 Hello, everyone. I would like to thank you all for joining today's webinar on the topic of product convergence for the FinTech industry. I'm your host and presenter Vinod Jain for today's session. Let me spend a few minutes to outline the structure of today's presentation. I will start with a brief introduction about myself, followed by context creation and spend some time to understand the FinTech. Then talking about challenges and need for convergence of products. Finally, I will discuss path forward to success. Let's get started with the introduction. I'm Vinod Jain, global product manager with 17 plus years of business and finance industry experience. Within that six years at the JPMorgan cheese and more than 10 years at the top innovation companies like Oracle, Pimentek, PayPal, PNYML. There I have played enterprise wide roles focused on new product development, strategic transformation, digitalization, FinTech startup and building client first experience. As you see, I have spent time delivering product at different capacities, both at the large financial institution and small to medium size FinTech startups. To considering that experience, let's start with today's topic to setting up the context. As few years back, five to 10 years back, industry experts were predicting FinTech market will grow tremendously to around $300 billion industry by 2022. And we are almost there. That's a great success and achievement. What we should be expecting next. These FinTech companies are aggressively converging towards traditional banking product and services, yet only a handful of financial institutions are offering functionality of the FinTech companies. We will double click on this in following slides as we move forward. And what are the, I would like to talk what are the current challenges. And why we thinking about convergence of FinTech products. The cumulative losses of many startups that have not yet gone bankrupt are order of magnitude larger than ever before. And approximately based on the industry data is 135 plus billion dollars unicorn losses in the market stock values have been done so far, or more than that. Financial institutions run the risk of missing an entire generation of users who exhibit mobile and web only behavior than in-depth traditional banking. These two are very loaded sentence, and I will double click on these as we will move forward. So the first part is that we need to understand the FinTech. What is the FinTech product means and how do they align with the different verticals. So simple terminology, the way I describe FinTech is financial technology plus internet applications software. And I'll always align them into two major buckets, and later on I will align those two buckets to the two verticals. One is the financial product, institutional side of bank. The financial business and their complexities, regulatory requirements to offer the business needs are called the financial products. And technology enables them. So the complexity of the finance, structuring of the finance, building up needs for regulatory needs and the consumers need is a financial product offering and technology is enabling them. There's another set of the FinTechs, which are called the technology product FinTechs or startups. Those have been innovated as a technical product driven and they are enabling the need of financial transactions. Like small to medium sized companies having the lightweight financial needs transaction moving from end to end. That's the big difference between institutional side financial product versus technical financial product. And if I go further down one level down, which are the details fits into this two buckets category. So institutional banks on product and services FinTech are the FinTechs which helping asset and wealth management, brokerage, investment bankings, IPOs, prime brokerage, foreign exchange, checking, saving, capital market, custody and fund services, front office, middle office, back office kind of operational aspect. These are the one which are typically categorized as large financial institution, top 10, 20 Wall Street financial firms. Where finance is a product and technology is enabling them FinTechs are enabling inside those is each verticals of the or line of businesses. The other big bucket or vertical which I define is the tech FinTech like business to business, business to consumers, consumers to consumers, person to person, social media or those kind of areas. Highly driven because of e-commerce payment or point of sale payments, for example credit card, debit card, bill payments, Google pay, Apple pay, Samsung pay, person to person payment through any of the electronic media, marketplace payment facilitator, marketplace providers like the shopping cards, so on and so on. Those are highly technical driven products enabling the different needs of the financial transactions to move the money from one to the another. These also some of these examples fall into like retail banking or payment processing areas end to end payment processing. Network schemes, they fall under the same categories, PSPs, aggregators, acquirers and issuers. The beauty of these two verticals are that of the FinTechs are that larger one are trying to move into the tech FinTechs area to get that kind of agility. And the smaller and the tech driven FinTechs are trying to get into the bigger space which is institutional product and services offering. And that's what is the key theme of today's conversation or key driver for today's conversation. Before I go into much depth, I just want to quickly skim through this slide which focus on FinTech challenges for both vertical which I just talked earlier on the previous slide. Traditional banks and FinTechs we all know are complex in business processes and sub processes. They always lack in data consistency across the line of business. It's becoming bigger and bigger problem as the data is becoming a key fundamental foundational block of each machine learning artificial intelligence and you name it everything. This is becoming a parent problem for them. Approximately 80% of their budget and times are spent to maintain those existing legacy processes, business logic and systems out there. A lot of them are made on top of monolithic architecture. That's what was available earlier and cater the need of complex regulatory requirements because those are audited and tracked day in day out with the different regulatory authorities there. Due to