Beyond Banking: New Business Models for the Digital Era
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Banks & FinTech: so close, so far
- 1. Banks & FinTech: so close, so far DAVID JIMÉNEZ MAIRELES @davidjmaireles davidjimenezmaireles
- 2. We are going to cover 4 things today:
- 3. CULTURE PRODUCT TECHNOLOGY MINDSET
- 4. What’s the current status of culture in banking?
- 5. 3 hours/day Source: AppAnnie, 2019 Banking is changing…
- 6. …and so are banks and “bankers”
- 7. Does it really matter how employees dress?
- 8. FROM Close Data controller Project driven Multi-layer hierarchy Follow rules TO Open Data sharer Collaboration driven Flat hierarchy Avoid rules MASSIVE CULTURE SWIFT
- 9. Are banking products a commodity?
- 10. Being the “face” of banking PHASE 1 (2011 – 2014) BANKS ACCOUNTS DEBIT CARDS PAYMENTS INVESTMENTS DISTRIBUTION BANKING LICENSE CREDIT CARDS LOANS MORTGAGES FINTECH ACCOUNTS DEBIT CARDS PAYMENTS INVESTMENTS DISTRIBUTION BANKING LICENSE CREDIT CARDS LOANS MORTGAGES Offered (and internally or via 3rd party partnerships)
- 11. Being the “face” of bankingPHASE 1 (2011 – 2014)
- 12. BANKS ACCOUNTS DEBIT CARDS PAYMENTS INVESTMENTS DISTRIBUTION BANKING LICENSE CREDIT CARDS LOANS MORTGAGES FINTECH ACCOUNTS DEBIT CARDS PAYMENTS INVESTMENTS DISTRIBUTION BANKING LICENSE CREDIT CARDS LOANS MORTGAGES Offered (and internally or via 3rd party partnerships) Bundling banking services PHASE 2 (2015 – 2020)
- 13. Source: CB Insights Bundling banking servicesPHASE 2 (2015 – 2020)
- 14. BANKS ACCOUNTS DEBIT CARDS PAYMENTS INVESTMENTS DISTRIBUTION BANKING LICENSE CREDIT CARDS LOANS MORTGAGES FINTECH ACCOUNTS DEBIT CARDS PAYMENTS INVESTMENTS DISTRIBUTION BANKING LICENSE CREDIT CARDS LOANS MORTGAGES Offered (and internally or via 3rd party partnerships) Creating a Fintech bank PHASE 3 (2020 - )
- 15. Can you spot the differences?
- 16. From transactional mails to brand experiences Monzo (2014) Simple (2011) Revolut (2018) Incumbents banks (1960 – 2010)
- 17. Redesign banking for today’s customer experience Before Now
- 18. Social media – a branding channel
- 19. Upcoming bill notification Travel insights Proactive help NOT penalty fees
- 20. Technology – what’s the difference?
- 21. New technology… ...new business models
- 22. New technology has changed the way startups are created Source: Kleiner Perkins - FinTech Trends 2017
- 23. Legacy systems. The Achilles heel of banking
- 24. Design products with today’s technology UK traditional banks Atom Bank
- 25. Translating banking terminology Source: Optima Consulting 2018
- 26. 27 Are you driving fast enough? Challenger banks 10 Incumbent banks Source: Optima Consulting 2018, average iOS updates per year and FinTech
- 27. Incumbent banks are catching up…. …6 years later 2012 2018
- 28. What’s the difference in the mindset of banks and startups?
- 29. Incumbents Head of Digital Transformation Head of Innovation Head of Data Head of Customer Experience Challengers Head of Product VP of Growth Head of Partnerships Head of Culture
- 30. Source: Company reports / websites / F-Prime analysis Scalability (and CACs) not seen before
- 31. Source: Company’s respective press releases Millions of customers, accounts and downloads
- 32. Source: Payments and Banking April 2016 COLLABORATION The new standard in banking February 2018
- 33. Open Banking – New collaboration strategies Source: Accenture, 2019 Bank owned channels New offerings BaaP (Bank-as-a- Platform) Traditional FS offering Digital Service offerings BaaS (Bank-as-a-Service) Ecosystem partners 3rd parties CaaS (Capability-as-a-Service) CHANNELS OFFERINGS
- 34. THE FUTURE OF BANKING BANKS VS FINTECH BUT BANKS & FINTECH
- 35. DAVID JIMÉNEZ MAIRELES @davidjmaireles THANKS!
