Sign New Mexico Banking Separation Agreement Mobile

Industry sign banking new mexico separation agreement mobile

m i will switch to english and i want to welcome the aws financial services team and our advanced partner financial services advanced partner finconnector who will present their platform for open banking thank you betty jorge and the team for joining this uh lovely afternoon in tel aviv uh only if it's only by uh you know a remote platform but again thank you for your time and i wish all the audience and the attendees uh a pleasure time and value for the for the time of uh being part of this webinar so betty please can you continue from here sure thanks leor uh shalom it's a pleasure to be here we'll talk a little bit about kind of setting the stage right so open banking started in many markets around the world with a regulatory mandate with psd2 um mexico is going through this brazil australia canada and of course now we'll talk a bit about um israel so it started with banks having to comply with regulation or what i call kind of a defense mode but it's now time to talk about offense and where these investments in api infrastructure can be monetized additionally banks are looking for an ecosystem of fintech solutions a community in which to leverage many of these microservices yet implementing and exposing apis on on their own are really not sufficient to ensure this collaboration among parties um so the financial institution has to maintain high levels of service support security and a continuous improvement to engage with developers and encourage them to connect and use these services and api consumers also expect secure transmission and consumption of data and of course as banks risk and compliance are key areas to ensure that they are top-notch and obviously we leverage the expertise of our team and i'll talk about who we are but as as well aws expertise in the areas of compliance and security so who are we we are finn connecta um our platform is a turnkey solution that allows financial institutions to comply with local regs around open banking as well as benefit from monetizing this effort so we provide the banks with the infrastructure to transition to open banking develop standardized apis to allow easy integration with third-party developers um our platform um we are a global tech company we're an advanced partner you heard of aws um between the team we have about 300 years of banking experience we started when we were very young in the industry um and we are a bunch of x bankers x payment a lot of city global experience running actually fintech organizations really understanding this connection and this pain point as fintechs tried to work with financial institutions so we have a significant muscle with regard to leveraging this pain point of integration and um integrating to back-end legacy systems so we really are a middleware we integrate fis with fintechs and we have a modular tech stack um our our journey started with the inter-american development bank um in latin america with multiple regional banks we then recreated this in africa and the middle east with fmo and we have a flagship implementation in mexico with the largest processor called prosa that does about uh 3.6 billion transactions a year and has about 160 banks and merchants that are connected to their platform so we offer this unique integration model through our platform that allows a single integration as you can see on the screen accelerating time to market at a fraction of the cost and we built this switch that connects the back end um to third-party uh providers you know enabling innovation enabling open banking and we're agnostic to core banking systems and legacy backends we have a store a catalog in our platform featuring an array of vetted solutions open access to a catalog of with aws fintechs and other digital solutions thousands of fintech companies all of the top 54 of spintek are using aws we have a sandbox a safe environment to collaborate with third parties test their solutions measure api calls and de-risk working with new partners we have a gateway an api gateway which manages apis from a comprehensive catalog facilitating this integration with third-party solute third-party solutions we've got access to over 200 microservices that you can leverage with these apis and we have a data lake that allows the centralized storage of both structured and unstructured data to enable multiple types of analytics and usage of data that can finally be harnessed so we deliver um you know benefits related to speed implementing six weeks versus six months and a single integration which is standardized uh via these apis versus this one by one integration we use a sas model software as a service we're very focused on opex as opposed to capex we have a whole process and have done significant work on the normalization of apis and keeping up with that normalization across the globe we enable open banking and continuous innovation and in fact open banking is actually shifting to open finance and bringing in a broader group within the financial services vertical all in a compliant way a secure manner and again with aws we leverage their expertise and muscle with compliance and security um as well of course as the cloud but there's nothing like bringing it to life versus uh speaking about it with a demo and i will now hand it off to our cto and architect of our platform mauricio lorenzetti i think i was muted thank you betty and thank you all for attending the webinar and for the opportunity to share the platform we have built i believe you can see my screen right i've been sharing from the beginning i hope uh so about the platform before we we go through through the through the system i'll show you the the capabilities i like to set the level and and share a perspective and so we all understand the uh the the context and the the the the ecosystem the landscape together um we built that this is on our knowledge base is an intranet that we have in the company there are a lot of content here that we can make it available to you if you want um about the governance about the many of the aspects and the philosophy the methodology that we use i want to show just two two diagrams before we we move into the platform so you can have a sense of what you're gonna see this i think this is a very representative