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