Emirates NBD’s Neeraj Makin and Saud Al Dhawyani discuss how APIs became central to their organization’s IT transformation.
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WHY IT MATTERS: Digital Transformation
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Farid Mheir
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In our experience, technical due diligence is the single biggest differentiator of deals done well—or poorly. What’s more, technical due-diligence failures can usually be avoided. Almost always, the disappointed acquirer insufficiently vets the technology and discovers too late that it fails to work as advertised. Or the technology does work, but only in constrained environments, and won’t scale. In other cases, crucial parts of the IP turn out not to be owned by the seller.
Farid Mheir's insight:
WHY IT MATTERS: organizations spend considerable time and effort for financial due diligence but relatively little on technology due diligence. Often this is due to lack of knowledge at the executive or even at the CIO level - especially when acquiring a new tech or in a new field. In the past, I've come to develop an approach where I perform a 360 degree technology audit that not only dives into the capabilities of the solution (the software code) but also on other essential elements of success (software engineering best practice and processes, design and requirements, etc.). 
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The financial services industry is being transformed by startups. Discover which fintech companies are rising up. Learn about the top 250 fintech startups.
Farid Mheir's insight:
WHY IT MATTERS: payment, banking and insurance are riped for digital transformation because their product (money) is immaterial and can easily be digitized. This list provides a good run down of the different options we now have.
gregordragic's curator insight,
March 5, 2020 8:01 AM
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By rolling out a device equipped with more advanced facial recognition technology, users can enjoy an even more convenient method of paying for goods and services without using smartphones. The Frog Pro features a 10.1-inch double-sided screen, a 3D depth-sensing camera for the facial recognition payment function and a QR code scanner
Farid Mheir's insight:
WHY IT MATTERS: this is the obvious killer app for facial recognition - it uses AI technology and similar hardware that iPhone uses to unlock your screen. You can now spend without any friction, not event the need to take your phone out of your pocket. Of course this raises obvious privacy and security concerns - but in China the concept of privacy appears different than in the West. But the most important factor is that Asia is deploying this *at scale* first, waaaaaaayyyy before the USA where you still have to sign paper slips for credit card transactions... Who is leading the techno war these days?
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Cumberland Farms is a prime example of this approach. Drivers who fill up at one of the privately held chain’s gas stations can save 10 cents a gallon if they sign up for its SmartPay app, which connects directly to their bank account and is much like paying utility bills or rent. The company says its users have saved more than $100 million by using the SmartPay app.
Farid Mheir's insight:
WHY IT MATTERS: the electronic payment apps can save huge amounts for retailers, and it is a loyalty card at same time. Made popular by Starbucks payment apps which now accounts for 14% of all transactions, it is a wonder why not more retailers adopt it. The reason probably is that it requires internal systems to be upgraded which is often a very difficult thing to do.
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I argue that the four killer apps of cryptocurrencies are 1) dark web and black market payments, 2) digital gold, 3) macro/micro payments, and 4) tokenization. If the recent surge of cryptocurrency market cap to 170B+ struck you as unbelievable, I hope after reading this, it will make more sense.
Farid Mheir's insight:
WHY IT MATTERS: everyone is wondering what the blockchain will be good for. I reported previously on non-financial use cases. Here this post presents and argues on 4 key financial use cases. Read to understand more about bitcoin/blockchain.
Fabienne Fayad's curator insight,
November 19, 2017 9:07 AM
What do you think of Bitcoins and Blockchain? This article is very interesting to read.
Waqas ALi's curator insight,
November 20, 2017 6:31 AM
Custom Logo design services are playing important role in the field of business and marketing most of the companies recognized by their logo.
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Bitcoin-like money may emerge in countries where cash is in decline or financial networks need updating.
