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INNOVATION PACE
IN FINTECH.
20.03.2019
• Innovation is a race toward customer relevance.
• The competition is racing on high speed.
• Benchmark your innovation p...
3
In the financial service industry, legacy
organisations and emerging fintech
disruptors are competing in the same
environm...
With diverse competitors in the industries,
different measures, methods, and strategies
are taken, trying to compete.
!4
C...
No matter how much the starting points or strategies
of the companies differ from one another, there is
one similar goal f...
6
THE COMPETITION IS RACING ON HIGH SPEED.
7
To better understand the benchmark and their effort
on innovation towards customer relevance, we
examined the features/ ...
8
Based on the customer value canvas, a holistic view for all consumer
relevant proposition of the product, large and smal...
9Source: N26 Blog (2019), Revolut Blog (2019)
The Result: N26 and Revolut are innovating
on high-speed.
1.9
on average…
Co...
10Source: N26 Blog (2019), Revolut Blog (2019)
Moreover, the innovation effort is focused on
customer relevance.
0.4 Core ...
11
Innovation in the financial service industry is a race
towards customer relevance. In order to stay ahead of
the race, c...
12
Benchmark the innovation pace
with the competition
1. Calculate and examine your current
innovation pace and innovation effort focus.
!13
NEXT STEPS.
Where do you stand in t...
2. Explore and analyze your existing resources,
processes, and structure for improvement.
!14
NEXT STEPS.
Do you need to b...
3. Restructure and implement the necessary change
in the agile way.
!15
NEXT STEPS.
What is the best way to implement chan...
SCHEDULE TODAY
STEFAN ERSCHWENDNER
Managing Partner
+49 151 6462 0729
se@lhbs.com
!16
Let us help.
A marketing & innovatio...
UNLEASH YOUR
POTENTIAL.
Start exploring how you can carve your own future,
please get in touch with us.
18
APPENDIX.
• Revolut Customer Value Canvas
• N26 Customer Value Canvas
• Revolut Feature Roll-out Timeline
• N26 Feature...
19
Customer Value Canvas.
The banking
alternative designed
for customers global
lifestyle.
• Personal Euro IBAN Accounts
•...
20
Customer Value Canvas.
#TheMobileBank
The first bank you’ll
love.
• Personal German checking accounts
• Maestro debit ca...
Feature Rollout Timeline: N26.
21Source: N26 Blog (2019)
Mar 19May 17
10 May 17: Launch N26 Savings



26 June 17: Announc...
22Source: Revolut Blog (2019)
Mar 19Oct 17
10 Oct 17: Premium card
17 Oct 17: Recurring 









payment features
17 Jan ...
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Measuring Innovation Pace In Fintech

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Innovation pace refers to the speed at which a business is innovating and releasing new consumer-facing features. By measuring this pace of innovation, you can begin answering:

- What kind of value does your business bring to the customers?
- More importantly, are you continuously delivering more value to the customers faster than your competitors?

We took the fast-changing fintech industry as a practical use case to demonstrate why and how innovation pace is measured and what it could mean for business.

Key content:
- The incredible pace of innovation in the current fintech sector by looking at N26 and Revolut
- Guides and examples of using customer value proposition canvas as a measuring tool for innovation pace
- Next steps of what comes afterwards to benchmark your business' innovation pace

Veröffentlicht in: Wirtschaft & Finanzen
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Measuring Innovation Pace In Fintech

