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Anna Velvet

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Author: Anna Velvet

We have always been told that “customer is king” and it is a reasonable argument not only used in the past but certainly today in our digital world. The opportunity to innovate is becoming vital and companies are understanding that there is a need to be engaged and innovative to be successful with their digital customers. Customer centricity is key – today’s digital consumer wants products and services on their own terms, not those of the supplier. The main ingredients for success is the engagement that you have with your customers and how emerging technology can facilitate their needs as a digital customer.

For most companies, innovation is interpreted by transforming the whole organization which is not necessarily the case. Innovation can exist in small groups or centrally – but in all cases, it must not be isolated from the business.

Changing Business Culture

Another focus companies shouldn’t become too obsessed with is changing the whole culture of the business. Business culture that is forced to change at present is really adapting to how technology will be used to add value to customers needs.

The only way to engage your customers is by creating the right team that are not only close to the customer, but can add input in order to drive innovation. It is important to use the brightest and most talented, in a cross sectional team composed of people who you might not first think to include. People in sales, customer services, marketing are the vital component to help drive motivation.  It is important to involve those in the organisation who are closest to the customer, as well, partners and customers themselves. All theses front office key players along with emerging technology are “key” on capturing your customers needs.

Aligning Innovation with business strategy

Having an alignment between your innovation and business strategy is also another important factor in order to be successful.  It is important to know that Real Innovation is not easy and understanding that point helps you to be prepared for challenges that come along the way. Some companies place a lot of importance in technology but the coolest technology may not necessarily appeal to your customer base.

Therefore, creating game-changing innovation takes hard work, and is not about having short term solutions that satisfy the customer or cool offices with table-tennis tables and beanbags. It is about embracing the needs of your digital customers in the services and products that are important to them.

The Real Definition of Innovation

Innovation does not mean buying someone else’s company who has already innovated.

Companies should try to avoid “easy going”, “copycat” innovation, which isn’t really innovative at all.  Whilst having an app or utilising social media are probably important needs, they are not actually very innovative.

Companies need to be aware that some initiatives will fail or take lengthy time to be executed. The Simon smartphone took 10 years to actually become the Apple iPhone of today. The difference is that Apple captivated the key .. the customers. Their approach added value they understood from their customers that people wanted phones that were compact and easy to use/navigate for their daily use. Apple didn’t change the business culture, they adapted the technology and customer needs to add value for them.

External collaboration can be a huge bonus

Collaboration with external parties such as universities can provide access to cutting edge technologies which are not known within the industry.  Being able to articulate problem statements in a way that researchers can envision solutions is important

Our USP

FinnoLux deals with real experience that produces real results, we have actually executed these strategies within the financial services industry. We have been the bridge between academia and business to create cutting edge solutions. Our team have complimentary, yet very diverse backgrounds, enabling us to “see beyond the obvious”. Our vast experience working within varied business sectors has allowed our strategy to help develop innovation process for any domain or space.

What we do?

Our main purpose is to help you develop your innovation strategy in line with your business strategy.

As well, we help you to define your end goals and the roadmap to achieving the final (holistic) goal. Our strategy is to provide a series of workshops in order for you to take the developed and fragments of your ideas and turn them into real business opportunities and prototypes.

We are the intermediary that acts as the bridge between university/research organisations and the business. Therefore, we will manage collaborations with the academia on your behalf.

Our department will also perform market studies, interview prospective customers, qualify opportunities.

This methodological strategy will create business plans and go to market strategies that will in the end bring a prototype that has your innovative signature stamp.

Executing and Delivering Digital Success

As a partner, we will work with the business to define and execute the innovation strategy, enabling the company to deliver real results, real solutions that customers want to use.  These are not point solutions, defined by a one-time “headline” but part of a holistic strategy to take the business forward in a rapidly changing world.

How do I find out more?

Please contact FinnoLux sales via the contact form on our website, where we will be delighted to discuss how our Innovation Management services could benefit your business.


