old so the banking in
some shape or form started around some
frozen BC when traders used to get money
from money nights on and so forth but
the real model nineteen started with
this Bank in Italy in 1472 and then most
of the model rags or banking you know
kebabs as they’re called started
recording including few of the banks
where I am working with ideas and work
with buffets and one of support so most
of these banks especially in the first
row they are from the 15th and 16th
century 17th century so very very old
banks SBI is 1890 it is a very very big
industry all banking has an interest
rate because that is what it is this
figures and if you can if anybody can
tell you what this figure is you know X
or Co
but if not this is the number of
securities traded around the world or in
here this number is 80 trillion dollars
so it’s a huge industry at the same time
it is a very very complicated intercept
because it is one of the most regulated
industries in the world you want to send
regulation rate we struggle to cope up
with the traffic signals the right
signal that access to stop that’s a
recognition it tells us how to make a
left on every vector well imagine how
many signals the banks and that is so
there are roughly 103 million words in
the Federal Regulations and then mostly
the USA which will take roughly two
years for a human being this is annoying
which my seven-year-old daughter you
know through in kg really actually not
it’s the architecture diagram of one
part of a bank and that is the movements
Department it doesn’t have to be of any
particular bank to which over 91 but
that is my friends the state of
technology architecture in some of the
oldest banks among the you know let’s
call it the model type also because
there are lots of so that means really
huge opportunity anybody who wants to
make a career in banking there is over
500 million dollars they spend annually
in the information technology space as
far as banks are concerned so that’s a
huge number lot of opportunity a lot of
talks and India is still one of the
leading countries where lots of banks
have the IP presence and again there is
no figure this is 321 billion dollars
you know what is the Perez what is the
traffic fine if you break the red signal
uses maybe 500 rupees how they perhaps I
don’t know this is the amount of fines
that the banks have failed all over the
world since
2008 okay
so you can imagine the scale at which
this industry is operating the scale at
which the regulations are impacting this
is the street the banks where I work the
continued to pay fines and so many of
those right and it is because of some of
the wrong buoys
the Miss Bates and I think maybe
banknotes committee perhaps beautiful
would give that to you know operating
that much more efficient and I’ve heard
really talk about that some other day
having said that banking sector employs
roughly about twenty eight percent of
the workforce which means that it is one
of the most popular sectors where people
work but if you look at the stress
factor of that people have in the
banking sector it is one of the lowest
amongst all the sector people percent
and if you’d read out a little bit more
I know it’s not readable from the back
but most of the Western world of those
three bars down there they don’t trust
the banking sector especially after 2008
so the situation is kind of you know a
little shaky and also the other
challenge is that banks are continuously
the target of shady sack of characters
what has occurred so again I’m just
going to give you a flavor of what are
some of the challenges with Bank face it
is the food you know most actually to
industry around the world so we continue
that in banks it is they are the most
active in cyber attacks on it so forth
and there’s almost a billion dollars of
social engineering related fraud that
happened so again a message also that
you know we have to be
don’t click on every arrangement I took
that saying that okay
now there’s more to something more
interesting and futuristic I would say
this this graph shows why people
actually don’t have bank accounts now
our country has made some progress in
terms of opening up better than a towel
instead persons report but right from
you know the topmost bar is about
religious region so there is something
with an Islamic banking if you haven’t
read it already
it follows the Sharia law all thanks
also for especially in the Middle East
down down to the most important factor
people don’t have enough money if the
cost of doing banking is going to be
more than the amount of money on the
transaction that are going to carry out
and what will go for the bank account I
might as well transacting – so what do
we need we need innovation earlier in
the session professor talked about
innovation right so they will look at
some interesting innovations that are
happening across the industry know they
go home
this is the giant Trinity of the credit
roll again Genda aha and buh-bye
I think these are the tri-oval which has
significantly transformed the banking
sector
hi friends today if you haven’t heard
already when you fight a magnet your
face how many of you use the B map no
operate not too many people so you
should open up of the half and this is
something one that you contributed to
this if the government has put out and
it is one of the voids best he makes
infrastructure the workshop and cocoon