chart that we have um i have it here um on my ipad um imagine that you're seeing uh a from a from a helicopter like from a drone today's drone so you see from from the from the top uh the landscape this is how we we structure the the design of the the platform um there are basically four uh players that that we see here in in in this ecosystem right we start with the financial institutions they are on the right side they are represented by the the systems they have their technology uh the court systems uh maybe their erps uh some other systems that they may have and they use on their operational uh activities right normally there is a back office there people are accessing working with this attending their clients there are some other internet ivr contact center right channels there so what we do is we look at this and we want them to be as is right the idea here is is to be the least invasive possible um we look at the services that are available into those systems right and and from our point of view from our we go and integrate them so this is the first thing that we believe it's uh it's a differentiator right we're the ones building the micro services on our site inside the platform to adjust to the platform so the platform is adjusted to reflect the capabilities that are available in your system as they are right so we build this here and we translate those services into a set of apis normalized standardized secured apis um the mapping the the transformation we we work on that don't normally takes us between four six weeks uh to to to onboard a financial institution into the ecosystem and all we need here is an sme that's subject matter expert somebody with the architecture technology background uh will be part time working with us just to help with the specs the data clarify any any process a specific process in your system we have a lot of experience integrating off the shelf products the manuals mambu finico pi serve so we we do have those already nailed down to 80 90 percent and but it's not always good to have somebody from from from the from the client side helping us in this process so those apis uh are made available to the other two players that we see in these ecosystems so let's uh let's work on the on the visuals here right so we have the other party here are the fintechs right so it's coming here we have we see two types of fintechs um operating in the market out there right the first one they're building ui ux type of applications right they're focusing on the users the their their client they see an individual as their end user this individual can be a client for the bank they can be the employer of the bank they can be a prospect of the bank right normally they are building applications that will eventually consume the apis right they will get data they will post data but they are be interfacing with the apis the development is on their site they are the ones adopting these apis that we have published and through them they can access the services that are available through the banks everything is orchestrated and controlled by the up by the platform okay so here we see chat bots we see wallets we see personal business financial management we see credit initiation and other types of solution loyalty other types of applications focusing on the individual they are trying to expand the the reach the channels that the banks have there are the second type of this is the first one the second one we call it engines they are fintechs that build logic they build applications that expose apis so basically they are not looking at an individual as they their end user they are looking at applications as their own users so they have apis as well and what we do here similar to what we do with the banks we go out and we integrate them into the platform so basically we bring those capabilities inside the platform and we make them available as part of the orchestration and the use cases of the the the the the ecosystem okay so it is very common to see a application being originated in one of those fintechs originating one of the sphinx being validated to a kyc for example uh engine the result it's then passed to the core system so the the applications are already pre-validated so you have a scoring alternative scoring [Music] solutions you have workflows you have messaging and other types of security and and other types of engines that we have integrated right and the next one so this one the next one and the last one are the oversight engines so normally there is a regulator there uh maybe the headquarter of an institution trying to to get a sense of what their subsidiaries are doing so what we do here is for the fintechs for example in mexico in order to operate in the market the the fintech needs to be pre-approved by the government so we go out and we can check if that fintech if those services at at the request level we can go and check if they are allowed to operate they're still allowed to operate in the market we can have logic where you can post to a headquarter system any transaction that is i don't know international transactions above fifty thousand dollars for example so you can have all sorts of triggers that will engage uh in engines that are outside of the institution they are overseeing what is happening in the ecosystem okay um so going back to the platform i want to show you the the when a fintech logs in when they come into the platform what they see is the api catalog right um they are pre-approved they rise to themselves let me go back just once one step i skipped that so they are registering the platform is self-served they can register they can sign up and register for the platform when they are when they register we get notification the administrator get notification they come and approve the developer right so what happened is they have access to the apis this is the catalog i mentioned before that was normalized through those apis you can for example get account information you can get account information in any institution any country any language any product uh that have been uh incorporated to the platform so basically an institution that was uh on-boarded to the platform uh this is the interface that the developers will see right it's all standardized you can relate this to you know you're probably very familiar with iso 8583 uh we believe that