Ecosystm Snapshot: Global Open Banking Trends

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The appetite to adopt Open Banking solutions has increased, largely expedited by the pandemic. As consumers look for more digital engagements and better rates and services, they are more open to giving third-party providers access to their financial information that has traditionally been held by their banks.

The success of Open Banking initiatives depends on the Banking and FinTech ecosystem coming together to create an end-to-end digital architecture.

This Ecosystm Snapshot discusses some of the evolving trends in Open Banking, such as product differentiation by FinTechs to address a competitive market; the banking industry’s need to adopt digital and foster innovation; market entry by other industry leaders; and the need for trust in Open Banking adoption.

We cover recent announcements by companies such as Lloyd’s Bank, Mastercard, Batelco Financial Services, CarFinance 247, Credit Kudos, Prometeo, APImetrics and tomato pay.

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Ecosystm Snapshot: The Rise in ESG Consciousness

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We are seeing a rise in social and environmental consciousness – especially in the younger generation. Their awareness of human rights, the environment and inclusion is growing exponentially – they want to create impact. Organisations are being driven to develop and demonstrate an Environmental, Social and Governance (ESG) consciousness in their actions and investments.

In this Ecosystm Snapshot, we cover some of the recent examples of how governments and individual advocates are creating a difference; and how financial organisations and tech providers are embracing ESG.

Read how organisations such as Sun Cable, Equinix, Microsoft, NVIDIA, Prologis, Zensung, Ergo, Munich Re, Natwest, JPMorgan, Credit Suisse and others are working to make the world a better place.

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Cloudification of India’s Banking Industry

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In this Insight, guest author Anupam Verma talks about the technology-led evolution of the Banking industry in India and offers Cloud Service Providers guidance on how to partner with banks and financial institutions. “It is well understood that the banks that were early adopters of cloud have clearly gained market share during COVID-19. Banks are keen to adopt cloud but need a partnership approach balancing innovation with risk management so that it is ‘not one step forward and two steps back’ for them.”

India has been witnessing a digital revolution. Rapidly rising mobile and internet penetration has created an estimated 1 billion mobile users and more than 600 million internet users. It has been reported that 99% of India’s adult population now has a digital identity in the form of Aadhar and a large proportion of the adult Indians have a bank account.

Indians are adapting to consume multiple services on the smartphone and are demanding the same from their financial services providers. COVID-19 has accelerated this digital trend beyond imagination and is transforming India from a data-poor to a data-rich nation. This data from various alternate sources coupled with traditional sources is the inflection point to the road to financial inclusion. Strong digital infrastructure and digital footprints will create a world of opportunities for incumbent banks, non-banks as well as new-age fintechs.

The Cloud Imperative for Banks

Banks today have an urgent need to stay relevant in the era of digitally savvy customers and rising fintechs. This journey for banks to survive and thrive will put Data Analytics and Cloud at the front and centre of their digital transformation.

A couple of years ago, banks viewed cloud as an outsourcing infrastructure to improve the cost curve. Today, banks are convinced that cloud provides many more advantages (Figure 1).

Why banks adopt cloud

Banks are also increasingly partnering with fintechs for applications such as KYC, UI/UX and customer service. Fintechs are cloud-native and understand that cloud provides exponential innovation, speed to market, scalability, resilience, a better cost curve and security. They understand their business will not exist or reach scale if not for cloud. These bank-fintech partnerships are also making banks understand the cloud imperative.

Traditionally, banks in India have had concerns around data privacy and data sovereignty. There are also risks around migrating legacy systems, which are made of monolithic applications and do not have a service-oriented architecture. As a result, banks are now working on complete re-architecture of the core legacy systems. Banks are creating web services on top of legacy systems, which can talk to the new technologies. New applications being built are cloud ready. In fact, many applications may not connect to the core legacy systems. They are exploring moving customer interfaces, CRM applications and internal workflows to the cloud. Still early days, but banks are using cloud analytics for marketing campaigns, risk modelling and regulatory reporting.

The remote working world is irreversible, and banks also understand that cloud will form the backbone for internal communication, virtual desktops, and virtual collaboration.

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Strategy for Cloud Service Providers (CSPs)

It is estimated that India’s public cloud services market is likely to become the largest market in the Asia Pacific behind only China, Australia, and Japan. Ecosystm research shows that 70% of banking organisations in India are looking to increase their cloud spending. Whichever way one looks at it, cloud is likely to remain a large and growing market. The Financial Services industry will be one of the prominent segments and should remain a focus for cloud service providers (CSPs).  