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Authors: Anna Velvet & Endri Bahja

What is the Global Scan?

Global Scan is a service evaluation tool that measures how ready your business is in order to enter into the global market with success. Our company FinnoLux provides this assessment which looks at several factors from a series of questions.  Depending on what you are looking for and with the advice of the global assessor  you may choose to have a question period of a 1 hour call with the CEO, a detailed interview session(s) with the top management team, or/and an onsite evaluation and interview of the functional staff from different departments of the company. These questions focus first on the company’s business in financial, legal, social, and political factors which normally bring challenges for a startup to enter or even grow in the market internationally.

Other set of questions focus strongly on company’s innovation dimensions in order to find, assess and improve their gaps and better evaluate their opportunities. The last section of questions are the famous Thiel’s 7 Questions that in our view every company (no matter what size) should try to answer, before they plan to improve or create a product or service in their enterprise. Below is a quick snapshot of some of the sections of the assessment.

Why is a Global Scan necessary? 

Most startups and/or established firms who are successful in their local economy tend to interpret what works for them locally and assume it can be adapted to global markets. The assumption that all business cultures work the same has caused some companies’ failures and has caused others to struggle to meet targeted profits due to lack of understanding their market.

If the targeted market is not necessarily ready for your service, other factors such as culture, politics and technology could be further difficulties companies could face. This report looks into these scenarios. A common situation that could happen is that companies that are very successful in their local regions tend to operate in ways that are familiar to them and therefore may overlook some business tactics used in another country. Hence a having this global assessment would be the ideal approach in tackling these issues.

The Entrepreneur.com website also points out some elements that explain why startups fail which include the following; the actual idea is not productive, ineffective planning and leadership, lack of or insufficient finance, issues with product launch, marketing, and sales. All these elements may contribute to the complexity of growing your business, especially when entering unknown territories globally.

Fintech companies are no exception, despite the boom in the services and some of the success stories that derived from this new ecosystem. Some unknown territories can experience these similar issues due to cultural and legal requirements of other EU member states.

The assessment highlights several observations that are put into a report to understand what is necessary to go forward in your business globally.

Global Scan Assessor Endri Bahja, who has been conducting these assessments, has given several examples of what types of challenges have affected the companies that tried to internationalized in the EU.

An  example he gave was about a financial service company from Eastern Europe that  wanted to expand their financial business into Italy to provide their services to a growing number fellow residents who emigrated there. They struggled to reach the clients as the obstacles of entering the market on their own was not gaining traction and the only way to penetrate this market was through forming partnerships with financial institutions. The assessment was able to pinpoint what they were lacking and this in term helped them develop better strategies with the local financial institutions. Through post assessment results, they understood that these suggestions would have helped cut the expense cost and the process of entering the market quickly.

Once the essential issues are identified, these firms can find out what key strategic formula they lack in order to prepare for entry into a new country market. Those who want to grow and succeed globally can benefit from this kind of assessment.

As a cultural language coach, I have personally seen departments in multi-international companies fail to increase their productivity due to low-level language skills in English and a lack of understanding how to do business in a culture that may do things differently. For example, having lots of meetings is one way of being productive in one country while another country might feel that it’s unproductive. Understanding your market and business culture is one of the leading factors of being successful internationally.

Global Scan Assessment- The Tool that Benefits Investors and VCs

Time is money; especially for startups and established companies. Are your investments competitive on a global level?

To the VCs and investors, this tool can assess the future growth of your investments and monitor your business’ strategies in the financial eco space. As you don’t have time to monitor and forecast your investments in these startups, a report can definitely help you diagnose the growth and/or establish potential for future expansion.

FinnoLux is an enabler that assists companies in transforming their own ideas in order to help them fulfill their objectives. At the same time, we aid companies in creating real-life industry solutions. The assessment is conducted by an innovation and export management  expert (of 10 years) who currently works in collaboration with the EU’s innovation and evaluation of SME and MSMEs. From a series of questions and responses given in a digital report, we will be able to analyze what the company strengths and weaknesses are to becoming successful globally.

