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Applied AI, Open Banking
and Continuous Innovation
the Easy Way
Yun Zhi Lin - Chief Innovation Officer, Contino
API Days Melbourne - September 2019
2
yunspace.com yunzhilin
mrserverless
01 | The Continuous Innovation and AI Imperative
02 | Open Banking as a Strategic Accelerator
03 | Reference Architecture and Case Studies
Open Banking is about Humans, not APIs. If you start with
Human-centric Business Outcomes, Open Banking can easily
become a Catalyst for AI driven Continuous Innovation.
yunspace
The Continuous
Innovation and AI
Imperative
Evolution of Financial Services
Keep the gold safe
with Swords!
Source: Netflix Knightfall, Open Group TOGAF 4
Evolution of Financial Services
Keep the gold safe
with Swords!
Keep the information
safe with Silos!
Source: Netflix Knightfall, Open Group TOGAF 5
Evolution of Financial Services
Keep the gold safe
with Swords!
Keep the information
safe with Silos!
Design better
Services for Humans
Source: Netflix Knightfall, Open Group TOGAF 6
1. Of the $1.3T spent on Digital Transformation in
2018, $900B went to waste
2. Most Banks still sell the same products evolved
from the 12th century.
3. Typical standard changes we’ve seen in a big 4
bank take from 18 to 49 weeks
7
Interesting Facts
8
Digitalised
Bank
Digital
First Principles
In the Digital Era,
Trust is gained
through Superior
CX and rapidly
improving on
User Feedback
9
Superior CX in the
“Age of AI
Implementation” *
Better
Cognitive CX
More Quality
Data
More Happy
Users
V
AI is commoditised, data is
democratised
Digital equality is achieved through
out of box Cognitive CX offerings
Solving business problems using
Applied AI must be part of your
strategy now, not 3 years later.
* Reference: AI Superpowers, Kai Fu Lee
Superior CX also requires holistic Service Design
10
The Wall of
Frustration
We deploy something
every 2 weeks!
We have been waiting
for 2 years for the
front door request!
As a customer I
would like a new
feature
11
DisruptiveInnovation
Evolution
SustainingInnovation
Pioneers
Ideate. Experiment and
explore Markets using First
Principles and Standard
Components
Town Planners
Optimise. Standardise
Components and
Industrialise Offerings
Continuous
Innovation
References: Clayton Christensen, Innovator’s Dilemma
Simon Wardley, Pioneers, Settlers, Town Planners
12
DisruptiveInnovation
Evolution
SustainingInnovation
Pioneers
Ideate. Experiment and
explore Markets using First
Principles and Standard
Components
Settlers
Productise. Differentiate
and Custom Build on
Customer Feedback
Town Planners
Optimise. Standardise
Components and
Industrialise Offerings
Continuous
Innovation
References: Clayton Christensen, Innovator’s Dilemma
Simon Wardley, Pioneers, Settlers, Town Planners
13
DisruptiveInnovation
Evolution
SustainingInnovation
Pioneers
Ideate. Experiment and
explore Markets using First
Principles and Standard
Components
Settlers
Productise. Differentiate
and Custom Build on
Customer Feedback
Town Planners
Optimise. Standardise
Components and
Industrialise Offerings
Continuous
Innovation
References: Clayton Christensen, Innovator’s Dilemma
Simon Wardley, Pioneers, Settlers, Town Planners
The Innovator’s Dilemma *
14
1. Incumbents are often risk
averse and prefer to sustain
existing product
2. Continuous Growth requires
Continuous Innovation.
3. Commodised AI and CDR
lowers barriers to bring
about long overdue
disruption in banking
* Source: Clayton Christensen, Innovator’s Dilemma
Slow and steady doesn’t win the race.
The key is to keep running and don’t fall asleep!
Open Banking as a
Strategic Accelerator
Open Banking timeline
Jul 2019
Big Four Banks: Phase 1 products
Feb 2020
Big Four Banks: Phase 2 consumer, account and
transaction data
Jul 2020
Big Four Banks: personal loan and other accounts,
Other Banks: product, account and transaction data
Feb 2021
Other Banks: mortgage products
Jul 2021
Other Banks: personal loan and
other accounts
16
Current State of CDR
Open Banking
Consumer Data Standards
https://consumerdatastandardsaustralia.github.io/stan
dards/
Products and Product Detail
https://www.commbank.com.au/developer/documentat
ion/Products
https://api.commbank.com.au/cds-au/v1/banking
https://digital-api.westpac.com.au/cds-au/v1/banking/
products
https://api.anz/cds-au/v1/banking/products
Hot of the Press
1. “Right to Delete” introduced in Bill Amendment
2. ACCC to announce the first Open Banking Data
Recipients next week
User
Consent
and Data
Land Grab
18
19
V
Apply AI and Make use
of your existing Data
Prepare for new Data
with scalable Data/ML
engineering foundation
Don’t be creepy.