appear slack this ended earlier in the
year in quite life so it is I give you
one of the words test but let me give
you a global view also we usually think
of Africa as a continent which is very
backward I had the opportunity to do ID
digital likely for Africa 13 of a
different range for almost four years
and so heard of m-pesa yes is it
successful in India no okay is not
successful but it is hugely successful
in Kenya 60 percent of Indian GDP
transacts to m-pesa and it’s a very
interesting story so let us see how it
goes
[Music]
[Music]
[Music]
[Music]
funny a PC in circles the most popular
way to say today certified what access
is portable microns and sorry TCP and
better and better until find a way to
empower you you are part of the egg
better story
I just to give you a perspective right
when we were growing up we went under
solid itself there used to be a
speakeasy of boats all over of it right
you can find those things is this
particular spot where it would be likely
from yes it’s the Domino’s Pizza a
cracker right why ever put this up
because we all love Sita we know the
character of Sita
well exactly for that reason Sita is
because it is an acronym for steal
information trust transparency and
accuracy this is what the banking sector
needs this is what we as customers
require and asked or should I
of our time you don’t want to be waiting
in the queue when you visit a branch you
don’t want to be continuously calling
the contact center all sector as we call
it or information about your bank
account to my credit ran children
support and you need transparency once
in a flight for a goal that what
happened in the process and of course
with activity so you know in the
business organization you know later on
with this and it become a little
difficult to explain to British what
Sita any water or as a character so I
did a little bit of weeks and we came up
with something called stairs which just
is speed transparency activity
information and which results in greater
super results so that’s what is the
significance of that tracker now I think
I’m sorry must’ve heard of Tesla Motors
how much what is he going easy just
building cars of course in my case 1942
my
but first answer concerned he’s doesn’t
rebuilding God he’s creating an
ecosystem he’s creating an ecosystem of
creating the world’s most efficient
batteries that is what is more important
to him
the Tesla car – just cracking slices
sliced – there’s nothing in it other
than battery is fundamentally everything
else is of course lots of electronics
and no nice cabinetry but well that back
in is what is important and so he come
to the banking sector application
programming interface API is also what
is happening is Bank is being seen as a
service rather than touch point or an
interface to which you and I are
interacting so there is a huge amount of
push towards creating API is which the
banks and the lube and they can offer in
fact in the European regulations there
is something what has a PSD to
recognition which is going to fit in
this year which is forcing all banks to
open up their customer information as
API so that others can build a nice
fancy
and motion itself so you know we are
entrepreneurs also in this morning
session session this is a short video
about how fresh brand new bank got
created using customers potential
customers as the people who need money
to create that back so that video so
you’re dealing bundle is to create the
kind of tiny bits but this is an
experience it expects from someone like
uber or Facebook or Google you know that
kind of app that lives on your home
screen and actually works in contract
and thanks to the use of mobile phones
to get cheaper way to sell you financial
products I think it’s a really like a
Hogan screen app that helps you live
your life we’ve got about a hundred and
twenty hundred thousand thousand people
sign up for Monday cart we’ve disagreed
that ten fifteen thousand that they so
far and he’s pretty you know people
would use the money I worked in my
eighty countries now it’s been really
really really fantastic so I think
there’s the invest innovation banking
it’s taking longer those exit our time
to make the clear
because the various ways we are so much
larger it’s something like you believe
you can more or less get started I can’t
train around the regulations so not not
quite new license in every city if you
try that in banking your baby yeah
pretty quickly this is another ten plan
is to build that might actually help
people
I like necessarily mean it will do with
all of the planets on our actually in
between the API is open up to take me
Taylor loyalty – you can shop the
grocery store one mission help reduce
metric here a place where the police so
you know the public mess around we open
up the crowd for signal the whole thing
they can raise eight million pounds so
far and 1 million that list a very fun
interesting we reserve fund of around
before you know our customs factory
wasn’t returning public is really using
one day because they kept asking us you
know we’ve helped me like the quality
defined features and we Metropolitan
Area telling investment I’d really like
it can we be part about everything I’m
sorry the natural extension of that
crisis is really nice for customers okay
this one is amazing we break the world
record in fact that he raised a million
pounds in 36 seconds
thank you
Please follow and like us: