what's next for banks
Post on 23-Jan-2017
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#whatsnextforbanks furthr Brand. Content. Genius.
WHAT’S NEXT FOR BANKS
Andy CowlesAndy PembertonJames Lumley
#whatsnextforbanks furthr Brand. Content. Genius.
PLEASE TURN YOUR PHONE
ON#whatsnextforbanks
furthr Brand. Content. Genius.
Anxiety is the predominant emotion of the age.
#whatsnextforbanks furthr Brand. Content. Genius.
This means customers are more open than ever to emotional engagement and reassurance.
#whatsnextforbanks furthr Brand. Content. Genius.
Other voices can connect with banks’ customers too.
BUT… #whatsnextforbanks
furthr Brand. Content. Genius.
Here are some examples:
#whatsnextforbanks furthr Brand. Content. Genius.
A checking service with a smartphone App and ATM card.
#whatsnextforbanks furthr Brand. Content. Genius.
A plastic debit card for Google Wallet.
#whatsnextforbanks furthr Brand. Content. Genius.
A prepaid card that functions like a debit account.
#whatsnextforbanks furthr Brand. Content. Genius.
Applepay turns your iPhone and Apple Watch into a contactless debit card.
#whatsnextforbanks furthr Brand. Content. Genius.
The world’s largest peer-to-peer lending platform.
#whatsnextforbanks furthr Brand. Content. Genius.
They leverage small businesses data to deliver fast, flexible funding.
#whatsnextforbanks furthr Brand. Content. Genius.
Lets customers transfer money abroad in a cheap, fast and easy way.
#whatsnextforbanks furthr Brand. Content. Genius.
Their loyalty card is used in almost one third of their US stores. Starbucks are selling their payment app technology to other businesses.
#whatsnextforbanks furthr Brand. Content. Genius.
Allows investors to invest in off-the-peg portfolios based on trends or popular strategies.
#whatsnextforbanks furthr Brand. Content. Genius.
Allows buyers to pay for ordered goods after receiving them.
#whatsnextforbanks furthr Brand. Content. Genius.
A digital payment service enabling safe and fast account-to-account transfer.
#whatsnextforbanks furthr Brand. Content. Genius.
Providing cheap loans to Amazon sellers.
#whatsnextforbanks furthr Brand. Content. Genius.
China’s Amazon have become a $16b lender in three years.
#whatsnextforbanks furthr Brand. Content. Genius.
Uses big data and machine-learning algorithms to make faster, better credit decisions.
#whatsnextforbanks furthr Brand. Content. Genius.
A zero commission stock brokerage.
#whatsnextforbanks furthr Brand. Content. Genius.
Allows businesses to accept payments in more than 100 different currencies.
#whatsnextforbanks furthr Brand. Content. Genius.
Makes it easy for the average person to use the digital currency Bitcoin.
#whatsnextforbanks furthr Brand. Content. Genius.
A platform where investors can browse businesses that Funding Circle has credit assessed and approved for lending.
#whatsnextforbanks furthr Brand. Content. Genius.
Offers customers a free look at their credit score and presents easy-to-digest information around that data.
#whatsnextforbanks furthr Brand. Content. Genius.
This peer-to-peer lending service matches lenders to borrowers.
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
THE BIG RISK
New competitors will consign banks to a limited role as back-office utilities, while non-banks become the new face of their customer’s financial lives.
#whatsnextforbanks furthr Brand. Content. Genius.
SO WHAT CAN BANKS DO NOW?
#whatsnextforbanks furthr Brand. Content. Genius.
We all know that to defend their turf banks must move further into the commercial lives of their customers.
#whatsnextforbanks furthr Brand. Content. Genius.
It’s a given there’s an opportunity to play a greater role both before and after the moment of financial transaction.
#whatsnextforbanks furthr Brand. Content. Genius.
Everyone agrees banks must make the most of their digital assets: databases, hard-to-copy capabilities in payments, security and financing.
#whatsnextforbanks furthr Brand. Content. Genius.
And most of all, they must leverage the trust customers still have in their bank.
#whatsnextforbanks furthr Brand. Content. Genius.
KEY THEMESTHREE
#whatsnextforbanks furthr Brand. Content. Genius.
1IT’S ALL PERSONAL
#whatsnextforbanks furthr Brand. Content. Genius.
HALF THE WORLD DOES NOT HAVE A BANK ACCOUNT. MOBILE IS CHANGING THAT.
IT’S ALL PERSONAL
#whatsnextforbanks furthr Brand. Content. Genius.
The Commonwealth Bank of Australia developed NFT mobile transactions themselves to stay ahead in the market.
PERSONAL CASE STUDY 1
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
By striking first, Commbank beat the mighty Apple.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
Bank of America built a Win-Win-WIN ecosystem.
PERSONAL CASE STUDY 2
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
Merchants get more business, customers get relevant deals and the bank profits too.
If you haven’t already, you can copy this idea today.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
How Turkey’s Zirrat bank put the emotion into the ATM.
PERSONAL CASE STUDY 3
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
VTM’s are entertaining, but more importantly, they build trust.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
2UNEXPECTED NEW MARKETS
#whatsnextforbanks furthr Brand. Content. Genius.
THEY’RE OPENING UP ALL AROUND US, RIGHT NOW.
UNEXPECTED NEW MARKETS
#whatsnextforbanks furthr Brand. Content. Genius.
Mastercard have partnered with eTranzact to make it easy for millions of Nigerians to send and receive money.
NEW MARKET CASE STUDY 1
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
Make it easy for smartphone users to move money, and millions of new customers will open a bank account with you.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
iZettle’s point-of-sale software enables card sales through mobile, meaning SME’s can bypass banks.
NEW MARKET CASE STUDY 2
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
The latest generation of small business entrepreneurs increasingly see the bank simply as a place to deposit money.
Stop this happening.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
Santander creates a digital bank vault in the cloud.
NEW MARKET CASE STUDY 3
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
Banks who offer a secure digital bank vault will make their relationship with customers even stronger.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
3THE RACE FOR BLOCKCHAIN
#whatsnextforbanks furthr Brand. Content. Genius.
‘THE FIRST ATTEMPT AT AN INTERNET OF FINANCE’The Bank of England
THE RACE FOR BLOCKCHAIN
#whatsnextforbanks furthr Brand. Content. Genius.
BNP Paribas, the world’s third largest bank, agrees blockchain is a gamechanger.
BLOCKCHAIN CASE STUDY 1
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
This is the way ledgers will be managed in the future. If banks don’t provide an effective service, someone else will.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
UBS have opened a blockchain lab in London, putting their money and reputation behind the technology publicly.
BLOCKCHAIN CASE STUDY 2
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
UBS are taming a disruptive innovation by joining the ranks of the disruptors.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
Blythe Masters launches a start-up developing Settlement through the Blockchain.
BLOCKCHAIN CASE STUDY 3
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
If Masters can create a successful semi-private blockchain, it can be deployed across all banks.
The takeaway
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
#whatsnextforbanks furthr Brand. Content. Genius.
To receive a copy of this presentation email,andy@furthr.co.ukand you’ll get it by return.
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