I believe CSPs targeting India’s Banking industry should bucket their strategy under four key themes:

  1. Partnering to Innovate and co-create solutions. CSPs must work with each business within the bank and re-imagine customer journeys and process workflow. This would mean banking domain experts and engineering teams of CSPs working with relevant teams within the bank. For some customer journeys, the teams have to go back to first principles and start from scratch i.e the financial need of the customer and how it is being re-imagined and fulfilled in a digital world.
    CSPs should also continue to engage with all ecosystem partners of banks to co-create cloud-native solutions. These partners could range from fintechs to vendors for HR, Finance, business reporting, regulatory reporting, data providers (which feeds into analytics engine).
    CSPs should partner with banks for experimentation by providing test environments. Some of the themes that are critical for banks right now are CRM, workspace virtualisation and collaboration tools. CSPs could leverage these themes to open the doors. API banking is another area for co-creating solutions. Core systems cannot be ‘lifted & shifted’ to the cloud. That would be the last mile in the digital transformation journey.
  2. Partnering to mitigate ‘fear of the unknown’. As in the case of any key strategic shift, the tone of the executive management is important. A lot of engagement is required with the entire senior management team to build the ‘trust quotient’ of cloud. Understanding the benefits, risks, controls and the concept of ‘shared responsibility’ is important. I am an AWS Certified Cloud Practitioner and I realise how granular the security in the cloud can be (which is the responsibility of the bank and not of the CSP). This knowledge gap can be massive for smaller banks due to the non-availability of talent. If security in the cloud is not managed well, there is an immense risk to the banks.
  3. Partnering for Risk Mitigation. Regulators will expect banks to treat CSPs like any other outsourcing service providers. CSPs should work with banks to create robust cloud governance frameworks for mitigating cloud-related risks such as resiliency, cybersecurity etc. Adequate communication is required to showcase the controls around data privacy (data at rest and transit), data sovereignty, geographic diversity of Availability Zones (to mitigate risks around natural calamities like floods) and Disaster Recovery (DR) site.
  4. Partnering with Regulators. Building regulatory comfort is an equally important factor for the pace and extent of technology adoption in Financial Services. The regulators expect the banks to have a governance framework, detailed policies and operating guidelines covering assessment, contractual consideration, audit, inspection, change management, cybersecurity, exit plan etc. While partnering with regulators on creating the framework is important, it is equally important to demonstrate that banks have the skill sets to run the cloud and manage the risks. Engagement should also be linked to specific use cases which allow banks to effectively compete with fintech’s in the digital world (and expand financial access) and use cases for risk mitigation and fraud management. This would meet the regulator’s dual objective of market development as well as market stability.

Financial Services is a large and growing market for CSPs. Fintechs are cloud-native and certain sectors in the industry (like non-banks and insurance companies) have made progress in cloud adoption. It is well understood that the banks that were early adopters of cloud have clearly gained market share during COVID-19. Banks are keen to adopt cloud but need a partnership approach balancing innovation with risk management so that it is ‘not one step forward and two steps back’ for them.

The views and opinions mentioned in the article are personal.
Anupam Verma is part of the Leadership team at ICICI Bank and his responsibilities have included leading the Bank’s strategy in South East Asia to play a significant role in capturing Investment, NRI remittance, and trade flows between SEA and India.

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Personalisation – The New Digital Imperative in Financial Services

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If you are a digital leader in the Financial Services industry (FSI), you have already heard this from your customers: ‘Why is it that Netflix and Amazon can make more relevant and personalised offers than my bank or wealth manager?’ Digital first players are obsessed with using data to understand their customer’s commercial and consumer behaviour. Financial Services will need to become just as obsessed with personalisation of offerings and services if they want to remain relevant to their customers. Ecosystm research finds that leveraging data to offer personalised service and product offerings to their clients is the leading digital priority in more than 50% of FSI organisations. 

Banks, particularly, are both in a strong position and have a strong incentive to offer this personalisation. Their retail customers’ expectations are now shaped by the experience they have received from their favorite digital first firms, and they are making it increasingly clear that they expect personalised offerings from their banks.  Furthermore, they are well positioned as a facilitator of commercial relationships between two segments of customers – consumers and merchants. The amount of data they hold on consumer interactions is comprehensive – and more importantly they are a trusted custodian of their customers’ data and privacy. 

