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Haydnshaughnessyonbanksandecosystems 121214102637-phpapp02
 

Haydnshaughnessyonbanksandecosystems 121214102637-phpapp02

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Some of these Slideshare Presemtations were created by others. They are a; great and worth studying. I am Stephen Darori on Linkedin. If you think we have some Synergy Now or in the Future , please do ...

Some of these Slideshare Presemtations were created by others. They are a; great and worth studying. I am Stephen Darori on Linkedin. If you think we have some Synergy Now or in the Future , please do send me an Invitation to connect on Linkedin. I will never refuse an Invitation.

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    Haydnshaughnessyonbanksandecosystems 121214102637-phpapp02 Haydnshaughnessyonbanksandecosystems 121214102637-phpapp02 Presentation Transcript

    • Adaptive Processes for Adaptive Times Using the web to its full in the banking sector Haydn Shaughnessy
    • Some drivers THE INTERNET IS SO BIG AND PERVASIVE and SO embedded in our behaviour IT CHALLENGES US TO CHANGE THE WAY WE THINK OF OTHER PERVASIVE INFLUENCES.... LIKE THE BANK
    • agenda Disruption factors The Changing Business Ecosystem Mastering the Internet Bringing the Internet into the Organization
    • Haydn Shaughnessy Research and consult on: Global trends Data structuring and improving intelligence Transitioning the enterprise Write at HBR.org, Wikinomics.com GigaOm Innovation Management
    • Disruptive innovation and new platforms DISRUPTION Mobile Internet Customer empowerment Better data
    • Disruptive innovation and new platforms Smartphone penetration Anticipated penetration 2014 anticipate 50% by end 2011 5 billion devices globally connected to the web Sources, ComScore and CISCO
    • Disruptive innovation in mobile People using smart phones use social networks more than regular Internet users 31% Smart phones accelerate and broaden online social interaction The customer ecosystem Source: ComScore
    • A DECADE OF CUSTOMER EMPOWERMENT Time in social networks is time spent building customer-to-customer relationships in ecosystems and time not spent with brands The customer ecosystem
    • So more companies choose to be in the customer ecosystem Other To From destination participation Joining the customer ecosystem
    • ECOSYSTEM behaviour EVERYDAY IN THE ENGLISH LANGUAGE: 500,000 BLOG POSTS 50 MILLION TWEETS INNUMERABLE SOCIAL NETWORK POSTS An unprecedented source of intelligence
    • THE INFORMATION OPPORTUNITY IS GROWING Global mobile data increase 39fold increase from 2009 to 2014, at a compound annual growth rate (CAGR) of 108 percent, much of it generated by social web activity. Source: CISCO
    • THE OPPORTUNITY IS GROWING INTERNALLY TOO Enterprise Data Compound annual growth, transactional data 21% Compound annual growth, unstructured data 67% Source: IDC
    • The problem of structured data US financial institutions' customer data deteriorates at the rate of at least 3.5% per month Source: Insight Ecosystems
    • UPSIDE MORE OPPORTUNITIES TO CONNECT WITH AN EVER WIDER RANGE OF PEOPLE MORE OBJECTIVE DATA, UNTAPPED BY COMPETITORS
    • CONSEQUENCES THE GROWING QUANTITY OF UNSTRUCTURED DATA ONLINE AND INTERNALLY THREATENS DECISION MAKING BECAUSE OF ITS COMPLEXITY Data deteriorates quickly so needs to be circulated quickly if it is to have value EMPLOYEES NEED MORE SUPPORT IN DEALING WITH COMPLEXITY
    • Adaptive process for adaptive times the ecosystem
    • The Ecosystem The porous organization or the open enterprise Open innovation Innovation takes place organically across companies and communities
    • Growth of ecosystem conversations Source: Haydn Shaughnessy, Bearing Consulting, Global Attitudes Project April 2010
    • DEALING WITH COMPLEXITY New ways to Collaborate Communicate Innovate
    • A partial view of the mobile ecosystem or 'distributed' enterprise h/wares/ware interface OS developers Tools developers Function developers Ecosystem brands Supply chain Nokia Services Apps developers Mobile advertising revenues End-user communities Ovi Apple Apps store Operators Google Search Geodata/AR Location AR Maps based content services Content developers Solutions ecosystem Device sales Embedded device markets Home device markets 20 |
