The Future of Digital Banking

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The Future of Digital Banking
by Graham Thomas, Co-founder, Radical Company
at the ArabNet Digital Summit 2013, June 24-26, Dubai, UAE

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The Future of Digital Banking

  1. 1. HOW TO SURVIVE WHEN THE FUTURE OF BANKING IS DIGITAL ©  Radical  Company  2013   ©radicalcompany.com JUNE 2013 COM PAN Y RADICAL
  2. 2. 2  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    
  3. 3. 3   THE FUTURE OF DIGITAL BANKING LIFETIME VALUE & WEALTH CREATION THE FUTURE PRODUCTS DATA PERSONALISATION SOCIAL EDUCATION SHARING MEDIUM ENGAGEMENT GAMIFICATION BIG DATA MICRODATA ANALYTICS EXPERIENCE PRODUCTS SEGMENTS TECHNOLOGY COLLABORATIONINNOVATION AND BEYOND NOW NEW TOOLS PAYMENT SYSTEMS CUSTOMER CHANNEL LEGACY INTERNAL STRUCTURES LEGACY FREE IT INFRASTRUCTURE OUTSOURCING THE CLOUD SECURITY ISSUES CONNECTIVITY CUSTOMER SERVICE BRANCH ONLINE ENGAGEMENT MOBILE DASHBOARDS DIAGNOSTICSEDUCATION BUNDLING RETAIL BUSINESS WEALTH COMPLIMENTARY NEW SERVICES FUNCTIONALITY TABLET P2P TRANSACTIONS GEOLOCATION WALLET ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    
  4. 4. 4  PHOTOGRAPHY  ©  2006  VALARIE  (FLICKR)     FINANCIAL SERVICES BRANDS NEED THE RED QUEEN TO SURVIVE ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    
  5. 5. 5   IT TAKES ALL THE RUNNING YOU CAN DO, TO KEEP IN THE SAME PLACE ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    
  6. 6. 6  PHOTOGRAPHY  ©  20O5  TOBIAS  MUNICH  (FLICKR)   ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     SO INNOVATION NEEDS SPEED. WE BELIEVE IN THE POWER OF MUTATION WHERE LOTS OF LITTLE CHANGES HAPPENING FAST LEAD TO SUSTAINED COMPETITIVE ADVANTAGE
  7. 7. 7  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     “IF STANDARDISATION IS ONE WAY TO MAKE FINANCIAL INNOVATIONS CATCH ON, MUTATIONS IS ANOTHER. BY EXPERIMENTING FURIOUSLY WITH NEW PRODUCTS, THE INDUSTRY CAN HIT ON ITERATIONS THAT WORK.” Economist Intelligence Unit
  8. 8. 8  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     UNDERLYING ALL DIGITAL BANKING IS THE NEED TO ENGAGE YOUR CUSTOMERS BETTER THAN YOU DO AT THE MOMENT, TO CREATE HIGHLY PERSONAL EXPERIENCES - NOT ONE SIZE FITS ALL - AND TO BUILD TRUE LIFETIME VALUE. SO LET’S START WHEN THEY’RE YOUNG..
  9. 9. 9   THE WORLD’S FIRST DIGITAL MONEY BOX THAT ALLOWS KIDS AND FAMILIES TO SAVE, EARN & LEARN IN A SINGLE PLACE In 20 seconds any child or adult can set up a money box to store the money that they deposit and/or earn. Every customer will get a family friendly cashback zone so they can recoup money from their families online spend. Every customer will earn badges and/or money to encourage and reward great money behaviours. ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    
  10. 10. 10  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     Raise £500K from seasoned angels who have backed our vision for Join SAM www.joinsam.com launches Child & adult registration Family cash back service Withdrawal funds Behavior awards Saving wish list Customer support Raising £1.5m in 2 tranches (milestone based) £500K £1M Deposit funds Card issuance for ATM Social contribution against wish list Retail offers Family unit account links Platform optimisation & service evolution Marketing - PR / initiative testing Marketing - Full programme ESTABLISHED SOFT LAUNCH FULL LAUNCH YEAR 1 END App version Offline cash back Family chores EU pilot plan US pilot plan MAR 2012 JAN 2013 APR 2013 DEC 2013 £500K TIMELINE!
  11. 11. 11  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     JOIN SAM Desktop web site interface
  12. 12. 12  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     JOIN SAM Social media
  13. 13. 13  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     1. Standard Chartered - Mobile banking 2. Barclays - Geo-location rewards scheme 3. Barclays - Pingit 1 v 2 3
  14. 14. 14  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     ASB! Facebook virtual bank!
  15. 15. BARCLAYS Features Store 15  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    
  16. 16. 16  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     MONEYDASHBOARD! Money management!
  17. 17. 17  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     STANDARD LIFE Wealth app
  18. 18. 18  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    PHOTOGRAPHY  ©  2011  ADAM  TROMAN  (FLICKR)  
  19. 19. 19  ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |     RADICAL DISRUPTION FACTORY SOCIAL RESPONSIBILITY COMMUNICATION VALUE NEW BANKING SUPER LEAN RESELLER POERTABLE GRAPHIC REAL TIME T’S & C’S SMS BANKING CHECKERS WEALTH MANAGEMENT VIRTUAL CURRENCY EXCHANGE ONLINE COUNCILLING COMMUNITY BANKING SCHOOL EDUCATION LOCAL HEROES DIGITAL INTERNSHIPS LENDING PAYMENTS TOOLS ALERTS AND WARNINGS DECISION TREE APPS DASHBOARDS BUDGET BUILDERS - REAL TIME FINANCIAL HISTORY MICRO PERR TO PEER FACTORING TWITTER DIGITAL IOUs INCLUSIVE NEW VIRTUAL CURRENCY E-COMMERCE INTEGRATION D-WALLETS FUTURE DISRUPTIONS
  20. 20. 20   “We want more than just a digital agency – we want partners to help shape and deliver our digital innovation agenda across all our customer touch-points. Radical enable us to respond to market changes, develop innovative new experiences for our global customer base and get new ideas to market in weeks, not months and years.” Juan Saenz de Santa Maria, Global Director – Retail Banking ©  2013  RADICAL  COMPANY  LTD  |  PRIVATE  &  CONFIDENTIAL  |    
  21. 21. 21  ©  Radical  Company  2013   THANK YOU graham.thomas@radicalcompany.com +44 (0) 7795 687 179 Download this presentation www.radicalcompany.com/DOWNLOADS/DIGITALBANKING/surviving_future_digital_banking.pdf.zip

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