Banking Distribution & ChannelsPhysical & Virtual Distribution Overview, TrendsA brief overview of banking distribution sc...
Contents  A personal note on paradigm shifts  Conference programme highlights  A few (perhaps useful) ways to sketch th...
marketplaceMCI (1994-96)                           Distribution Conference 11/2012 – Dan Armstrong – page 3
marketplaceMCI (1994-96)                           Distribution Conference 11/2012 – Dan Armstrong – page 4
1-800-MUSiC-NOW (1996)                         Distribution Conference 11/2012 – Dan Armstrong – page 5
… however, modern e-commerce ended up being something different   Many shifting paradigms. However, once the supply chain...
A few notable shifts in the traditional banking value chain  Area …                                              Pertains ...
Channels   “Physical” Banking Channels             “Virtual” Service Channels    Branch Networks                        ...
How to sketch the spectrum of physical vs. virtual distribution?                                                    Distri...
Signing-Up for Products & Services vs. In-Life Service    Using Services In-Life                                          ...
Traditional vs. Alternative                              In some markets, this is “business                              a...
Personal vs. Transactional (also can be seen as „Strategic vs. Financial‟)     Transactional                              ...
Owned vs. Outsourced                            Also depends upon whether there                            are partners av...
Zooming in on mobile …         CallCentre Banking                      SMS & Calling Alerts            Transactions with T...
Banks, Intermediaries & MNOs vs. Value-Storage Products                                            some MNOs offer banking...
Parties are Pushing “Up” the Value Chain – 9 overviews                              MNOs launching banks or              ...
mBank (Philippines)                                                                                                       ...
MNO Collaboration                                                                              2  See presentation on DAY...
Third-Parties Issuing Value Cards                                                                                         ...
Third-Parties Issuing Value Cards                                                                                         ...
MNO Issuing Cards (Philippines)                                                                                           ...
Partnerships between MNOs & Banks to Launch Mobile NFC                                                                    ...
Direct Banks – Mobile Only?                                                                                               ...
Mobile Bank: Jibun Bank, Japan                                                                                            ...
Another sort of Bank/MNO collaboration: Union Mobile Pay, China                                                           ...
What about social media-only banks? (ASB Facebook Branch, NZ)                                                             ...
Loyalty & shopping are already in core banking business                                                                   ...
Taking Rewards Further: Citi Australia                                                                                    ...
At the same time, loyalty & shopping moving into telco / app business …                                                   ...
Some attempts to add value to basic payments …                                                                            ...
Banks issuing E-Wallets & prepaid products                                                                                ...
Dynamics ePlate (US)                                                                                           8  Mobile ...
Rabo Mobiel                                                             9              Distribution Conference 11/2012 – D...
Rabobank GSM MVNO & Value-Added Bank Product                                                                              ...
Rabo Mobiel in the Marketplace                                                                                9           ...
Rabobank GSM MVNO                           Value-Added Bank Product        Telecommunications Services                   ...
Thank You            Distribution Conference 11/2012 – Dan Armstrong – page 37
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Banking Distribution Overview

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A brief overview of banking distribution scope and limits, as well as some emerging trends and case studies.

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  • So I was thinking about some of the old conceptions of “e-commerce” and the “e-wallet” that we used to have at Netscape and MCI (1994-1996), when we were first deploying HTTPS.
