Well, so a very good morning Munich. And am I audible? Am I on mute or can you see me? Is the internet connection? Okay. Just kind of got used to no, just kind of got used to the virtual meeting rooms and I'm really glad that, you know, we are here today face to face a fantastic conversation around identities. I'm going to kind of slightly twist these story around identities. I know it has been almost two days of all load around identities. And how do you manage accesses and need to know on a need to do basis and stuff like that.
And I'm gonna talk to you about the, the digital walls and the evolution of walls first. Why are they important and how do they connect with identities in the real world? So bear with me, but I would like to take you through this journey of evolution, which I think many of us here would be aware about.
So Walt had been historically there during the Roman and the go times there were full of concrete and steel. That was the definition of Walt during those point in time. And you'll be surprised what kind of stuff was actually vaulted. It used to be sometimes rice seeds and so and so forth.
And then we came into times of creating these safes. So people like you and me, and especially the one here is typically used in Europe. And of course, then you had these safe, which one could keep a house. And it used to be more of steel and stuff like that. And of course it got bigger and larger and these would typically be used by banks. And of course the one that you see on my right would be used by banks could be easily broken into the ones that you see on my left are actually the huge ones.
And just the door, for example, here on this wall weighs more than 20, 20 tons, unimaginable, but you would always have thieves and hackers and breakers, and they would probably use different tools and technologies to even break into these walls. And of course, explosive being one modern, portable drill machines being the other one. And it was mandatory as a lot of standards across the world. That lot of these walls have to go through all of these tests. They have to go through the explosive door test. They have to go through a modern, highly portable code drill test.
And then you come back and say, what is the standard of this wall all about, but why do you need walls? Well, you need walls because in the past, people used to store seeds. And even today, one of the most secure wall that you have in the world stores more than 430 spices or varieties of spices to ensure that if there was a catastrophic, we would be, the end world would be probably able to recover from all of those.
And of course you store money in there. And then if you store gold in there, but in the last 10 years, this has fundamentally taken a 360 degree change.
You no longer have money in the real form of money. Most of us use payment systems watches NFCS to make transactions, but the world is moving even faster with Bitcoins and the world is even moving faster. Wherein the garments are saying that we would come up with cryptocurrencies. So I'm not sure what's happening around the cryptocurrencies on this side of the world, but I think I'm fundamentally sure that in the next five years you will see lot of government come out with their own cryptocurrencies. And certainly what you actually put in the walls would vanish.
And of course, gold being gold, which is still important, but you have data, which is now more expensive than the gold that you see in the world.
And for this, the walls would have to look different. And this is where the evolution of digital walls come into picture.
Now, let me just take a pause on the walls for a minute. And of course I would reconnect with Walt towards the end of the presentation, but let us understand why are identities suddenly important? And I'm sure you would've heard about all to do with identities. We had somebody presenting the gains standard yesterday about identities. We had somebody present about identities when you actually physically code within the code. And so and so forth. Let me try and make this simple.
If you have something to store like a Bitcoins or a cryptocurrency or data, it has to be related to somebody which means people like you and me. So we would start having identities, which are important to relate to what you store. It could be secrets as well, but again, let us just try and do a twist around what's happening in the world today.
And only for a moment. Let me try and talk to you about how businesses are changing. All of us here, all of us here would be working for some banks or telecommunication companies, travel organizations, power organizations, whatever.
There would be, no telecommunication companies in the near future. And why is that?
So, because telecoms no longer make money from voice, they no longer make money from data. They actually make money from content and content is created by people like you and me. So they're gonna be content companies in the future, and there could be no telecommunication companies. As we see telecommunication companies, incidentally, you would not probably see banks tomorrow because banks historically have been very good in storing the money that you have and so on so forth. But today you have FinTech companies coming in and destroying every piece of business that the bank has.
And I'm sure you would've heard about API banking, which means banks are likely to become simple canvas. How I see a bank is a nice white canvas. Come in you drag and drop your saving accounts from one bank to another bank. It gets physically settled. You pick up your borrowings corporate lending, retail lending, pick it up from a container and say, I don't like X, Y bank. Let me put it into bank X bank or Y bank or Z bank automatically behind APIs, go and talk to the core banking solutions and things are settled.
