2014 AFA July National Roadshow - Mega Trends & Digital Disruption Presention
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Traditional industries, including wealth management, are being disrupted every day by new business models and technology which is empowering the consumer like never before. Today, we will explore: • 5 key emerging global thematic trends • New segmentation Models Agenda
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Traditional industries, including wealth management, are being disrupted every day by new business models and technology which is empowering the consumer like never before. This presentation was given at the 2014 AFA July National Roadshow and explores 5 key emerging global thematic trends as well as new segmentation Models.
Transcript of 2014 AFA July National Roadshow - Mega Trends & Digital Disruption Presention
Traditional industries, including wealth management, are being
disrupted every day by new business models and technology which is
empowering the consumer like never before.
Today, we will explore:
• 5 key emerging global thematic trends
• New segmentation Models
Agenda
Why are we here today?
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Val
ue
of
Fin
anci
al S
erv
ice
s ($
Bil
lion
)Accounts
Loans
Superannuation
Other
+324%
+368%
+75%
+191%
Base: Australian population aged 14
Source: Roy Morgan Research, 12
month rolling average
Source: Forrester Research, “Competitive Strategy In The Age Of The Customer
What is the Age of the Customer?
Why are customers so empowered today?
Constant Connection Information deluge
Symbiotic human-AI
relationships
What’s mine is
yours…for a fee
The Freelance economy Others…
Theme #1 - What’s mine is yours…for a fee The sharing economy and collaborative consumption
Source: http://wire.kapitall.com/investment-idea/3-hotel-stocks-valuable-airbnb/
AIRBNBMatches travellers with locals who have spare rooms
FRIENDINSURANCESocial insurance company relies on communities to reduce premiums
BITCOIN
BITCOINSpeculators collectively managed an open-source virtual currency
TRANSFERWISESocial exchange of EUR/GBP for a low flat fee
etoroCommunity based investment portfolios / ideas
STATE FARMInsurance company launches community café for locals (www.nextdoorchi.com)
Source: Trendwatching.com 2012
Theme #2 Constant ConnectionOur mobile obsession
Source: ComScore ; NHN Korea
NETWEALTHAdvisers and Investors real-time access to their personal wealth
• 10+ % of user accessing our site on
mobile or Table
• Dominated by Apple iOS devices
ENTERPRISE ANYWHERE
Image source: Apple
16
MOVEN“The bank of the future” – New York Times
Theme #3 Information delugeEmpowerment or decision fatigue?
59%Looked online for health info
35%Tried to figure out their
medical condition online
16%Consulted online reviews of
health care services
19%of Smartphone users have
downloaded a health app
VS
Source: Pew Internet
ONLINE HEALTH SERVICES
PERSONAL CAPITALAims to deliver truly personal & objective wealth management solutions for
complex financial lives
LEARNVESTAims to empower people everywhere to take control of their personal
finances so that they can afford their dreams
NETWEALTH
23
INVESTMENT SERIES - Curated content
VOUCHEDFORUser generated reviews of IFA in the UK
Tripadviser empowers consumers to make decisions about
hotels from a huge library of community reviewsHoliday information was limited to specialists
VS
TRIPADVISERUser generated reviews of the hotel industry
Theme #4 Symbiotic human-AI relationshipsDigital assistance and assistants
“Financial advice has a
58% probability of being replaced by robots or
artificial intelligence, which puts it among the 10
professions most likely to be computerised in the
next 10-20 years”
Oxford University Report 2013
FUTUREADVISERInvesting for your future does not have to be difficult or expensive
IBM and ANZ
Theme #5 The Freelance economyAutonomy, balance and success
LAWPATHLegal help made easy
Success in the age of the empowered customer
The only sustainable
competitive advantage is
knowledge of and
engagement with the
consumer
Life-stage
Wealth attitudesGeneral attitudes
Buyer preferences
Activities they prefer
Technology
adoption
Demographics
Source: the platforum, August 2013
Changes in buyer
preferences-
UK Experience
Life-stage
Wealth attitudes
General attitudes
Buyer preferences
Activities they
prefer
Tech adoption
Demographics
Values
102 Smart Money
Have SMSF
Trade Shares
Use Financial Planners
102 Smart Money
N.S.W. incl. ACT49.7%
Victoria38.6%
South Australia1.5%
Western Australia
10.3%
102 Smart Money
Heavy Internet(15+ hrs pw)
Heavy Newspaper
readership (8+ hrs pw)
Heavy Magazine
readership (5+ issues)
Heavy Cinema(2+ visits/3mths)
Start now…Evolution, not revolution!
Image source: Andrew B. Myers
• Be customer obsessed and put them at the centre
of everything you do
• Reinforce value and leverage technology to
achieve this
• Be aware of what your competition is doing !