  1. 1. INNOVATION PACE IN FINTECH. 20.03.2019
  2. 2. • Innovation is a race toward customer relevance. • The competition is racing on high speed. • Benchmark your innovation pace with your competition. • Appendix • Revolut & N26 Customer Value Canvases • Revolut & N26 Feature Roll-out Timelines AGENDA. 2
  3. 3. 3 In the financial service industry, legacy organisations and emerging fintech disruptors are competing in the same environment, for the same customers. 37% of banks in Germany viewed fintech as a possible threat. CONTEXT.. Innovation is a race. Source: Statista 2016
  4. 4. With diverse competitors in the industries, different measures, methods, and strategies are taken, trying to compete. !4 CONTEXT. Partnership and Ecosystem leverages the diversity of competition in the market and aims to create more value for the customer to stay competitive. Open/ Multi- banking is a common strategy among smaller, fast- moving fintech companies, in order to disrupt the system and have a chance with the marketshare. Digitalization is still till this day the most critical transformation for the majority of legacy financial service organisations, in order to compete and stay relevant.
  5. 5. No matter how much the starting points or strategies of the companies differ from one another, there is one similar goal for all companies … Customer relevance !5 CONTEXT.
  6. 6. 6 THE COMPETITION IS RACING ON HIGH SPEED.
  7. 7. 7 To better understand the benchmark and their effort on innovation towards customer relevance, we examined the features/ improvement roll-out plans of N26 and Revolut from the past 17-22 months. * Revolut: Oct 2017- Mar 2019, N26: May 2017- Mar 2019 BENCHMARK.
  8. 8. 8 Based on the customer value canvas, a holistic view for all consumer relevant proposition of the product, large and small customer-facing innovations of N26 and Revolut in the past 18 months can be quantified and categorized. Core product functionalities and features required for the said fintech company’s pre-paid debit card offerings and online banking. Additional services that amplify the impact and capabilities of the said fintech company’s core banking products. How the said fintech company communicates its value proposition, educates and engages with its customers. CORE PRODUCT ADDED VALUE SERVICES COMMUNICATION & CONTENT CUSTOMER EXPERIENCE Additional features, services and integration provided by the said fintech company to enable easy-use and greater adoption of products. CUSTOMER VALUE PROPOSITION BENCHMARK. Examples of customer value canvas of N26 and Revolut can be found in appendix
  9. 9. 9Source: N26 Blog (2019), Revolut Blog (2019) The Result: N26 and Revolut are innovating on high-speed. 1.9 on average… Consumer-facing innovations are rolled-out each month. BENCHMARK.
  10. 10. 10Source: N26 Blog (2019), Revolut Blog (2019) Moreover, the innovation effort is focused on customer relevance. 0.4 Core Product & Added Value Improvements per month 0.8 CX & Communication/ Content Improvements per month 1.2 Core Product & Added Value Improvements per month 1.3 CX & Communication/ Content Improvements per month 1.2 total customer-relevant innovation per month 2.5 total customer-relevant innovation per month BENCHMARK.
  11. 11. 11 Innovation in the financial service industry is a race towards customer relevance. In order to stay ahead of the race, companies need to… 11
  12. 12. 12 Benchmark the innovation pace with the competition
  13. 13. 1. Calculate and examine your current innovation pace and innovation effort focus. !13 NEXT STEPS. Where do you stand in the race? Assessment and acknowledge is the crucial first step for any effective strategy and organisational change. Calculate the current innovation pace together with the product development team, and use the customer value canvas to examine where the innovation effort is focusing on. Core product functionalities and features required for the said fintech company’s pre-paid debit card offerings and online banking. Additional services that amplify the impact and capabilities of the said fintech company’s core banking products. How the said fintech company communicates its value proposition, educates and engages with its customers. CORE PRODUCT ADDED VALUE SERVICES COMMUNICATION & CONTENT CUSTOMER EXPERIENCE Additional features, services and integration provided by the said fintech company to enable easy-use and greater adoption of products. CUSTOMER VALUE PROPOSITION Customer Value Proposition
