I'll introduce myself quickly. I'm Yves and I'm the co-founder of TagPay.
TagPay is a fintech, we talked about fintech this morning,
and we founded it about ten years ago now.
Our vocation is to imagine how banks are going to evolve
what is going to happen in the banking ecosystem thanks to digitalization.
My slides are important, but I think the most important is that you understand
what I am about to tell you, what we are doing,
and I think that it will be enough.
First of all, I would like to introduce myself a little bit more
I used to be the Head of Innovation of a group called Gemalto,
which is a leader in smart cards, I worked there for ten years,
so I have a good experience of the banking world
and I partnered with my associate, Hervé Manceron,
who worked in the telecom business,
and we combined our expertise
to imagine what would the banks be like
if we had known from the beginning,
that every user would have had a mobile in their hands.
Well, there is no suspens, the bank would be completely different.
And that's TagPay. That's what I'll explain to you.
We are based in France, we partnered with Mellon Technology,
and I'm particularly touched to be working with Stéfanos - who is right there
because I've experienced with Stéfanos
the same thing we are experiencing today with digitalization,
but it was with the beginning of smart cards and terminals.
It was a long time ago, a time when the EMV didn't exist
it was still being created.
And we build a world, we created a new way to manage the bank,
in a world in which the telecom technology, the technology in general,
was in the state it was during the 70's or 80's,
meaning that, at least in the telecom ecosystem, the technology was minimal,
which means we imagined everything, with notions of security of transactions
we called offline, meaning transactions in batches, not in real-time.
And today, the big revolution ahead of us,
and that is what we do at TagPay,
is about the mobile.
Here, today, there are more real-time and online tools than people in the room.
We belong to a world in which we become completely, not only digital, but real-time,
and that completely changes the way we provide financial services.
That is what I've tried to explain to you over 100 slides, but oh, well
I'll speak for a few minutes.
The bank today, that exists today
and that I now call the legacy system,
is very linked to the technology.
Like I explained earlier, for years the bank has seen technology as a constraint
because it was limited.
But today, the advent of the mobile will completely change the way
we dispatch the services, that we are going to organize the bank,
that we will shape the architecture of the bank.
So why is it critical?
It is critical because it is a fracture, not an evolution
- we heard about that earlier, I think it was with Athos -
we are not in a system that will evolve, we are in a system that will reinvent itself.
It is always a little bit worrisome,
all the more so when there are banks and set-up systems
that are established, standardized, generalized.
It is the case for all occidental countries where there is no more room for growth,
it is all about improving the system.
And changing a running system is very difficult.
However, in the world, there are countries and huge geographic areas
in which the whole population is not bancarized,
and it is that population who is going to enable the technological leap
and we will be able to offer these people new ways to manage the bank.
And that is what TagPay does.
TagPay firstly focused on countries
where there are banks wanting to target new segments,
or new population owning a mobile and no bank account.
It concerns all these very interesting projects about financial inclusion
and to realize the paradox about financial inclusion
is that the people that will be using these mobiles and these banking systems
are going to use banking systems that are much more advanced
than the systems we have been using since the beginning of history.
So the innovation is happening
within these new targets, within these new segments,
within these new adventures being created in the financial ecosystem of the bank.
So, what is going to change?
Because even though we say « we are digitalizing »
we feel like we are going to keep the current bank
and then we are going to digitalize it meaning removing the paper, making things faster, etc.
but it's not that at all.
What is actually going to happen is different.
It's not at all about digitalizing the current processes,
but about inventing new processes
that are going to capitalize on the existing telecom infrastructure.
You might have noticed that I used a word,
a word that is difficult and quite strategic: the word "telecom".
Nowadays, in the entire world,
the telecommunication operators have developed an huge industrial success,
the fastest and most extraordinary industrial success in history,
since everyone has a mobile phone now,
all the working population in the world.
These telcos are more and more tempted by the idea of entering the banking ecosystem.
They are going to start by mobile money, money transfer,
they will slowly start thinking that they have the technology
they have the clients, so they can start a bank.
And they are not the only ones.
There is another phenomenon we talked about in the previous presentations,
I call it the GAFAs, the social medias, Google and Facebook, etc.
They too think they have the clients, they have the technology.
It is very tempting to think about starting - we see Alibaba that is completely in it –
entering the banking ecosystem.
At TagPay, we decided from the start to state that the bank's purpose
is to open accounts, to offer financial services,
so we'll create technologies that are dedicated to the bank,
independent from telcos and from networks.
I cannot prove it to you right now,
and my slides would not have done that either, we should talk on one-to-one,
but we developed technologies enabling any owner of a mobile phone,
no matter what the phone is
from the oldest phone to the latest Samsung, or Apple, or iPhone,
that person will be able to receive financial services from a bank
managed by TagPay, without needing to alter the phone,
without being linked to the telcos.
