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C opyright © 2019 Deloitte Development LLC. All rights reserved. 2
Surfing the Perfect Storm
Harness the potential of Artificial Intelligence, Internet of Things and Real Time Payment Systems
September 18th, 5:00pm
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Our Backgrounds
Brian Shniderman
• Vice President of Product Innovation at The Clearing House
• Leads Innovation including Real Time Payments at The Clearing House
• Equity Principal at Deloitte Consulting
• Head of Global Cross-Industry Payments Practice
• Leads Deloitte’s Real Time Payments Initiative
Peter Davey
Our Backgrounds Surfing the Perfect Storm
Each technology is real, and separately each is interesting…
Artificial Intelligence Internet of Things
….but not quite reaching their full potential
Real Time Payments Systems
Our Backgrounds
Artificial Intelligence Internet of Things
Surfing the Perfect Storm
What happens when these three forces come together?
Real Time Payments Systems
Our Backgrounds
Artificial Intelligence
Internet of Things
Real Time Payments Systems
+
+
Surfing the Perfect Storm
Smarter, Easier, Faster
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The promise vs the reality of Real Time Payment Systems
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2018 2019 2020 2021 2022
Global Spending - IoT Global Spending - AI
Global Spending - RTP
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2018 2019 2020 2021 2022
Global Spending - AI Global Spending - RTP
To surf the perfect storm, merchants should integrate these three powerful technologies in their overall strategy
Global Technology Spending ($ billions)
The sizable investment in IOT coupled with red hot investments in AI and RTP demonstrate the disruptive forces in payments1,2,3
1. Internet of Things 2. Artificial Intelligence 3. Real Time Payments Systems
These forces together create the opportunity for new...
Business models
Products
Experiences
Services
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App notification leveraging IOT- car is running low on gas
Routes to the nearest pump
Approves the RFP for credit transfer sent
automatically
The fuel grade and limit automatically
activated
Arrives at pre-paid pump and receives offer for discounted snacks while fueling
Receives targeted offers on the pump screen
: Artificial Intelligence
: Internet of Things
: Real-Time Payments
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Books a resort stay - receives an IOT
wristband
Sets up wristband with a Mobile App
Purchases generate revenue and additional
data for the resort
Receives smart Micro-Insurance policy based on
Risk profile for ATV’ing
Make real time payments throughout the trip using
NFC wristband
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Rents a machine installed with
sensors
Uses Mobile key to unlock machine and start rental
Change in usage alerts Chris of rate change, makes facial recognition payment via 5G
connection in the field
Auto detection in change of depreciation
on the machine
Use Mobile Key to end assignment – pro-rata charges
Charged instantly per scoop to ensure
customer can pay
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Drones waiting in loading dock for the arrival of
shipments
Using computer vision the drone counts products at the
loading dock The drone examines the
shipment to assess quality and look for
damaged goods
Undamaged shipments have payments released instantly, and withheld for damaged shipments
Suppliers are given grades depending on the quality of shipments the
warehouse receives
Suppliers with poor grades
are subject to additional scrutiny
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Smart Meters/ Digital Officers are installed alongside a busy city street
A delivery person parked illegally on the street, triggering the smart
meter system to investigate
Computer vision reads the license plate and identifies the driver
Customer immediately receives Request For
Payment on their phone while delivering their
package Before the driver gets back to their car, they
pay the violation, knowing that they violated the law
Due to proximity to action, driver
changes behavior, IOT meters confirm this
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Linda has a subscription account set
with RTP
Calls out to Smart Speaker to connect
with a doctor
Speaks with an AI Nurse - takes her vitals
via her wearables
Pays $5 co-pay via voice authorization
and NLP Money instantly
transferred to the Provider
Doctor recommends OTC medication based on history
Patient purchases medication and
receives notifications
through delivery
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1. Assess how accepting irrevocable and instant payments will impact your organizations risk profile
2. Conduct “automated decision impact assessments” and “data protection impact assessments” for AI systems
3. Set up security measures for additional IOT endpoints and RTP
1. Ensure Data Quality by conducting database wide data cleansing to support AI and IOT networks 2. Perform assessment of Treasury infrastructure to determine future state infrastructure
3. Determine skill level of organization to create and implement AI and IOT solutions
4. Conduct Build or Buy assessments for IOT and AI solutions based on business requirements
1. Identify practical and scalable use cases for RTP 2. Create Business Case for new models products, and services
3. Determine what Real Time Payments Solution works for your use cases
4. Coordinate with your financial institution to support Real Time Payments
5. Sign up for Controlled Pilot to test operational effectiveness
Getting Ready to Surf the Storm
Planning and Operational Readiness
Technological Readiness of your Organization
Risk and Security Controls
About Deloitte
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