the the the interface it needs to be uh independent uh it needs to be standard uh it cannot be specific to an institution so it will force the the fintechs to develop multiple times every time they integrate to a new new institution so it is it is very important to have a standard interface we make an effort to keep the interface up to date so it is psd2 compliant uh we are currently implementing uh fdx which is the financial data exchange uh standards uh they just released a version 5.3 we are implementing that so one of the benefits of participating in this ecosystem is that you get to leverage all this work that we continuously do right um this is not locked into those 40 or 50 that we already built as we onboard new institutions sometimes there is a need to to to expand one of those services uh we do there is no issue there but we don't want to create complexity it's a very important goal for us to keep it simple to keep it robust to keep it secure and to keep it agnostic right so we can replace the solutions uh if you if we need so all the information is the standard interface so the developers get access to that and uh and and they can they can build their their platform they can integrate their application into the ecosystem okay into the platform now there is another another chart i want to show you here this one okay i think it's a very important to get the context into how the the life cycle of the solutions uh it's not that uh because we exposed apis that anyone can come and use it right anyone can can request access but they not necessarily will get access to it will be will be granted right so one one one important aspect that we have is the whole deployment that makes the the the environment the the the ecosystem uh secure so how it starts uh every fintech the first thing that we have two two distinct environments here right we have the one that is the marketplace and we have the one that is a production environment they are totally different the same binary same code the same same product but the content are different in the test environment we started the fintechs started integrating through our apis and they interact with a robot we built a simulator there right so this is the first gateway this is the first point where we control the the the maturity we control the the the the functionality the architecture we do a review we perform a review of the company uh the commercial aspect they have how they operate in what markets they operate how long they are in the market what clients they have so basically we perform a set of checks uh on the company on the platform before they are available in the sandbox so once they pass through this check they are visible they are published in our in our uh sandbox right so what happened here is for the comp for the institutions that have been integrated their uat their testing environment so here again it's all synthetic data right but this is real system this is the real application on the financial institution side the business here can start playing with the fintechs they can test they can test the functionality they can test the compatibility between what they have built and what their core systems are capable of providing they can look at the ui ux to see if the navigation if this is the support language currency it's what they expect and what they need so in the sandbox this is the environment where it really expedites the process right because by the time you commit to a solution you say you know what i think i found a very good candidate to take to the market this process can take few weeks right maybe less than a week because the application is already ntegrated your core system is already integrated all you're doing is you you validating the defeat if that solution fits your your needs if you find one that you want to deploy into production and say i want to go to the market with that so what happened here is that that solution will actually be we set up in aws we set up an environment known that is a pre-production environment dedicated segregated every client has their own there they don't share anything here every client has their own environment and that solution is deployed into the pre-production environment by our devops team our devops team can work together with your devops team this environment is totally segregated it's controlled by you and in this environment we perform vulnerability assessment stress test endurance test and a regression test as well to see if these functionality that were here are still working well here if they pass through everything then it goes to production and contingents so we have to currently we're running out of u.s for latin america our clients in latin america have a primary in u.s east coast and the contingency in uk our clients in africa have the primary in uk contingents in u.s okay so before this is a very important aspect from a governance security control point of view right before anything reads to market and deals with the real production information right real production data it goes into multiple environments right it gets checked in a progressive way right we don't do a hundred percent check here yes as they are promoted we increase the amount of uh the the elements the art the aspects that we we review no so we maximize the effort that we are applying in each one of those solutions so we have thousands of solutions that are sitting here just a few hundreds that are sitting here so you it gets reduced it is really a funnel here right so you actually get the best possible for your case by the time you get production and this is the cycle that gets accelerated because we have the environment that gives you the ability to play try before you buy right so let's see that yeah if you are a client if your institution when you log in you see the list of published solutions right you can also you can also track the integration process you can you can check the the the fintechs that are integrating that you are testing you can see how they are reacting how they are behaving uh against your core system you can see the transactions that are failing the transaction that are succeeding you can see what services they are consuming so you control everything at staging at the sandbox level and then later at production so through the metrics you can you can measure their progress