Australian AI Ethics
Framework is a good
start
20
DisruptiveInnovation
Evolution
SustainingInnovation
Pioneers
Ideate (and Outsource)
Settlers
Productise (and Replicate)
Town Planners
Optimise
(and Leverage)
Continuous
Innovation with
Open Banking
References: Clayton Christensen, Innovator’s Dilemma
Simon Wardley, Pioneers, Settlers, Town Planners
APIs
B2B B2C
Your
Data
Others
Data
Solving Innovator’s Dilemma
21
1. Treat Open Banking as a
Strategic Product.
Establish innovation
framework to enable
dogfooding / replication
2. Compete on superior CX
and Consent flow. Not
who has the bigger API
Gateway or firewall.
3. Participate in the open
data land grab. Revisit
your Data Strategy and
AI initiatives
Reference
Architecture and
Case Studies
Service Design for CDR Open Banking
Formulate CDR
Strategy
Multi Disciplinary
Team
Rapid Prototypes
23
Developers
Clients
Business IT
Design Thinking
IDEATE
TEST
EMPATHIZE
PROTOTYPE
DEFINE
Data
Analysts
Work Backwards Reference Architecture
24
Developers
Clients
Data
Analysts
Open Banking Reference Automation and BDD
25
Serverless
Containers
MLOps / DataOps
Working backwards Applied AI Architecture (3 months)
ML Engineers / Data Scientists
Application Engineers Model
Notebook
Training
Job
AppSync Inference
Lambda
De-Identified
Data Lake
Inference
Auth
26
Weather
Events
Time Tables
Static
Web
Warehouse
Opal
Exec
Consumers
Operator
Superior CX and Size to Speed using API Abstraction
(4 weeks)
Reference: https://legacy.bank/ 27
Mobile
Web
Fargate
CloudFront
Route 53
3rd Party
Legacy
On Prem
Legacy
S3
Responsive SPA
Lambda
WAF
Shield
Digital First Principles doesn’t mean starting from scratch. Move at speed by abstracting out legacy
Auth
Digital White Label
Weekly Release
API
Air Lock
Legacy
Monthly/Yearly Release
Cache
Things you can do now
28
Open
Banking is
about
Humans,
not APIs.
1. Call Product API v1
currently available
2. Check your data recipient
status next week
3. Talk to your Open Banking
Product Owner and Data /
Innovation Strategist
Atlanta
atlanta@contino.io
Thank You
And we are always hiring
contino.io continohq contino
London
london@contino.io
New York
newyork@contino.io
Melbourne
melbourne@contino.io
Sydney
sydney@contino.io

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Applied AI, Open Banking and Continuous Innovation the Easy Way - AI Days Melbourne 2019

  • 1. Applied AI, Open Banking and Continuous Innovation the Easy Way Yun Zhi Lin - Chief Innovation Officer, Contino API Days Melbourne - September 2019
  • 2. 2 yunspace.com yunzhilin mrserverless 01 | The Continuous Innovation and AI Imperative 02 | Open Banking as a Strategic Accelerator 03 | Reference Architecture and Case Studies Open Banking is about Humans, not APIs. If you start with Human-centric Business Outcomes, Open Banking can easily become a Catalyst for AI driven Continuous Innovation. yunspace
  • 4. Evolution of Financial Services Keep the gold safe with Swords! Source: Netflix Knightfall, Open Group TOGAF 4
  • 5. Evolution of Financial Services Keep the gold safe with Swords! Keep the information safe with Silos! Source: Netflix Knightfall, Open Group TOGAF 5
  • 6. Evolution of Financial Services Keep the gold safe with Swords! Keep the information safe with Silos! Design better Services for Humans Source: Netflix Knightfall, Open Group TOGAF 6
  • 7. 1. Of the $1.3T spent on Digital Transformation in 2018, $900B went to waste 2. Most Banks still sell the same products evolved from the 12th century. 3. Typical standard changes we’ve seen in a big 4 bank take from 18 to 49 weeks 7 Interesting Facts
  • 8. 8 Digitalised Bank Digital First Principles In the Digital Era, Trust is gained through Superior CX and rapidly improving on User Feedback
  • 9. 9 Superior CX in the “Age of AI Implementation” * Better Cognitive CX More Quality Data More Happy Users V AI is commoditised, data is democratised Digital equality is achieved through out of box Cognitive CX offerings Solving business problems using Applied AI must be part of your strategy now, not 3 years later. * Reference: AI Superpowers, Kai Fu Lee
  • 10. Superior CX also requires holistic Service Design 10 The Wall of Frustration We deploy something every 2 weeks! We have been waiting for 2 years for the front door request! As a customer I would like a new feature
  • 11. 11 DisruptiveInnovation Evolution SustainingInnovation Pioneers Ideate. Experiment and explore Markets using First Principles and Standard Components Town Planners Optimise. Standardise Components and Industrialise Offerings Continuous Innovation References: Clayton Christensen, Innovator’s Dilemma Simon Wardley, Pioneers, Settlers, Town Planners
  • 12. 12 DisruptiveInnovation Evolution SustainingInnovation Pioneers Ideate. Experiment and explore Markets using First Principles and Standard Components Settlers Productise. Differentiate and Custom Build on Customer Feedback Town Planners Optimise. Standardise Components and Industrialise Offerings Continuous Innovation References: Clayton Christensen, Innovator’s Dilemma Simon Wardley, Pioneers, Settlers, Town Planners
  • 13. 13 DisruptiveInnovation Evolution SustainingInnovation Pioneers Ideate. Experiment and explore Markets using First Principles and Standard Components Settlers Productise. Differentiate and Custom Build on Customer Feedback Town Planners Optimise. Standardise Components and Industrialise Offerings Continuous Innovation References: Clayton Christensen, Innovator’s Dilemma Simon Wardley, Pioneers, Settlers, Town Planners
  • 14. The Innovator’s Dilemma * 14 1. Incumbents are often risk averse and prefer to sustain existing product 2. Continuous Growth requires Continuous Innovation. 3. Commodised AI and CDR lowers barriers to bring about long overdue disruption in banking * Source: Clayton Christensen, Innovator’s Dilemma Slow and steady doesn’t win the race. The key is to keep running and don’t fall asleep!
