fintech e blockchain: come costruire valore · fonte: pwc fintech global report 2016 overview pwc...
TRANSCRIPT
PwC Consulting
FinTech e Blockchain: Come costruire Valore
Aprile 2016
Roberto [email protected]
Marco [email protected]
PwC
Agenda
PART I
1. FinTech: Overview ……………………………………………………………….. 3
2. FinTech: PwC Commitment ………….……………………………………….. 8
DeNovo DEMO ………………………………………….……………….…… 12
3. Blockchain e FS………………………….………………………………………….. 15
4. Osservatorio Italiano FinTech ..…….……………………………………….. 18
PART II
1. Focus Blockchain …………………………………………………………………... 21
2
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
Cosa vuol dire FinTech e perché è importante
3
All'incrocio fra finanza e tecnologiaemerge un fenomeno che sta accelerando il ritmo dei cambiamenti e rimodellando lo status quo del settore - si chiama FinTech.
Le FinTech (start-up e nuovi operatori del mercato) innovano i prodotti e i servizi attualmente forniti dagli operatori tradizionali con effetto disruptive sulla catena del valore tradizionale.
FinTech non solo startup: un ecosistema complesso
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
Il 78% dei CEO supporta l’integrazione delle FinTech ai livelli più alti del management
Il 25% delle Firms non considera il panorama FinTech, il che porta ad una sottostima dei potenziali benefici o rischi
FinTech: chiari messaggi per coglierne le opportunità
Le FinTech stanno
ridisegnando i FS
dall’esterno
La disintermediazione
è l’arma principale
delle FinTech
Blockchain: una nuova
tecnologia che può
riscrivere le regole dei FS
I Financial Services
devono far leva
sull’ecosistema FinTech
Le FinTech stanno avendo
successo nell’innovazione
del mercato FS
Punto di attenzione: le
FinTech mettono a
rischio circa il 20% dei FS
Le FinTech possono
aiutare a ridurre i costi
dei FS primari
78% 25%
Fonte: PwC Global FinTech Survey 2016
4
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Chi è impattato?
5
Banking & Capital Markets
Pagamenti e Trasferimento Fondi
Asset & Wealth management
Assicurazioni
Consumer Banking
Pagamenti e
Trasferimento
Fondi
Investimenti
e Wealth
Management
SME
Banking
Servizi di
brokeraggio
Assicurazioni
Vita e Proprietà
Commercial
Banking
Intermediazione
Assicurativa
Market
Operators &
exchanges
Fund
Operators
Banche di
Investimento
Reinsurance
Consumer Banking e servizi di Pagamento o Trasferimento fondi rappresentano i settori in cui
è previsto il maggior impatto entro il 2020
Il grafico mostra l’impatto previsto delle FinTech nei prossimi 5 anni sui diversi segmenti dei FS
Fonte: PwC Global FinTech Survey 2016
La disintermediazione è l’arma principale delle FinTech
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
Architettura di alto livello FinTech
L’ecosistema FinTech
interessa tutte le aree
che impattano la
struttura Legacy dei
Financial Services
conferendone una
nuova morfologia.
6
Omnichannelexperience & digital services
CORE BANKING PLATFORM
PRODUCT PROCESSORS
CUSTOMER CENTRIC PROCESS
DIGITAL EXPERIENCE
AN
AL
YT
ICS
EN
TE
RP
RIS
E
Data Analytics & Customer
Insight
Digital adapted
processes
MobileContactCenter
www
Online Social Media
EmergingTechnologie
s
Marketing & Sales Online & Mobile Servicing
Online & Mobile Servicing
Omni Channel Capabilities
Customer
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
Player FinTech intervengono su tutti gli aspetti della ValueChain FS
7
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
Functions of theFS industry
• Alternative credit decisioning• P2P lending
• Crowdfunding
• P2P payments
• Mobile payment
• Crypto payment
• Remittance
• Internet of things• Smart Contract• Cybersecurity
• Robo-advisors• Low-cost Trading
PwC
RoboAdvice
@scale
Big Bets / Existing
Focus Areas@Integrate
? Future Areas that
EmergeEngagement
@PwCBlockchain
DeNovoplatform
Shape of the New Business
La nostra strategia prevede di creare un business innovativo che:
PwC segue l’approccio ‘lean Startup’ favorito dal settore FinTech per mettere in campo la strategia descritta
Strategia PwC FinTech
8
• Apporti una crescita significativa nel nostro mercato FS e sviluppi nuove revenue streams.
