With his opinion on key trends that will be determined by the world appearance of the investment and financial sector, Maxim Saveliev shared with "Invest-Forest" - an international expert in the development of products and improving the efficiency of business processes in the financial and investment banking directions. A graduate of the Moscow Physics and Technology Institute with a degree in Mathematics, now Maxim Saveliev has been working in Philadelphia (USA) at Donnelley Financial Solutions, which occupies a leading position in the creation of software risk management and compliance with regulatory requirements. Decisions in the automation of reporting investment funds. Previously, Maxim was responsible for the development of investment products for customers in the interests of large businesses, including the development of a business strategy, control and an increase in operating efficiency and management of cross-functional teams in Sberbank CIB (Moscow, Russia). As an employee of the Department of Consulting Deloitte Cis (Moscow, Russia), he oversaw realization of a series of business transformation projects for the largest investment and retail banks of Eastern Europe.
- What, in fact, is going on today "on the advanced" digital transformation of the investment and financial sector? What new products are introduced? Automation What business processes in the Finsfer today at the peak of fashion?
- Digital technologies change the appearance of all industries, forcing enterprises to work in a new way. The financial sector is more than others, is open to the introduction of innovation. It was this openness that created favorable conditions not only to increase the profits of financial institutions, but also to the emergence of a new industry of financial technologies (Fintech). To successfully compete on this field, companies simply need to develop and implement advanced technologies.
There were times when in the financial services sector "Ball ruled large investment banks. It is more difficult for them to compete with representatives of the "generation of Fintech", focused on providing specific financial products and services.
Today, even a small IT company can offer customers new ways to manage finance and payments, as well as provide the opportunity to rationalize financial transactions, refusing intermediaries.
On the other hand, although Fintech companies go to the offensive on traditional players of the investment financial sector, as a result, those and others begin to interact more actively. Due to cooperation with innovative companies, investment banks may optimize business processes. The demand for software solutions for collecting and analytics data is growing. For example, Source SCRUB offers a platform to optimize merge and acquisition transactions. The solution allows you to automatically collect and analyze the various data of companies, potential members of the M & A-transaction. Due to its application, investment banks may find potential buyers faster.
Such cooperation is beneficial and representatives of the Fintech sectors who can use experience and huge data arrays accumulated by investment organizations to develop their own business. The result of such a partnership, for example, was the emergence of a bank class solutions as service (Bank-AS-A-service), allowing the players to connect to banking systems through the API and create their own financial products and services. The use of reliable and relevant to all regulatory requirements of the IT infrastructure of the Bank eliminates innovative companies from the need to receive a bank license and overcome other formalities. The launch of such platforms is beneficial to the banks, since in this case the Fintech companies act as clients, and not competitors.
As for the most sought-after technologies in the investment and financial sector, there can be a blockchain and artificial intelligence (AI). For financial organizations all over the world, the introduction of the blockchain has become almost mainstream. These technologies are not better suited to optimize transaction costs (due to the abandonment of intermediaries) and ensure the security of financial transactions (due to the transparency of all actions in the block chain). The second point is especially relevant, since the financial sector companies are constantly "under the sight" of intruders. But if the pace of implementation of the blockchain is gradually slowing down, the use of II technologies is still gaining momentum.
Holding to get the maximum economic effect, financial organizations willingly invest in AI, despite the relative immaturity of technologies. The main directions in which artificial intelligence has become the most widespread is customer service and fighting fraud. Chat bots are already able to handle most customer requests, and IA algorithms are able to identify potential fraudulent operations and notify customers about them. The solution of only these two tasks ensures significant savings of financial resources.
I will say that all the listed trends are relevant for both global and Russian investment and financial sectors.
- What are the main trends in the field of B2B in the global financial sector?
- Pandemic and caused by her locked in many respects determined trends in the corporate segment. The main one includes: accelerating the sale of sales in the "Figure", increasing the role of self-service opportunities, transition from personal meetings and telephone conversations to online communication. At the same time, most companies are convinced that many changes that have formed the so-called "new reality" will continue in the future. If the initial online seller's interaction with the client caused skepticism, now many recognize its high efficiency. I will note the readiness for big purchases in the B2B segment.
- Is it possible to say that the B2B segment is moving in the same direction in which the B2C segment began to develop before him?
- Yes, gradually B2B merges with B2C: people are waiting that in all areas of business and everyday life they will get similar customer experience. In this case, it is mainly about online interaction experience. Do not forget about the increasing role of Millenialov. Those who have got used to make purchases on Amazon or Aliexpress from childhood, will choose such a consumption model and in business. To transfer B2C benefits to a corporate segment, suppliers should provide customers with advanced search capabilities, assessment and comparisons of goods and services. Recommetive services that are based on professional ratings and recalls of real users can be demanded here. Implementation of cross-sales strategy allows you to increase the average check. No less important for the modern consumer is the ability to get as much information about the product or service in open access, as well as visualize them (if possible).
