digital transformation in corporate banking

98
MASTERING D i g i t a l Transformation IN BANKING JO CAUDRON +32 475 43 80 98 @JCAUDRON [email protected]

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Page 1: Digital Transformation in Corporate Banking

M A S T E R I N G

D i g i t a l

Transformation

I N B A N K I N GJO CAUDRON

+32 475 43 80 98 @JCAUDRON

[email protected]

Page 2: Digital Transformation in Corporate Banking

Hi, I’m Jo Caudron Active in digital since 1993

Internet entrepreneur involved in 20+ start-ups.

Founding Partner of Duval Union Consulting

@jcaudron [email protected]

We are business consultants for a digital

world.

Our mission is to help organizations transform.

Page 3: Digital Transformation in Corporate Banking

Are you an active social media user?

Do you embrace new technology?

Do you get your kicks from new business models?

Who Are You?

Page 4: Digital Transformation in Corporate Banking

Sold in 40 countries!

BUY NOW! www.digitaltransformationbook.com

Page 5: Digital Transformation in Corporate Banking

Expect a smack in the face…Digital Disruption is real

Page 6: Digital Transformation in Corporate Banking

100.000jobs in banking got lost in 2015, because of

digital disruption (Antony Jenkins, the former CEO of Barclays)

Page 7: Digital Transformation in Corporate Banking

What do These 4 have in common?

Page 8: Digital Transformation in Corporate Banking

1995+ Music Photography Video Rental …

2005+ Print Media TV Travel HR …

2015+ Retail Banking/Insurance Healthcare Automotive Education Telco Food/FMCG/CPG …

2025 All Safe havens will be subject to digital disruption …

WAVES OF Disruption

Page 9: Digital Transformation in Corporate Banking

What can we learn?

Page 10: Digital Transformation in Corporate Banking

Digital Disruption is a story of…

%

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This is NOT our storyYOU THEM

We are COMPLIANT! We are a TRUSTED partner!

We have DECADES of experience! We are on SOCIAL MEDIA!

Page 12: Digital Transformation in Corporate Banking

YOU

We are COMPLIANT! We are a TRUSTED partner!

We have DECADES of experience! We are on SOCIAL MEDIA!

THEMThis IS our story

But your app sucks

I want experience

Uhh..ok

Hey this solves my problem!

I don’t want to wait a

week

NEW

Page 13: Digital Transformation in Corporate Banking

YOU THEM

The Tipping Point

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THE IMPACT OF D I G I T A L

Page 15: Digital Transformation in Corporate Banking

Slicing the Elephant

creates Insight@jcaudron

Page 16: Digital Transformation in Corporate Banking

The relationship is changing between the organization and the outside world.

The Glass House

@jcaudron

Page 17: Digital Transformation in Corporate Banking

The Glass House

Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency

Page 18: Digital Transformation in Corporate Banking

The Glass House

Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency

vwdieselinfo.com/updates/message-to-our-customers-from-michael-horn-president-and-ceo-volkswagen-group-of-

america/ TransparencyMagnifyMoney is a company that analyses different products from

different banks. It gives every product a transparency score guiding the

customer away from less transparent products/banks

magnifymoney.com

Page 19: Digital Transformation in Corporate Banking

The Glass House

Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency

Page 20: Digital Transformation in Corporate Banking

The Glass House

Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency

Proximity

In banking, proximity does not mean having an office in every town, it also

means being close to your customers in a digital way.

standardbank.com

Page 21: Digital Transformation in Corporate Banking

The Glass House

Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency

Humanization

Simple uses the lack of public faces in finance to its advantage by showing off

the people behind their customer supportsimple.com

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The evolution of unbundling and how this changes your products, services and go-to-market.