you can see how long is it taking for them to integrate you know to to get one one uh api uh integrated and then you can use the metrics in production to reconcile the billing right most of the fintech the vast majority are sas and and the size is based on transaction volumes on sessions on accounts opened so there is always a metric associated to the billing and you can reconcile with your host with the platform and with what the fintech have through through the through the dashboard right what happened is when you see the solutions you have the catalog you can go down and look at their their products you can see the the the details of those those solutions that have been integrated that are part of the marketplace and you can test them in the sandbox so basically you're there you look and say okay i like to i'd like to give a shot to this so you actually go and test in the sandbox so what happens is everything tech has a different spec that has a different instruction for for uh how they behave some of them you need to download some of them are just android some of them are android and iphone some of them have a website you need to visit um some of them will will white label that that application that site to your branding to your language so they give you instructions to to to how to how to play with with a solution and those instructions are sent to you you know the step by step how how do what do you need to do in order to to try that solution and this can happen um at the using the simulators we have but the important uh the valuable uh uh experience is when you're testing the solutions against your uh own systems right you do the accounts with the data that you're familiar with that the same information that you're using in your in your internet banking ivr so forth right so we give you the the opportunity the the the the the tools to to to do that right the system is all the platform is all uh role based so you can you you can control the access that every every client every every user has so basically this all everything it's can come to you out of the box pre-configured available on aws on those two instances it can be deployed in any any location in geography where you see the aws facility right um but we also have clients so so it's it's it's a it's a preset platform that you can come in and start operating tomorrow right but some clients uh they like to have more control because one thing we did is when you do the filtering here um in order to move from here to here the first thing is you need to be in production somewhere else right we think connector will not publish a theme pack in our marketplace that is not live with a financial institution somewhere else in the market right we don't deal with uh we work with them but we don't publish and we don't we don't make them available to our clients the ones that are in mvp that are in prototyping but some banks want that right some banks want to have a different take into the ecosystem so for them what we did was we created we leveraged everything that you saw but you can control this is the one of our clients they decided to be an incubator in the market so they said you know what we want to we want to get we want to get uh access to to early development so they invite developers the developers come to the platform they register there right let me change to english so they they come to the platform they they they register they see the same apis the same apis we have every time our our api portfolio catalog increases their increase uh automatically but here it's it the life cycle of the api is controlled by the bank right the specs are the same but who gets to see them and and what stage they are available if they are in production if they are only on the sandbox if they are working progress if they're bringing to their their testing environment the uat right so the bank controls that and through that they can have access for example this bank wants to influence how the fintechs are developing their applications so we made them available as well that will be available for you uh it's a it's a layer on top of the the the platform the marketplace and you get to con to manage your catalog of solutions right as well i think um i think that that's it this is a quick review you know of the the platform i'll get back to you to you leor and betty and take any questions if you want sure i oh leo do you want to go right now uh yeah one question that raised is that what are the business values that the platform brings not just from a technical perspective but from time to market from complexity and from other business parameters sure so i'll i'll take that and maybe if it's okay i'll do a quick recap of kind of the features mauricio showed us um thank you mauricio that was great to set the context as well as actually go through and see the different perspectives both from the financial institution perspective as well as from the potential solution provider the fintech because it's interesting to be able to see both um both roles so he showed you our platform secure simple fast right there's uh definitively a governance angle on it and it is compliant within this dynamic ecosystem ensuring consent and security and processes around who's accessing etc um and then from an infrastructure standpoint clearly scalable you know on the aws cloud and modular depending on the needs of the financial institution again it's a turnkey solution that provides the level of infrastructure that's required by the fi with this standardized approach and you know from a tech perspective i would say the value easy to use flexible you could debate whether this is tech or business but the ability to monetize the apis um i think the tech world is developing apis i think the business guys are interested in monetizing them together it's a great power combo if you will and generate revenue for their use um potentially and lifestyle type of third parties being exactly where the customer is track who's making these api calls potentially look at charging developers if there is a really good value exchange measuring the data and the usage through analytics and being able to generate dashboards and then integrating the monetization features into your own portal as you saw mauricio at the end show a bank that wanted to be unique not necessarily only leverage our platform