Specialist financial services provider Sasfin Bank has established a Digital Advisory Council to provide the market with industry-leading expertise and insights on trends shaping the use of technology in financial services.
Digitalisation is one of the most powerful forces for change shaping Finance today. This has turned Fintech into one of the most vibrant sectors in both information technology and among start-ups, generating billions of dollars in investment and development globally. The South African fintech space is dynamic, and Sasfin is playing a leading role in the transformation of local financial services and the resulting enhancement of customer experiences.
“We have been investing in fintech development in-house and acquiring or integrating fintech start-ups,” says Sasfin CEO Michael Sassoon. “Over the last year we have built further digital offerings, integrated via APIs into leading businesses and invested in fintechs. We built and launched B\\YOND, an innovative digital business banking platform and SWIP, a digital wealth and investing platform. We have invested in Payabill, an online SME lender and DMA, a digital trading platform. We recently announced our alliance banking relationship, leveraging open banking, with Hello Paisa to offer seamless banking to the unbanked. We feel that there is a huge opportunity to improve the experience of South African businesses and savers through using technology. We have therefore created an independent forum to assess how to even better improve financial services for South Africans by leveraging the digital economy.”
Arthur Goldstuck, founder of high-tech research consultancy World Wide Worx, editor-in-chief of Gadget, and a globally respected technology analyst has accepted Sasfin’s invitation to head up the Sasfin Digital Advisory Council, an independent think tank that will help Sasfin and its clients decipher the fintech present and future.
“The Sasfin Digital Advisory Council is broader than providing only the bank with a source of insight on how digital services are evolving and lessons from across the world,” said CEO Michael Sassoon. “Sasfin has been involved in fintech investing for many years and we are leveraging this experience as well as the experience of independent experts such as Arthur to provide insights and guidance to interested stakeholders in this space.”
The team appointed to the Digital Advisory Council is being selected for the breadth and range of knowledge they would bring to the table, with further appointments to the Council being announced soon. There will also be room for the Council to co-opt specialist expertise as it is required.
Goldstuck, who has been covering the fintech sector as an analyst, commentator and columnist for many years, says he sees the role as a welcome challenge.
“There has been a long-standing need for a clear understanding of the impact being made by fintech today, and the exponential change it will cause tomorrow,” said Goldstuck. “My role will be, partly, to curate the wide spectrum of fintech and digitalisation knowledge and insights that the members will bring to the Digital Advisory Council, and help create scenarios that businesses and policymakers may use to navigate the future – both inside and outside Sasfin.”
Cisco unveils ‘Internet for the future’ silicon breakthrough
Cisco One is a new silicon architecture that can be used in any form factor, while Cisco 8000 will reduce cost of building and operating mass scale networks
Cisco today unveiled a series of innovations it says will underpin “the Internet for the Future”. It launched Cisco Silicon One, a new networking silicon architecture, and the Cisco 8000 Series, the world’s most powerful carrier class routers built on the new silicon.
Chuck Robbins, chairman and CEO of Cisco, said its technology strategy was to build a new internet designed to push digital innovation beyond the performance, economic and power consumption limitations of current infrastructure. It would be a multi-year approach that will define the Internet for decades to come.
“Innovation requires focused investment, the right team and a culture that values imagination,” said Robbins. “We are dedicated to transforming the industry to build a new internet for the 5G era. Our latest solutions in silicon, optics and software represent the continued innovation we’re driving that helps our customers stay ahead of the curve and create new, ground-breaking experiences for their customers and end users for decades to come.”
Cisco said in its announcement: “Over the next decade, digital experiences will be created with advanced technologies — virtual and augmented reality, 16K streaming, AI, 5G, 10G, quantum computing, adaptive and predictive cybersecurity, intelligent IOT, and others not yet invented. These future generations of applications will drive complexity beyond the capabilities current internet infrastructure can viably support.
“For the past five years, Cisco has driven a technology strategy that is building the internet our customers will need for the future success of their business in an advanced digital world. Aimed at solving the toughest problems that will emerge as digital transformation taxes current infrastructure to its breaking point, this strategy will lead to the next-generation of internet infrastructure that combines Cisco’s new silicon architecture with its next-generation of optics.
“Cisco’s strategy will change the economics behind how the internet will be built to support the demands of future, digital applications and will enable customers to operate their businesses with simpler, more cost-effective networks.”
Cisco says its strategy is based on development and investments in three key technology areas: silicon, optics and software.
David Goeckeler, executive vice president and general manager of the Networking and Security Business at Cisco, elaborated: “Pushing the boundaries of innovation to the next level — far beyond what we experience today — is critical for the future and we believe silicon, optics and software are the technology levers that will deliver this outcome.
“Cisco’s technology strategy is not about the next-generation of a single product area. We have spent the past several years investing in whole categories of independent technologies that we believe will converge in the future — and ultimately will allow us to solve the hardest problems on the verge of eroding the advancement of digital innovation. This strategy is delivering the most ambitious development project the company has ever achieved.”