  • 15. Open Banking as a Strategic Accelerator
  • 16. Open Banking timeline Jul 2019 Big Four Banks: Phase 1 products Feb 2020 Big Four Banks: Phase 2 consumer, account and transaction data Jul 2020 Big Four Banks: personal loan and other accounts, Other Banks: product, account and transaction data Feb 2021 Other Banks: mortgage products Jul 2021 Other Banks: personal loan and other accounts 16
  • 17. Current State of CDR Open Banking Consumer Data Standards https://consumerdatastandardsaustralia.github.io/stan dards/ Products and Product Detail https://www.commbank.com.au/developer/documentat ion/Products https://api.commbank.com.au/cds-au/v1/banking https://digital-api.westpac.com.au/cds-au/v1/banking/ products https://api.anz/cds-au/v1/banking/products Hot of the Press 1. “Right to Delete” introduced in Bill Amendment 2. ACCC to announce the first Open Banking Data Recipients next week
  • 19. 19 V Apply AI and Make use of your existing Data Prepare for new Data with scalable Data/ML engineering foundation Don’t be creepy. Australian AI Ethics Framework is a good start
  • 20. 20 DisruptiveInnovation Evolution SustainingInnovation Pioneers Ideate (and Outsource) Settlers Productise (and Replicate) Town Planners Optimise (and Leverage) Continuous Innovation with Open Banking References: Clayton Christensen, Innovator’s Dilemma Simon Wardley, Pioneers, Settlers, Town Planners APIs B2B B2C Your Data Others Data
  • 21. Solving Innovator’s Dilemma 21 1. Treat Open Banking as a Strategic Product. Establish innovation framework to enable dogfooding / replication 2. Compete on superior CX and Consent flow. Not who has the bigger API Gateway or firewall. 3. Participate in the open data land grab. Revisit your Data Strategy and AI initiatives
  • 23. Service Design for CDR Open Banking Formulate CDR Strategy Multi Disciplinary Team Rapid Prototypes 23 Developers Clients Business IT Design Thinking IDEATE TEST EMPATHIZE PROTOTYPE DEFINE Data Analysts
  • 24. Work Backwards Reference Architecture 24 Developers Clients Data Analysts
  • 25. Open Banking Reference Automation and BDD 25 Serverless Containers
  • 26. MLOps / DataOps Working backwards Applied AI Architecture (3 months) ML Engineers / Data Scientists Application Engineers Model Notebook Training Job AppSync Inference Lambda De-Identified Data Lake Inference Auth 26 Weather Events Time Tables Static Web Warehouse Opal Exec Consumers Operator
  • 27. Superior CX and Size to Speed using API Abstraction (4 weeks) Reference: https://legacy.bank/ 27 Mobile Web Fargate CloudFront Route 53 3rd Party Legacy On Prem Legacy S3 Responsive SPA Lambda WAF Shield Digital First Principles doesn’t mean starting from scratch. Move at speed by abstracting out legacy Auth Digital White Label Weekly Release API Air Lock Legacy Monthly/Yearly Release Cache
  • 28. Things you can do now 28 Open Banking is about Humans, not APIs. 1. Call Product API v1 currently available 2. Check your data recipient status next week 3. Talk to your Open Banking Product Owner and Data / Innovation Strategist
  • 29. Atlanta atlanta@contino.io Thank You And we are always hiring contino.io continohq contino London london@contino.io New York newyork@contino.io Melbourne melbourne@contino.io Sydney sydney@contino.io