The Barriers to Personalisation

So, what is stopping them? Here are three insights from over 12 years of experience driving digitisation of Financial Services:

  • Systems Legacy.  Often the data and core banking systems do not allow for easy access and analysis of the required data across the data sets required (eg. Consumers and Merchants).
  • Investment Priorities. There is still a significant investment happening in compliance and modernisation of core banking systems. Too often the focus of these programs can be myopic, and banks miss the opportunity to solve multiple pain points with their investments driven by overly focused problem statements.
  • Culture and Purpose. Are banks stuck in a paradigm of their own making – defining their business models by what has served them well in the past? Will Amazon think about its provision of working capital to their small and medium business partners the same way as a bank does?

Vendor Focus – Crayon Data

Thankfully, there is a new breed of tech vendors who is making it easier for banks to drive personalisation of their offerings and connect customers from across segments. Crayon Data is a good example, with their maya.ai engine unearthing the preferences of customers and matching them to offerings from qualified merchants. It benefits all parties:

  • The Consumer receives relevant offers, is served from discovery to fulfillment on a single platform and all personal data and information guarded by their bank. 
  • For Merchants, it allows them to reach the right customers at the right moment, develop valuable marketing and insights and all this directly from their bank partner’s platform.
  • For Banks, it provides a scalable model for offer acquisition and easily configurable and measurable consumer engagement.

maya.ai leverages patented AI to create a powerful profile of each customer based on their buying habits and comparing these with millions of other consumers drawn in from their unstructured data sets and graph-based methodology. They then use their algorithms to assist their Financial Services client to make relevant offerings from qualified merchants to consumers in the right channel, at the right moment. All of this is done without exposing personal client information, as the data sets are based on behaviour rather than identity.

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Conclusion

There are significant considerations for banks in offering these types of capabilities, such as:

  • Privacy. While the technology operates on non-identifiable information, the perception of clients being ‘stalked’ by their bank in order to drive business to a merchant is one that would need to be managed carefully. 
  • Consumer opt-out. The ability for customers to opt out of this type of service is critical.
  • Consumer financial wellbeing. It may be in the best interests of some consumer to not receive merchant offers, for instance where they are managing to a strict budget. These considerations can be baked into the overall customer journey (eg. prompts when the consumer is nearing their self-imposed monthly budget for a category), but care will need to be taken to keep customers’ best interests at heart.

While there are multiple challenges to overcome, the fact remains that personalisation is quickly becoming a core expectation for consumers. How will banks respond, and will we see AI use cases like Crayon Data become more prominent?

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Industries of the Future – Ecosystm Bytes

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Industries continue to innovate and disrupt to create and maintain a competitive edge – and their technology partners evolve their solution offerings to empower them.

We bring to you latest industry news from the Healthcare, Financial Services, Retail, Travel & Hospitality and Entertainment & Media industries to show you how organisations are leveraging technology. Find out more about organisations such as Services Australia, Paypal, Walmart, Zara and Amex – and how tech providers such as IBM, Oracle, Google and Uplift are supporting organisations across industries.

View the latest Ecosystm Bytes on Industries of the Future below, and reach out to our experts if you have questions.


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Insurance Transformation In The New Decade – Ecosystm Bytes

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In this Ecosystm Bytes, we focus on how the Insurance industry will look in the decade ahead.

The insurance industry is looking at full recovery in 2021, and it is expected to search for growth through the adoption of emerging technologies, new service models, better focus on customer experience, tailored products, process automation and Insuretech partnerships.


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Ecosystm Predicts: The Top 5 FinTech Trends for 2021

We look at the key trends that are likely to impact the insurance industry, its market, customers and offerings in 2021. Want to know more? Create your free account on the Ecosystm platform to access The Top 5 FinTech Trends for 2021 from the Ecosystm Predicts Series.

Ecosystm Predicts: The Top 5 FINTECH Trends for 2021
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Banking Transformation in the New Decade – Ecosystm Bytes

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As the Knowledge Partner for the Singapore Fintech Festival, Ecosystm has a finger on the pulse of the Financial Services industry.