  • Physical Banking Channels Branch Networks Self-Service Machines (ATMs, teller machines)Partnership Models & Agency Banking“Branchless” Banking with Bank-Owned Channels/PersonnelVehicle BanksContainer BankingFlash and Capacity-Management Service ChannelsVirtual Service ChannelsIVR Banking and Call-Centre Support / BankingInternet Banking (incl. Internet Banking Kiosks)Mobile BankingSMS Banking and Information Services for Consumers, Farmers, BusinessMerchant and Retail Payments, Support for the Supply-ChainEmail BankingPhysical MailTelevision BankingOther Value-Added Services
  • Physical Banking Channels Branch Networks Self-Service Machines (ATMs, teller machines)Partnership Models & Agency Banking“Branchless” Banking with Bank-Owned Channels/PersonnelVehicle BanksContainer BankingFlash and Capacity-Management Service ChannelsVirtual Service ChannelsIVR Banking and Call-Centre Support / BankingInternet Banking (incl. Internet Banking Kiosks)Mobile BankingSMS Banking and Information Services for Consumers, Farmers, BusinessMerchant and Retail Payments, Support for the Supply-ChainEmail BankingPhysical MailTelevision BankingOther Value-Added Services
  • Physical Banking Channels Branch Networks Self-Service Machines (ATMs, teller machines)Partnership Models & Agency Banking“Branchless” Banking with Bank-Owned Channels/PersonnelVehicle BanksContainer BankingFlash and Capacity-Management Service ChannelsVirtual Service ChannelsIVR Banking and Call-Centre Support / BankingInternet Banking (incl. Internet Banking Kiosks)Mobile BankingSMS Banking and Information Services for Consumers, Farmers, BusinessMerchant and Retail Payments, Support for the Supply-ChainEmail BankingPhysical MailTelevision BankingOther Value-Added Services
  • Physical Banking Channels Branch Networks Self-Service Machines (ATMs, teller machines)Partnership Models & Agency Banking“Branchless” Banking with Bank-Owned Channels/PersonnelVehicle BanksContainer BankingFlash and Capacity-Management Service ChannelsVirtual Service ChannelsIVR Banking and Call-Centre Support / BankingInternet Banking (incl. Internet Banking Kiosks)Mobile BankingSMS Banking and Information Services for Consumers, Farmers, BusinessMerchant and Retail Payments, Support for the Supply-ChainEmail BankingPhysical MailTelevision BankingOther Value-Added Services
  • Some examples of what Rabo Mobiel looked/looks like.
  • Banking Distribution Overview

    1. 1. Banking Distribution & ChannelsPhysical & Virtual Distribution Overview, TrendsA brief overview of banking distribution scope and limits,as well as some emerging trends and case studies.11 November 2012Sandton - JohannesburgSouth AfricaDan Armstrongdan.armstrong@takashimobile.com+31 652 085 071
    2. 2. Contents  A personal note on paradigm shifts  Conference programme highlights  A few (perhaps useful) ways to sketch the spectrum of physical vs. virtual distribution  Some notable shifts in traditional banking distribution … Distribution Conference 11/2012 – Dan Armstrong – page 2
    3. 3. marketplaceMCI (1994-96) Distribution Conference 11/2012 – Dan Armstrong – page 3
    4. 4. marketplaceMCI (1994-96) Distribution Conference 11/2012 – Dan Armstrong – page 4
    5. 5. 1-800-MUSiC-NOW (1996) Distribution Conference 11/2012 – Dan Armstrong – page 5
    6. 6. … however, modern e-commerce ended up being something different  Many shifting paradigms. However, once the supply chain and logistics business matched people‟s awareness, appetite and feelings of trust for e-commerce settled.  Clear winning business models emerged : • Improved Efficiency • Huge Product Selection • The Long Tail • Monetising Clicks in Finding Everything Distribution Conference 11/2012 – Dan Armstrong – page 6
    7. 7. A few notable shifts in the traditional banking value chain Area … Pertains to … Some Examples … New payment models – e.g. mobile, prepaid credit MyOrder, NFC, cardless payments, cards, NFC for micro-payments, P2P ATM cash-out Changing usage of bank branches How to shift banking business from „transactional‟ to „personal‟ Internet-only, Mobile-only distribution Direct Banking, Mobile-only retail, savings and direct banks VAS moving strongly into basic banking Loyalty programmes, discounts, social transaction business media links MNOs, payment scheme providers & Dwindling revenue with old services & intermediaries seeking new roles & partnerships some new ventures, positioning Agency banking, correspondent banking, retailers, Lowered investment via partnerships MNO agents, branches-in-stores with MNOs, retailers, SACCOs, etc. Distribution Conference 11/2012 – Dan Armstrong – page 7
