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The Next Era of Data Economy 8.5.2019

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Sitra's event: The Next Era of Data Economy 8.5.2019

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The Next Era of Data Economy 8.5.2019

  1. 1. The Next Era of Data Economy 8.5.2019
  2. 2. Programme 8.30 Breakfast 9.00 Welcome 9.05 A Roadmap for a Fair Data Economy Luukas K. Ilves, Deputy Director, The Lisbon Council David Osimo, Director of Research, The Lisbon Council 09:35 Data Economy as Sustainable Engine for Europe Jürgen K. Bott, Professor for Financial Management, University of Applied Sciences, Kaiserslautern 10.00 Panel discussions Panel 1: How to put the EU data economy to work? Moderator: Jaana Sinipuro, Project Director, The Finnish Innovation Fund Sitra Panelists: Janne Känkänen, Director for EU and International Affairs, The Ministry of Economic Affairs and Employment, Finland Maria Rautavirta, Director of Data Business Unit, Ministry of Transport and Communications, Finland Olli-Pekka Rissanen, Chief Specialist, Ministry of Finance, Finland #IHAN #fairdataeconomy #EU2019FI Panel 2: How to accelerate the creation of new services and ecosystems? Moderator: Jyrki Suokas, Senior Lead, The Finnish Innovation Fund Sitra Panelists: Kimmo Mäkinen, Senior Specialist, Ministry of Finance, Finland Matti Ristimäki, Director, Data-Driven Business, Tieto Antti Viitanen, Managing Director, Novartis Finland Oy 10:50 Way forward Jaana Sinipuro, Project Director, The Finnish Innovation Fund Sitra
  3. 3. A roadmap for a fair data economy Luukas K. Ilves, Deputy Director, The Lisbon Council David Osimo, Director of Research, The Lisbon Council #IHAN #fairdataeconomy #EU2019FI
  4. 4. A roadmap for a fair data economy 08 May 2019
  5. 5. A roadmap for a fair data economy – 08 May 2019
  6. 6. A roadmap for a fair data economy – 08 May 2019
  7. 7. A roadmap for a fair data economy – 08 May 2019
  8. 8. A roadmap for a fair data economy – 08 May 2019
  9. 9. A roadmap for a fair data economy – 08 May 2019
  10. 10. A roadmap for a fair data economy – 08 May 2019
  11. 11. A roadmap for a fair data economy – 08 May 2019
  12. 12. A roadmap for a fair data economy – 08 May 2019 Thanks Luukas.ilves@lisboncouncil.net David.Osimo@lisboncouncil.net
  13. 13. A roadmap for a fair data economy – 08 May 2019 Back up
  14. 14. A roadmap for a fair data economy – 08 May 2019
  15. 15. A roadmap for a fair data economy – 08 May 2019
  16. 16. A roadmap for a fair data economy – 08 May 2019
  17. 17. A roadmap for a fair data economy – 08 May 2019
  18. 18. Data economy as sustainable engine for Europe Jürgen K. Bott, Professor for Financial Management, University of Applied Sciences, Kaiserslautern #IHAN #fairdataeconomy #EU2019FI
  19. 19. Financial Industries’ contribution to Data Economy as Sustainable Engine for Europe Prof. Dr. Jürgen Bott Helsinki, May 8th 2019
  20. 20. Agenda of the presentation 1. From the worried look on the traditional European banks towards a rewarding new role 2. Learning from other industries with courage to own business model 3. Banks provide sales promotion for core market segments 3.1 Synchronize banks’ and banks’ customers processes via new data interfaces 3.2 Banks bridge lack of confidence along value chains 4. Improving risk-management and risk-mitigation through systematic use of data which are new to banking operations 4.1 Credit risk assessment by using maintenance data 4.2 Market-friendly utilization of loan collaterals 5. Modernizing banking supervision, so that banks can make benefits of the data economy a breakthrough
  21. 21. Agenda of the presentation 1. From the worried look on the traditional European banks towards a rewarding new role 2. Learning from other industries with courage to own business model 3. Banks provide sales promotion for core market segments 3.1 Synchronize banks’ and banks’ customers processes via new data interfaces 3.2 Banks bridge lack of confidence along value chains 4. Improving risk-management and risk-mitigation through systematic use of data which are new to banking operations 4.1 Credit risk assessment by using maintenance data 4.2 Market-friendly utilization of loan collaterals 5. Modernizing banking supervision, so that banks can make benefits of the data economy a breakthrough