The Package

@jcaudron

Page 23: Digital Transformation in Corporate Banking

The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability

Angry Birds Twitter, Facebook

Newspaper Website

CNN online / app

Blogs

Vertical sites and specialties portals

Yelo App Apple TV

Spotify

Sporza.be

LinkedIn, Monster, ...

eBay

Pinterest, blogs

Weather Pro (iPhone)

Traffic: Waze

YouTube

Twitter, Facebook

RSS

Breaking news

In-depth analysis

Services

Weather

Classifieds

Jobs

Sports

TV

Fun

Specials

Discovery

Culture

Trends & Lifestyle

Page 24: Digital Transformation in Corporate Banking

The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability

Vertical selling

Page 25: Digital Transformation in Corporate Banking

The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability

Monolithic vs. AtomicBecause of digital, the classic banking

package falls apart and is cherry picked by many online only players.

This makes it more difficult for classic banks to defend the price they charge

for the different products.

Page 26: Digital Transformation in Corporate Banking

The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability

APPificationRobinhood is a technology driven

company focused on reducing overheads and cutting the traditional fat. Because of

low overheads and being digital only they can provide free stock trading.

robinhood.com

Page 27: Digital Transformation in Corporate Banking

The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability

squareup.com

Experience

personalcapital.com

Personal Capital is a wealth management tool that allows users to control and get data from their net worth, analyze fees,

check on their investments and plan their retirement. They have consultants that can actively manage your capital if you want.

Page 28: Digital Transformation in Corporate Banking

The position in the value chain is challenged. You can bypass, or be bypassed.

The Frog

@jcaudron

Page 29: Digital Transformation in Corporate Banking

The Frog Bypassing Virtualization Fragmentation of touchpoints

BypassingIf you can sell expensive cars online, you can sell anything online.

Page 30: Digital Transformation in Corporate Banking

The Frog Bypassing Virtualization Fragmentation of touchpoints

Bypassing

Apple, Android and Samsung Pay are becoming the interface for consumers

Page 31: Digital Transformation in Corporate Banking

The Frog Bypassing Virtualization Fragmentation of touchpoints

Page 32: Digital Transformation in Corporate Banking

The Frog Bypassing Virtualization Fragmentation of touchpoints

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Opinion making is challenged. New players can dominate the attention of people.

The Gatekeeper

@jcaudron

Page 34: Digital Transformation in Corporate Banking

The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship

Crowd-sourced opinions

Peers as news distributors

Automatic algorithms

The traditional gatekeeper

New “experts” ++

+

Page 35: Digital Transformation in Corporate Banking

The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship

New gatekeepers

PolicyGenius might become a new way to search for policies. Thet lets you compare insurance policies from

different providers.policygenius.com

Page 36: Digital Transformation in Corporate Banking

The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship

New GatekeepersMobile payment providers are a

layer on top of the traditional payment providers. These new

players take over there touchpoints and become new gatekeepers and

a new power in the payment ecosystem.

Page 37: Digital Transformation in Corporate Banking

The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship

New Gatekeepers

Centralway’s Numbrs app allows you to integrate over 3500 German banks into

one app. It has investments from Andreessen Horowitz & Google

Venturescentralway.com

Page 38: Digital Transformation in Corporate Banking

The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship

New Gatekeepers

Bots or programs can become so powerful to the end-user that they become new gatekeepers creating

their own ecosystem.kasisto.com

Page 39: Digital Transformation in Corporate Banking

Primary location and place of consumption are changing. There is a need to merge offline and online

The Traveller

@jcaudron

Page 40: Digital Transformation in Corporate Banking

@jcaudron

Page 41: Digital Transformation in Corporate Banking

The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness

PLACE OnlinePoS Hybrid Omnichannel

(digital entering PoS)

(all functions go digital too)

Page 42: Digital Transformation in Corporate Banking

The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness

Page 43: Digital Transformation in Corporate Banking

The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness

monzo.com

Place

Monzo is a mobile only bank from the UK. They model the product around the

user experience.

monzo.com

Page 44: Digital Transformation in Corporate Banking

Consumers are uniting. The power of the crowd can be good or bad for your organization.