but actually go and develop their own portal with their own branding etc so the features are the store and the online catalog the sandbox which you know is the safe environment that de-risks working with um fintechs i don't know that you you talked about getting access to their data but we also have a bank bot that we developed an api gateway and a data lake and the value at the at the beginning and the end of the day lior is time to market weeks instead of months which the way solutions are delivered in financial institutions is a huge improvement with regard to being able to deliver new solutions to customers de-risk and test them um an innovation enabler uh an accelerator right without skipping steps so we're not asking for shortcuts we're saying that there is a continuous innovation you saw the different steps and the different environments that mauricio was very clear to articulate being able to have boundaries around them before you move a solution on through to production and this effort carries through not just for your first fintech right we would expect 7 10 15 fintechs in your environment leveraging our in on our integration which is not then the requirement to continually recreate this back-end um integration as well as not recreate the environment by which you have to do the testing um we love i love if i may uh one thing is that the normally the banks perform a very extensive due diligence before they commit to a solution right so what what we believe this environment gives you what the platform allows you is to play with a lot of solutions before committing to any of them right um in any software development i think most of the our the participants will the attendance will will will relate to this software development creates a lot of by-products right so what what really matter at the end of the day is the binary that is sitting in production but to get to that point there's a lot of specs documents tickets defects that that get created presentations status reports you know meetings all these are by-products of that effort and and it doesn't go to the trash because somebody will allowed it that in the fiend in the future but it it has absolutely no value after the the the the system of the application goes to life so this this environment if it doesn't eliminate completely it really reduces the amount of by-products because you are really you're really playing with the actual solutions before you make any commitment so you start producing some of those artifacts uh very later on when you are already very close to production so so it eliminates a lot of work you know and that to me i think it has a tremendous value from a time to market from a from an investment in terms of effort and money um normally the banks cannot regret what they have done so if you pick a solution and say i like this chat bot so after you have invested six months or eight months one year trying to put them in production you cannot write off that so it locks you up here this this platform actually open up uh the the it creates the the sandbox is a place for you to play with uh as many solutions as you want the ones we bring to you the ones that aws will bring to you and the ones that you can bring yourself it gives you the the infrastructure to to to play with them without any commitment without any major investment uh from your side the other thing is i didn't mention is that the the other legal aspects right so when it comes the the model we have done with our clients is that we are the ones that sign contracts with the fintechs as a resale agreement and the only entity here that needs to be vetted by your vendor management process is finconecta right so you you you don't need to to to to do a full due diligence every time there is a new a new fintech participating here so it creates those separation as well at system level but at uh at a commercial aspect as well so so it is it is a a single contract for the for for the institutions a single contract with each one of the the fintechs and we do the shazam you know as as you find them interested and you want to move in so the sla all the contracts that that we have signed all all that happens is by the time it gets to production it's just an sla that is signed everything else is in place already the governments the the the financials the due diligence everything it this is a big given well and i would i would add on top of that from a business perspective you then move from an environment of capital expenditure to opex which of course gives you more flexibility within everybody's limited budget um and the opportunity to develop new business models and monetize some of these new capabilities where if a product had traditionally taken between 6 and 18 months to launch you can do a lot of test and learn on some new product categories that were not necessarily in your portfolio and start to look at both adding new products with a much faster turnaround but also potentially going to new segments and um you know the the product or the solution that was always on the roadmap but got cut because there wasn't enough budget for it um there there of course is also a very deep focus on the delivery of disruptive and new customer experiences which helps differentiate backs and looking at it in a partnership model versus uh building everything from scratch on your own model leveraging some of the ip that we've developed over the past three three and a half four years and as well the availability of scaling the solution with our partners in the cloud aws i think i'll close um betty two additional questions please uh one i guess is from a business side as well and can you present some of the fintechs or the solutions that that already you have partnered with uh which kind of applications and value uh that are already pre-installed on the platform this is one and the second question is how do you as think connector apply to each regulator because the standard is a bit different between countries so how do you apply to the local israeli demands you know the regulator standard maybe i'll take that one first because we are going into q a before i go there i will say and the last piece on the value is actually vetting and curating the fin takes the fintechs there are organizations and fis that have quite a number of people that are out there looking for the