AI is the new electricity that fuels continuous innovation and in an era of disruption, leadership matters more than ever. As our data landscape and API economy are becoming increasingly open and transparent due to CDR / Open Banking, it is imperative for business and technology leaders to work together to harness greater value from their raw data and build up defensive AI assets.
The good news is that modern cloud services, serverless architecture, higher-order APIs and open-source algorithms together make it easy for businesses to prepare for Open Banking and evolve to become AI-driven. However, the bad news is that, without the correct strategy and approach, most organisations are doing things the hard way: equivalent to playing cricket by first learning how to stitching the ball.
Having successfully completed outcomes-driven transformations across both enterprise and government, I will share with you proven approaches and reference architectures, that simplifies AI-driven innovations that will help your organisation remain competitive in an open data economy.
OpenShift Commons Paris - Choose Your Own Observability Adventure
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
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
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!
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
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
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