• Ci abiliti ad assistere i clienti interessati alla disruption agenda
• Faciliti un allineamento globale
• Interessi tutte le LoS
• Trasformi il ‘digital’ in realtà nei FS
• Ci assicuri il mantenimento di un ruolo preminente nei FS
• Infonda alla Firm una cultura imprenditoriale
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
DeNovo rappresenta la nuova generazione di consulenza strategica
Il rapido sviluppo di tecnologie disruptive e la nascita di nuovi Business Models richiede una metodologia moderna nello strategic advice: DeNovo aiuta i nostri clienti a capire in che modo l’innovazione impatterà i loro business.
9
È una nuova piattaforma focalizzata sull’impatto del FinTech sulle Financial Services Firms
I Key Decision Makers dei nostri clienti, utilizzano DeNovo per rispondere alle seguenti domande:
1. Quale BU è più impattata dall’innovazione?
2. In quale pezzo della value chain l’innovazione impatta il mio business?
3. Quali sono le tecnologie abilitanti di queste innovazioni?
4. Come impatta l’innovazione sulla mia strategia IT/Operations?
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
@Scale è disegnato per guidare le revenue tradizionali, portando ai nostri clienti le soluzioni più stabili tra il best-of-breed
10
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
@Scale crea relazioni stabili tramite Joint Business Relationship
11
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
I criteri per l’inclusione in
@Scale si verificano quando le
necessità dei clienti, la tecnologia
e l’Expertise PwC confluiscono
contemporaneamente in una
‘strike zone’ – segmentata per
mercato
AssetManagement Blockchain
ComplianceCustomer Experience
Insurance Payment
Market-place
LendingBanking
@Scale Portfolio
Active JBR
PwC
DEMO DENOVO
12
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
PwC Offering
13
Customer Experience
Cloud
Big Data
IT Governance
Digital Agenda
Blockchain
Fraud and Cybersecurity
AML Technology
RoboAdvisory
Core Banking
Processi, Tools, Rivisitazione Modelli, Agile
Global Enterprise Architecture, CMDB, KPI
Modelli, Data Monitoring
IaaS, PaaS, SaaS – Hybrid, Private
Nuove Customer Experience, Analytics
Open API, new Core Banking Platform
Algoritmi e Machine Learning
Crime, Anti Money Laundering
Cloud Security, Fraud Management
Pagamenti, Smart Contracts, Decentralizzazione
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
Blockchain: why PwC?
02L’opportunità di poter lavorare con le migliori aziende Cross-industry
04L’opportunità di essere ‘outcomedriven’ invece che ‘’technologydriven’
Il Network Globale PwC permette di poter trasformare qualsiasi problema in opportunità
03L’opportunità di assistere una delle più importanti organizzazioni ad essere in prima linea nell’era digitale
01
14
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
Perché parlare di Blockchain in Banche ed Assicurazioni?
Svariate le iniziative bancarie ed assicurative nell’utilizzo di tecnologie Blockchain nelle aziende finanziarie. Esempi di aree di applicazione:
BANCHE
o Trading and Capital Marketso Clearing and settlement - Pagamenti interbancario Gestione identità e Strong Authenticationo Sicurezza e Rischio Remittances e Transferso Loanso Programmi Loyaltyo …
ASSICURAZIONI
o Trading e Mercati Internazionalio Gestione rete commerciale (agenti ed intermediari)o Gestione Sinistrio Healthcareo Store distribuiti (sinistri, cartelle cliniche…) o Notarizzazioneo …
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
Esempi di iniziative Blockchain nelle aree Trading e Stock Exchange
March 2016
Japan's Mizuho Bank carried
out a trial using blockchain
tech to streamline cross-
border securities
transaction settlements.
2015
Nasdaq is testing the blochchain
technology to see if it can use it for
trading private company shares.
March 2016
The Toronto Stock Exchange has
become the latest bourse to recognize
the potential importance of distributed
ledger technology, hiring blockchain
specialist Anthony Di Iorio as its
chief digital officer.
October 2015
Goldman Sachs jumped in late in
2015 by making a patent
application for a cryptocurrency
settlement system, called
SETLcoin, which it reckons will offer
“nearly instantaneous execution and
settlement” of trades including stocks
and bonds.