    8. 8. Channels “Physical” Banking Channels “Virtual” Service Channels  Branch Networks  IVR Banking  Account Management / Client Visits  Call-Centre Support / Banking  Self-Service Machines (ATMs, teller  Internet Banking (incl. Internet machines) Banking Kiosks)  Partnership Models & Agency  Mobile Banking Banking  SMS Banking and Information  “Branchless” Banking with Bank- Services for Consumers, Farmers, Owned Channels/Personnel Business  Vehicle Banks  Merchant and Retail Payments,  Container Banking Support for the Supply-Chain  Flash and Capacity-Management  Email Banking Service Channels  Physical Mail  Doorstep Banking (e.g. ICICI Bank)  Television Banking  Other Value-Added Services Distribution Conference 11/2012 – Dan Armstrong – page 8
    9. 9. How to sketch the spectrum of physical vs. virtual distribution? Distribution Conference 11/2012 – Dan Armstrong – page 9
    10. 10. Signing-Up for Products & Services vs. In-Life Service Using Services In-Life Some banks moving to mobile sign-up for services, without ?? requiring internet banking log-in. ? Signing Up (Sales) Some banks are having success with this in the mortgage market Outbound sales, usage-stimulation programmes, etc. (e.g. bank callcentre programmes) Physical Virtual Distribution Conference 11/2012 – Dan Armstrong – page 10
    11. 11. Traditional vs. Alternative In some markets, this is “business as usual‟ (e.g. Zambia, Kenya, Alternative Brazil, Columbia, The Philippines) Traditional Physical Virtual Distribution Conference 11/2012 – Dan Armstrong – page 11
    12. 12. Personal vs. Transactional (also can be seen as „Strategic vs. Financial‟) Transactional ?? ? How can we ensure that our electronic channels also remain “personal‟ where possible? Personal Normally the „Bread and Butter‟ for high-net worth individuals and profitable products. Physical Virtual Distribution Conference 11/2012 – Dan Armstrong – page 12
    13. 13. Owned vs. Outsourced Also depends upon whether there are partners available to perform these tasks in specific markets. Outsourced Although core banking platforms remain with the bank, VAS platforms could be outsourced. Owned ATM services outsourced in many markets; ATM switching, UI/screens, policies, etc. remain in-house. Physical Virtual Distribution Conference 11/2012 – Dan Armstrong – page 13
    14. 14. Zooming in on mobile … CallCentre Banking SMS & Calling Alerts Transactions with Teller or IVR Banking & Payments (spending, ATM usage, fraud, etc.) Agent using Mobile Devices Mobile Banking & Remote Payments & MNO “Mobile Money” Payments Electronic Wallets Mobile Remittances Mobile Contactless / Advertising-led Models Proximity Payments = banks deploy = bank-led models = cooperative models = public transportation-led models = mobile operator-led models = mobile operators deploy = third-parties deploy Distribution Conference 11/2012 – Dan Armstrong – page 14
    15. 15. Banks, Intermediaries & MNOs vs. Value-Storage Products some MNOs offer banking (pass through) services via STK or Traditionally MNO USSD Core Operational MNOs Space (“Prepaid Airtime Storage”) these do not “hold” consumer value Intermediaries Agency Banking Airtime & Mobile Money Dealers Banks, SACCOs, MFIs Traditionally Bank‟s Core Operational Space (“Mobile Banking”) Loans Savings Accounts Current Accounts (Remittances) E-Wallets Prepaid Airtime Wallets Saving Money, Loans Payments Payments Payments financial services products “transactional‟ products Distribution Conference 11/2012 – Dan Armstrong – page 15
    16. 16. Parties are Pushing “Up” the Value Chain – 9 overviews  MNOs launching banks or 1 setting up joint-ventures to start mobile-only banks. (In Traditionally MNO some countries this is Core Operational MNOs explicitly prohibited. e.g. Nigeria) Space (“Prepaid Airtime Storage”) 2  MNOs becoming „intermediaries‟ in Agency Intermediaries Banking, cash-in/cash-out locations, signup of new customers, etc.  Third-parties issuing value cards (traditionally 3 bank business) 8 9 4 Banks, SACCOs, MFIs  MNOs issuing cards  Banks issuing Prepaid products  Banks launching their (traditionally bank & E-Wallets own mobile providers business) 7  VAS in banking  Partnerships with banks to launch NFC wallets 5 6  Mobile-only banks Loans Savings Accounts Current Accounts (Remittances) E-Wallets Prepaid Airtime Wallets Saving Money, Loans Payments Payments Payments financial services products “transactional‟ products Distribution Conference 11/2012 – Dan Armstrong – page 16
