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About me:
Venture partner @ Anthemis
Entrepreneur (200ideas, Lift, coComment)
Consultant, advisor, speaker
Swiss correspondent @ Wired UK
Lecturer @ HEC Lausanne
Columnist @ Bilan
@laurenthaug
hello@laurenthaug.com
+41786966480
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7. Jack Welch
Change before you have to.
Société Générale told a banking conference in June
that it took 10 years to get 20 million contacts per
month through Internet banking but only 18
months for the bank to do the same via mobile.
www.informilo.com/20130916/rebooting-banking-21st-century-868
8. © Laurent Haug 2014 8
60% of Smartphone Users Consider Dropping Bank That Doesn't Offer Mobile
No longer is mobile banking a fun parlor trick
offered by the big banks, in fact AlixPartners said
that approximately 60% smartphone users would
consider leaving their financial institution if mobile
services were not offered.
10. © Laurent Haug 2014 10
Loan officers are among the most susceptible
professions to be replaced [98% probability].
Inroads are already being made by Daric Inc.,
an online peer-to-peer lender which begun in
November, it doesn’t employ a single loan
officer. It probably never will.
21. © Laurent Haug 2014 21
Actual funds [Simple] customers deposit and
withdraw are handled by partners CBW Bank and
Bancorp, providing FDIC reassurance to customers
29. © Laurent Haug 2014
Digital banking trends
Commoditization of banking
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34. © Laurent Haug 2014 34
Intrasurance is a small company that
manages one million insurance contracts
with a team of 30 people. Everything is
digital. No phone contact. Incidents are
managed in a completely automatic way.
40. © Laurent Haug 2014
Mobile
Data
Transparency
Bank as a platform
Simplification
Commoditization
New competitors
New assets
/ Digital banking trends
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42. © Laurent Haug 2014 42
Jamie Dimon, CEO, JP Morgan
When I go to Silicon Valley…they all want to eat
our lunch. Every single one of them is going to try,
43. © Laurent Haug 2014 43
Bill Gates
We need banking but we
don't need banks anymore.
44. © Laurent Haug 2014
The advantages of Silicon Valley
Access and simplicity
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45. Laurent Haug 45
WeChat leaps into banking, lets users set up online investment fund
WeChat has just joined China’s personal finance
race, adding a “wealth” section where users can
store their savings in a new monetary fund straight
from their smartphone.
46. Laurent Haug 46
High-Interest Web Banks on the Rise in China
Last June, an affiliate of the Chinese e-commerce
giant Alibaba made an offer to its hundreds of
millions of users: give us your cash, and we will pay
more than Chinese banks will. […]
The fund now has $40 billion in assets under
management, making it the country’s biggest
money market fund.
47. © Laurent Haug 2014
The advantages of Silicon Valley
Data, data, data…
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48. © Laurent Haug 2014
What if bankers were reacting to client’s
facebook feeds?
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49. © Laurent Haug 2014
Yesterday ---> Today
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Going to London next week, any recommendation for a good
restaurant close to the Paddington station?
50. © Laurent Haug 2014 50
Going to London next week, any recommendation for a good
restaurant close to the Paddington station?
BANKER ACTIONS
- Client introduction
- Marketing event invitation
- Activity recommendation
- Fidelity program reminder
- Money exchange
51. © Laurent Haug 2014
Going to London next week, any recommendation for a good
restaurant close to the Paddington station?
BANKER ACTION - Client introduction
Clients in London:
John Smith, CEO
Pat Summeral, Investor
John Madden, VC
INTRO
INTRO
INTRO
52. © Laurent Haug 2014 52
Going to London next week, any recommendation for a good
restaurant close to the Paddington station?
Introduce John Doe to Pat Summeral
Dear John,
I see you are going to London next week. Let me suggest you meet
with my friend Pat cced on this message. Pat is an investor active
in biotech just like you, and someone you should meet.
Best regards
Laurent SEND
53. © Laurent Haug 2014 53
Going to London next week, any recommendation for a good
restaurant close to the Paddington station?
BANKER ACTION - Marketing event invitation
Events next week:
World Press Awards Expo
F1 grand prix
INVITE
INVITE
55. © Laurent Haug 2014 55
John Doe’s portfolio is unbalanced (too much US stocks
exposure).
BANKER ACTIONS
- Suggest trade to rebalance portfolio
- Send NYT earnings report event invitation
John Doe just bought 1000 NYT @ 16.34$
56. © Laurent Haug 2014 56
John Doe likes Audi.
BANKER ACTIONS
- Propose car leasing
- Send address of partner Audi reseller
- Add “Automobiles” to client’s interest in CRM system
57. © Laurent Haug 2014
Can Silicon Valley replace banks?
Silicon Valley has access, simplicity and data
Banks will either acquire these, or will have
to buy them - at a high price - from Silicon
Valley.
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58. © Laurent Haug 2014 58
An industry that let silicon valley eat its lunch
59. © Laurent Haug 2014 59
Marc Giget, Club de Paris des directeurs d’innovation
“No candle-maker has become a bulb
manufacturer, no carriage-maker has
become a car producer, and the post
office did not invent the email”
60. © Laurent Haug 2014
A few certainties to prepare the future of
banks
- Follow clients where they are (mobile, social networks)
- Simplification & transparency
- Data-driven banking
- Choose your fight (platform vs high value-added service)
- Invest now!
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