DBC Motor Finance

The DBC and ieDigital hosted a special breakfast session at The Law Society in London, 29 November 2018.

DBC Motor Finance

The Digital Banking Club and ieDigital welcomed members from the motor finance industry for discussion around the ever-evolving topic of, you guessed it, motor finance! 

The special breakfast event, held at the prestigious Law Society in London, played host to a panel of experts, as well as a delegation of industry specialists. The discussion revolved around a specific line of thought: To what extent will AI technology improve the motor finance proposition?

Discussion points included:

  • Can chatbots deliver a more personal and compliant origination experience?
  • Will AI lead to better insight and credit decisioning?
  • Can in-car virtual assistants drive closer engagement with a finance provider?
  • Will AI result in a loss of the human touch?
  • Can you really derive value from AI in the short-term?

We’ve published a few articles about the potency of artificial intelligence, which you can read at your leisure now the event is over. We hope you enjoyed the Digital Banking Club Motor Finance event, and would love to hear from you about ways we can make improvements to the experience. 

Check out the photos from the event right here, and read our articles below.

AIG Life to acquire Ellipse from Munich Re

AIG life has agreed to acquire Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re.

AIG Life to acquire Ellipse from Munich Re

News Manulife to launch new whole life insurance plan in Canada

Canadian insurance company Manulife is set to launch a whole life insurance product and an artificial intelligence algorithm

News  Manulife to launch new whole life insurance plan in Canada

Canadian insurance company Manulife is set to launch a whole life insurance product and an artificial intelligence algorithm, as part of a strategy to further boost its position in the country’s insurance market.

The new proposition, Manulife Par, also marks Manulife re-entering into participating whole life insurance market.

Manulife stated that the launch of its new artificial intelligence decision algorithm will enable Canadians to buy basic life insurance plans to address the ‘protection gap’ in Canada.

Recently, the insurer expanded its Manulife Vitality programme to all of its term products and plans to expand the rewards in the programme over the coming months.

The Manulife Vitality programme encourages Canadians to live a healthier life by providing them the opportunity to receive discounts on their insurance and gains access to a growing set of reward partners.

Manulife head of individual insurance Alex Lucas said: “Not only do we expect strong growth from our new par product and our recently expanded Manulife Vitality programme, we also expect increased efficiencies as a result of the launch of our new artificial intelligence tool for underwriting which will dramatically reduce turnaround times for many of our customers’ applications.”

“With the launch of Manulife Par and our continued investment in modernising our business, we are confident we have the innovative solutions Canadians are looking for.”

MetLife China, WeSure launch aviation accident insurance

MetLife China and Tencent’s digital insurance platform WeSure have jointly launched an aviation accident insurance policy

MetLife China, WeSure launch aviation accident insurance

MetLife China and Tencent’s digital insurance platform WeSure have jointly launched an aviation accident insurance policy that offers coverage round the year.

The new plan, ‘10-Million All Year Aviation Accident Insurance’, needs to be purchased once in year to remain valid all year round.

MetLife stated that the annual card type insurance plan is convenient and easy as it abolishes the requirement to select the insurance product and complete the process whenever a ticket is booked.

Upon evaluating the insurance service through WeChat’s wallet entrance, the insured can opt to buy insurance plan for any flight around the world with just one click.

Available at an annual premium of RMB68, the plan provides coverage for unlimited trips and up to RMB10m ($1.5m) of risk coverage.

MetLife China CEO Siyi Sun said: “From testing waters by introducing insurance solutions to travellers before the Qingming Festival, to the launch of the ‘10-Million All Year Aviation Accident Insurance’ before the coming of a peak travel season in the summer break, MetLife China has redefined travel insurance solutions.

“This not only accelerates our digital footprint, but also underlines MetLife’s determination to offer consumers more and faster end-to-end protection solutions in the digital age.”

WeSure chairman and CEO Alan Lau said: “As consumers travel more frequently, we plan to offer more products to fit their different needs. The ‘10-Million All Year Aviation Accident Insurance’ focuses on creating a more flexible and convenient protection experience for hundreds of millions of consumers.”

The latest offering comes after MetLife China and WeSure formed a strategic partnership in March to deliver digital insurance solutions to travellers.

Wealthify taps Moody’s Analytics to support decision making

UK-based online investment platform Wealthify has chosen Moody’s Analytics Wealth Scenario Generator (WSG) to support decision making.

Wealthify taps Moody’s Analytics to support decision making

Merrill Lynch upgrades mobile app with new features

Bank of America’s wealth management division Merrill Lynch has upgraded its mobile app to enable its users to manage their finances easily.

Merrill Lynch upgrades mobile app with new features

Bank of America’s wealth management division Merrill Lynch has upgraded its mobile app to enable its users to manage their finances easily.

The enhancements will allow the customers to use the Merrill Lynch mobile app to scan and send paper documents to their financial advisers.

The new feature utilises the smartphone’s camera to capture images of each page of the document. These images are converted to a single PDF file, which can be sent securely to the customer’s Merrill Lynch adviser.

The company’s mobile app, which has a reported a 20% growth in users in the last one year, will also offer access to a spending and budgeting tool that tracks expenditures.

In addition, the app will now allow users to view their transactional activities and FICO score, and enable them to carry out real-time money transfers with Zelle.

Users can view bank statements and documents up to seven years in the MyMerrill mobile app.

Merrill Lynch plans to add more features to the app later this year, which will enable users to assess their income across ten categories and receive an annualised view of their income and expenses.

Merrill Lynch wealth management head Andy Sieg said: “Our clients are on the move, and they take their financial lives with them.

