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Financial Services Analytics Lecture 1 Introduction
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Welcome!• Around 200 students from
the Master of Science in
Business Administration,
option Finance and Risk
Management
• 1 Professor: Kris Boudt
• Twitter: @optimizerisk
2
Develop solutions to optimize risk, the solutions are data driven, they consist of estimating
risk and managing bad risk.
FSA Lecture 1 1
,Voor welke financiële diensten is België digitale kampioen?
Banking apps
Source: Sia Partners
4
According to consulting firm Sia Partners, KBC has the best banking app in the world! Best in
terms of providing an excellent user experience in terms of possibilities to bank security.
Security is crucial if you work with banking services.
FSA Lecture 1 2
, Source: Sia Partners
5
It allows you to obtain loans and have new insurance contract on the fly. You can go to your
banking app, apply for a loan and if you are a routine client they will make the decision almost
instantaneously based on the questions they will ask you and based on the history of data that
they have collected of you. That’s data driven decision making happening 24 hours a day, 7
day a week.
24/7
When you need to monitor billions of
payment transactions
and when decisions need to be almost
instantaneous
and this 24/7 at the same level of
reliability and low cost,
then you need to have either
superpowers or be smart and use
digital technology
6
The decisions are made through algorithms the decisions are based on the input that you give
to the algorithm. KBC has made this algorithm human like by giving it a name, Kate. Kate was
born at 24 November 2020, it’s the digital assistant for everyone.
FSA Lecture 1 3
, DIGITAL-FIRST
“In a 'digital-first' distribution
model, digital interactions with ROBO-ADVICE
customers will form the initial For customers who so desire, Kate – the
basis. In view of this, KBC will new, personal digital assistant - will play
therefore eventually offer all an important part in providing proactive,
relevant solutions for its timely, personalised and relevant
customers' financial needs via solutions in digital sales and consulting.”
mobile applications.”
https://newsroom.kbc.com/kbc-shifts-digital-transformation-and-customer-experience-up-a-gear-
differently-the-next-level 7
Kate is your personal digital assistant. An important thing is that she gives you offers in a
proactive way. Kate will learn about you for example when you are looking for a car, then
proactively, even before you buy the car, KBC will offer you a loan to buy the car.
From now on, all what KBC will develop will be digital first. Whenever there is a new service
of a new solution it needs to be possible to offer that solution threw the banking app.
Digital interactions with the customers form the basis.
FSA Lecture 1 4
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