Will FinTech Eat Banking?

14
9 th ICC Banking Summit 2017

Transcript of Will FinTech Eat Banking?

Page 1: Will FinTech Eat Banking?

9th

ICCBanking Summit

2017

Page 2: Will FinTech Eat Banking?

INTRODUCTION

Digital Consultant,

Angel Investor

Founder & CEO,

Indus Net Technologies

20 yrs.+ in Digital Services

Alum: University of Bath,

St. Xavier's College

Page 3: Will FinTech Eat Banking?

THE DIGITAL USER FALLACY

Page 4: Will FinTech Eat Banking?

“Great Web Portal / Mobile App

Millions spent on Marketing

Millions of USERS!

Very little USE.

Hence, failing business case :(

Page 5: Will FinTech Eat Banking?

WHAT’S WRONG?

Page 6: Will FinTech Eat Banking?

“It is not about you,

It is about them.

When you make it about them, then it will be about you

Page 7: Will FinTech Eat Banking?

WHAT CAN WE DO ABOUT IT?

Page 8: Will FinTech Eat Banking?

Give HappinessHappiness = Reality - Expectation

When, Happiness > X

Result = Excitement

Product gets used AND shared

It is 0 or 1

But you can see traits, and make course correction

Example:of 1 = WhatsAppof 0 = Millions!

Page 9: Will FinTech Eat Banking?

Utility trumps Creativity

Creativity is Overrated

‘Need’ is more important than ‘Want’

Create Utility.

Find what your users REALLY NEED.

The Signals are [HIDDEN]

To Discover that, you need ‘Small Data’

Page 10: Will FinTech Eat Banking?

Utility trumps Creativity

‘Small Data’ are the ‘User Insights’

It comes from intimate conversations and not market survey

It is never spoken out. It is all about Observations

Observations of Frustrations, Joy, Sorry, Hatred, Love

Sleep with your customer (not literally!)

Page 11: Will FinTech Eat Banking?

Utility trumps Creativity

Banks have foundationFintech has focus, innovation and agility

Partner.

Open up APIs Let fintech and internal innovation teams build products

Build on your strengths

Page 12: Will FinTech Eat Banking?

Iterative Development, Not Linear

It is not:

Business - > IT -> Vendor/Partner

It is an infinite loop

It is not a Tool. It is not a Business Application

It is Product Development

Build. Test. Think.Repeat.

It is Team Effort. It is Partnership.

Page 13: Will FinTech Eat Banking?

Industries served

Financial Service, Media, Publishing,

Entertainment, Retail, Health, IT Services,

Professional Services, Education & Others

Offices

40,000 square feet

Presence in

India, UK, USA, Canada, South Africa,

Mexico, Saudi Arabia, UAE, Kuwait, Singapore

Team

750+ Passionate Professionals

Globally distributed revenue

Business distributionTech 75% Marketing 25%

Since

1997

Core Services

Digital Consulting, Web Apps, Mobile Apps,

Analytics, Digital Marketing, Cloud Infra

UK 25% EU 25% USA 25% India15% Oth 10%

Page 14: Will FinTech Eat Banking?

CONTACT INFOAbhishek Rungta

Indus Net Technologies [email protected]

www.indusnet.co.in

Twitter: @abhishekrungta

FB: /abhishekrungta

LinkedIn: www.linkedin.com/in/abhishekrungta

Mobile, WhatsApp & SMS: +91 98311 51614

Thank You!