Again, identities start to become very, very important because you've certainly started talking to the core banking solutions in telecommunication. You've started talking to the core solutions which actually generate content for you. If you were to look at travel, you have only aggregators. And if you were to look at power, for example, power will not be generated by power companies.
Power will be generated by people like you and me, which means we would actually generate power and put it back into the national grid.
Now, what has all to do with identities involved that I'm talking to you about even before I reached the importance of what I'm talking about, let me also try and give you a twist, which says, what are the business models, which are emerging in the near future? So the first business model that is emerging in the near future is outcome based business model. I'm not sure about if you've heard about outcome based business model. What it really means is people are no longer interested in buying that fancy car, just because the color of the car is cured.
People are no longer interested in buying a car because the car can go to speed off 300 kilometers. An hour, of course 200 would not matter here in Germany, but, but 300 kilometers an hour.
And so and so forth. People want to buy cars because cars have started to engage with you. I repeat people want to start buy cars because cars have started to engage with you. You right? People no longer want to deal with normal average banks. People want to deal with banks.
If they are able to make more money for you, more wealth for you because people not interested in storing money today, storing money does not get you any wealth whatsoever. Hyperpersonalization before we go to that access versus ownership, that's a second business model. Now what does access versus ownership mean? If you look at all the businesses around you, you look at Ubers, you look at a and B a and BS or anything that you look at aggregators no longer. These companies own any assets. It is access, which they're providing to you. You use the access, you're happy about it.
And you move forward. There would be days and times when you wouldn't want to buy your houses as well, because access is important in the technology world. In the technology world, you would probably see this on a daily basis because people talk about cloud all the possible time. The third model, which is emerging is hyperpersonalization. What does hyperpersonalization mean? Hyperpersonalization means that people are wanting to create products which are made for you personalized and delivered specifically for you.
So if you go to a Nike showroom in us, go online, they will actually produce a Nike shoe made for you. People are going to produce music, which is likely to be made for you again, hyper personalized to you. And finally, there is digitization of almost every possible business that you see, why am I talking about businesses? And why am I talking about outcome based models and hyper personalizations.
If you see the underlining team of all that I spoke to you about the underlining team is that identities have started to become far more important than we could even imagine.
And I will still come to the punchline and why identities have become so important. And it is time for us to look at it, maybe differently from what we look at it today. If you look at digital investments, the digital investments could be in growth, which means if your company's investing in digital assets, it could be for growth.
It could be for efficiency or it could be for experience, but all of these digital investments that you see in the market today, I think they are connected with something to talk to you directly because you have now today, the mobile devices, we are enabling you to do businesses as you go forward.
Just a simple example of any digital asset could look like front office, middle office and back office. I'm not sure if anybody's from insurance here. For example, if you have front office and you've invested in digital apps to improvise your business, grow your business, it could be cloud adoption.
It could be mobile apps. It could be integration with WhatsApp in India. For example, today, payments have started to happen in WhatsApp. Groceries can be bought on WhatsApp. They have integrated with telecommunication company. Your E K could happen on a web auto claims and underwriting auto underwriting. If you're from an insurance company.
And if you have an identity connected, you kind of use AI ML to ensure that you're quickly able to auto underwrite it, or you're able to clear your claims when the insurance claims come in and you have the chat bots and you have the approval processes and all of that.
Now all of this again, underlining team is it comes back and connects to identities. I'm not talking about customer identities. I'm not talking about privileged identities. I'm not talking about employee identities. I'm fundamentally talking about only identities for a moment.
Now this is something very, very important, which all of us here need to really understand and keep in mind, consumers are becoming producers. So you had probably millions of producers, factories, service companies, travel companies, airlines suddenly what is happening is these millions have started to become billions. There are billions of people producing on a daily basis. If power has to be produced, if content has to be produced and so and so forth. And that is why identities have taken a completely different shape that we can think to.
And if there's anybody who would do risk in governance here, you will realize that your threat landscape has completely changed.
Even if you were to look at the conventional way that you do your risk management, governance strategy and planning, operations, compliance, and reporting, you know what your new threat actors are actually investors, could you have imagined a threat actor being an investor. Your new threat actors are investors, customers, consumers.