CME Group has met with Euroclear,
LCH.Clearnet, London Stock Exchange,
Société Générale and UBS to form a working
group looking at using blockchain for
settlements
December 2015
The Linux Foundation recently announced a new
collaborative "Open Ledger" project to advance
blockchain technology, teaming with tech firms such
as IBM and Intel, stock exchanges and major
banks including Wells Fargo and Mitsubishi UFJ to
build blockchain-like technology that can bring a new
level of automation and transparency to a wide range
of services in the business world, including stock
exchanges and other financial markets.
December 2015
SEC approves plan to issue Stock
via Bitcoin’s Blockchain. SEC has
approved a plan from online retailer
Overstock.com to issue company
stock via the Internet.
March 2016
R3 and 40 banks run parallel trials
of five different blockchains to
facilitate issuance, secondary
trading and redemption of a fixed
income product in the largest known
trial of the technology to date.
March 2016
The Korea Exchange is looking to
use distributed ledger technology for
a new OTC trading platform. The
operator has begun the process of
working out how a blockchain-
based system could link sellers
and buyers directly. October 2015
The Australian Securities Exchange
(ASX) is considering to replace its
clearing and settlement system with a
blockchain-based alternative.
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
Esempi di iniziative Blockchain nei Servizi Finanziari: Remittances, Transfers, Loans, Programmi Loyalty…
March 2016
Recruitment for blockchain
specialists at major banks and
vendors is hotting up, as Visa,
Thomson Reuters and BNY Mellon
post ads on job boards.
March 2016
Russian central bank has established a
Working group for analyzing prospective
technologies and innovations in the financial
market. Its priorities include the research of
distributed technologies (e.g.,
blockchain).
February 2016
RBC tests distributed ledger for
remittances and loyalty programme.
The Royal Bank of Canada (RBC) is the
latest financial services giant to go public
with its distributed ledger progress,
confirming that it is working with Ripple on
cross-border payments and
experimenting with a blockchain-based
loyalty platform.
February 2016
Nasdaq is to use blockchain technology
to streamline proxy voting on
companies listed on the US Exchange-
held Tallinn Stock Exchange.
February 2016
Collaborative procurement platform
BuyCo.io is to use permissioned
distributed ledgers and smart contracts
to lower the costs of currency conversion
and money transmission for buyers on
group purchasing marketplaces.
February 2016
JPMorgan tests blockchain for
dollar transfers. The bank is
testing the use of distributed ledger
technology to move US dollars
between London and Tokyo,
working with about 2200 clients on
the trial ahead of possible live
transactions later in the year.
January 2016
JPMorgan has begun a trial project
to test the use of blockchain
technology in its loan trading
operations.
February 2016
Bank of Tokyo-Mitsubishi is experimenting with
distributed ledger technology, creating its own
digital currency as it seeks to find ways to bring
down the costs of transactions. The bank began
its project last Autumn, using blockchain technology
and building its own 'MUFG Coin' that can be used
for things like international remittances via a
smartphone application.
February 2016
BNP Paribas completed its first 'Blockchain
Bizhackathon' in the transaction banking arena.
The aim was to assess real-world potential
blockchain technology applications for use in
both trade finance and cash management.
January 2016
Bank of America is in the process of filing
20 new blockchain-related patents,
adding to the 15 it has already
submitted to the US Patent and
Trademark Office (USPTO).
November 2015
Visa Europe's innovation hub is teaming up
with distributed ledger specialist Epiphyte
on a proof of concept project looking into
how the blockchain and bitcoin can be
used for international remittances..
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
FinTech: cresce l’attenzione anche in ItaliaPer non subirle vanno governate
AFFARI FINANZA21 marzo 2016
AFFARI FINANZA4 aprile 2016
Fonte: PwC FinTech Global Report 2016
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC
FinTech: una realtà emergente anche sul mercato italiano
19
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
Functions of theFS industry
• P2P lending
• Crowdfunding
• Acceleratori
• Mobile payment
• Crypto payment
• Payment Processors
• Internet of things• Mobile Security
• Crypto Exchanger• Low-cost Trading
PwC
Osservatorio Italiano FinTech: di cosa parliamo?