In this Ecosystm Bytes, we focus on how the Banking industry will look in the decade ahead, why it continues to struggle with compliance and customer experience, and where technology is helping.


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Ecosystm Predicts: The Top 5 FinTech Trends for 2021

In 2021, one of the prevalent shifts we are witnessing in banking services is the switch towards automation to enhance the services and customer experience. Want to know more? Create your free account on the Ecosystm platform to access The Top 5 FinTech Trends for 2021 and more from the Ecosystm Predicts Series.

Ecosystm Predicts: The Top 5 FINTECH Trends for 2021
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Blended Workforce – Changing Mindset in Asia Pacific

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In this blog, our guest author Chandru Pingali talks about the potential benefits of the Blended working model and the impact it will have on FinTech and financial services organisations. “FinTech innovation and performance is here to stay and thrive. It needs to be backed by a well-oiled machine to support implementation of a blended workforce plan to institutionalise and scale.” 

Chandru Pingali, Founder and MD, Icube Consortium

When under pressure to reduce costs and survive, we reimagine everything we do to build resilience and thrive. Never before have the buzzwords frugality, prudence and agility gained as much prominence not just in one country or industry, but across global economies simultaneously (a phenomenon not seen since the Great Depression). And these words have sliced through the employment opportunities ruthlessly, leaving an abundance of talent to be gainfully employed differently. 

So, is the freelance economy surging? Statistics appear to say yes. In 2018, freelancers had contributed almost USD 1.40 trillion to the US economy; 162 million freelancers work across US and EU-15. So, who are these people? Why is blended workforce new or relevant for the Asia Pacific? Why is it gaining more prominence now? How can enterprises create and implement a blended workforce strategy to reduce costs more permanently, while running and scaling businesses? What does the Future of Work and workforce mean? How can FinTech enterprises successfully implement a blended workforce strategy?

Let us take Singapore as an example. With 1000+ FinTech firms and increasing investments, the “smart financial centre” initiative of Singapore is a huge success story, recognised globally. To sustain this, apart from innovation and technology, the main ingredient is consistent availability of talent as the demand for expertise in technology and financial services increases, while the supply is inconsistent, uncurated and fragmented. Recent data from the Singapore government job portals reveal that there are several hundred jobs at any point in time posted by FinTech companies that are open for months! This invariably slows down the ability to build businesses, innovate or scale. Interestingly, while the local talent for technology and BFSI may be limited in Singapore, the crisis this year presented a significant opportunity to reimagine the Future of Work and workforce. While efforts should continue to upskill and reskill local talent, it is now possible to create dedicated local and cross-border talent hubs to work part-time, fulltime-short term with the option of working physically or remotely. We expect the plug and play of freelance management experts and expertise to cost 25-30% less to an enterprise, keeps costs flexible and dramatically shortens time to “hire and deploy” from an average of 120 days to 15 days.  

The Three Level of Freelancers

Gigs and Generations – Conceptual Clarity of Who We Need

Culturally, the US and Europe are more accepting of freelancing as full-time careers compared to the Asia Pacific. It is predicted that by 2027 the majority of the workforce in the US will be freelancers overtaking traditional employment. The buzz in the Asia Pacific has just started with both employers and employable talent accepting a new reality – learning to run businesses with a blended workforce, starting at the top of the pyramid. Particularly, since the ratio of new jobs to lost jobs is skewed in the wrong direction.  

Power of Blended Workforce

A blended workforce is a combination of permanent, part-time, full time-short term and turnkey practitioners, working as a single collaborative workforce. It is built around business activity clusters – Strategy, Implementation and Institutionalisation, applied to create a plan for core and non-core workforce to drive business. 

A creative estimation of how a blended workforce gets distributed across the three business clusters is depicted below (Figure 2). What is important here is to recognise that the ratio of permanent to flexible workforce has to start at 10-15% across different levels. Enterprises will gain the most on cost optimisation when they focus on the management layer to go blended. Not an easy change to drive but then change is often driven by some tough calls and some low hanging fruits to build a sustainable cost model.  