Frames of digital transformation- Who plays a key role in digital transformation of financial companies? Based on your experience, do the financial sector possess the necessary personnel and experience or more efficiently attract external experts for them? Is there an "international elite" of specialists in digital transformation?
- As a rule, organizations conduct a digital transformation on their own, as they understand how the internal business processes are arranged, what results should be achieved by digital transformations, which there are resources and opportunities for this, including financial ones.
But the impulse to transformation can come from outside, primarily on the part of companies such as McKinsey, Boston Consulting Group, Bain, Deloitte, Kpmg, Ernst & Young and PricewaterhouseCoopers. It is them that can be counted for the elite in the field of digital transformation. Examination of international consulting agencies is much wider than any sectoral player. In addition, they have experience in implementing dozens of projects around the world and the ability to connect commands from other regions if there are not enough specialists in the conditioned Moscow office. Attracting external consultants opens access to the best world practices. At the same time, I believe that external specialists can help develop a digital strategy for the implementation of which the business will be responsible independently. This approach is most effective and from an economic point of view.
- How did you yourself become a specialist in improving business efficiency and digital transformation?
- For more than four years, I was a Deloitte consultant on the strategy and operating efficiency of financial institutions, including investment and retail banks. During this time I happened to take part in projects for key foreign and Russian banks. This made it possible to acquire an experience and a deep understanding of how the banking system in Russia and the world as a whole, as business processes for the financial sector are built. Then I worked in the investment division of Sberbank, where he got the opportunity to deepen his knowledge, and also saw how strategic decisions are implemented in practice.
- Which of the experience gained in Russia has become your competitive advantage in the USA?
- When looking for work in the States, my key advantage has been experience in an international consulting company. An employer from anywhere in the world is obvious that the experience of an employee with such a backologist is easily converted. The second advantage I consider education. The Moscow Institute of Physics and Technology, which I graduated, has a reputation as a strong technical university and international recognition in the IT environment. In general, the experience I possessed at the time of moving to the United States was understood and in demand.
At the same time, I want to note that the work in the Russian bank allowed me to look at the problems of the global financial system. Also for myself, I concluded that the experience of Russian companies is innovative and is largely ahead of the trends of the American market.
- What competencies and skills are needed to transform financial institutions? What specialists should look for Russian banks and investment funds? And where to find them?
- The transformation of financial institutions can be attributed to typical project work, which determines both employees responsible for digital transformations. They should be able to organize a workflow, to establish communication between all the devices involved. They also need to understand the technical sides of the project at the same level. But the most important thing is the ability to see the picture as a whole, without paying for the solution of current tasks. In my opinion, employees of consulting companies, project managers are perfectly suitable for the role of such specialists. That is, those who have experience in organizing and managing the process, and also possesses a wide range of market and knowledge of the market. You can search for such specialists among graduates of top technical universities.
Russia and the USA: so far so close- Can Russian specialists who have gained experience in the United States, become innovation guides for Russian financial companies? What is their overseas can be especially useful?
- The main advantage of such specialists is the experience of working in global markets. Many American companies are initially oriented not only to the domestic market, while the domestic business is more sharpened to Russia, at best, to the CIS countries. Global vision displays the management of processes to a fundamentally new level, provides access to new markets and product scaling. From the point of view of process management and people in the United States more closely relate to building corporate culture, which ultimately increases the efficiency of work. If you focus on the financial segment, the United States acts as an international regulator, for the requirements of which other countries are adjusted. Knowledge of how the processes of the American financial system are definitely useful.
- Are Russian financial sector companies from Western in the field of digital transformation?
- in the availability and distribution of digital products and services, Russia is largely superior to the United States. This is especially noticeable in the field of banking, retail and payments. For example, in the states of intrabank translation still can take several days. Contactless payments did not receive mass distribution. In many stores it is not possible to pay through GooglePay and ApplePay systems. New York Metropolitan Just a couple of years ago, began the transition to contactless payment; Accelerated this process only with the beginning of the pandemic.
The significant lag of Russian companies from American is observed in everything that is associated with the construction of client experience. Although it is impossible to say that this is directly related to digital transformation. But sometimes it is possible to solve any question or cancel a suspicious payment by telephone much more important than the convenience and availability of mobile applications.
There is such a profession - product manager- What are the differences in the work of product management in the USA and Russia?
- It is worth noting cultural differences and a difference in approaches to building communications. In Russia, more homogeneous community with which it is easier to find a common language. It is more difficult for this in the states, because the team can be international and include people with a very different biscard. This may be a plus from the point of view of finding new ideas and exchange of experience, but complicates building internal communication. In general, the main principle of building a team is a professional communication and an approach, this may be less than a personal component, but all team members feel comfortable.
- How is the product manager change today?
- The value of such specialists increases due to the fact that current conditions are rapidly changing: the brackets of the production manager lies with the responsibility for adapting to them. Leadership qualities and emotional involvement come to the fore. In the light of the fact that today many teams work in remote mode, the task of the manager is to maintain motivation, the focus on the result and the high level of all employees involvement. Make it remotely much more difficult.
Conducted Konstantin Frumkin