The Participant

@jcaudron

Page 45: Digital Transformation in Corporate Banking

The Participant Community Power of the crowd Sharing economyCollaboration

Sharing economyFrom scarcity to abundance

Page 46: Digital Transformation in Corporate Banking

The Participant Community Power of the crowd Sharing economyCollaboration

duvalunionconsulting.com

Sharing economyExplanation

Peer-to-Peer Lending as an alternative to keeping money in the bank.

lendingclub.com

DTM RCB 2014

DTM PCB 2016

DTM RCB 2016

Page 47: Digital Transformation in Corporate Banking

The Participant

Community

Open Folio “Wall street meets Twitter”

A social media sharing site for the investment crowd

openfolio.com

Community Power of the crowd Sharing economyCollaboration

Page 48: Digital Transformation in Corporate Banking

The Participant Community Power of the crowd Sharing economyCollaboration

Ambassadorship

You get a percentage of the profit of your followers, encouraging users to be ambassadors for the

platform.etoro.com

Page 49: Digital Transformation in Corporate Banking

Technology keeps progressing. We are only at the beginning of the digital revolution.

The Cyborg

@jcaudron

Page 50: Digital Transformation in Corporate Banking

The Cyborg

Data

Fidor’s APIs make it the most open bank in the world.

developer.fidor.de

Wearables Quantified SelfInternet of Things Robotics Data Monitoring

Page 51: Digital Transformation in Corporate Banking

The Cyborg

Robotics

Algorithms are leading to smarter investing and a levelled playing field.

Wearables Quantified SelfInternet of Things Robotics Data Monitoring

quantopian.com

Page 52: Digital Transformation in Corporate Banking

The Cyborg

Internet of Things

Watson for insurance can handle large amounts of data (wearables) and use

this data to better protect their policyholders and give them a tailored product. Often going from reactive to

proactive. ibm.com

Wearables Quantified SelfInternet of Things Robotics Data Monitoring

Page 53: Digital Transformation in Corporate Banking

The Cyborg Wearables Quantified SelfInternet of Things Robotics Data Monitoring

Page 54: Digital Transformation in Corporate Banking

Are you

Scared or

Inspired?

@jcaudron

Page 55: Digital Transformation in Corporate Banking

Don’t worry, we’ve got a PLAN

@jcaudron

Page 56: Digital Transformation in Corporate Banking

YOU NEED TO Scan YOUR

ENVIRONMENT @jcaudron

Page 57: Digital Transformation in Corporate Banking

DETERMINE THE IMPACT

@jcaudron

Page 58: Digital Transformation in Corporate Banking

CREATE A North Star VISION

@jcaudron

Page 59: Digital Transformation in Corporate Banking

DEFINE A Transformation STRATEGY

@jcaudron

Page 60: Digital Transformation in Corporate Banking

DEFINE A Transformation STRATEGY

@jcaudron

BUILD A ROAD MAP

@jcaudron

Page 61: Digital Transformation in Corporate Banking

KNOW

YOUR

AUDIENCE

Page 62: Digital Transformation in Corporate Banking

WHO DO YOU SERVICE?

Page 63: Digital Transformation in Corporate Banking

@jcaudron

Page 64: Digital Transformation in Corporate Banking

WHO DO YOU SERVICE?

Page 65: Digital Transformation in Corporate Banking

@jcaudron

Page 66: Digital Transformation in Corporate Banking

WHO DO YOU SERVICE?

Page 67: Digital Transformation in Corporate Banking

@jcaudron

Page 68: Digital Transformation in Corporate Banking

WHO DO YOU SERVICE?

Page 69: Digital Transformation in Corporate Banking
Page 70: Digital Transformation in Corporate Banking

YOU CHALLENGERS

The Challengers move into your space, when will you move into theirs?

Page 71: Digital Transformation in Corporate Banking

F R O M DIGITIZATION

T O TRANSFORMATION

Page 72: Digital Transformation in Corporate Banking

BUILD a new ORGANIZATION

Page 73: Digital Transformation in Corporate Banking

From ... ... to

The Business

Digital (at the sideline)

Digital in the core

Page 74: Digital Transformation in Corporate Banking

The BusinessDigital (at the

sideline)

The Business

Digital (at the sideline)

From ... ... to

Page 75: Digital Transformation in Corporate Banking

The BusinessDigital (at the

sideline)

Digital in the coreThe Business

Digital (at the sideline)

Digital in the core

Digital in the core

Digital in the core

From ... ... to

Page 76: Digital Transformation in Corporate Banking

From an outdated MOTHERSHIP

Page 77: Digital Transformation in Corporate Banking

From an outdated M o t h e r s h i pTO A modern

F L E E T

Page 78: Digital Transformation in Corporate Banking

D I G I TA L Leadership

@jcaudron

Page 79: Digital Transformation in Corporate Banking

“If you can't understand the new world of digital, fire yourself.

