TCF 2016 Innovation Jam final – Strands

i’d now like to welcome to the stage mark from strands my partner selected winner from the Miami innovation jam so good luck mark thanks Adam for the for the introduction I’m Mark Torrents head of innovation at the strands good morning everyone by the way strands based in Barcelona so first of all welcome to our city strands has a partnership a complimentary partnership with the Temenos in order to incorporate our digital money management tools into its T24 platform so you’ll know when customers are shifting from a banking model based on branches to pure digital model in this scenario we are very happy right because banks can operate much more cost effectively and improving they can improve their business model and on the other hand customers can bank anywhere anytime so this agreed a great win win situation however we believe there is irrelevant faithful to the scenario if we analyze most of the online banking systems we realize that they’re just showing roll transactional data they allow customers to operate with the bank but they are not actually focusing in solving the financial problems customers may have so we believe as a consequence of that they create a cold and impersonal relationship with customers with low-quality engagement in order to overcome that throwback strands is offering digital money management tools with a great user experience with the aim at recovering that engagement that we had in the traditional banking that was based on branches in which we were interacting with bank employees right so at the end of the day we believe it will be all about offering customers what they want when and how they needed in order to achieve that goal what we propose is to process all the customer insights we are collecting from our business finance management on personal finance management tool and process them with machine learning techniques in order to generate personalized recommendations so now let’s let’s switch to the demo this is our product for for small and medium enterprises we call it bfm business financial management the first thing we can see here is the aggregation of all the account not only the accounts hosted by the bank but also accounts from third-party financial institutions this is done through our account aggregation model and then what we are seeing after that is the forecasting positions of the cash flow for the current month so we are forecasting for the customer the castro positions until the end of the month how we do that we can see there are three different sources of data first we detect regularities in the transaction history through our pattern recognition algorithm so we are able to detect utility bills loan payment and regular payments are an asset then we also have an invoicing a component in the tool so customers can generate invoices and third customers can also manually enter transactional events that they know they will look for in their company so mixing all this information we are able to compute the expected income expect that the spending and as a result the net cash flow until the end of the month of course all these indicators are just forecasted position so they buy they we are consolidating our matching all these forecasts positions with the actual transactions as long as they happen below that we can see a graphical representation of this cash flow positions we are showing here the two last month government and two months ahead arm below that the customer can follow up with the voicing and this is very important so the customer can see how many voices are with you how many you have been paid and how many upcoming for the month so they have control over their invoicing system another very important part for any companies of course budgeting so at the core of bfm we are automatically categorizing all the transactions you redefine concepts so that companies can put a threshold for each concept and we can monitor the spending that the recovery and then we have here provisionally this is about putting aside some money for some pretty fine goals in this example the customer is saving for a new track for his company for example is putting money aside for the taxes we have liquid the reserves or a Christmas campaign these are just some examples arm and then very important we have this activity feet which is about mapping all the transactional data into our calendar with a heatmap arm red days indicate that the money has been spent and blue days are days in which we have got money in and then below that we are showing the relevant events for the customer so these are the events that the customer should take a look at or they require some attention from the customer point of view and these are the events that we would push as push notifications to the mobile devices to increase that engagement we were talking about before and here for example we are embedding a couple of recommendations here for example we are telling the customer that he has a pre-approved credit line of $15,000 to complete the provision goal of the new track he wants to buy so we are recommending him with a product that is personalized to him with the specific numbers so that the goal to buy a new car for example in four months he can advance it and do the operation now here we have another recommendation that is about detecting a cash flow situation a delicate cash flow situation in a couple of weeks so again we are proposing to the customer a bridge loan so that he can overcome that that situation and then we also have since we are collecting all this data from different companies from different SME companies we can propose business benchmark to the customer so we can compare the financial data of the customer with its peer companies companies that are similar in terms of size and sector so we are offering this market research to do our customers and here as well we are comparing different regions in the city with respect to the to the revenue of the customer and the revenue of its peers thank you very much and a hope to talk to you later

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