apidays London 2022 - Maximising the Commercial Outcomes of your Investment, Kevin Guest, MKG Procurement

apidays London 2022 - The Path from Open Banking to Embedded Finance
October 26 & 27, 2022

Maximising the Commercial Outcomes of your Investment
Kevin Guest, Independent Commercial Advisor at MKG Procurement Ltd
------

Check out our conferences at https://www.apidays.global/

Do you want to sponsor or talk at one of our conferences?
https://apidays.typeform.com/to/ILJeAaV8

Learn more on APIscene, the global media made by the community for the community:
https://www.apiscene.io

Explore the API ecosystem with the API Landscape:
https://apilandscape.apiscene.io/

Deep dive into the API industry with our reports:
https://www.apidays.global/industry-reports/

Subscribe to our global newsletter:
https://apidays.typeform.com/to/i1MPEW

Transcript

1. Maximising the Commercial Outcomes of your Investment Agenda • Speaker Bio • Speed to Market • Typical Approaches • Lets build it! • A cost–effective approach • Test, Fail, Iterate • Determine Value • Examples of Value • Other challenges • Future Ecosystems • Q&A Kevin Guest – Financial Services Commercial Advisor
2. 2022 SERIES OF EVENTS New York JULY (HYBRID) Australia SEPTEMBER (HYBRID) Singapore APRIL (VIRTUAL) Helsinki & North MARCH (VIRTUAL) Paris DECEMBER (HYBRID) London OCTOBER (HYBRID) Hong Kong AUGUST (VIRTUAL) JUNE (VIRTUAL) India MAY (VIRTUAL) APRIL (VIRTUAL) Dubai & Middle East JUNE (VIRTUAL) Check out our API Conferences www.a pida ys .globa l Want to talk at one of our conferences? apidays.typeform.com/to/ILJeAaV8
3. Bio – Kevin Guest MCIPS • 25 years operating as a Commercial Leader • 15 years as a Commercial Payments, Banking and Data Advisor within Financial Services • 2 major UK high street banks • Leading commercial transformation initiatives across Data, Payments and Fraud • Last 2 years worked for the largest payment acceptance institution in the UK • Developed the Financial Services strategies that enabled public sector to maximise value through innovation and regulatory changes. • Delivered and implemented the world first public sector open banking tender • Rapidly scaled, adapted and expanded upon the initial use case • Created a simple framework that encourages innovation from all sectors • Currently working with a private sector client determining the optimum strategies to enable greater customer outcomes using Open Finance / Open Data Kevin Guest – Financial Services Commercial Advisor
4. Speed to Market Kevin Guest – Financial Services Commercial Advisor “We want to take advantage of Open Banking and Embedded Finance”. “We must follow Internal processes” • The Transformation Approach • Project Management Approach • The Procurement Approach
5. Typical Transformation Process Kevin Guest – Financial Services Commercial Advisor
6. Typical Project Management Process Kevin Guest – Financial Services Commercial Advisor
7. Typical Procurement Process Kevin Guest – Financial Services Commercial Advisor
8. Lets build it! Kevin Guest – Financial Services Commercial Advisor General first thoughts • Most CTO thinks they have the technological capability in-house • Others consider it is beyond their core competence so opt to buy from external suppliers. • Consideration must be given to how Open X aligns to strategic goals and objectives Pros v Cons Typical words we hear are: • Cost, Resource, Control, Compliance, Security. Its important to consider these key words: • Proven expertise, ever changing landscape, regulation.
9. A cost-effective approach Kevin Guest – Financial Services Commercial Advisor Concept Discovery POC Prototype Scale Define the need Determine Value Build without Conditions Test - Small Amend and Augment
10. Test, Fail, Iterate Proof of Concept • Technical evaluation • Mimics environment to which it may operate in • Purpose is to satisfy success criterion pre-launch • Proof that it can address customer pain points Proof of Value • identifies the value of products or services • lighter method of proving • works best in controlled environments • value proven through use cases. • POV doesn’t require large investments or production environments • POV shows in basic form id a client problem can be solved. Kevin Guest – Financial Services Commercial Advisor
11. Determine Value Kevin Guest – Financial Services Commercial Advisor
12. Examples of Value Kevin Guest – Financial Services Commercial Advisor • A new way to pay • Enables less or no data entry • Less mistakes • Customer driven buy-in • Better data security • Increases access to services • One click set up • Better UX • Ability to use via smart devices • Reduced call wait timescales • Immediate settlement • Higher availability appeal • Simple one click setup
13. Other Challenges Kevin Guest – Financial Services Commercial Advisor Internal considerations: • Investment Committee Process • Business case development • Procurement Process • Tendering and onboarding • Timeframe Macro change considerations: • Regulatory • Economy • Socially • Technologically
14. Open X Credit Profiling Payment Architecture Connected Society Blockchain / DLT Global Awareness Digital Identification Fraud Future Ecosystems Kevin Guest – Financial Services Commercial Advisor
15. Q&A Kevin Guest – Financial Services Commercial Advisor • There is a growing community within Open Banking that believes in giving 110% to improve awareness and adoption. • There are some excellent advisory services that understand how to maximize value using the latest technologies but very few that have delivered and to scale. • My focus is to help businesses grow and expand their existing commercial strategies, embracing new technologies as they evolve.