what is the fintech community talking about? — My echo of MAS Lab Crawl

Innovation centers across Singapore opened up their doors for fintech community and enthusiasts on Monday (14.11.2016) and also shared their vision towards better financial services through ground breaking and disruptive technologies.

My day with fintech lab crawl started at 9AM with Aviva and ended up with Tech Giant Google. Amidst heavy downpour in the city, managed to visit 5 innovation centers (Aviva, Allianz, KPMG, Mastercard and Google). Discussions covered a wide spectrum of topics from improving operational efficiency to robotics.

Nevertheless all these companies had one thing to say in common “We are open for innovation and innovators. Join us”. Here i am crawling my mind to recollect my thoughts and ideas.

What’s up with Aviva?

Aviva’s Digital Garage from Singapore and UK demonstrated some of their ideas that they have incubated in the recent past and i felt it addresses the problems from ground up.

Aviva Open API

First and important step towards opening up information about Aviva’s products, services and other vital information that might benefit the customers directly or indirectly though third party applications.

To start with they are opening up access to their clinics directory, market funds and weather through Aviva Open API. I hope there is more to come in the near future.

Aviva Digital Vault —

Take picture of the properties you own and Vault will let you know what is covered and what is not ! . Additional information on where the property is covered (inside home, country,abroad ..) and under what circumstances.

I felt this is a good move towards educating the customers on their protective and non protective zones.

Aviva Home checker —

Not a core Insurance service though but an add-on app that helps users to know more about the neighborhood (Education, Transport, Crime Alerts, Internet Connectivity and more..)

Aviva Bots (AvBot) —

Kudos to facebook for opening up messenger platform for businesses to build bots for improving their user experience. There seem to be a lot of traction and almost every company was trying to builda bot to improve the customer onboarding and claims process.

Here’s AvBot (Aviva bot) providing clinical information, Quotation and weather information through facebook messenger .

Apart from demos from garage , Aviva business team also had demo’s on how they simplified their claims process with Aviva Claims app in collaboration with Xchanging, a CSC company.

What’s up with Master Card? — Meet Pepper, A Humanoid Robot

Millennials are the laziest generation and would come up with ways to further simplify the simplest task.

Master card Innovation lab demonstrated their structured Innovation Process and how they creative minds into action.

Conversational Payments

The speaker ordered menu in a restaurant and made his payments all just by conversing with robot.

Qkr — A Vending Machine by MasterPass

Although this a simple use case of a vending machine it shows us the dominance of Tokenization (Mobile Wallet) . This Vending machine communicates through BLE and does not store/handle payments.

What’s up with Allianz Innovation Lab? — Kewl Buddies

Allianz was the most crowded labs among-st the ones that i visited. The head of data science at the lab presented the process on how they were able to produce great results in a short span given the fact that the lab was incubated only 6 months back.

I felt, Allianz Innovation Lab is a result oriented team wearing an Innovative hat yet working closely with Business units within Allianz to produce tangible results.

Improving efficiency of agents, Upsell & crosssell, Claims Frauds Analytics, Importance on UI layer for analytics and so on.. Overall an interesting brainstorming session.

What’s up with KPMG Digital Village?

From Conversational Bots to Blockchains, KPMG enacted a story between a customer and a Banker/Insurance Agent.

The story started with a user inquiring for information, making an appointment with Agent through facebook messenger (Yet Another Chat Bot ! ) and continued all the way through demonstrating on how they collaborate with BlueZelle (A fintech startup focused towards blockchain) and Insurance companies to facilitate claims through smart contracts and Ethereum.

What’s up with Google?

Nothing to do with Fintech except Android Pay. When other labs offered bread, Google offered Pizza (Just for vision :-) ) .

7 storey Google Innovation center, a behemoth currently accommodating over 1000 googlers. They demonstrated some of their coolest Innovations but i have used those earlier, so no surprises.

Project Tango

Tango (formerly named Project Tango in-testing) is a technology platform developed and authored by Google that uses computer vision to enable mobile devices, such as smartphones and tablets, to detect their position relative to the world around them without using GPS or other external signals.

Table was placed virtually using Tango

Google Cardboard

Google Cardboard is a virtual reality (VR) and augmented reality (AR) platform developed by Google for use with a head mount for a mobile phone. Named for its fold-out cardboard viewer, the platform is intended as a low-cost system to encourage interest and development in VR and AR applications.

Overall lab crawl was a great event facilitating open collaboration within fintech community nurturing thoughts, ideas and vision.

Good Move — MAS!


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