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What is the future bank · Ecosystem examples - Consumer Finance, Banking - Insurance - E-commerce,...
Transcript of What is the future bank · Ecosystem examples - Consumer Finance, Banking - Insurance - E-commerce,...
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Mykola Chumak 03.10.2019 Kyiv
What is the future bank >
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Clients: Financial Retail Services
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Agenda
The context
The context
Defining transformation
How to transform
Summary
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The’established’ bank modelis outdated
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50% of the world’s bankswill desappear due todigital distruption
BBVA Chairman, Francisco Gonzalel
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Average transaction costshave doubled while branchvolumes have halved in thelast 20 years
FMSI
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Branch transactioncost 20X more than mobile
NetFinance
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Fintechis chompingat the fringes
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Does it make customer ? happy
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80% of Fintechs are around the payments
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I needmoney
Help meget it
I havemoney
Help memake more
Customer needs
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Banks were the only
one industry
for the last 15 years
that didn't encourage
customer to visit stores
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Keep calm use online
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Howeverthere issome goodnews...
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Consumers areinteracting with theirbank more than ever
15-20 times per month vs.3-4 in the pre-digital era
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Definingtransformation
Agenda
The context
Defining transformation
How to transform
Summary
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From...
Have to visit
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To...
Don’t have to visit
There were 26%fewer branch visitsduring 2017compared to 2012
EY, 2018
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To...
Want to visit
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From...
Transaction-dominated
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To...
Relationship-orientated
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From...
Branches first, desktop second,mobile third
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To...
Mobile first, desktop second, branches third
80% of Gen-Y saytheir preferredway to interactwith their bankis online
Yougov, 2018
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From...
Reducing the human touch
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To...
Being about people, connectingwith and supporting community
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So...
Banking is at aninflection point The future holdsbig wins or rapid failuredepending on how effectively andintelligently bank transform
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How totransform
Agenda
The context
Defining transformation
How to transform
Summary
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What is thepath to success
What should be the focusto create the future bankthat truly add value?
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Ecosystems
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Ecosystem examples
- Consumer Finance, Banking
- Insurance
- E-commerce, Shopping, Lifestyle
- Auto
- Real Estate
- Health, Fitness, Sport
- Travel
- Retirement Planning
- Education
- Social
- SME
- Entertainment
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Bank
Life Lab
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Softbank, Japan
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Mentoring
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Frank by OCBC, Singapore
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Frank by OCBC, Singapore
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OTP Bank, Ukraine
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Community
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Capital One 360, USA
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Understand your customer
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The now generation...
Millenials&Gen-Z- Weaned on digital- Value experinces over products- Not bound by tradition- Look for values they can believe in
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Millenials investin experiencesnot product
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The two aspects of the rolebanks can provide
- Transactional/Service/Convenience
- Relatioship/Advice/Education/Inspiration
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For example,look at retailers...
To define the purpose ofbank touchpoints inmobile/digital-first lifestyles
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сайт
Rozetka
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2 KYC (Know Your Client)
3 Be contextual
4Be dynamic and responsive
5 Complementary experiences
1 Blend physical and digital
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Agenda
The context
Defining transformation
How to transform
Summary
Summary
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What is the new model?Great quality advice with low cost digital service
Peopleadvice
Technology service
Assistedservice
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Dual Strategy
Reduce cost to service through technology
Become your customer’s primary financial adviser
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What does this mean for the future?