best fintech for them and that process takes a lot of resources and a lot of investigation and research and that is something that this brings to the table for you of course you can always bring your own but you even asked the question of the the type and the the categories we have 10 10 uh plus categories of fintechs that range from front front end ui ux like uh chatbot um or video i don't know here's or you you're gonna go for the there we go uh the digital solutions he will show you to front middle and back office type of solutions across multiple verticals within the bank from robo advisor to [Music] process improvement to credit initiation to video chat with your banker here's the type of use cases that we could deliver anywhere from uh banking as a service in in the us they're leveraging um the uh sorry that was a phone call um the 're leveraging the um the license of community banks and working with fintechs on launching new products under different brands for the bank kind of like a digital neo bank um leveraging this uh functionality and using these deposits for their own balance sheet there's the possibility to use some of the engines that banks have for um for their credit initiation uh and outsource that to um startups so there's just multiple angles on what's possible with regard to the fintechs um the second question or or if you want to go to if you want to go about the compliance as i mentioned we keep monitoring the markets right so we're monitoring all the regulations uh the the existing regulations the fintechs do that as well so one of the things that we do is we look at the one of the first uh aspects is when you're operating in the market what other markets your solution is compliant with from a regulatory point of view uh we monitor the open banking uh trend right so it's not a it's not done so every the the countries are moving toward it so most of them are are not going into specifics some of them are mexico for example uh wants the fintech to be pre-registered um so we apply all this in the platform but there is a a a aspect that that it's part of the partnership with the bank right our client that operates in the market uh help us in this process as well so we are proactive we look at the markets and we look at the the the regulatory uh requirements and we expect the clients to facilitate that as well um the other thing is that we do have infinite experience launching implementing solutions pretty much globally right uh we implemented the multiple solutions in multiple countries i have done this in in israel itself when i was at citibank being audited by governments by independent audits so i'm very familiar with the the the the regulatory aspects in in the markets in asia in middle east in europe in latin america countries that have protection against data moving outside of their borders pii uh gdpr pretty much uh all the other relevant aspects we have it maybe a a brand new two week old regulatory aspect in israel maybe we didn't get that yet and then that's when we expect uh you guys to help um there are two questions i i don't think they are business like sdks we do support as the case right it is okay we don't encourage that because i think as sdk creates a tightly coupled relationship um the apis are are very um i would say are very popular these days exactly because of that right they are eliminating this it's loosely coupled relation it's far more flexible where the sdk is very invasive you need you when you when you use it you start going to end of life release management it's very it you depend on the other party in order to move so it's it's a little bit more complicated but it's supported nevertheless okay we don't encourage but we support and we are integrated to plat plaid is part of the platform we integrated through you as part of the engines that i mentioned earlier uh we integrated to plan we didn't integrate to yodlee i know you'd lie well from the time of citibank we didn't integrate them integrate to facebook we integrated to to plat basically we look at the engine and we look at gaps so it it is important to have options so it is not that we are locked with one provider of a specific uh capability but uh we also don't have the one though it reduces the return on investment and it increases the total cost of ownership if you have five seven different uh different providers for the very same capability so we look at the pricing level we look at the reliability of the engine and we we on board those fintechs that provide this kind of services as we find uh valuable to our clients plat is one of them and and we have them okay we found the second one is fabled they complement the the landscape that plaid had uh paybook is very strong in latin america we have a lot of lot of clients in latin america so it was important for us to integrate so we did it and our clients didn't have to do anything there okay so i think those are the two questions i saw there that uh that are not business i i would also add with regard to the fintech categories um with the pandemic that um all of the world is dealing with but the financial institutions were really trying to um drive non-face-to-face type of activity and so there was a lot of demand right you can't fake being digital during a pandemic when there was no location but your processes require consumers or your customers to to visit face to face so there was a lot of requirement around digital id and onboarding and you know video type of services and to mauricio's point we really try to have uh you know two to three type of providers not five or six per category to pro to allow the financial institution to review the different ways that these uh fintechs delivered their solution and within their environment actually test one two or three of them to see what was best in their environment and based on your financial institution one could work better than the other and we also understand that not all fina fintechs will last forever and so the idea would be that you could unplug potentially one on a friday knowing that there was some issue or some new solution that was identified in another and while you were testing in the sandbox with the second you could actually turn it on for um you know for the following week and so we have a bit of redundancy we also understand that financial institutions are not