Archive | October, 2011

Innotribe@Sibos 2011- Big Data session summary

24 Oct

Here’s the session outline (see video summary at the end of this post)

Petervan introduced the session saying that we have some of the worldwide biggest thinkers on the subject of Big Data as igniters to this session. And boy! he’s right.

Immeditely after, Sean Park (Founder, Anthemis Group) suggested that what we’ll talk about will seem pretty much like magic 🙂 He  proceeded to introduce a fictional character, Henry, born in 2004 that we followed through his life and the way Big Data technology impacts him. Some spooky things in there, such as that analytics will be able to predict his age of death.

Sean was followed by Michael Chui (Senior Fellow, McKinsey & Company) who shared the results of the McKinsey study on Big Data. Big data matters for financial institutions where the factory is the data center. One insight from Michael is that companies will need to prepare for Big Data by nurturing the right analytics skills.

Larry Ryan‘s (Chief Technologist Financial Service Industry, Hewlett Packard) main message is that we need a whole new set of technologies to deal with Big Data. He used Zenga as an example of how they understand their customer’s behavior using analytics.

Jeff Jonas (Chief Scientist, IBM Entity Analytics Group and an IBM Distinguished Engineer, IBM) introduced an interesting metaphor – puzzles – to explain Big Data and how analytics are linked to computer power.  He first made the audience actually works on some puzzles to understand this fully. It turns out, and it is counter-intuitive, that the more data you have the less computing power you need, as the data starts in fact aggregating (like a puzzle). Beautiful and playful demonstration.

Jeff was followed by Amir Halfon (Senior Director of Technology, Capital Markets Global Financial Services, Oracle) who provided some definitions about Big Data and shared his perspective as to how these apply to today’s challenges, particularly regulation. He then proceeded to explain how financial institutions can start their analytics today.

David Campbell (Technical Fellow, Microsoft Research) described the Big Data challenge in one sentence: turning signal into value. In numerous ways. And he warned that Big Data will become vital for many companies’ survival.

Francis Martin (Head of Business Intelligence, SWIFT), introduced one practical tool illustrating Big Data – the SWIFT Index, correlating SWIFT network traffic with economic activity and GDP. He showed (and actually made people work it on their own) how this can be used as an analytical and predictive tool.

We then had Michael Driscoll (CTO, Metamarketsgroup) who also provided some useful and pragmatic advice. His key points are: ” Data is sexy!” and “Stop throwing away customer data!”

Finally, as Petervan said, we had the cherry on the cake. Michael Ouliel (Founder and CEO, Ripples HLS Group) talked about some REALLY Big Data – quintillions of data. He awed everybody. These are the volumes processed daily by the intelligence services. He then logically concluded about the importance of using semantic tools and techniques to figure out and spot important data meanings.

Below is the video with the key points of each talk.

Innotribe@Sibos 2011 – Social Data session summary

21 Oct

As Matteo Rizzi kicked it off with a very concise and to the point mission statement for this session: “Turn social data into capital”.

The first igniter (as we call the contributors to Innotribe sessions) was Boxley Llewellyn (Director of Growth Initiatives – Financial Services Sector at IBM). He explained how the world is changing and how social data should be now considered as a priority, leading to this beautiful goal : ” every customer feels like the bank is designed just for them”

Daniel Marovitz  (Managing Director, Buzzumi) then took the audience on a totally different path. As he said: “what Innotribe is all about is coming at a problem from different angles, and the truth emerges”. So he took us on a quick history course of money and value, demonstrating that money is just an expression of emotion. He illustrated this with an example of how mackerels are being used as a currency in the US federal prison system (I’m sure this example will stick 🙂 ). He then  led to the conclusion that money and value is ultimately about information, and social data.

We then heard from Dion Hinchcliffe (Executive Vice President of Strategy, Dachis Group), who also described how the information around us and about us is exploding in terms of volume. So he asks us this questions: ” Is this actually valuable?”, “Is this manageable?”. While he demonstrated his opinion that, yes, it is valuable and manageable, he drew the attention to the fact that the problem is not information overload but filter failure – and how analytics can help in this filtering.

The session finished with Tom Coombes, (CEO, Cognito) who warned that “brand is not what you say about you, it is what people say about you”, and then provided some examples (including his own company) of analytical tools that can help make value from social data.

We also had  Darius Miranda (Vice President Social Business Strategist, WELLS FARGO) and  Pol Navarro (Head of Direct Channels and Innovation, Banco Sabadell) in the audience who provided additional perspectives from the experience in their banks. Chris Skinner (Chairman of the Financial Services Club), the Innotribe chroniqueur, helped steer the discussion to make it relevant to the bankers in the audience.

Here is the summary video, enjoy!

Innotribe@Sibos 2011 – Start-up competition summary

18 Oct

This year, for the first time, Innotribe organized its first start-up competition at Sibos.

The objective was really to reduce the gap between early stage financial industry related start-ups and our largest customers.
At the same time we would identify ideas that are suitable for the Innotribe Incubator.

Not everything went perfect, but it was great!
In less than 6 weeks, thanks to the great effort of Mike Sigal (a seasoned start-up man who helped us to put the initiative together) we had 200 applicants for the 100 K USD prize (divided between the 2 winners) and some 89 start-ups eligible for the contest.

When I said it was not perfect, reason is that we have a couple of arguable glitches whether or not a couple of the start-ups  (strangely enough, the two winners) were really “early stage” or not. However, looking at them from the banking point of view, they were small enough to be considered as such.

The best 10 were scored by a number of experienced mentors from the financial start-up eco-system, and some 27 senior bankers at Sibos judged “live” a 5 min pitch on stage.

The winners are GuardTime and TRUAXIS, and you can find all the 10 pitches below.

Stay tuned, for more competitions foreseen in 2012.

Here are the videos of the pitches:

1. Cellfony

2. ChangeIt

3. Duo Security

4. FaceCash

5. GuardTime

6. miiCard

7. SynerScope

8. TransferWise

9. TruAxis

10. Wave Accounting

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