    • The broader financial ecosystem Though banks tend not to think in terms of ecosystems, the ecosystem exists Distributed enterprises Regulatory Municipal receipts Open data Corporate ecosystem Policy Disruptive data Carbon Exchange Receivables ecosystem Bank ecosystem Attitudes Trusted services Property market Green ecosystem Transaction 2.0 Risk impacts Subscription economy Equity analyst ecosystem Customer ecosystems Social payments
    • Growth of customer ecosystems in general Customers have shown themselves over a decade to want to contribute to their own and each other's experiences through ecosystems
    • Growth of customer ecosystems in general OVER 2/3rds of Netflix video rentals come thru the recommendation system Netflix prize offered $1 million for a 10% improvement in it
    • Social media 200 banks globally now blog. Only one seems to realise that banks, to customers, are rather boring.... but cricket is The customer ecosystem
    • Growth of personal finance ecosystems
    • BENEFITS CUSTOMER ECOSYSTEMS allow you to connect with customers where they are doing things they like. Allow you to observe behaviour AND build great data to give staff more confidence in their work. Correlate that data with customer acquisition and life-cycle management models
    • Some words on HOW 27 |
    • Enabling and supporting people through what we know What we can know about customers, competito rs, markets is changing
    • PEOPLE and the role of good data Hierarchy of Knowledge Needs Timely Channelled to the right people for the right task Appropriate Contextualised Information is from known sources Accessible and available immediately Coupled to other data of relevance Trustworthy Research shows when data delivers to all 4 of an employees needs it can have a 40+% impact on the quality of decisions
    • LETS LOOKS AT THAT IN THE EXTERNAL WORLD – OUT ON THE WEB
    • THE DATA PROBLEM AND OPPORTUNITY 10S OF MILLIONS OF DATA UNITS INTERNALLY AND EXTERNALLY HOW TO structure CONTEXTUALISE AND CHANNEL IT
    • ECOSYSTEM: Structured knowledge PERSPECTIVES THEMES CONCEPTS TOPICS Why bother? Structure is easy to comprehend, add to and use End-users have needs and desires that market research does not tap in to and you cannot imagine Analysts use out of date material
    • ECOSYSTEM: Structured knowledge HEAT MAP OF OFFICIAL BANK BLOG THEMES GLOBALLY Source, Bearing Banking KPIs project Note the absence of 'customers'
    • ECOSYSTEM: ANOTHER VIEW OF EXTERNAL DATA STRUCTURING EXTERNAL DATA AROUND PERSPECTIVES, THEMES AND CONCEPTS related local loans community government service Count Likelihood Percent business customers industry assets stock 0 10 20 30 40 50 60 70 TOP TEN EMERGING CONCEPTS DICUSSED BY BANKS AND CREDIT UNIONS SOURCE: BEARING KPI STUDY 'Likelihood' % is the relevant concept = how likely they are to co-occur with the term 'bank' taking into account their relative presence in the text, i.e. a small number of terms can still be very likely to co-occur. to banking
    • ECOSYSTEM: ANOTHER VIEW OF EXTERNAL DATA STRUCTURING EXTERNAL DATA AROUND PERSPECTIVES, THEMES AND CONCEPTS related TOP 10 CONCERNS IN CUSTOMER CENTRIC CONVERSATIONS ABOUT BANKING SOURCE: BEARING BANK KPI STUDY to banking TOP TEN EMERGING CONCEPTS DICUSSED BY BANKS AND CREDIT UNIONS SOURCE: BEARING KPI STUDY change local free loans fees community business government credit Count Likelihood Percent online overdraft service Count Likelihood Percent business customers service industry products assets experience stock 0 10 20 30 40 50 60 70 80 0 10 20 30 40 50 60 70
    • ECOSYSTEM An initial knowledge map of banking from 1200 websites Source: Bearing Banking KPI Project
    • EXTERNAL DATA STRUCTURING TOP RIGHT IS THE EMERGING SPACE SOCIAL FEES MOBILE MANAGE MENT Source: Bearing Banking KPI Project
    • ECOSYSTEMS Knowing markets and competitors
