Social and technology trends for banking

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Social and technology trends for banking

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Social and technology trends for banking

  1. 1. Social  banking  and  the  future   Kate  Carruthers   Oct  2013  
  2. 2. Agenda   1.  2.  3.  4.  5.  Some  history   Social  trends   Technology  trends   New  entrants  and  disruptors   OpportuniEes   Oct  2013   ©  2013  Kate  Carruthers   2  
  3. 3. a  bit  of  history…   •  •  •  •  •  •  Westpac   ANZ   CiEbank   Permanent  Trustee   AMP   GE   Oct  2013   ©  2013  Kate  Carruthers   3  
  4. 4. “…  banking  is  no   longer  somewhere   you  go,  but   something  you  do”     BreR  King,  Bank  3.0   Oct  2013   ©  2013  Kate  Carruthers   4  
  5. 5. Technology  trends  are   driving  consumer   behaviour  and  service   expectaEons   Oct  2013   ©  2013  Kate  Carruthers   5  
  6. 6. Technology  trends   •  •  •  •  •  •  Mobile   Ubiquitous  wifi   RealEme   PersonalisaEon   Peer-­‐to-­‐peer   App  ecosystem   Oct  2013   ©  2013  Kate  Carruthers   6  
  7. 7. 12  million  Australian  users   Source:  Frank  Media   Facebook  has  trained  ordinary   people  to  collaborate  and  share   online  in  realEme.   Oct  2013   ©  2013  Kate  Carruthers   7  
  8. 8. Oct  2013   ©  2013  Kate  Carruthers   8  
  9. 9. RealEme   Source:  hRp://blogs.dctc.edu/dctc-­‐news/ 2010/05/06/going-­‐with-­‐the-­‐dataflow/   From  “when   we  can”  to   “realEme”   Oct  2013   Source:  hRp://www.slashgear.com/google-­‐data-­‐center-­‐hd-­‐photos-­‐hit-­‐where-­‐the-­‐internet-­‐lives-­‐ gallery-­‐17252451/   ©  2013  Kate  Carruthers   9  
  10. 10. Smartphones   Source:  hRp://www.businessinsider.com.au/the-­‐massive-­‐australian-­‐mobile-­‐explosion-­‐explained-­‐2013-­‐7   Oct  2013   ©  2013  Kate  Carruthers   10  
  11. 11. Always  connected   “We  call  them   Genera&on  C     —  connected,   communicaEng,   content-­‐centric,   computerized,   community-­‐ oriented,  always   clicking.  ”   Source:  hRp://www.booz.com/media/file/Rise_Of_GeneraEon_C.pdf   Oct  2013   Source:  David  Tao  Photography   ©  2013  Kate  Carruthers   11  
  12. 12. Personalised   Source:  Vero   Oct  2013   ©  2013  Kate  Carruthers   12  
  13. 13. New  entrants  and  disruptors   •  •  •  •  •  Non  bank  organisaEons     Typically  playing  in  NCP  or  peer-­‐to-­‐peer  space   Front  end  intermediaries   Using  technology  to  deliver  customer  service   DifferenEaEng  on  service   Oct  2013   ©  2013  Kate  Carruthers   13  
  14. 14. New  entrants                     Non-­‐tradiEonal  compeEtors  are     emerging  and  they  are  bypassing     tradiEonal  banking  systems   Oct  2013   ©  2013  Kate  Carruthers   14  
  15. 15. DistribuEon  is  key   New  entrants  either:   •  Leverage  exisEng  relaEonship  for  distribuEon   •  Use  social  plaiorms  to  grow  distribuEon   OrganisaEons  with  established    relaEonships   have  an  advantage   Oct  2013   ©  2013  Kate  Carruthers   15  
  16. 16. Disruptors   “Our  mission  is  to  help   you  become  more   mindful  of  your   spending  so  you  can   achieve  your  goals  and   get  what  you  want  out   of  life.”   Oct  2013   “Fund  your  favorite  food   business  by  pre-­‐ paying.”   ©  2013  Kate  Carruthers   16  
  17. 17. Disruptors   “Uber  is  evolving  the  way   the  world  moves.  By   seamlessly  connecEng   riders  to  drivers…  we   [open]  up  more   possibiliEes  for  riders   and  more  business  for   drivers.”   Oct  2013   “Whether  an  apartment   for  a  night,  a  castle  for  a   week,  or  a  villa  for  a   month,  Airbnb  connects   people  to  unique  travel   experiences,  at  any   price  point,  in  more   than  33,000  ciEes  and   192  countries.  ”   ©  2013  Kate  Carruthers   17  
  18. 18. Disruptors   “Crowdfunding  with  Pozible  is   “Pay  anyone,  anyEme,   a  way  for  moEvated  makers   anywhere.  CommBank   to  access  funding  beyond   Kaching  is  a   ‘official’  channels  by  talking   revoluEonary  app  that   directly  to  switched-­‐on   has  changed  banking   consumers,  fans,  peers  and   and  payments  forever.”   like-­‐minded  strangers.  ”             Oct  2013     ©  2013  Kate  Carruthers   18  
  19. 19. Enabling  disruptors   Lean  Startup  Model   •  Agile  methods   •  Nimble  –  no  legacy   systems  to  slow  them   down   •  ConnecEng  users  but   using  exisEng  back-­‐ends   •  Experimental  –  fail  fast,   then  pivot   Source:  hRp://www.jenniferarguello.com/2011/07/31/product-­‐of-­‐me-­‐applying-­‐ lean-­‐startup-­‐to-­‐myself/   Oct  2013   ©  2013  Kate  Carruthers   19  
  20. 20. OpportuniEes   •  Adopt  agile  approaches  –  lean  startup   •  Partner  with  organisaEons  that  have  nimble   technology   •  Ignore  legacy  technology  –  go  around  it   •  Develop  digital  partnerships     •  Don’t  try  to  do  it  all     •  Focus  on  building  foundaEons  then  expand   Oct  2013   ©  2013  Kate  Carruthers   20  
  21. 21. Resources   •  8th  Annual  Australian  Mobile  Phone  Lifestyle   Index  (AMPLI)   •  Social  Media  StaEsEcs  Australia  –  September   2013   •  The  Lean  Startup,  Eric  Ries   •  The  Rise  of  GeneraEon  C,  Booz  &  Co.   Oct  2013   ©  2013  Kate  Carruthers   21  

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