the acquisition of multiple banks or institution, mostly they pose a bifurcated and disjointed operating model. Same thing are done multiple times. And lack of agility process because each itself has been developed and grown from the waterfall model and it's hard to change because of the cultural aspect of the organizations. On the other side, completely contrast the tech driven FinTechs are agile in process, quick turnaround but lack of maturity. They know how to move payment from one to be. A app is there or small microservices are there, APIs are there, but they only cater the need of very small domain or geographic location, not like the global level can be worked. And if those which work on global level, they work on simple vanilla aspect of those projections are there. That business model still need to be mature, more and more aspect of it. These FinTechs are regulated some level and it's growing more and more regulation, but it's not as regulated as the institutional side of the bank, which is good and bad for both aspects here. And users don't get all the banking and financial need through these small tech driven FinTechs. They are always called one stop shop, but traditional aspect of the banking is still yet to be catered and they need to be grown up out there. And these are highly focused towards the e-commerce, now more point of sale or mini channels are coming in, but eliminating the need of in person or business presence or their kind of thing. These kind of challenge and uniqueness of the benefit are really a eye opening aspect when we look towards that. So why the product convergence needed as I talked in my previous slides that huge amount of money is been lost by top unicorns over the years versus the fund raising in raise to innovate new products of the FinTech or something to bring in before it can start producing the money or show the benefits over there. So recent time, number of new startups in FinTech areas are slowing down. It's not means to stop, but they are slowing down and trying to grow more mature. They're trying to grow horizontally to cater the needs of the consumers, need of the banking in terms of beginning till the end of the projection. So let's going forward what we need to do as we talked about the challenges, we talked about both the verticals, the large institutions, traditional way of the banking want to move more into the agile tech-driven area of the segment wants to move more into the end to end banking complete or full suite of services. And because of the legacy systems or shrinking fees and margins lack of specialization as we saw the challenges earlier innovation lack of innovation, those are constraining one vertical to go to the other or other to go to the first one. So as going forward, we need to think more from perspective of the agility of this FinTech companies are undeniable advantage, though the most formidable are those financial institution, the ability to facilitate money movement, flexible landing practices, the foundation of the power deep banking needs and government backing. The most successful financial institution will be those that integrated truly user first omni-channel approach of banking. With this thinking, my first bullet is about to say that the convergence between financial services and business services will create tremendous shareholder value. That's what is our success lies in. Connected commerce complex commerce and super haps convergence to solve a problem on same ecosystem rather than building them in isolation connected commerce is going to be the word going forward where we want to have more agile, API based approach, but in ecosystem which fits towards the larger institution versus the tech driven one service versus the another financial need of the consumers. Other challenge is the authentication fraud is a very known problem, expanding on biometric authentication, digital identity, tremendous amount of efforts has been put by both each side of the industries and convergence will help those products to grow across the board. Same time, these industries also need to focus the faster payment rates. These apps, small, small companies, startups, print tags, promise to deliver the payment in momentarily for short span of time versus the banks, but the banks brings the bigger aspect of end to end services from different needs, security and authenticated trust. From versus the smaller, smaller chunk of services connecting 20 different product and services together. So the concept of open banking concept of building the faster payment rates will be the area going forward where the time will be spent. Mercer and acquisition collaboration versus the competition. Going forward, these companies are two different areas need to work together. A lot more consolidation, merger and acquisitions will be there to bring best in the breed and eliminate the duplication of the effort as we move forward. Collaboration is needed rather than the competition, each one of them has a strength and weaknesses. Small to medium has a strength and weaknesses versus the larger institution has the strength and weaknesses. I think we need to play with the strengths, allowing leverage the global footprints of this larger institution and allow the agility to come together to deliver very quickly API based micro services based connected commerce and digital identity aspect out there. That's what my fourth bullet is more focused towards. All in all, in the end of the day, each financial regulations need to be tracked and monitored through some sort of our side committee. But same time, it should not become too much to be tracked each and everything that kills the innovation going forward. And that's what I think these industries are more moving towards or shifting their focus from institutional to the consumer based financial. So the regulation or those kind of needs needed, but same time to be more agile and can fit into the needs of those apps and type of applications print tag we are building out there. These are key basic areas which you will see in current market trends are either getting adapted or will be adapted or they are building on these key fundamentals to become successful. I'll pause for a second. That's I have to say on the topic of today's product convergence for the print tag industry. I would like to get your feedback input and how did you like the presentation and the contents. Feel free to send any question and I will try to answer them.