How a blended workforce gets distributed

Developing & Implementing a Blended Workforce Strategy: What to Consider

Fix the core and flex the non-core should be the mantra

  • Identify roles by each business and function 
  • Segregate core and non-core roles by job profiles
  • Classify them into buckets of permanent full time, permanent part time, cyclical, and freelance on demand, based on:  
    • Time demand for the roles
    • Importance to business goals
    • Criticality to daily business output
    • Criticality to daily or weekly business continuity
  • Set up a process to engage and create a blended workforce strategy
  • Implement the plan with a blend of a common self-service platform and a central client service team to source, engage and deploy workforces  
steps to create a workforce plan

Once the process review is completed, the organisation structures will be finalised. Creation of a strategy and the process are the easier parts. A disciplined fulfilment of the plan is critical to success. So, is this the new normal? Pretty much yes, if organisations need to optimise costs and be agile to reduce or scale with freelance experts and shared talent pools. 

The Potential Benefits of a Blended Workforce

A Blended Workforce will help reduce your talent scarcity gap, while providing thousands of work opportunities to locals who are freelance experts. So, what are these benefits that can make you sleep better at night better?

  • Cost optimisation. Freelance experts do not need the fully loaded costs. They can work remotely or physically and do not need investment in regular training, insurance, or other related benefits.
  • Targeted purpose-hire for short term. With deliverables specified upfront, measurable, results focused and tracked for closure.
  • Job Sharing. Two or may be three, for the prize of one! Jobs can be dismantled to tasks or activity clusters to hire more than one expert in place of a full-time role. Enables razor sharp focus on sourcing for expertise, increases employment opportunities and accelerates productivity.
  • Boundaryless with an opportunity to find cross-border talent pools to work on-demand, remotely. It cuts both ways- Singaporean talent finding work opportunities outside the country whilst the best talent from other countries made available to grow Singapore’s economy.
  • Speed of hire is dramatically reduced (we have several client cases, with a reduction from an average of 120 days to 15 days, to clients’ delight!) 
  • Reduced infrastructure costs because the workforce works remotely or at best part-time physically. Easy to implement with hot desking, if needed but enables permanent cost reduction.
  • Builds resilience by staying agile and nimble in the cost line, with an ability to scale up or down rapidly based on business needs.

How Open is the Financial Services Industry to Blended Workforce and Future of Work?

SolvecubeHR conducted a recent survey with CXOs across 22 countries, predominantly focused on the Asia Pacific region. Some key findings for the financial services industry are:

BFSI opening up to the future of work

In summary, a blended workforce is the Future of Work. Asia Pacific will see a massive shift in its mindset from “jobs to work opportunities”. Employers and talent pools will embrace new ways of working to remain agile and prudent. The power of aggregation, curation, and collaboration by leveraging an AI matchmaking platform, backed by creation of shared talent pools, will be a game changer. 

FinTech innovation and performance is here to stay and thrive. It needs to be backed by a well-oiled machine to support implementation of a blended workforce plan to institutionalise and scale. 

We can build technologies to disintermediate people dependency, but we cannot take humans out of the human capital needed to build these technologies.  

About iCube: iCube Consortium is a Singapore based, Human Capital Management (HCM) solutions firm, with an award-winning AI platform to source and manage freelance management experts and execute turnkey assignments in Asia and Middle East


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Going Green: The Impact of COVID-19 on ESG Investing

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Environmental, social, and governance (ESG) ratings towards investment criteria have become popular for potential investors to evaluate companies in which they might want to invest. As younger investors and others have shown an interest in investing based on their personal values, brokerage firms and mutual fund companies have begun to offer exchange-traded funds (ETFs) and other financial products that follow specifically stated ESG criteria. Passive investing with robo-advisors such as Betterment and Wealthfront have also used ESG criteria to appeal to this group.

The disruption caused by the pandemic has highlighted for many of us the importance of building sustainable and resilient business models based on multi-stakeholder considerations. It has also created growing investor interest in ESG.

ESG signalling for institutional investors

The increased interest in climate change, sustainable business investments and ESG metrics is partly a reaction of the society to assist in the global transition to a greener and more humane economy in the post-COVID era.  Efforts for ESG standards for risk measurement will benefit and support that effort.

A recent study of asset managers by the investment arm of Institutional Shareholder Services (ISS) showed that more than 12% of respondents reported heightened importance of ESG considerations in their investment decisions or stewardship activities compared to before the pandemic.

In the area of hedge funds, there has been an increased demand for ESG-integrated investments since the start of COVID-19, according to 50% of all respondents of a hedge fund survey conducted by BNP Paribas Corporate and Institutional Banking of 53 firms with combined assets under management (AUM) of at least USD 500B.