Build an executive team that is digital-first (when problems arise, the first solution is always digital). Make sure there is a techie on the

board of directors. If the board has a low digital IQ, the company

will have a low digital IQ”

George Colony CEO Forrester Research

So, where are you? How digital is your

company?

Digital Leadership

Page 80: Digital Transformation in Corporate Banking

“We all understand that our world is

changing because of digital”

Digital Leadership

Page 81: Digital Transformation in Corporate Banking

of your culture

Page 82: Digital Transformation in Corporate Banking

@jcaudron

1. The customer always decides

Page 83: Digital Transformation in Corporate Banking

@jcaudron

2. All things you do must start from a superior experience

Page 84: Digital Transformation in Corporate Banking

@jcaudron

3. From now on, you are an agile and flexible company

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@jcaudron

4. You live in a world of uncertainty

Page 86: Digital Transformation in Corporate Banking

@jcaudron

5. Always play on offence instead of defence

Page 87: Digital Transformation in Corporate Banking

@jcaudron

6. Don’t be afraid to cannibalise your own business

Page 88: Digital Transformation in Corporate Banking

@jcaudron

7. Never, ever, disrespect new or small players

Page 89: Digital Transformation in Corporate Banking

Never, ever, disrespect new or small players

The customer always decides

All things you do must start from a superior experienceFrom now on, you are an agile and flexible company

You live in a world of uncertaintyAlways play on the offense instead of the defense

Don’t be afraid to cannibalize your own business

Page 90: Digital Transformation in Corporate Banking

you are no longer

too big to fail

Page 91: Digital Transformation in Corporate Banking

TO PULL THIS OFF YOU WILL NEED…

@jcaudron

Page 92: Digital Transformation in Corporate Banking

M I N D S E T@jcaudron

Page 93: Digital Transformation in Corporate Banking

M E A N S@jcaudron

Page 94: Digital Transformation in Corporate Banking

M A N D AT E@jcaudron

Page 95: Digital Transformation in Corporate Banking

Digital Transformation is a complex and never-ending

journey

Page 96: Digital Transformation in Corporate Banking

TRANSFORMATION STRATEGY

ROADMAP

DIGITAL LEADERSHIP & CAPABILITIES ASSESS

TEAMSTRAIN & COACH

CHANNEL STRATEGY

POLICY & GOVERNANCE

SET-UP AND ROLL-OUT RUN

ROLL-OUT DIGITAL OFFICE

RUN DIGITAL OFFICE

CUSTOMER ENGAGEMENT

CHANNELS

PLATFORM DESIGN

REQUIREMENTSPARTNER

SELECTIONRFP CREATION

LAUNCHDEVELOPMENT

BUSINESS/SERVICE/PRODUCT DESIGN TRADITIONAL

BUSINESS MODEL

START-UP BUSINESS MODEL

PROJECT KICK-OFF

START-UP KICK-OFF (FUNDING, INCUBATION)

RUN PROGRAM/DEVISION/…

RUN START-UP (COACHING,

ADVICE)

START-UP BUSINESS

TRADITIONAL BUSINESS

TRANSFORMATION STRATEGY

IMPACT ANALYSIS NORTH STAR

VISION OF YOUR FUTURE

SCAN MARKET TRENDS & INTERNAL DIGITAL

READINESS

Page 97: Digital Transformation in Corporate Banking

Thank You!

DOWNLOAD THE SLIDES www.speakersbase.com/JO

Page 98: Digital Transformation in Corporate Banking

M A S T E R I N G

D i g i t a l

Transformation

I N B A N K I N GJO CAUDRON

+32 475 43 80 98 @JCAUDRON

[email protected]