    17. 17. mBank (Philippines) 1  (24 October 20120) mBank is a new (fully- licensed) thrift bank in The Philippines, wherein SMART has taken a stake.  USSD banking menu, familiar interface for all SMART Money dealers, and independent of MNO data network and reliance on smart- phones.  This bank offers loans & savings accounts, accepts deposits, loan re-payments through the SMART Money dealer network.  Enables SMART to expand financial services portfolio as a shareholder, and strategic partner (network assets), but not to have to acquire a banking license on it‟s own or partner with a bank using their existing license.  Expansion planned to enable mBank Customers (SMART Money dealers) themselves to offer loans, take deposits regionally in later phases. Distribution Conference 11/2012 – Dan Armstrong – page 17
    18. 18. MNO Collaboration 2  See presentation on DAY 2 Distribution Conference 11/2012 – Dan Armstrong – page 18
    19. 19. Third-Parties Issuing Value Cards 3  Prepaid Value Cards have traditionally been used for: • Low-value payments tokens • Gift cards, vouchers • Regular value disbursement (monthly food allowance, healthcare)  Over time, prepaid cards issued in payments schemes have evolved to target: • High-risk individuals / those with bad credit • Youth • Travel-oriented cards for payment aboard • Remittances  Coupled with the advance in mobile payments (remote or proximity), making payments seem to be increasingly lower-value business – and less and less locked to a traditional „Current Account‟.  Although banks are issuing prepaid cards, the volume of third-parties issuing them is substantially higher. Distribution Conference 11/2012 – Dan Armstrong – page 19
    20. 20. Third-Parties Issuing Value Cards 3  Cards are seen as a requirement for most of our retail partner banks, but are: Dan: What I am currently paying directly from my current account? • costly • at risk of fraudulent activity • potentially loss-making in markets that cannot charge for transactions • not necessarily part of core business in the future <?>  In some markets, card inter-operability still an issue my wallets are funded .. and/or control of card base not possible.  What are the options in our markets to maintain the relevance of the Current Account and encourage savings, given that cards may be non- core … • Fight for bank-driven model? Make CA more relevant (beyond salary disbursal) to include easier remittance products, integration with other parties, interest/credit- scoring (bank relevance)? • Increase / decrease tariffs? • Enabling all sorts of cards and payment tokens? • Providing white-label services to business partners? Distribution Conference 11/2012 – Dan Armstrong – page 20
    21. 21. MNO Issuing Cards (Philippines) 4  SMART has ~65 mln mobile phone users in The Philippines (72% market share)  SMART Money introduced in 2001 (own wallet system), offers mobile banking access to most banks too. ~10 mln sign-ups, ~3 mln active users.  In addition to retail payments, bill payments and remittances, SMART began issuing a MasterCard-branded card against their mobile wallet system.  This card allows them to provide balance inquiry @ ATMS, global acceptance of their wallet balance, ATM withdrawal – without involvement of a bank.  Why? • Float, fee-based revenues, increased mobile usage • Additional customers, reduced SIM card churn  Regional distributors control liquidity issues, CIT (3-day supply is the policy)  SMART & MasterCard have formed a new joint-venture to sell these services to other MNOs (specifically starting with South America). Distribution Conference 11/2012 – Dan Armstrong – page 21
    22. 22. Partnerships between MNOs & Banks to Launch Mobile NFC 5  Given the “natural fit‟ between financial and telco services required to deliver mobile NFC (Near Field Communications), there have been a large number of partnerships discussed between banks and mobile operators about how to jointly deliver / support this ecosystem. TRAVIK  However, how many of these partnerships will survive commercial launch? • MNOs control the handset market in most countries • Banks, other transaction brokers face higher costs in the near-term • Retailers/loyalty/other VAS parties love the technology, but find it hard to derive tangible business value (cost savings or increased sales or loyalty) to-date. • Public transport usually works with closed access and control systems anyway. Distribution Conference 11/2012 – Dan Armstrong – page 22