And when I say enabling financial services, I include of course
contactless transactions, loans, savings, etc.
And obviously I don't have enough time to present the technological solutions
but be aware it exists and that today a bank trying to get digital
in order to target new populations, - which is easier than to change its habits -
these banks are able today, thanks to the solutions we offer
to spread out independently from the telcos.
Another thing I wanted to tell you via the slides,
are the changes you will undergo
because these changes are technological
but have an important impact on your job.
There are 5 of them, I'll try not to forget any.
The first one, of course, is real-time.
I told you about it already,
the fact we have real-time changes everything: security mechanism, certification mechanisms,
- we talked about security -
all these processes are often linked to the fact we are not in real-time.
From the moment we are, we will simplify these security mechanisms,
we will make them different and probably stronger.
Then, we have what we call open-architectures.
I'll just digress for a moment.
What do we call open-architecture?
I think it was… I won't tell you the name of the brand
but about 15 years ago, I had a poster in my office
with the name of a company written in big letters
and in small letters "We solved online security problems".
It was great because everyone was afraid,
and below was written "We never go online".
And that is the world in which the banks still are today.
Your systems, in spite of all the development and opening projects,
was conceived to never get connected.
I call it the safe culture
The safe looks like the Maginot line.
Trying to protect ourselves.
And that is because of the architecture, of the very basis of the platform.
As for us, the new digital platforms are designed to be open
they are designed to interface.
The consequences are remarkable: it is not only interfacing because
we want to integrate blockchain or whatever artificial intelligence,
of course it is convenient. But it is so much more than that.
It questions the banks' business models
I cannot talk about that because it would be too long.
Today, banks make money, and you won't be surprised,
on commissions and interest rates.
You already know that interest rates are very low, thus the margins are low;
And the commissions are getting lower and lower because of the competition.
With the digital bank, it is time to invent new ways
of generating money for the banks
and that is what I call becoming the center of a local ecosystem.
Banks will have to interface
the banking technology with different occupations,
with different business by bringing them value
by bringing them something they will pay with.
Of course, we have maybe not hundreds, but dozens of examples
we can share with you on best practices, on the best banking models.
Our banks, the banks that are equipped with our platform
are able to adjust very quickly to the constraints of the local economy.
That is the third point: the speed and agility.
I have real examples I can give you now.
Last May, Angola ordered the launch of a new bank by the end of July.
So within only 3 months we are able to launch a bank.
And that is incompatible with the very notion of the old architecture.
So we developed very agile, fast, opened architectures
that offer real-time services that are mobile-centric
and once again, completely independent from telcos,
and obviously they are equipped with a very high level of security.
So that was what I was going to present to you.
I had a film but I think I would not have had time to show it to you anyway.
This film is very interesting.
Now we are present in about 15 countries,
about 22 bankers are launching banks with our platform.
Oh, and I did not tell you but client-wise we are linked to Société Générale.
They chose our platform to launch their new banks in Western Africa.
But Société Générale also invested in our company,
we developed a close partnership
that allows us to progress very fast.
So the banks we are working with
are banks that decided to move forward and become digital.
Without prejudice to your constraints, I think it is very difficult, perhaps even impossible
to transform an existing bank in a digital bank.
It will not happen because it is way too complicated,
there is too much reluctance to changes
Moreover, changing processes…
I forgot to tell you but naturally there are no more bank branches, but only agents.
It is all about agency banking.
The distribution of financial services is therefore very close to people,
the last mile being covered by local agents, handled entirely safely.
Therefore the bankers are developing what I call the spin-off strategy
meaning they think rather than trying and transforming
the existing, running bank because banks are running just fine,
they are launching a new bank that will be a digital bank
targeting new populations.
Very quickly, we realize that this bank is more efficient than the other, the old one.
It attracts more people, apps are being created,
all sorts of service mechanisms are being launched
that bankers are imagining.
And when I say imagine,
and I will conclude by that, the imagination is also very interesting
because it will also be a transformation from within the bank.
Today, the bank, whether we like it or not,
is strongly controlled by its technology and its computer services
because of the complexity, and the difficulty to change the processes.
Well us at TagPay, thanks to digital technologies,
we are giving back the power to the jobs to the marketing department,
allowing them to imagine new services,
imagine new alliances, new partnerships.
We can do it very quickly,
and when you say quickly, you say inexpensive.
The investment cost is very low,
which allow banks, like our clients from Société Générale state it
"Now we don't make surveys but pilots, we test, we improve and if it works
we launch it, if not we close it."
Given the costs involved in the launching of a new bank, it is worth trying it.
I will be available this afternoon,
I will be very happy to meet you and I wish you a very good day
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