rethinking banking for an always in beta world - money2020 presentation
TRANSCRIPT
1 |CLAROPARTNERS
Rethinkingbankingforan“AlwaysinBeta”worldINSIGHTS&IMPLICATIONS|April,2016
2 |CLAROPARTNERS
AlwaysinBeta:Anopeninnovationinitiative
3 |CLAROPARTNERS
Apowerfulcollaboration
+
4 |CLAROPARTNERS
Aglobalstudythatbringstogethersixdifferentlocalcontexts
ISTANBUL
LONDON
CAPETOWN
DUBLIN
MEXICOCITY
SINGAPORE
3usercentred stories:•Transitiontofinancialindependence•Entrepreneurs•Pioneerusers71 userinterviews28expertinterviews13immersionactivities
5 |CLAROPARTNERS
Digitalisfinallyshakingupbanking
6 |CLAROPARTNERS
Digitalhasfinallyshakenupbanking
35%offull-servicebankingrevenuesatrisk
$16bnspentbyUSbanksondigitaltransformationin2015
3X growthinFinTech venturesinvestmentinthelastyear
1/3millennials believetheywon’tneedabankatallwithin5years
Accenture,DigitalDisruptioninBanking;IDCFinancialInsights;Accenture,FutureofFinTech andBankingViacom,TheMillennialDisruptionIndex
7 |CLAROPARTNERS
TheDigitalR
evolution
• Cost• Distance• Time• Barrierstoentry
• Competition• Information• Access• Transparency• Debundling
Digitaldecimatedthebarrierstoentryandincreasedcompetition
8 |CLAROPARTNERS
Competitorsareeverywhere
Thefinancialservicesindustryisbeingoverhauled
Everypartofthemodelisbeingdisrupted
WEALTH&ASSETMANAGEMENT
CAPITALMARKETS&INVESTMENT
INSURANCE&RISKMANAGEMENT
PAYMENTS
RETAILBANKING&CONSUMERFINANCE
BUSINESS&CORPORATEBANKING
Newecosystems areforming
9 |CLAROPARTNERS
Changedexpectations
Digitaldidn’tjustputusersonline;itfundamentallychangedtheirbehaviors,expectationsandvalues
Changedbehaviours Changed values
10 |CLAROPARTNERS
TheDigitalRevolutionhasshapedanewgenerationthatisdisinterestedinbanks
Thereisagrowinggapbetweenyouandyourfuturecustomer
Thetraditionalbankingmodelisdisrupted.Competitorsareeverywhere.
11 |CLAROPARTNERS
AlwaysinBetaansweredfourfundamentalquestionstobuildanewmodel
Whatdoesthechangingfinancialserviceslandscapelooklike?
Howcanyoucreatenewvaluepropositionsfor
DigitalNatives?
HowcanyoubuildarelationshipwithDigitalNatives?
WhoareDigitalNativesandhowcanyoumeettheirneeds?
12 |CLAROPARTNERS
DebundlingLayeringFragmentation
Bankingecosystemtransformation
13 |CLAROPARTNERS
Summary:thebankingecosystemhastakenanewshapeDEBUNDLING,LAYERINGANDFRAGMENTATION
Coretechnology
Platforms
Applications
14 |CLAROPARTNERS
Bankshavetraditionallyprovidedtheentirerangeoffinancialservicesfunctionsin-house,andbundledtogether
DEBUNDLING,LAYERINGANDFRAGMENTATION
Lending
Insurance
FinancialLearning
Payments
MoneyManagement
Credit
Saving
Trading
Investing
Coretechnology
Applications
15 |CLAROPARTNERS
LowerbarrierstoentryledapplicationstodebundleDEBUNDLING,LAYERINGANDFRAGMENTATION
Coretechnology
Applications
16 |CLAROPARTNERS
TheemergenceofplatformsenablesthenextgenerationofapplicationsDEBUNDLING,LAYERINGANDFRAGMENTATION
Platforms
Coretechnology
Applications
17 |CLAROPARTNERS
NewplayerswithsingularvaluepropositionsfragmenttheecosystemfurtherDEBUNDLING,LAYERINGANDFRAGMENTATION
Platforms
Coretechnology
Applications
18 |CLAROPARTNERS