Several questions that you should ask yourself when expanding and entering a new market are: Am I ready and do I understand the market? Are my finances in order? What is the political/social implications of my product/services? If you are asking these questions or considering some of these questions, then a Global Scan is the tool to determine your strategy and success.

How do I find out more?

Please contact FinnoLux sales via the contact form on our website, where we will be delighted to discuss how the Global Scan could benefit your business.


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RegTech is the automation and delivery of regulatory obligations in compliance and monitoring tools for the finance, wealth, insurance, telecommunication space. A RegTech Canada innovation centre is the location and facility that will create and support labs, training programs and help bring in early stage Canadian talents in order to create services and product solutions which will help meet the requirements of businesses and regulators. In addition, it will be the bridge that develops confidence and closer communal relation with the Canadian digital consumers. As the Canadian digital customers become more tech-savy with their transactional activities they look for our industry sectors to protect their data and against fraud. By having updated automated tools and solutions that follow the regulatory requirements Canadians can start to feel at ease and invest more in these financial, insurance and wealth sectors that provide service.

The Canadian banking environment have developed a global reputation of having stable and secured banks that avoided a major meltdown from the 2008 financial crisis like other countries such as the US and the EU experienced.  Canada stringent and strict banking laws have proven that our quality of protecting our banking from getting involved with systemic risks shows why we rank high in stability as we follow the rule of law and we respect it.

Along with government involvement and regulatory cooperation illustrates one of the key components that is inherent in Canadian culture and therefore developing a Canadian RegTech ecosystem could push Canada on becoming a leader in its own right..  Coupled with having innovative location, government funding, talent, strict and secure financial institutions, access, and technology according to Matt Elton, RegTech Canada can be successful initiative to help boost the Canadian economy. The RegTech Innovation centres in Toronto and Vancouver brings in pools of talents and entrepreneurs that are creating solutions and students are already innovating, researching and being educated from the cutting edge, second to none, innovative academia and universities on AI and Cybersecurity technology that could be a niche market in RegTech that Canada can lead. They have started to make headways in AI and Cybersecurity and there is no other location that can carry out this initiative to the extent that a RegTech Canada can. A recent report on Cybersecurity from Deloitte further highlights this.

The current market for Cybersecurity products is estimated at $106 billion. At the same time, the average Canadian data breach costs over $6 million, and analysts project the aggregate global costs of Cybercrime at $2 trillion, with dramatic growth rates. With high enterprise risk but no single company leading the market for enterprise solutions, it’s an attractive sector for a new entrant. Deloitte’s report argues that Canada, and Ontario in particular, should play a leadership role in the global development of this vertical (Lexology).

Entitled “Harnessing the Cybersecurity Opportunity for Growth”, the report was produced by Deloitte LLP (Deloitte), well known for its expertise in this space.  It concludes that there are significant benefits for Ontario if the province were to strengthen its cybersecurity innovation ecosystem, with a focus on the financial services industry.

In the World Economic Forum’s Global Risk 2016 report, cybersecurity risk was recognized as one of the top commercial risks along with geopolitics, the environment, and the economy. The Deloitte report makes it clear that although Ontario is well positioned, there are still areas that need to be improved if the province is to establish a leadership position in a globally competitive environment. www.oce-ontario.org/Cybersecurity-Report

For Canada, it will boost the Canadian economy with technology on a global stage. At the same time RegTech Canada will deliver and automate real life industry problems in monitoring and complying with regulatory obligations. In turn, Canada can set the stage to promote these finished products not only within Canada, but globally. Canada is ripe for a change from being known for only natural resources to leader in regulatory technology.


