Digital Bank

Chris Skinner

@FSClub and @Chris_Skinner
www.thefinanser.com
© Chris Skinner. All rights reserved.

Becoming Digital is the challenge for all, as customers
demand new services focused upon 21st century
technologies. The challenge is that most of us are stuck
with systems built in the last century.
In this age of the mobile internet, where cloud computing
allows anyone to scale from small to big data and back
again, we are all wondering what to do to evolve our
businesses to this new model of servicing and processing.
This book provides the answers for a Digital Bank strategy
through the insights of one of the markets leading
practitioners providing case studies, knowledge and
opinion in order to show the way forward.
Digital Bank not only includes extensive guidance and
background on the digital revolution in banking, but also
in-depth analysis of the activities of incumbent banks such
as Barclays and new start-ups such as Metro Bank in the
UK, as well as disruptive new models of banking such as
Alior Bank in Poland and FIDOR Bank in Germany. Add on
to these a comprehensive sprinkling of completely new
models of finance, such as Zopa and Bitcoin, and you can
see that this book is a must-have for anyone involved in the
future of business, commerce and banking.
“Chris Skinner is simply one of the most brilliant minds in
banking, and he’s always an entertaining read.” The
Financial Brand commentary when awarding Chris
Skinner’s blog the Reader’s Best Banking Blog Award

Then …


Today
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Macro-economic risk
Credit risk
Liquidity
Capital availability
Political interference
Regulation
Profitability
Derivatives
Corporate governance
Quality of risk management

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Dodd-Frank
Volcker
Durbin
Vickers
Barnier
Lagarde
Geithner
Bernanke
King
Dragi


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Basel III
CRD
MiFID II
PSD II
SEPA end-dates
Solvency II
UCITS IV
EMIR
T2S
Bribery Act

Mohamed Bouazizi
(Arab Spring)

Molly Katchpole
(Bank of America)

It took 13 years to get two million customers
using Internet banking; it took just two months
to reach that number for mobile banking.
[Barclays Bank]
It took 10 years to get twenty million contacts
per month through Internet banking. It took 18
months for mobile. [Société Générale]

PHOTO
RECEIPTS
Simple allows customer to not only
view receipts, but also attach
pictures to their transactions. Their
overall interface is one of the
cleanest in the industry.
They also integrate a ‘safe-to-spend’
function that combines budget with
transaction behavior.

CUSTOM
ALERTS
GoBank has a very simple way to
set more than 10 different alerts to
be delivered to the channel(s) of
your choice.

CONSOLIDATED
SALES &
SERVICE
USAA integrates sales within their
mobile app on the start-up page and
throughout the entire experience.

SIMPLIFIED
PAYMENTS
Kaching provides as many payment
options as any bank worldwide,
including ability to pay bills with QR
codes, make Bump P2P payments
and even payments through
Facebook.

UNIVERSAL
P2P
Square has recently introduced a
new way to pay friends. With Square
Cash, sending money is as easy as
sending an email. No passwords, no
sign-up, no hassle.

TRANSACTION SEARCH
mBank’s smart transaction
search engine makes a
search through your
transaction history as easy
as using Google on the
internet, with results
displayed in real time

GAMIFICATION
mBank’s gamification in the
bank’s transactional service
to encourage smart
spending and saving

LOCATIONAL REWARDS
Amex serves cardmembers rewards
based on their locations, should they
wish to use the geo-location service.
The feature, called My Offers combines
Amex spend history with location
information to provide discounts and
information of nearby merchants. In
turn, customers click the deals they
want.

DIGITAL
RECEIPTS
Moven provides real-time digital
receipts for debit and mobile
payment transactions. These
receipts include alerts,
categorization and comparison to
historical spending.

FINANCIAL
WELLNESS
Moven’s Cred score
• Monitors your finances
• Provides comparison to others
• Gives you feedback about your
progress and how you can improve
• Rewards you for being financially fit
• Helps you spend, save, and live
smarter

Within a year of launch, Square was processing over:
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$2 million a day in April 2011, rising to over
$3 million a day by May 2011
$4 million a day by July 2011; and
$11 million a day by November 2011.

In October 2011 they had 750,000 merchants
rising to over a million by December and two
million today – there are only eight million
card-accepting merchants in the USA in total.
By March 2012, Square was processing $4
billion a year in payment volumes, double
the amount announced in October 2011.

In November 2012, Square passed the $10
billion mark with gross revenue of $300
million.

WEARABLE BANKING

Banco Sabadell is the first bank in the world to present its own app
for Google Glass. The app allows the customer to find branches and
ATMs, check balances and supports video conferencing. Apps were
developed using an open app innovation program.

WEARABLE BANKING

The SmartWatch app is based on Westpac’s Cash Tank app that
allows customers to get balances without any authentication.
Westpac is now working to offer customers quick transfers between
their bank accounts and the ability to receive account alerts to the
watch.

Over 80 percent of Tencent’s revenue comes from value-added services that users
pay for using QQ coins (币, Bì) QQ’s virtual currency. Tencent introduced QQ coins in
2002, and the currency has since become the main driver of China’s virtual goods
market, valued at about US$5 billion in 2009.

Money
is just

Mark Zuckerberg (facebook)


Mark Zuckerberg (facebook, 2009)


Mark Zuckerberg (facebook, 2012)


Randi Zuckerberg (instagram, 2012)


More than 2,500,000,000,000,000,000 bytes of data (2.5 exabytes) are produced
every day:
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People send more than 144.8 billion Email messages sent a day.
People and brands on Twitter send more than 340 million tweets a day.
People on Facebook share more than 684,000 bits of content a day.
People upload 72 hours (259,200 seconds) of new video to YouTube a minute.
Consumers spend $272,000 on Web shopping a day.
Google receives over 2 million search queries a minute.
Apple receives around 47,000 app downloads a minute.
Brands receive more than 34,000 Facebook ‘likes’ a minute.
Tumblr blog owners publish 27,000 new posts a minute.
Instagram photographers share 3,600 new photos a minute.
Flickr photographers upload 3,125 new photos a minute.
People perform over 2,000 Foursquare check-ins a minute.
Individuals and organizations launch 571 new websites a minute.
WordPress bloggers publish close to 350 new blog posts a minute.
The Mobile Web receives 217 new participants a minute.


The entire works of William Shakespeare
(in text form)

= 5 MB of data
= 500 billion Works of Shakespeare a day


Finding
value in
the Data

25 exabytes

Valuable

SECURE
CRITICAL
IMPORTANT
WORTHWHILE
200 zetabytes

RUBBISH

Erroneous

Secure


Data is the greatest raw material of
Business, on a par with capital and labour.
“What we are seeing is the ability to have
economies form around the data and that,
to me, is the big change at a societal and
even macroeconomic level.”
Craig Mundie
Head of Research and Strategy
Microsoft


Wireless radio is a danger to society and will result in our people
vegetating and being unproductive. Furthermore, it will undermine our
strictures of society and therefore must be managed carefully to ensure it
does not cause civil unrest and uprising.


Chris Skinner
Email:
chris.skinner@fsclub.co.uk
Website:
www.fsclub.net
Blog:
www.thefinanser.com
LinkedIn:
Chris Skinner
The Financial Services Club

Facebook Page:
Chris Skinner
The Financial Services Club
Twitter:
@FSClub
@Chris_Skinner

Digital Bank

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