    23. 23. Direct Banks – Mobile Only? 6  There are many virtual banks world-wide, although most are traditional direct banks, leveraging internet portals and callcentre support – and focusing on savings products.  Many direct banks offer payment services (e.g. credit cards) and some also offer checking, etc. Many are moving into offering „perks‟ and VAS along with their accounts as a differentiator.  Defining features relevant to mobile for a savings-only banking product was a challenge. Checking balance, occasional transfers, secure inbox, news, … ?  Only a handful of banks world-wide have moved to “fully mobile”, although they also offer web-based support and information. Distribution Conference 11/2012 – Dan Armstrong – page 23
    24. 24. Mobile Bank: Jibun Bank, Japan 6  As we know, the Japanese use the mobile phone for every aspect of their lives : )  Jibun Bank was launched in July 2008 as a venture between Bank of Tokyo-Mitsubishi UFJ (BTMU) and MNO KDDI.  Features self-service account opening via mobile (photo of ID), but also BTMU & KDDI act as agents.  Cash in/cash-out via BTMU‟s ATMs, Seven Bank and the Japan Post Bank.  Access via all MNOs (au, NTT DoCoMo, and Softbank Mobile), the back-up website and IVR/operator.  Targeting hugely-growing online banking market in Japan, but also a major differentiator for KDDI phone service.  Services: Yen deposits, funds transfers, forex deposits, loans, credit cards, electronic money, e-shopping payments, financial planning tools and insurance.  The only manual processes are printing the forms and dispatching account information (outsourced to a printing company).  Core banking system: Flexcube. Recharging Suica public transportation card Distribution Conference 11/2012 – Dan Armstrong – page 24
    25. 25. Another sort of Bank/MNO collaboration: Union Mobile Pay, China 6  (not a bank)  Launched as a venture between MNO China Mobile and China Union Pay bank in August 2003 Union Mobile Pay provides mobile finance and e-commerce services to other banks, retailers, online webshops, etc.  Provides mobile-only transaction facilities e.g. SMS, IVR, USSD, WAP, etc. and is primarily focused on payments collection and acting as a clearing and settlement switch for: • Payments (only, bill payments, etc.) • B2C, B2B, etc. • Inter-bank settlement  Also providing financial alerts and messaging Banks using the service .. services. Distribution Conference 11/2012 – Dan Armstrong – page 25
    26. 26. What about social media-only banks? (ASB Facebook Branch, NZ) 6  More than 18,500 “likes” on Facebook page  The majority of Facebook page fans downloaded the Virtual Branch Facebook app  The bank reaches 1% of its customer base via Facebook (vs. 0.2% via Twitter)  The only chat provided by the bank is on Facebook  99% of Virtual Branch users would recommend it to friends and family Distribution Conference 11/2012 – Dan Armstrong – page 26
    27. 27. Loyalty & shopping are already in core banking business 7  Differentiation in basic retail banking in many markets is increasingly challenging for banks.  Many retail banks are pushing into Bijenkorf Card: #1 consumer credit card for a number of more “value-added services” to years in The Netherlands stand-out. Hong Kong  In some markets (Singapore, Hong shopping Kong, Japan, South Korea), it’s discounts virtually impossible to compete in issuing without some sort of USA gas rebates card rewards or discounts plans.  Many other markets seem to be heading that way (Australia, USA, United Kingdom, Canada, many European countries). Distribution Conference 11/2012 – Dan Armstrong – page 27
    28. 28. Taking Rewards Further: Citi Australia 7  Moving even further beyond rewards/discounts through credit card usage, Citi Australia has put together a whole lifestyle programme around cooking, wine, recipes, etc. to create differentiation. • Free wine each time the card is used at a restaurant • Card usage rewards • Exclusive contests (dinner with famous chefs) • Free cookbooks, online recipes, offers Distribution Conference 11/2012 – Dan Armstrong – page 28
    29. 29. At the same time, loyalty & shopping moving into telco / app business … 7  In general, in many markets traditional loyalty, discount and shopping products are not only becoming more connected with payment products, but also more “virtual‟ as well. • Japan‟s NTT DoCoMo offers ToruCa (loyalty, discounts and replacement for paper coupons) as well as Osaifu-Keitai mobile payments (NFC, wallet system, and loyalty points in one). • CardMobili, Rippl, FidMe, CardStar, etc. are all attempting to move loyalty cards, barcodes, discount programmes into apps. • Apple iOS6 Passbook is aimed at integrating loyalty cards, boarding passes, movies and other ticketing, coupons in one app.  Mobile phone-based programmes for these value-added capabilities are superior to card-based capabilities in that the mobile phone has processing power and connectivity, so can often give customers better and more unique/customised experiences than cards (relying on acceptance infrastructure and server-side logic only). Distribution Conference 11/2012 – Dan Armstrong – page 29