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There are many articles defining and dealing with “RegTech” framework and methodology. It is considered the latest tech that will disrupt the financial service industry. On the other hand, it will be the innovation tech that can really provide solutions to financial organizations that deal with risk. As for the digital customers/end users, it will be a system that works to protect us with our financial transactions.

So what does Regtech mean and why should we place any importance on this digital transformation?

Well first, you would need to identify yourself as a digital customer/end user. Second, you would need to know what RegTech is. And thirdly, you would need to know if the RegTech solutions and tools provide you with security for your everyday financial activities and transactions.

Are you a digital customer/user?

Any type of transactions that require you to transfer money, pay a bill, do trades, borrow and lend online or via mobile would qualify you as a digital customer/end user.

What is “RegTech”?

It is the process and system of regulating and keeping the financial industries in compliance through technological tools and solutions.

How does RegTech fit into your life?

After the effects of the 2008 financial crisis, RegTech is becoming the surety that digital customers are looking to in order to building confidence in the financial industries that deal with their money.

What are the components and why should we care?

There are several factors that point out the importance of having RegTech for digital customers and end users.

  1. Data protection
  2. Keeping up-to-date with technology (speed)
  3. Protection from misconduct externally and internally
  4. Providing easier ways of access and doing transactions without losing our privacy.

Every year, new regulations for financial institutions are imposed which are very costly and have lengthy processes. Coupled with digital transformations coming into the fold, these institutions still struggle to deal with the main problems of our digital users of today (i.e. data protection, hacking, and money laundering).

What RegTech does is allows businesses to innovate and create digital tools and solutions to automate, monitor and compel financial organizations to be in compliance with regulatory directives for the protection of our data.

Recently in the news, headlines over data breaches and hacking at financial institutions and firms have been the focus on making sure there are stricter and tighter rules in order to prevent identity theft and money laundering activities. In the EU and the US, payments, trading, and money transferring are expected to held to highest standards of compliance; meaning daily and live monitoring and reporting of activities are imposed on these financial organizations.

Currently there are major players that have innovated platforms to make it easier to digitally monitor and report these activities to the appropriate authorities. The Financial Conduct Authority (FCA) and Consumer Protection Acts include guidelines and rules dealing with the operations and health of the financial institutions. Such guidelines include the Basel Accords, the EU Solvency Directive, MiFids and Emir and the Dodd–Frank Act (US).

As well, under the PSD2 regulations in the EU, strong identity authentication is a requirement for for financial organizations that deal with digital customers/end users in payment and remittance services. There is new and upcoming identity management software that can identify and authenticate you as the real user in order to help minimize the risk of ID fraud and misconduct.

In addition, through advanced biometric authentication, you will no longer need a password to identify who you are as your mobile will identify the “live” you. For the EU, it provides a safer alternative as opposed to depending on passwords. Because of RegTech initiatives and solutions, transactions can be done faster and you will be better protected and far more secured.

Another example of why RegTech is important for digital customers is that it facilities transactions that can be far reaching, rapid, and inclusive for global digital communities. Whether you are business person, fund or asset manager that handles a lot of clients’ data and funds, you expect to trust that the organizations you are transferring money to are in compliance, are fast, and up to date with the latest technology that can make your transactions run smoothly, no matter which country you are in. You would like to ensure that your data can be saved in a “safe” such as the “blockchain” in order to protect your private information and keep from the risk of hackers.

Digital devices are becoming the norm for digital consumers and with Regtech solutions and tools, they can help solve the issues of risks that could affect us as end users.

In conclusion, RegTech tools and solutions play a vital role in helping financial organizations monitor and report their activities. It can also provide us with tools that help identify who we are and safeguard our data. As well, it can help make our transactions quicker while not compromising our privacy. As a digital user, it is important for me to trust the financial organization that I give my money to and that they are following the rules to protect and ensure my data privacy. RegTech is the ecosystem that is able to solve financial organization risk problems in this world of digital transformation; a solution that we can all agree is greatly needed.