Thecore-technologyisalsofragmentingasspecializedplayersprovidespecificcoreenablingtechnologies
DEBUNDLING,LAYERINGANDFRAGMENTATION
Platforms
Coretechnology
Applications
19 |CLAROPARTNERS
Insummary,bankingistransformingintolayersofcoretechnology,enablingplatforms,andapplications
DEBUNDLING,LAYERINGANDFRAGMENTATION
Platforms
Coretechnology
Applications
20 |CLAROPARTNERS
TheemergingFinTech landscapetoolDEBUNDLING,LAYERINGANDFRAGMENTATION
Platforms
21 |CLAROPARTNERS
TheemergingFinTech landscapetoolDEBUNDLING,LAYERINGANDFRAGMENTATION
Applications
22 |CLAROPARTNERS
TheemergingFinTech landscapetoolmapsout60+valuepropositionsacross9functionalareasandenablingplatforms
DEBUNDLING,LAYERINGANDFRAGMENTATION
Investing
Trading
Saving
Credit
Lending
Insurance
MoneyManagement
FinancialLearning
Payments
Enablingplatforms
23 |CLAROPARTNERS
Whoisthisnextgenerationofcustomers?
Aglobalgenerationwhosemindsetandbehavioursarebeingshapedbynetworkeddigitaltechnologiesonanongoingbasis.
24 |CLAROPARTNERS
A
C
B
Oldmodel|Linearlifepath
?
??
?
??
?
Newmodel|Mylifeisinconstantflux.SoIchoosetokeepmyoptionsopen.
Yourcustomers’life-styleisshifting
25 |CLAROPARTNERS
Howcanyoubuildarelationshipwiththedigitalconsumer?
TRUST
ENGAGEMENT
PLANNING
FINANCIALMANAGEMENT
COMMUNICATION
1. Howcanwebuildtrust withthem?
2. Howcanweengage them?
3. Howcanwehelpthemplan?
4. Howcanwehelpmanage theirmoney?
5. Howcanwecommunicate inawaytheyunderstand?
26 |CLAROPARTNERS
Belief inthe authority andstabilityofinstitutions asthe primary driver
oftrust(top-down,one-way)
Trustiscreatedandmaintainedthroughsharedexperienceand
interest(bi-directional)
Authoritative Shared
1.Howcanwebuildtrustwiththem?
27 |CLAROPARTNERS
Engagementhasbeenbasedonloyalty– one-timeconversionthat
getspeopleonboardforlife
Engagement is gained throughcontinuous relevance indaily life
Loyalty Relevance
2.Howcanweengage them?
28 |CLAROPARTNERS
Long-term planning on alinearlifepath gives people security and
stability
Customers develop their skills andnetworks sothey areprepared tonavigate through their fragmented
life path
Planning Preparation
3.Howcanwehelpthemplan?
29 |CLAROPARTNERS
Customers delegate management tothe bank,which is best positionedto take care ofeverything soyou
don’t have to
Enablecustomerstomakeandimplementdecisions
themselves
Delegation Enablement
4.Howcanwehelpmanagetheirmoney?
30 |CLAROPARTNERS
Intheageofinformation,providemanyoptions.
CommunicationneedstohavemeaningforDigitalNatives– in
theirlanguage,fromtheirmindset
Information Meaning
5.Howcanwecommunicate inawaytheyunderstand?
31 |CLAROPARTNERS
Thisrelationshipconsistsoffivefundamentalelements
SharedAuthoritativeTRUST
RelevanceLoyaltyENGAGEMENT
PreparationPlanningPLANNING
EnablementDelegationFINANCIALMANAGEMENT
MeaningInformationCOMMUNICATION
32 |CLAROPARTNERS
AlwaysinBetaToolkit- engageandcreateoffersforDigitalNatives
2.DESIGNPRINCIPLES
3.REFRAMESCENARIOTOOL
1.EMERGINGFINTECHLANDSCAPE
4.FINANCIALMODESMODEL
33 |CLAROPARTNERS
AldodeJong|[email protected]+34647857922
Thankyou.Downloadthefullreportatalwaysinbeta.org