    30. 30. Some attempts to add value to basic payments … 7  The Google Wallet originally proposed as an independent e-value system, now loads commercial credit cards – combined with Google Offers, NFC, and „PayPal/MiniTix-like‟ purchase behaviour.  The strategy behind Apple Passbook as well, as it has a billing relationship with customers via the iTunes store.  US MNO AT&T has launched the ISIS Mobile Wallet for Android (22 Oct in Austin, Salt Lake City) as a “safer way to pay‟ with benefits like offers, events and deals.  Square Wallet enables credit card acceptance with new payment and retailer models.  Dwolla is an e-value platform that seeks to avoid credit card fees.  Amazon Payments leverages Amazon‟s reach to move other products, from electronics to cloud-based hosting. “1-click‟ and the content in their single shopping portal are very successful. What do we expect from a wallet? What do we expect from a transaction device? • A place to store cash? • ID of myself, my rights, capabilities, memberships • A place to store payment tokens & other cards? • ID of myself, an authentication tool for payment • A personal object? A private object? Portable? • Secure, multi-factor, tamper-resistant/evident • … but … do we need a physical object? • Personal and private • Easy to use • … but … do we need a physical object? Distribution Conference 11/2012 – Dan Armstrong – page 30
    31. 31. Banks issuing E-Wallets & prepaid products 8  MiniTix holds customer information safely in the cloud, under one MiniTix identity.  In Rabobank, you can pay directly through MiniTix the prepaid balance, iDEAL (Dutch online payment product), PayPal or a credit card.  MiniTix powers: MyOrder, mijn iD, Cashless Betalen, SMS Betalen, Hyves Afrekenen, others  In addition to the thousands of prepaid credit cards available today, many other banks have launched an offline e-wallet, to varying degrees of success and with different motivations.  In other markets, the success of MNO MM wallets (e.g. MPESA, SMART Money, MTN Money, Airtel Money, Tigo Cash), have overshadowed the potential benefits of a bank-led e-wallet system. Distribution Conference 11/2012 – Dan Armstrong – page 31
    32. 32. Dynamics ePlate (US) 8  Mobile / computer app-controlled, battery-powered magstripe card (re- writable) that enables physical two buttons to be assigned to separate “experiences” for loyalty, charities, earning rewards, bonuses, etc.  Instant collection of or redemption of these experiences at the point-of- sale.  Primary focus on “earning” these experiences with purchases, in an attempt to add value to standard online and POS moments.  Launched October 2012, with UMB Bank, Kansas City / St. Louis (http://www.dynamicsinc.com/) Distribution Conference 11/2012 – Dan Armstrong – page 32
    33. 33. Rabo Mobiel 9 Distribution Conference 11/2012 – Dan Armstrong – page 33
    34. 34. Rabobank GSM MVNO & Value-Added Bank Product 9  Great, Core Mobile Telecommunications Product  Rabobank Values – trust, security, quality, easy-to-use services, cooperative value  Transparent Pricing  Online Self-Care Environment  Secure Mobile Banking  Telecommunications Spending Alerts  Commitment to Applications Innovation (Mobile Financial Services) Distribution Conference 11/2012 – Dan Armstrong – page 34
    35. 35. Rabo Mobiel in the Marketplace 9 Distribution Conference 11/2012 – Dan Armstrong – page 35
    36. 36. Rabobank GSM MVNO Value-Added Bank Product Telecommunications Services Banking “On the Go” Mobile Internet Access Premium Product / Combination Mobile Content, Information & Media Communications Channel for Local Banks, Portals and Self-Care Members & Customers Mobile Incubator Mobile Knowledge Centre NFC, Consumer Behaviour & Usability Product/Business Development for Mobile Encryption, Mobile Business Rules Financial Services and Products Mobile Low-Value PaymentsLaunch of Remote & Contactless Payments and Partnerships Standards, Retail/Consumer Acceptance, Security, Sustainability Distribution Conference 11/2012 – Dan Armstrong – page 36
    37. 37. Thank You Distribution Conference 11/2012 – Dan Armstrong – page 37

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