  14. 14. 2. Explore and analyze your existing resources, processes, and structure for improvement. !14 NEXT STEPS. Do you need to benchmark the pace? Could you do it? Exploration and analyzation within your existing resources is the second critical step to efficient and meaningful strategy. Based on where you currently stand in the competition, determine where you want to go, and examine not only the human resources accordingly, but also the relevant structure, process, KPIs, etc. KEEP DOING: Something that the team is doing well and recognizes the value of it: e.g. frequent collaboration and brainstorming as a team MORE OF: Something already being done and you believe will bring more value if done even more: e.g. splitting work into sub teams, more frequent interaction with the Product Owner LESS OF: Something already being done with some value but you would rather reduce it for greater efficiency: e.g. some stories were very good but too big and should have been split into smaller stories   START DOING: A new idea or something that you have seen working before that you would like to bring to the table: e.g. make more time for cross-team knowledge transfer and inspiration STOP DOING: Something that is not bringing value or worse, is getting in the way: e.g. depending on third party suppliers to recruits users for testing because it took too long Starfish Mapping
  15. 15. 3. Restructure and implement the necessary change in the agile way. !15 NEXT STEPS. What is the best way to implement change? Reconstruction and implementation might be the most challenging, yet rewarding step toward an improved innovation pace. Implementing the necessary organizational changes in the agile way will allow the team to quickly learn, adapt, and try again— making innovation the usual business. Agile Sprint Guide
  16. 16. SCHEDULE TODAY STEFAN ERSCHWENDNER Managing Partner +49 151 6462 0729 se@lhbs.com !16 Let us help. A marketing & innovation firm, we work primarily with legacy organizations to adapt their customer value proposition to meet emerging customer expectations. Together with our clients we discover business opportunities and deliver integrated customer offers for products, services, experiences and communication. Explore further on our website, and discover more industry insight reports, and get your free agile sprint guide.
  17. 17. UNLEASH YOUR POTENTIAL. Start exploring how you can carve your own future, please get in touch with us.
  18. 18. 18 APPENDIX. • Revolut Customer Value Canvas • N26 Customer Value Canvas • Revolut Feature Roll-out Timeline • N26 Feature Roll-out Timeline
  19. 19. 19 Customer Value Canvas. The banking alternative designed for customers global lifestyle. • Personal Euro IBAN Accounts • Recurring payment features • Enablement of additional currencies for account top up • Direct debits for customers • “Vault” savings scheme • 2 Premium plans for Revolut • Cryptocurrency sale, trade and exchange functionalities for online accounts • Geolocation pay-per-day travel insurance • Split-bill through “Rev Me”. • Enabling customers to invest in Revolut • Free monthly coding lessons for women in London • CEO open letters • Cryptocurrency information and feature back- end explanation content • 24/7 customer support • Price alerts for currency exchange rates • API for app integration with Revolut for Businesses • Connectivity between FreeAgent platform and Revolut • Updated accounts, analytics & payment screens • Video customer support • Search functionality for transactions and integration of GIFS for processing payments CORE PRODUCT ADDED VALUE SERVICES COMMUNICATION & CONTENT CUSTOMER EXPERIENCE APPENDIX.
  20. 20. 20 Customer Value Canvas. #TheMobileBank The first bank you’ll love. • Personal German checking accounts • Maestro debit card and credit Mastercard • Direct debits • Free transfers, payments and cash withdrawals in euros (limited free cash withdrawals within Germany) • “Space” savings scheme • Two premium plans • Credit and overdrafts • Savings account with partnered banks • Insurance partnered with Clark • Investment plans partnered with Vaamo • Peer-to-peer real-time transfer through “Money Beam”. • Retail cash withdrawal through “Cash 26” • Ambassador program rewarding active advocators among the customers • Consumer education content/ program • CEO open letters • Friend referral bonus & Scoreboard • Bug bounty program rewarding reporting bugs • N26 Access Open house event series • Multi-lingual customer service support • Transactions and spending visual statistics • Hashtags and photo uploads function for personalised book keeping • Free main account transfer service • Apple Face ID integration • Google/ Apple Pay integration CORE PRODUCT ADDED VALUE SERVICES COMMUNICATION & CONTENT CUSTOMER EXPERIENCE APPENDIX.
  21. 21. Feature Rollout Timeline: N26. 21Source: N26 Blog (2019) Mar 19May 17 10 May 17: Launch N26 Savings
 
