If you don't target Millennial Pragmatists, you're business is toast. PS - Every app works like a charm until its hit with concurrent users and intermittent connectivity. Look towards those engineers that can build stateless backends.

1. Speed Matters
The Conspiracy of a Generation
mike.jagdeo@gmail.com

2. TL;DL(isten) III

3. TL;DL(isten) III

4. TL;DL(isten) III
• We must target Millennial Pragmatists or
watch our Personal and Commercial Banking
business evaporate in the next 5-7 years
• Given the Millennials’ strong ties to Google &
Apple, we’re in a fight for our lives.
• This effort must be demonstrably backed by
the CEO or inevitably fail. (Geoffrey Moore, Crossing the Chasm)
• How do you influence MP’s to use our Wallet?

5. How Important is the RBC Smart Wallet? II
• As a first step, many banks should adopt a
“mobile first” philosophy, in which products and
processes are completely redesigned for mobile,
after which they are translated to Internet and
branches.
• While preserving the equity in their brand, they
should reposition and rebrand the bank to appeal
to millennials and compete effectively in the
digital era
McKinsey Global Banking Annual Review 2015

6. How Important is the RBC Smart Wallet? II
[The Bank CEO] first needs to build a vision
based on the premise that they will never see
the customer face-to-face – only deal through
screens and make no margin on their loans.
Chris Skinner, Top 40 Global Fintech Influencer, WSJ

7. Speed Matters
The Conspiracy of a Generation
mike.jagdeo@gmail.com

8. Table of Contents
1. Innovation Monetization via Pragmatists
2. Millennials Pragmatists are your #1 Concern
3. Banking Habits of MPs
4. We’re Running Out Of Time
5. Speed Matters

9. Table of Contents
1. Innovation Monetization via Pragmatists
2. Millennials Pragmatists are your #1 Concern
3. Banking Habits of MPs
4. We’re Running Out Of Time
5. Speed Matters

10. Innovation Monetization via Pragmatists
(Moore, Crossing the Chasm [Recent work with Cisco Sybase Akami Rackspace McAfee Cognizant etc.])

11. Millennials Are Your #1 Concern III
• Millennials (18-34) outnumber Baby Boomers
(Pew Research, 04.25.16)
• Millennials, the children of the digital age, are
the next wave of banking customers. (McKinsey Global
Banking Annual Review 2015)
• Millennials are the agent of change in shifting
behaviors. (The Future of Finance, Goldman Sachs)

12. Millennials Are Your #1 Concern III

13. Millennials Are Your #1 Concern III

14. Millennials Are Your #1 Concern
• Millennials (18-34) outnumber Baby Boomers
(Pew Research, 04.25.16)
• Millennials, the children of the digital age, are
the next wave of banking customers. (McKinsey Global
Banking Annual Review 2015)
• Millennials are the agent of change in shifting
behaviors. (The Future of Finance, Goldman Sachs)

15. Millennial Pragmatists (MPs) Are Your
#1 Concern

16. Table of Contents
1. Innovation Monetization via Pragmatists
2. Millennials Pragmatists are your #1 Concern
3. Banking Habits of MPs
4. We’re Running Out Of Time
5. Speed Matters

17. The Banking Habits of MPs
• Five times more likely than those over age 50 to close
all accounts with their primary bank.
• They are three times more likely to open a new
account with another bank.
• Significantly more likely to transact with their bank
through mobile app.
• Have more products at their primary banks than other
cohorts
• Unlike Innovators and Early Adopters, Millennial
Pragmatists will consume technology to solve a
problem, not to consume technology
(Options & Opportunities, Forging Lasting Banking Relationships with Millennials, FICO)

18. The Banking Habits of MPs
• Five times more likely than those over age 50 to close
all accounts with their primary bank.
• They are three times more likely to open a new
account with another bank.
• Significantly more likely to transact with their bank
through mobile app.
• Have more products at their primary banks than other
cohorts
• Unlike Innovators and Early Adopters, Millennial
Pragmatists will consume technology to solve a
problem, not to consume technology
(Options & Opportunities, Forging Lasting Banking Relationships with Millennials, FICO)

19. Table of Contents
1. Innovation Monetization via Pragmatists
2. Millennials Pragmatists are your #1 Concern
3. Banking Habits of MPs
4. We’re Running Out Of Time
5. Speed Matters

20. We’re Running Out Of Time II
A generation of consumers is learning that there are
banking services from nonbank providers whether
that's PayPal or Venmo to move money, or
alternative lenders like Lending Club. These are the
same consumers who will be opening businesses
and who will be running the companies of the
future. Don't you think there is collateral damage to
the industry as this generation takes the reins? -
The Great Rebundling of Financial Services (Bradley Leimer,
Head of Innovation, Santander Bank for American Banker)

21. We’re Running Out Of Time II
• 32 percent of Millennials are likely to use a
mobile wallet service like Apple Pay or Google
Wallet in the next 12 months – American
Millennials will step up use of non-traditional
banking services this year
• 56 percent of younger Millennials (18-24) report
that they are already using or very likely to use
alternative payment services like Venmo and
PayPal.
FICO Survey: American Millennials Will Step Up Use of Non-Traditional Banking Services This Year

22. Table of Contents
1. Innovation Monetization via Pragmatists
2. Millennials Pragmatists are your #1 Concern
3. Banking Habits of MPs
4. We’re Running Out Of Time
5. Speed Matters

23. Speed Matters II
• Instagram hit 12M users in 12 months (now
400M)…Speed Matters….Mobile experiences
fill gaps while we wait. No one wants to wait
while they wait. Mike Kriegman, Instagram Founder (UX Designer + Developer)
• FB and IG are now “the two most important
mobile advertising platforms in existence”
(Sandberg, COO FB, Jan 26 2016)

24. Speed Matters II
• A 1-second delay in page response can result
in a 7% reduction in conversions(Gomez | Akamai | Kissmetrics)
• Mobile apps that take longer than 5 seconds
to load results in 19% abandonment(Gomez | Akamai |
Kissmetrics)
• Negative digital experiences with both online
and mobile had a much bigger negative
impact on Millennials than on other age
groups.(Options & Opportunities, Forging Lasting Banking Relationships with Millennials, FICO)