  22. 22. Strategic options for banks to gain of Data Economy a) Continue to be a traditional bank but fully optimize and digitize processes b) Become a “low-cost manufacturer” of everyday commerce and transactions services (e.g. deposits, payments and consumer loans) c) Focus on specific business segments and follow the digitization strategies dominating the served markets d) Transform to an end-to-end ecosystem orchestrator Source: McKinsey: Banks in the changing world of financial intermediation, November 2018.
  23. 23. Strategic options for banks to gain of Data Economy a) Continue to be a traditional bank but fully optimize and digitize processes b) Become a “low-cost manufacturer” of everyday commerce and transactions services (e.g. deposits, payments and consumer loans) c) Focus on specific business segments and follow the digitization strategies dominating the served markets d) Transform to an end-to-end ecosystem orchestrator Source: McKinsey: Banks in the changing world of financial intermediation, November 2018.
  24. 24. Learning form other industries with courage to own business model Sale of data to third parties for marketing purposes • Copycat developed business models • Do not confuse banks’ customers • Trust function is core of banking Enrich and refine financial transaction data to enhance banking services • Improve the quality of banks’ internal processes • Offer new services to push sales and to reduce financial risks (of banks’ customers)
  25. 25. Banks provide sales promotion for core market segments Synchronize banks’ and banks’ customers processes via new data interfaces • Goods and services are easier to sell when financing is included • Trump à Trump Financial Services • Bystronic à Cooperation with Deutsche Leasing • Systematic sales promotion along entire supply chains and within ecosystems (digital business clusters) Banks bridging lack of confidence along value chains • Many different companies along value chains and within business clusters, some of which are in competition with each other • Bilateral negotiations lead to sub- optimum and hinder overall optimisation • Trusted third party can help to reap extra gains of agglomeration
  26. 26. Consumers buying behaviour 80 70 50 60 30 40 20 10 90 1 2 3 4 5 6 7 8 9 10 Demand DVDs per day Sales period week Demand Ordered DVDs
  27. 27. Improving risk-management and risk-mitigation through systematic use of data which are new to banking operations Credit risk assessment by using maintenance data • In high-price segments machines are in remote-maintenance access • Maintenance data provide a lot of insights of machine usage • Maintenance data could be of high value for risk assessments Market-friendly utilization of loan collaterals • Liquidation of collateral (used machine) may have impact on sales opportunities for new machines • In trustful relationships banks and banks’ customers have common interest on securing price-stability on market segments for new and for used machines
  28. 28. Agenda of the presentation 1. From the worried look on the traditional European banks towards a rewarding new role 2. Learning from other industries with courage to own business model 3. Banks provide sales promotion for core market segments 3.1 Synchronize banks’ and banks’ customers processes via new data interfaces 3.2 Banks bridge lack of confidence along value chains 4. Improving risk-management and risk-mitigation through systematic use of data which are new to banking operations 4.1 Credit risk assessment by using maintenance data 4.2 Market-friendly utilization of loan collaterals 5. Modernizing banking supervision, so that banks can make benefits of the data economy a breakthrough
  29. 29. Panel 1: How to put the EU data economy to work? Janne Känkänen, Director for EU and International Affairs, The Ministry of Economic Affairs and Employment, Finland Maria Rautavirta, Director of Data Business Unit, Ministry of Transport and Communications, Finland Olli-Pekka Rissanen, Chief Specialist, Ministry of Finance, Finland Moderator: Jaana Sinipuro, Project Director, The Finnish Innovation Fund Sitra #IHAN #fairdataeconomy #EU2019FI
  30. 30. Panel 2: How to accelerate the creation of new services and ecosystems? Kimmo Mäkinen, Senior Specialist, Ministry of Finance, Finland Matti Ristimäki, Director, Data-Driven Business, Tieto Antti Viitanen, Managing Director, Novartis Finland Oy Moderator: Jyrki Suokas, Senior Lead, The Finnish Innovation Fund Sitra #IHAN #fairdataeconomy #EU2019FI
  31. 31. Way forward Jaana Sinipuro, Project Director, The Finnish Innovation Fund Sitra #IHAN #fairdataeconomy #EU2019FI
  32. 32. sitra.fi | seuraavaerä.fi @sitrafund

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