ESG criteria may have a practical purpose beyond any ethical concerns, as these criteria may be able to help avoidance of companies whose practices could signal risk. As ESG gets more traction, investment firms such as JPMorgan Chase, Wells Fargo, and Goldman Sachs have published annual reports that highlight and review their ESG approaches and the bottom-line results.

But even with more options, the need for clarity and standards on ESG has never been so important. In my opinion, there must be an enhanced effort to standardise and harmonise ESG rating metrics.

How are ESG ratings made?

ESG ratings need both quantitative and qualitative/narrative disclosures by companies in order to be calculated. And if no data is disclosed or available, companies then move to estimations.

No global standard has been defined for what is included in a given company’s ESG rating. Attempts at standardising the list of ESG topics to consider include the materiality map developed by the Sustainable Accounting Standard Board (SASB) or the reporting standards created by the Global Reporting Initiative (GRI). But most ESG rating providers have been defining their own materiality matrices to calculate their scores.

Can ESG scoring be automatically integrated?

Just this month, Morningstar equity research analysts announced they will employ a globally consistent framework to capture ESG risk across over 1,500 stocks. Analysts will identify valuation-relevant risks for each company using Sustainalytics’ ESG Risk Ratings, which measure a company’s exposure to material ESG risks, then evaluate the probability those risks materialise and the associated valuation impact. ESG rating firms such as MSCI, Sustainalytics, RepRisk, and ISS use a rules-based methodology to identify industry leaders and laggards according to their exposure to ESG risks, as well as how well they manage those risks relative to peers.

Their ESG Risk Ratings measure a company’s exposure to industry-specific material ESG risks and how well a company is managing those risks. This approach to measuring ESG risk combines the concepts of management and exposure to arrive at an assessment of ESG risk – the ESG Risk Rating – which should be comparable across all industries. But some critics of this form of approach feel it is still too subjective and too industry-specific to be relevant. This criticism is relevant when you understand that the use of the ESG ratings and underlying scores may in future inform asset allocation. How might this better automated and controlled? Perhaps adding some AI might be useful to address this? 

In one example, Deutsche Börse has recently led a USD 15 million funding round in Clarity AI, a Spanish FinTech firm that uses machine learning and big data to help investors understand the societal impact of their investment portfolios. Clarity AI’s proprietary tech platform performs sustainability assessments covering more than 30,000 companies,198 countries,187 local governments and over 200,000 funds. Where companies like Cooler Future are working on an impact investment app for everyday individual users, Clarity AI has attracted a client network representing over $3 trillion of assets and funding from investors such as Kibo Ventures, Founders Fund, Seaya Ventures and Matthew Freud.

What about ESG Indices?  What do they tell us about risk?

Core ESG indexing is the use of indices designed to apply ESG screening and ESG scores to recognised indices such as the S&P 500®S&P/ASX 200, or S&P/TSX Composite. SAM, part of S&P Global, annually conducts a Corporate Sustainability Assessment, an ESG analysis of over 7,300 companies. Core ESG indices can then become actionable components of asset allocation when a fund or separately managed accounts (SMAs) provider tracks the index.

Back in 2017, the Swiss Federal Office for the Environment (FOEN) and the State Secretariat for International Finance (SIF) made it possible for all Swiss pension funds and insurance firms to measure the environmental impact of their stocks and portfolios for free. Currently, these federal bodies are testing use case with banks and asset managers. Its initial activities will be recorded in an action plan, which is due to be published in Spring 2021.

How can having a body of sustainable firms help create ESG metrics?

Creating ESG standard metrics and methodologies will be aided when there is a network of sustainable companies to analyse, which leads us to green fintech networks (GFN) of companies interested in exploring how their own technology investments can be supportive of ESG objectives. Switzerland is setting up a Green Fintech Network to help the country take advantage of the “great opportunity” presented by sustainable finance. The network has been launched by SIF alongside industry players, including green FinTech companies, universities, and consulting and law firms. Stockholm also has a Green Fintech Network that allows collaboration towards sustainability goals.

Concluding Thought

We should be curious about how ESG can provide decision-oriented information about intangible assets and non-financial risks and opportunities. More information and data from ESG data providers like SAM, combined with automation or AI tools can potentially provide a more complete picture of how to measure the long-term sustainable performance of equity and fixed income asset classes.

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