exactly alike and have different nuances and we want to be able to provide for that but because of of this non-face-to-face low-touch economy there's been a lot of desire around how do i take the use cases that i um that i do not want to put any risk with customers employees you know on the market at large and try and find some solutions that this digital technology can offer there is a question there about the categories that are more uh most most demanded one thing i like to mention is when we start our relationship with the clients everybody wants client on board they all want new clients right that's the first thing they want and it's very popular and we have implemented credit initiation especially on the credit side in latin america we did credit initiation uh quite a few of those but the thing is that as we start understanding um there's the the the situation with the bank and where they they stand a lot of them actually shift into client engagement right we realize that uh between 35 to 45 percent of their client base is dormant right so instead of bringing more clients and end up with the half of them dormant after some time and incurring to the cost of kyc and the unborn of a new client they end up opting for chat bots so chat bots are very electronic communication associated to marketing no timely alerts so re-engaging clients that were that you already have that are not operating with the new products that you published so that you released so this this became so it starts with client onboarding we do have those right with kyc and security and everything but also it became a very strong category is the client engagement all the fintechs that are helping uh small businesses with uh financial management for example um there is a virtual a fintech from singapore we implemented in africa a virtual branch right so you have this mobile they they needed to expand their their their footprint uh but not necessarily incurring to landing and into uh renting or buying locations so the fintech helped them expand the 3 500 agents throughout the country and and on a motorcycle right with an android and extremely secure taking deposits you know taking payments basically is a virtual branch so those are very popular as well one one more thing workflow there is one thing that we actually implemented a couple of those um and they were very helpful because the core system has limitations right sometimes the business want to expand the portfolio of products they offer so uh we we there are a couple of fintechs that are on the workflow one became very popular which is they they they allow the banks to expand the court system without investing in the court system so if you want to try a new product especially if it's a credit product because this workflow comes with alternative scoring uh mechanism so you can implement them and and actually process this the the applications in in this in this workflow solution right you don't need to invest in developing your in your in your court system you can play with the products uh one of our clients tried 12 products new products they had 10 in the core they tried 12 but half of them were were gave some results so they they avoided investing in developing six seven i think uh solutions no processes and accounting pretty much the whole thing in their court system unnecessary i would also add um you know by by the partnership with aws they have thousands of fintechs in their ecosystem and so the ability and it's interesting when we talk to different markets some want uh fintechs from their market and their region others want some from their market in the region but really want to understand what's available in the global landscape and this gives you access to all of that you can have some local you can have some regional you can have some global and really try and make a change i think the other one that's really interesting is the conversation we have with customers around neo banks and digital banks only and so if you're interested in testing a neo bank or a digital bank while maintaining your existing infrastructure for your existing portfolio and growing that as it would organically there is a way with banking as a service to really deploy a full set of cli of products and solutions under a different brand sub brand that utilizes some of your services but also takes into account the different solutions that are integrated together to one external solution i think i think that's one of the things um as well we work and we weave some of these solutions together into an offering it's not only just one fintech solution that could potentially um go out you could weave a couple of pieces uh you know modular components of different solutions into ultimately an offering that is is delivered through your financial institution so really you are in control of where this is um where this is headed and driving based on your particular infrastructure in your financial institution and the mandates that you have around new products solutions in which category is it more retail bank focused is it more payment focused is it more wealth management is it on the sme business is it in um you know lending and um how can you take advantage of some of these solutions that had again been on the uh you know three-year strategic plan but with covet everything got thrown up in the air and were you know just more reacting um as opposed to thinking strategically about long-term on the offense side versus defense which of course from a regulatory standpoint we all stay very much connected to we are always available for questions we will send out um a a presentation to uh the members the attendees uh of the uh of the webinar so you will get to see this and be able to process on your own desktop and please feel free to reach out with any questions um or um ideas uh with regard to how we could make this uh a win-win for um for you and your financial institution you don't know leor any other comments or questions i i'll switch back to hebrew for a second uh if you don't mind uh um and i want to thank you again the finconecta team and the aws financial services team and all the attendees of this uh open banking webinar uh keep safe uh stay healthy and look forward to see you in our next open banking session so thank you everyone and have a great day thank you thank you bye thank you