On the other side, your new threat actor is actually technology because technology is now easily available in a SaaS platform, which means it becomes it's not only disruptive, but it has also become a threat actor. And finally, you have direct customers coming in regulator has become tech savvy, which means the regulator understands technology. And they're constantly breathing on your neck. And finally there is high transparency in anything and everything that you do.
If the world were to become so complex, let's go back to basics and just spend the next five minutes, trying to understand identities and walls.
And what's the relationship. And why am I trying to talk about all the businesses and the models all around it now, just to simply put, and I'm trying to keep this very simple without any technology, jargons say identities could be humans and they could be bots tomorrow. They could be robots tomorrow, but they are interactive identities. The second one could be non interactive identities. Your mobile devices have identities.
Your apple watches have identities. Your desktops have identities. They actually are used on your daily consumption today. The moment you plug an app and you kind of double click an app and the app starts, the app needs to be valid. The app should be the one that you have produced. That app has an identity and it should be, it should be able to talk to the right APIs. The APIs have an identity and the APIs have to talk to the right server.
The server has an identity and these servers have to connect to your data.
Stores, your applications have an identity, your scripts and identity and your data stores have an identity. Can you imagine one small digital investment from an app and making sure that the transaction goes through you are actually running into hundreds of identities today, right? And most of the time, most of the time we are actually concerned about the fact is my user identity, okay, is my user identity, right? But the problem is it's not only the user identity that you want look at. You will want to look at all the possible non interactive identities.
If you were to explorate this tots of the world, there, something becomes more and more interesting. Now, IOT, as you see, which is likely to happen would have millions of identities coming in. You have your IOT sensors.
Every sensor today, unfortunately comes with a firmware, which is loaded with a simple user and a password most of the time or a token or a number.
And unfortunately that has never, never changed, which means if you want to bring down an entire city and we were talking about smart cities yesterday, it should only take you not more than five minutes to shut down the lights of the entire city. Why? Because you can replace a firmware. How do you replace a firmware? You go to the cloud, get hold of the server, take control of the APIs, push it to the, push it to the gateway, Laura.
And finally it goes and pushes it all the way to all the loads and the sensors that are sitting on your, on your smart water, on your smart building, on your smart electricity hubs or whatever you can think of, which means that gonna be millions of identities talking to each other.
When you get into smart manufacturing, four dot oh, or anything that you could think to, and there would be non interactive ID all across the work that we likely to do. Just wanted to wrap this up by saying while identities are important.
I think I would want to, I would want to propose a Vault's first concept in the sense you need to make sure what you're wanting, all the seekers that I'm talking about at any point in time, if you were to invest in your business, you have to look and reimagine your identities. Let's talk about quickly the digital world in the cloud. If you were to have secrets, it could keep a secret about is your app real. Every time that the app comes up, the app will actually first talk to the world and say, Hey, I'm the real person.
Every time that an API comes up, it'll talk to the world and say, I'm the real API.
Every time that a certificate goes live, every time that a device goes live, if you want to control your app on a specific device, every time an IOT sensor goes live, or every time a gateway comes up says, Hey, you know what? I want to do a transaction. I will first walk to a world, make sure that everything is okay, and then go forward and do what I have to do. And finally, if it was not to do with secrets, and if it was to do with data, you would have the humans and the bots.
There is gonna be a concept in the future where data privacy of course is very important, which means we do not want to share more than what we would want to share. So physically they're going to be security parts for people like you and me in the future.
And one security part for us would key financial data. The other security part for us would keep any of our personal information and we would only share what is required to be shared in the market. So finally, please reimagine identities involved, start building your vaults in the cloud because your digital assets are in the cloud.
Consumer access happens from the cloud cloud enables ecosystem and integration, which is faster. It infrastructure is likely to move to cloud. SaaS enables easy access to technology and identities are easy to track because you have the zero trust model and you're constantly assessing the risk, which is involved in an identity and be aware of identity thefts.
Of course, there is no doubt about it. Thank you so much, ladies and gentlemen was pleasure to be here in Munich. And if there are any questions and if you have the time, we'd love to take it. Thank you.