20
Oggetto dell’Osservatorio
Mappa delle FinTech: chi sono, cosa fanno (aree di
innovazione es. P2P, Pagamenti, API, Blockchain…), dove sono, con chi lavorano, investimenti, prospettive… con focus decrescente: Italia, Europa (UK in primis), resto del mondo.
Analisi trend derivante dall’analisi
delle FinTech e contestualizzazione
rispetto al mercato
Analisi opportunità-minacce: Partner? Competitors? Idee di
innovazione?Verifica ecosistema
competenze, capabilities(tech-risorse umane-finanziarie), maturità soluzioni… per poter
selezionare soggetti di interesse
Deliverables:
Newsletter mensili (Key News),
Report Semestrali (analisi e schede),
Eventi (presentazioni di scenario, pitch FinTech, Workshop, roundtables),
Studio di fattibilità di HUB FinTechItaliano, Hackaton-Appaton
Incontri custom coi clienti su temi/issuesspecifici
OverviewPwC
CommitmentBlockchain
e FSOsservatorio
Italiano
PwC Consulting
Part II - Focus Blockchain
PwC 22
PwC US PwC UK PwC IT2014 2015 2016
• 26 Members
• Strategic JBR
• Capital Markets, Payments, TradeFinance
• 15 Members
• Deep Technical Competences
• Capital Markets, Payments, TradeFinance
• 6 Members
• Capital Markets, Payments, TradeFinance, Security, IoT
• International Partnership
PwC 23
We continuously track the Blockchain ecosystem, finding opportunities that may solve our customer’s needs and prototype a solution…
…then evaluate and SCALE!
PwC 24
Start small, learn what works and what doesn't, and build up from there
PwC 4 Step Strategy:Find opportunities Feasibility Study Prototype Evaluate & Scale
PwC 25
Today’s trade methods are paper-intensive and lives in a completely trustless environment. The main effect is the needs of expensive processes…
...that creates inefficiency and drive customers on different and more lean trade methods: Open Accounts
PwC 26
Blockchain brings the trust in Trade Finance
…enabling more transparent, efficient and cheaper processes, targeting Open Account users and
improving Financing opportunities
PwC 27
We are implementing several PoC on Trade Finance, integrating SkuChain technology with our customer’s Trade Finance processes / back-end...
Improving efficiency and businessBBO is the equivalent of BPO (Bank Payment Obbligation),
but implemented with Blockchain Technology.Both Banks needs to be Blockchain-Aware.
BBO (Bank Blockchain Obligation)
PwC 28
We also propose new use cases basing on our deep knowledge of the protocol…
…and prototype them together with PwC UK developers team.
PwC 29
Public Blockchains (Bitcoin, Ethereum) provides a near-free PKI infrastructure and computational resource for low-transaction-volume
Both features are the swiss-knife needed to redesign some security processes
PwC 30
Strong Authentication process using Bitcoin Blockchain to issue users’ keys and its PKI Infrastructure to
authenticate them
Replace OTP Devices with the same security level, cheaper process and without the needs to manage RSA tokens or trust third party services like Google Authenticator.
PwC 31
Federated Digital Identity system using Ethereum Smart Contract to enrol IDP and Users, its PKI Infrastructure
to authenticate Users and Whisper protocol to provide Users’ information
Users’ information are not stored on the Blockchain.
The concept may enable new business model for both IDP – selling users data – and SP – providing better Customer Experience leveraging users’ data.
PwC
Additional Use Cases
32
Blockchain PoC
Use of Blockchain for several Post-Trade activities (Corporate Proxy Voting, Asset
Management, etc.)
Shared Repository of known customers with AML checks powered by Smart Contracts
Use of Smart Contracts to automatize pricing calculations for Syndicate Loans and allow different creditors to participate on the pricing process.
Analyse Cryptocurrencies Blockchain to provide intelligence insights on customer’s
illegal behaviours
Develop Business Case where IoT device can be automatically managed by SmartContracts on Blockchain (i.e. Hotellerie, Security Boxes, etc)
Create a single authoritative source of information about customer’s payments in order to provide a ratings on their payment behaviour and evaluate credit risks.
Automatic monitoring of incident resolution timings according to defined SLA.
PwC 33
We also support our Customer to understand Blockchain Technology with Workshop, case study, teach session and white paper production.
EducateUnderstand changing ecosystems
EvaluateIdentify potential solutions
EvolveDiscover new possibilities
PwC
Grazie per l’attenzione
34