Farid Mheir's insight:
WHY IT MATTERS The article provides an overview of government initiatives to create their own digital currencies based on the blockchain, with Japan planning the J-Coin to launch by 2020. The article highlights various advantages that digital currencies would have for central banks, along with come of the concerns.
https://www.ft.com/content/ca0b3892-a201-11e7-9e4f-7f5e6a7c98a2
tavaresandro's curator insight,
September 28, 2017 11:14 PM
WHY IT MATTERS The article provides an overview of government initiatives to create their own digital currencies based on the blockchain, with Japan planning the J-Coin to launch by 2020. The article highlights various advantages that digital currencies would have for central banks, along with come of the concerns.
https://www.ft.com/content/ca0b3892-a201-11e7-9e4f-7f5e6a7c98a2
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ARK Invest aims to identify large-scale investment opportunities resulting from technological change. We believe innovation is key to growth. From a broad spectrum of disruptive innovations, Big Ideas represents our annual breakout of technologies that we believe will accelerate significantly in the months ahead.
Farid Mheir's insight:
WHY THIS IS IMPORTANT Investment firms tend to be very traditional in their approach. This one appears to be embracing the digital transformation and making very insightful research that - from what they claim - guides their investments. Great idea. Now we'll see if their assumptions prove right and generate more returns than other investment guidance. I have a feeling it will.
Topics covered: 3D printing, additive manufacturing, artificial intelligence, automation, autonomous taxis, autonomous vehicles, bitcoin, blockchain, CRISPR, cryptocurrency, deep learning, dna sequencing, fintech, genomics, machine learning, mobile, robotics, shared autonomous vehicles
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Accenture examines the challenges of immutability to permissioned blockchain and distributed ledger technology (DLT) systems and explores a solution.
Farid Mheir's insight:
A report by Accenture that presents use cases where editing the blockchain may prove to be required, which goes against the blockchain fundamental principles.
WHY THIS IS IMPORTANT Reading the report you realize how the blockchain can be used for non monetary transactions and proposes reasons why editing it may be good. If you are considering - as I am - to leverage blockchain in your projects and strategy, then this is a must read paper.
Craig Broadbent's curator insight,
November 6, 2016 4:37 PM
THis is an interesting development. Agree with the premise that we should be open to changes!
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Farid Mheir's insight:
Always interesting reading on digital transformation by Capgemini which has been at the forefront of defining digital transformation. Read this one, then flip through old ones...
Jean-Marie Grange's curator insight,
October 24, 2016 2:02 PM
Very good examples of digital transformation in some industries. The platform strategy developed by Visa could be very successful... if they really open it to developpers.
There is also a list of 15 startups showing good potential at the end of the document...
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Farid Mheir's insight:
If you are interested in the block chain technology and its applications, this is a great blog to follow!
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$72 million-worth stolen, Bitcoin price plummets, individual customer accounts hacked despite multisignature protection
Farid Mheir's insight:
Describes how multisignature transactions can protect digital currencies - and the limitations of that technology.
WHY THIS IS IMPORTANT Blockchain technology that is behind bitcoin currency remains immatures and open to fraud. I expect this to improve in the coming years as large FInancial organizations come to leverage this new tech.
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IBM has created a 'consensus algorithm' to help with decision-making, as well as smart contracts templates that can be coded in Java or Gola.
Farid Mheir's insight:
More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.
Olivier Domy's curator insight,
March 24, 2016 7:30 AM
More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones. 
Buzzy Bee's curator insight,
March 31, 2016 4:32 PM
More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.
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Standard software would appear to be an imperative for insurers, but the time and money required to make the change are limited. The software-vendor market is emerging, but the track record is scanty. Standardization is not a panacea, of course, and every insurer has to find its own way through this rocky terrain, but core-system-replacement lessons from the manufacturing and production industries could make the journey shorter and significantly reduce the risks.
Farid Mheir's insight:
For my friends in the insurance industry that are making the transition to packaged software, they may find confort in the following paper from McKinsey. The lessons learned and the 5 principles they highlight are good but do not provide a silver bullet or quick fix: you are in for a long and difficult transformation. Sorry...
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Curated by Farid Mheir
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WHY IT MATTERS: executives must be technology literate in order for their business to be profitable. This article from McKinsey describes a bank digital transformation towards and API-driven architecture with modern cloud services.