 26 June 17: Announcement N26 investment 12 Dez 17: Launch N26 Metal 29 May 18: Launch in Ireland 7 Aug 18: Launch of “Spaces”
 
 17 Aug 18: UX branding panel with WeWork 10 Jul 18: New N26 Web UI
 
 23 Jul 18: N26 Access Open house event
 
 26 Jul 18: Security content and data protection Oct 18: New card colours for Premium plans Core Product + Added Value Services Customer Experience, Communication & Content May 18 12 July 17: Promotion N26 Insurance 25 July 17: Implementation 3D 









authentication process 19 Jun 18: Promotion N26 Metal
 
 26 Jun 18: Integration Google Pay 5 Sep 18: Launch of business premium plan
 
 18 Sep 18: Tips of the use of Spaces
 
 26 Sep 18: Voice commands with Siri
 
 27 Sep 18: Bug Bounty program 07 Nov 18: Launch in Denmark, Norway, Poland, and Sweden APPENDIX. 11 Dec 18: Integration with Apple Pay in Germany
 
 14 Dec 18: UI/ feature improvement for Spaces
 
 14 Dec 18: Data Security clarification and explanation
 
 19 Dec 18: Logo Rebranding 10 Jan 19: Open letter from the CEOs 07 Feb 19: EU Banking terms tutorial content
 
 22 Feb 19: Expat Guide to Bank account series (UK/Spain)
 
 26 Feb 19: Banking basics: ATM 08 Mar 19: Preventing phishing attacks
  22. 22. 22Source: Revolut Blog (2019) Mar 19Oct 17 10 Oct 17: Premium card 17 Oct 17: Recurring 









payment features 17 Jan 18: Geolocation based pay- per-day travel insurance 29 Jan 18: 24/7 Customer support 31 Jan 18: Cryptocurrency integration 13 Feb 18: Automated price alerts for best currency exchange rates 21 Feb 18: “Rev Me” split billing and payment request feature 22 Mar 18: Disposable Virtual cards for Premium users 3 Apr 18: Targeted Improvements and upgrade of Business accounts 17 Apr 18: “Vault” Savings Scheme 15 May 18: “Near Me” app for splitting bills 8 May 18: Additional currencies for top-ups 17 May 18: Revolut for Business Open API 24 May 18: Additional cryptocurrencies added for sale, purchase and trade 29 May 18: Revolut Connect for Business 31 May 18: FreeAgent and Revolut integrated for freelancers 4 Jun 18: Revolut Business Account integrated with SLACK 13 Jun 18: Analytics, accounts and payments pages upgraded 17 Aug 18: Customer support videos 4-6 Sep 18: Search function and GIF functionality 23 Apr 18: Euro direct debits for customers Feature Rollout Timeline: Revolut. APPENDIX. Core Product + Added Value Services Customer Experience, Communication & Content 6 Sep 18: Search function for transactions
 
 18 Sep 18: Deliveroo Technical issue open response 12 Oct 18: Open letter from the CEO
 
 25 Oct 18: Cathay Pacific data breach open response 17 Oct 18: Announcement of Launch in US, Canada, Singapore… etc. Markets 13 Nov 18: Explanation of Fraud protection using machine learning
 
 14 Nov 18: Bitcoin hard fork information and response
 
 18 Nov 18: Vision direct data breach open response
 
 30 Nov 18: Marriott data breach open response May 18 10 Dec 18: Integration with Xero for business accounts
 
 13 Dec 18: Perks Beta for business accounts 13 Dec 18: Acquired European Banking license 8 Jan 19: Monthly category budget setting 
 
 9 Jan 19: Virtual card for business
 
 15 Jan 19: ETH Constantinople hard fork information
 
 24 Jan 19: KYC verification explanation 
 
 29 Jan 19: Launch airport lounges 6 Feb 19: Brexit reassurance information
 
 7 Feb 19: WeWork membership for business accounts
 
 19 Feb 19: Launch of business app
 
 26 Feb 19: 24/7 support for business 1 & 4 Mar 19: CEO crisis management letter
 
 5 Mar 19: Introducing auto-exchange
 
 18 Mar 19: Commerce integration with Amazon, Paypal and Stripe for business accounts
 
 19 Mar 19: Comm. tonality and style explained

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