Develop a smart contract solution that would leverage the data collected from IoT and sensors on ships as well as on goods themselves to trigger certain arrangement conditions. Combining this smart contract solution providing a level of security and trust concerning arrangement conditions and their execution.
Insurance products are typically linked to vulnerable moments in people‘s lives. Customer engagement is generally limited to policy quotes, customer acquisition, contract renewal, and claims.
Develop a tool that would leverage social media and public information to drive customer engagement and identify potential leads in the Insurance sector.
Mobile games provide an opportunity to engage children on personal finance education. Create a free-to-play mobile game (with in-app purchases). After a certain amount of funds have been accumulated, the financial institutions running the game would provide tools that would enable customers to reinvest and manage these funds.
The United Nations High Commission on refugees estimated 60 million people have been displaced by war. This population has limited access (if any) to basic financial services. A financial inclusion solution can address refugee pain-points in:
• Identification: undocumented refugees can be denied registration, basic services and asylum, resulting in forced detention or return to areas of conflict.
• Mobility/Migration/Remittance: identification is fundamental to orderly and legal channels for refugees to move. It is also critical to the safe remittance of funds back to their country of origin.
Create alternative identification and KYC methods that could be used by refugees and give them access to basic financial services to track financial data and refugee movement
Find a solution that would enable people in regions requiring emergency aid to make payments and withdraw cash through alternative networks.For example, phones may be limited in a refugee camp, therefore multiple people may depend on the same device. Creating multiple accounts under the same number would be a simple solution.
Smaller NGOs still use paper vouchers as means of payment, which can lead to fraud and violence.
Develop an integrated solution that would provide banking and business connectivity to small businesses, based on their scale, growth stage, and service requirements. These services would be broader than simple financial services and would include business
Develop an application that can help prospective home buyers analyze financial information and match them with properties that they can afford. It should also provide an overview of the housing neighborhood based on public images posted on social media.
The application should also allow users to document and review house visits and appointments in a fun and engaging way, compare different properties, and make an informed purchase decision.
Consumers need to manage a number of reward programs such as stamp cards, specialized store value cards, loyalty applications, and credit card point systems.
Build a platform that would merge loyalty rewards from multiple merchants and enable the (cross) redemption of reward points from different merchants.
It is difficult to aggregate and analyze multiple customer data sets in real-time. Create a technology platform that would redefine the way we think about customer loyalty and rewards. This platform would collect and integrate customer data within a loyalty engine and reward them for specific behaviors that are aligned with the interests of financial institutions.
In a world where many financial institutions are moving from an offline to an online presence, many applications do not cater for persons with visual impairment.
Develop a mobile banking solution that would be tailored to the needs of the visually impaired. This solution would enable this segment to access a range of financial services such as balance queries and money transfer.
Design a solution that would integrate data collected from IoT devices within financial services and enable better financial decisions, budgeting, real-time purchases, as well as the payment of goods and financial services. This solution should address all privacy, security, identification, and authentication issues. It should also enable financial
institutions to have better insight into customer behavior and purchasing patterns.
Develop a solution that would enable:
• Real time issuance of cheques using digital banking credentials
• Digital deposit of cheques
• Real time clearance of cheques via e-payment.
13. Many service providers have built their own wallets. However, these are not compatible from one to the other. The customer experience around bank transfers (push payments) or direct debit (recurring pull) payments is fragmented
Develop a seamless payments solution that would leverage:
• Biometrics or strong authentication
• Linkage of authentication to unique ID accessible across all banks
• Funds transfer via digital/mobile medium (preferably single login)
Large companies can integrate their Enterprise Resource Planning systems with SWIFT or directly with banks using host-to-host APIs. However, smaller companies do not have the capacity to integrate their systems, resulting in a lot of manual operations to manage incoming and outgoing money flows.
Develop a rules-based engine that would perform automatic tasks when certain conditions are met. These rules could either be configured in the online platform or uploaded through APIs.
Asset managers in Asia face timing issues for portfolios maintained in Asian currencies, as the underlying indices are based on US or EMEA markets. This causes delays in index production due to usages of specific FX rates.
Develop a solution that would:
• Connect the regional exchanges to publish the indices in local Asian currencies
• Build a predictive FX rate model that can be vetted by a central agency (if an FX rate accepted by the industry is not available in real time)
Currently, financial advisors assess their customer’s investment profile based on static questionnaires.
Develop an interactive customer evaluation tool that would enable financial advisors to accurately assess a customer’s investment profile on an on-going basis. The main features of the tool should include:
• Behavioral finance based interactive questions
• Risk profiling and scenario modeling/simulation
• Learning modules for customer
17. Robot-advice is trending as a new way to explore customer needs and deliver financial advice.
Develop an automated and real-time investment advice engine that would include:
• A robust goal-based investing and planning framework
• Algorithm-driven asset allocation and portfolio rebalancing. This should be customized, tax efficient, and with minimal human intervention
• Real-time product recommendations that are in response to goals, market events, and trading history
• Timely alerts and recommendations
Pre-packaged solutions offered by financial institutions may not be easily customized and thus adapted to customer lifestyles. Financial institutions could be more transparent on what their offerings are and what other people in similar situations have opted for.
Build a platform that considers publicly available information (e.g. Facebook, Twitter and data) to determine individual protection needs and suggest a tailored solution.
The dissemination of interest rates is manual (communication is still done via e-mail / phone call). This slows down decision making and trade execution processes (speed, frequency, amounts, and margins).
Develop a secure distributed platform that consolidates real-time rates from all banks to transact on dynamic real-time pricing.
Banking operations usually involve a lot of manual work to create formatted reports from original files provided by customers. Develop a technology (like OCR) that would automate the creation of reports by categorizing information from original files and condensing them into the required format.