customer-centred fintech

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Fintech and Customer-

Centric Innovation

Tanya Suárez

1

Financial Services Matter

Employees % of GDP

1.23M

DE

1.2M

UK

871K

FR

634K

IT

451K

ES

7.8%

UK

10.1%

IE

8.7%

NL

25.7%

LU

Source: Eurostat 2015

2

No of Banks and Insurers in Global Top 50

UK Switzerland Germany France Sweden Italy

Largest Banks ranked by Market Cap.Source: Relbanks

3

Harnessing Tech

93%

FI

91%

EE

91%

NL

Mobile Banking

2,603 Fintech start-ups on Crunchbase

Fintech investment in Q2 2016 reached $9.4 Bn-

only $2.5 Bn was VC backed

Total Transaction Value in the "FinTech" market

amounts to $2,355,939m in 2016.

Sources: DESI Crunchbase

KMPG, CB Insights. The Pulse of Fintech Q2 2016Statista

4

5

Key Drivers

ENABLING

TECHNOLOGIES

NFC

Digital Currencies

Blockchain

Internet of Things

AI

APIs

Cloud storage

REGULATORY

ENVIRONMENT

National ‘sandboxing’

Digital Single Market

Small and Mid-Cap Market

PSD 2

Data Protection

KYC

AML

GEOPOLITICAL Brexit

Refugee crisis

EU Foreign relationsMACROECONOMIC

Economic Growth

National Interest Rates

Rise of other regions

DIGITAL SECURITY Digital Identities

Open Source

Quantum Computing

Open Data

CONSUMER BEHAVIOUR Technology Uptake

Confidence and Trust

Behaviour and Expectations

FUNDING Number of VC Funds

Size of Investments

Perceived Risk

Public Funding

NEW COMPETITORS Internet Giants

Non-Traditional FS

Providers

6

Fintech Segments Adding Value

7

A Complex Ecosystem

Tech Companies

Financial Institutions

Regulators

Infrastructure/Platforms

Customer

Startups

A more challenging competitive

environment

Rapid growth in the availability and

accessibility of financial service

providers

A desire by many consumers to have

more autonomy

Reputational problems

Greater technological opportunities that

can fuel innovation

Legacy systems

Culture

More access to data than ever before

8

Unbundling the banks

Source: CB Insights

9

Staying Relevant

86% 6%

A recent McKinsey report found that 86% of respondents to a recent CEO survey felt that

innovation was absolutely critical to their firms’ futures and fully 80% felt that their business

models were likely to come under some major threat. And yet, in the same survey, only 6%

felt comfortable with their own company’s innovation performance, James Mawson

10

Solving for X

Customer-centric innovation is not about

finding that customers want …

Specific

solutions

Specifica-

tionsQuality

High-

level

benefit

12

Customers as a Compass

Customers- people and companies- have “jobs” that arise regularly and need

to get done. When customers become aware of a job…they look around for a

product or service that they can “hire” to get the job done. This is how

customers experience life.

Clayton Christiansen

The Innovators Solution

13

From Product to Customer

"People don't want to buy

a quarter-inch drill. They

want a quarter-inch

hole!“

Theodore Levitt, 1975

14

Data Driven Insights

15

16

Access extra capital when I need it

Make loan providers

understand my real

payback potential

Buy inventory when I

need it

Know how much

money I have to repay

each monthAvoid paying for

other’s lack of

creditworthiness

Feel I am treated on

my own merits Avoid paperwork

Get a quick decision

17

Reverse Engineering Kabbage

Avoid paying overdraft

fees

Pay back when I have

cash coming in

Summary

Technology is being harnessed to develop financial products that meet a

market need

The best opportunities come when Customer needs are placed at the

centre of the innovation process

Framing the problem is important but so is the method for sourcing data

and solutions

Always check for confirmation bias

Finally, just because you can, doesn’t mean you should

18

About us

We’re an innovation agency that helps our clients stay relevant.

We bring fresh perspectives that can help you solve business challenges.

Whether your aim is to digitally transform your organisation, place the

customer experience at the heart of your business, or understand how you

can be disrupted, we help you build on market-driven insights that make

the difference between success and failure.

19

Strategy Innovation Co-creation

Contact Us—

letsinnovate@bluspecs.com@bluspecsinnova

www.bluspecs.com

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