“By combining our customised solutions approach with our leading technology platform, we’re helping clients connect with their financial advisers, see their full financial picture of banking and investments, and receive clear recommendations with ongoing advice as their lives and markets change.”

GBST unveils new digital platform for wealth managers

Fintech firm GBST has unveiled a new digital platform called Catalyst, which is designed to support the requirements of wealth management

GBST unveils new digital platform for wealth managers

Fintech firm GBST has unveiled a new digital platform called Catalyst, which is designed to support the requirements of wealth management and pension clients.

The new solution, which replaces the current Composer Web platform, features multi-lingual and multi-currency capability.

Catalyst supports creation of new digital products that can be integrated with existing GBST systems.

The solution is highly-configurable and provides multi-device access. They can also integrate it with their existing website and personalise it according to their requirements.

Additionally, the client can collaborate with GBST’s new UK-based digital team to maintain the system.

Advisers can serve their customers on the platform through access to applications, document storage and illustrations via a secure online interface.

Furthermore, end investors, with access to their holdings and all related investment documents, can use any device to onboard and service their account.

With a responsive design, the Catalyst solution allows the advisers and end investors to personalise their own dashboards.

It also provides access to various retirement and savings tools as well as enables integration with leading tools in the market.

GBST EMEA head David Simpson said: “Our clients and prospects are increasingly focussed on the digital customer experience to drive servicing costs down and deliver the overall experience that consumers demand today.

“Yet the real complexity of any digital project is the integration to the back-end platform, with around 80% of budgets consumed there rather than in delivering a world class user experience.

“This latest development means our clients can reduce the cost of development and increase speed to market with our pre-integrated solution into the back-office and at the same time deliver a fully customised user experience.”

HSBC to employ humanoid robots in US bank branch

HSBC Bank USA has signed an agreement to bring SoftBank Robotics America’s (SBRA) humanoid robot, Pepper to transform its customers’ branch

HSBC to employ humanoid robots in US bank branch

At the outset, a total of seven Pepper robots will be deployed at HSBC’s Fifth Avenue branch in New York, where it will greet customers and answer their basic questions.

If the trial proves successful, the bank will deploy the humanoid robots across its all 228 retail branches across the US, CNBC reported.

HSBC regional head of retail banking and wealth management for the US and Canada Pablo Sanchez said: “We’re focused on developing the ‘branch of the future,’ and our use of Pepper will streamline branch operations and delight our customers, allowing bank staff to have deeper, more high-value customer engagements.

“Pepper will help educate consumers on basic product information and the availability of self-service banking options, as well as asking some initial questions to determine how we can best meet their banking needs.”

Based on customers’ answers to qualifying questions, Pepper will notify a banker about the customer’s requirement, thus, helping to slash customer waiting time and free up the time of their bankers.

Additionally, the robot will provide customers with information on ATMs, the HSBC Mobile Banking app, self-service options, customer support, among other services.

The interactive robot will also educate customers about the latest products and services launched by the bank.

Metro Bank founder to launch new digital lender in Australia

Metro Bank co-founder Anthony Thomson is set to launch a new digital lender called 86,400 in Australia.

The bank, supported by Australian independent payments provider Cuscal, is expected to be launched in the first quarter of next year. This will be after securing banking licence in the country.

The name ’86,400’ signifies the number of seconds in a day and pronounced as eighty-six four hundred.

Australia digital bank

Anthony Thomson will serve as the chairman of the bank, while Robert Bell will be the chief executive.

Thomson said: “Because 86,400 will ultimately have a lower cost ratio than a traditional bank –  completely free of expensive, cumbersome legacy technology and physical branches – we’ll be able to provide better value products for customers and better returns for our investors.”

Thomson was also associated with the launch of Atom Bank, a digital lender based in the UK.

The lender, which will employ around 60 people, is expected to have lower operating costs. This is due to absence of brick and mortar branches.

The announcement to launch 86,400 comes at a time when the Australian banking sector is affected by multiple money laundering and rate-rigging scandals.

IntSights launches new fraud detection solution for banks

IntSights Cyber Intelligence has launched a new threat intelligence and fraud detection solution for banks.

IntSights launches new fraud detection solution for banks

Dubbed IntSights for Financial Services, the new technology enables financial services and banking companies to foresee direct threats, decrease fraud related expenses and safeguard their customers from social engineering schemes.

In order to collect threat data and gather attack indicators, IntSights’ Enterprise Threat Intelligence & Mitigation Platform creeps and screens millions of sources across the clear, deep and dark web.

Upon gathering the required input, the platform delivers customised threat intelligence specific to an organisations brand, assets, applications, employees, customers and supply chain.

By integrating financial-specific digital assets and new sources into the IntSights cyber risk analytics algorithm, the new threat detection toll allows clients to use active SWIFT code monitoring against fraudulent activities, discover compromised bank accounts, recognise stolen credit cards and discern hacked client bank account logins.

Users can combine the new solution with their existing fraud management systems and security enforcement devices to automate the mitigation and remediation process once threats are discovered.

IntSights chief product officer and co-founder Alon Arvatz said: “As the cyberattack surface continues to expand, we believe it is critical to provide our clients with tailored and actionable threat intelligence, rather than generic feeds and alerts.

“IntSights for Financial Services is the next step in our journey to help our clients protect against the threats that are most costly and dangerous to their industry.”

Recently, IntSights teamed up with the Financial Services Information Sharing and Analysis Center (FS-ISAC) as an affiliate member to partner with banking and financial services firms in developing new algorithms to discover threats that directly target their organisation.