    • Perception management Online references to Android and IPhone October 2008, Jan 2009 The growth of the Android operating system's sales reflects the growth in online references from 1/12 of iPhone to 1/3rd. By March 2010 Android was catching up in market share too.
    • ECOSYSTEMS IDENTIFYING AND MANAGING PARTNERSHIPS FOR INNOVATION
    • Scaled partnerships – THE API SPACE Media Retail Auto Mobile Banking New York Times Zappos NG Connect Apple Paypal Guardian Tesco Autoline Nokia Ovi Apple iPhone payments Comcast Netflix Lemon Tree Orange Windows Media Etsy BMW Samsung A-V Networks Cafe press Audi Android Reuters Shopping.com General Motors Droid MTV Networks Fiat Blackberry Skype Ford Handango USA Today (sport and books) VW Horizon Verizon
    • Disruptive innovation Paypal apps program - future of money threatens banks with new business models, already evident in transaction systems
    • THE INTERNAL ECOSYTEM Bringing the web into the bank
    • Generating unstructured data Growth of internal networks (Intranets, communities, wikis, content, word files, planning documents PDFs, PPTs), call centre records, customer interactions, email CREATES A WEB-LIKE PROBLEM
    • Internal processes UNSTRUCTURED DATA CREATES UNCERTAINTY AND DRIVES POOR DECISION MAKING, CREATING AT LEAST A 40% LOSS IN REVENUE IN TRADING ENVIRONMENTS; structured data is lost quickly without being used Timely Knowledge needs these attributes Appropriate Contextualised Trustworthy
    • Solutions to information discovery issues From structure To text indexing Simultaneously text search is becoming far better at structuring results
    • A solution lies in data flow Give people enough opportunities for discovery and sharing, means finding exactly what is needed occurs more often diagram:usabilitynews.usernomics.com Good data exploration and usage become content and communications issues
    • PUTTING INSIDE AND OUTSIDE TOGETHER AN EXAMPLE
    • EXPERIMENT WITH SOME CLASS OF CUSTOMER What can we know from the Web? Trusted services SaaS Loans Small to Medium Sized Business Fiscal benefits IT SME Bank Pension tech Green issues What they talk about at any level of granularity FP7 Grants Etc
    • EXPERIMENT WITH SOME CLASS OF CUSTOMER What can we know from the Web? Facebook LinkedIn Sport Small to Medium Sized Business Places they congregate and opportunities for engagement Travel Social networks IT sites Trade press Tech. Bulletin board EU Cordis retail sites
    • EXPERIMENT WITH SOME CLASS OF CUSTOMER bought associated products Credit scores Aggregate loan performance What can we know from internal sources ? SME Loans Reasons for Nonperformance Email themes Sector profiles Geography Manufacturing Retail Local IT Regional
    • EXPERIMENT WITH SOME CLASS OF CUSTOMER What can we know from internal sources ? EVEN SME needs will be diverse
    • Enterprise social network as an incubator of the SME loan project An additional data loop Develop new loan product options Participation strategy management Design web pages responsive to DIVERSE needs – try multiple versions Experiment and collate data Evidence based product and marketing strategy Participatory collateral development
    • The wider payoff What about innovation?
    • Identifying unmet custodial or transactional needs A U T O Staff also spot SMEs taking on SaaS in place of IT loans Subscriptions replace leases Employees observe need for new trusted services Be ready to be surprised Bank offers automated global contract validation and custody service Trusted services Online contract validation
    • Adaptive process for adaptive times CONCLUSIONS
    • Conclusions You cannot imagine what customers want because their ecosystems are fast evolving – technology and new wants drive them to innovate in their behaviour You must acquire advantage from knowing more and through participation: the web is a participatory medium Progress through scaling partnerships freeing yourselves to strategise new opportunities
    • Conclusions Embrace the ecosystem Map the surrounding world Take a proactive approach to what you can know Be ready for real innovation
    • The END Haydn Shaughnessy haydn@cogenuity.com