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Data gives coaches new eyes in sports
Collecting and analysing data is entering a new era as it transforms both coaching and strategy across sports ranging from rugby to Formula 1, writes ARTHUR GOLDSTUCK
Coaches and managers have always been among the stars of any sports. They become household names as much as the sports heroes that populate their teams. Now, thanks to the power of data collection and analysis, they are about to raise their game to unprecedented levels.
The evolution of data for fine-tuning sports performance has already been experienced in Formula 1 racing, baseball and American football. All are known for the massive amount of statistic they produce. Typically, however, these were jealously guarded by coaches trying to get an edge over their rivals. Thanks to the science of “big data”, that has changed dramatically.
“American baseball has the most sophisticated data science analytics of any sports in the world because baseball has this long history of stats,” said Ariel Kelman, vice president of worldwide marketing at Amazon Web Services (AWS), the cloud computing giant that is working closely with sports teams and leagues around the world. “It’s an incredibly opaque world. I’ve tried for many years to try and get the teams to talk about it, but it’s their secret sauce and some of these teams have eight, nine or ten data scientist.”
In an interview during the AWS Re:Invent conference in Las Vegas last week, Kelman said that this statistical advantage was not lost on other sports, where forward-thinking coaches fully understood the benefits. In particular, American football, through the National Football League there, was coming on board in a big way.
“The reason they were behind is they didn’t have the player tracking data until recently in in the NFL. They only had the player tracking data three years ago. Now the teams are really investing in it. We did an announcement with the Seattle Seahawks earlier this week; they chose us as their machine learning, data science and cloud provider to do this kind of analysis to help figure out their game strategy.
“They are building models predicting the other teams and looking at players and also evaluating all their practices. They are setting up computer vision systems so that they can track the performance of the players during their practices and have that inform some of the game strategies. The teams then even talk about using it for player evaluation, for example trying to figure out how much should we pay this player.”
Illustrating the trend, during Re:Invent, Kelman hosted a panel discussion featuring Rob Smedley, a technicalconsultant to Formula 1, Cris Collinsworth, a former professional footballer in the NFL and now a renowned broadcaster, and Jason Healy, performance analytics managerat New Zealand Rugby.
Healey in particular represents the extent to which data analysis has crosses sporting codes. He has spent four yearswith All Blacks, after 10 years with the New Zealand Olympic Committee, helping athletes prepare for the OlympicGames.
“The game of rugby is chaos,” he told the audience. “There’s a lot of a lot of things going on. There’s a lot of trauma and violence and it can be difficult to work out the load management of each player. So data collection is a big piece of the technical understanding of the game.
“A problem for us in rugby is the ability to recall what happened. We have to identify what’s situational and what’s systemic. The situational thing that happens, which is very unlikely to be replicated, gets a lot of attention in rugby. That’s the sensational big moment in the game that gets talked about. But it’s the systemic plays and the systemic actions of players that lies underneath the performance. That’s where the big data starts to really provide some powerful answers.
“Coaches have to move away from those sensational andsituational moments. We’re trying to get them to learn what is happening at that systemic level, what is actually happening in the game. How do we adjust? How do we make our decisions? What technical and defensive strategies need to change according to the data?”
Healey said AWS was providing platforms for tracking players and analysing patterns, but the challenge was to bring people on this technology journey.
“We’re asking our coaching staff to change the way they have traditionally worked, by realising that this data does give insights into how they make their decisions.”
Kelman agreed this was an obstacle, not just in sport, but in all sectors.
“Across all of our customers, in all industries, one of the things that’s often underestimated the most is that getting the technology working is only the first step. You have to figure out how to integrate it with the processes that us humans, who dislike change, work with. The vast majority of it is about building knowledge. There’s ways to transfer that learning to performance.”
Of course, data analytics does not assure any side of victory, as the All Blacks discovered during the recent Rugby World Cup, when they were knocked out in the semi-finals, and South Africa went on to win. We asked Healey how the data-poor South Africans succeeded where the data-rich All Blacks couldn’t.
“You have to look at how analytics and insights and all thesetechnologies are available to all the coaches these days,” he said. The piece that often gets missed is the people piece. It’s the transformation of learning that goes into the player’sactual performance on the field. We’re providing them with a platform and the information, but the players have to make the decisions.. We can’t say that this particular piece of technology played a role in winning or losing. It’s simply just a tool.”
The same challenge faces motor racing, which generates massive amounts of data through numerous sensors and cameras mounted in vehicles. Rob Smedley, who spent 25 years working in engineering roles for Formula 1 teams, quipped that his sport had a “big data” problem before the phrase was invented.
“We’ve always been very obsessive about data. Take car telemetry, where we’ve got something like 200 to 300 sensors on the car itself. And that goes into something like two to three thousand data channels. So we’re taking about around 600 Gigabytes of data generated every single lap, per car.
“On top of that, where we’ve also got all the time data and GPS data. The teams are using it for performance advantage. We’re into such marginal gains now because there are no bad teams in Formula 1 anymore. Data analytics provide those marginal gains.”
• Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter and Instagram on @art2gee