Digital banking trends 2014

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A short presentation on the trends currently impacting banking, and a vision for what a data-driven bank-client relationship would look like (slides 49-56).
Originally presented at Bilan's Digital banking event on April 29th in Geneva, Switzerland. Feedback on @laurenthaug or laurent@anthemis.com

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Digital banking trends 2014

  1. 1. 1 Digital banking trends 2014 Laurent Haug 29 Avril 2014
  2. 2. © Laurent Haug 2014 About me: Venture partner @ Anthemis Entrepreneur (200ideas, Lift, coComment) Consultant, advisor, speaker Swiss correspondent @ Wired UK Lecturer @ HEC Lausanne Columnist @ Bilan @laurenthaug hello@laurenthaug.com +41786966480 2
  3. 3. © Laurent Haug 2014 3
  4. 4. © Laurent Haug 2014 Digital banking trends Mobile 4
  5. 5. Laurent Haug 5
  6. 6. © Laurent Haug 2014 Yesterday ---> Today 6
  7. 7. Jack Welch Change before you have to. Société Générale told a banking conference in June that it took 10 years to get 20 million contacts per month through Internet banking but only 18 months for the bank to do the same via mobile. www.informilo.com/20130916/rebooting-banking-21st-century-868
  8. 8. © Laurent Haug 2014 8 60% of Smartphone Users Consider Dropping Bank That Doesn't Offer Mobile No longer is mobile banking a fun parlor trick offered by the big banks, in fact AlixPartners said that approximately 60% smartphone users would consider leaving their financial institution if mobile services were not offered.
  9. 9. © Laurent Haug 2014 Digital banking trends Data 9
  10. 10. © Laurent Haug 2014 10 Loan officers are among the most susceptible professions to be replaced [98% probability]. Inroads are already being made by Daric Inc., an online peer-to-peer lender which begun in November, it doesn’t employ a single loan officer. It probably never will.
  11. 11. © Laurent Haug 2014 Yesterday ---> Today 11
  12. 12. © Laurent Haug 2014 12
  13. 13. © Laurent Haug 2014 Digital banking trends Transparency 13
  14. 14. © Laurent Haug 2014 14
  15. 15. © Laurent Haug 2014 Yesterday ---> Today 15
  16. 16. © Laurent Haug 2014 Yesterday ---> Today 16
  17. 17. © Laurent Haug 2014 Yesterday ---> Today 17
  18. 18. © Laurent Haug 2014 Yesterday ---> Today 18
  19. 19. © Laurent Haug 2014 Digital banking trends Bank as a platform 19
  20. 20. © Laurent Haug 2014 Yesterday ---> Today 20
  21. 21. © Laurent Haug 2014 21 Actual funds [Simple] customers deposit and withdraw are handled by partners CBW Bank and Bancorp, providing FDIC reassurance to customers
  22. 22. Laurent Haug 22
  23. 23. © Laurent Haug 2014 Digital banking trends Simplification 23
  24. 24. © Laurent Haug 2014 24
  25. 25. Laurent Haug 25
  26. 26. Laurent Haug 26
  27. 27. Laurent Haug Quote Lorem Ipsum Source 27
  28. 28. Laurent Haug Quote Lorem Ipsum Source 28
  29. 29. © Laurent Haug 2014 Digital banking trends Commoditization of banking 29
  30. 30. Laurent Haug Quote Lorem Ipsum Source 30
  31. 31. © Laurent Haug 2014 31
  32. 32. © Laurent Haug 2014 Yesterday ---> Today 32
  33. 33. © Laurent Haug 2014 Digital banking trends New competitors 33
  34. 34. © Laurent Haug 2014 34 Intrasurance is a small company that manages one million insurance contracts with a team of 30 people. Everything is digital. No phone contact. Incidents are managed in a completely automatic way.
  35. 35. © Laurent Haug 2014 Digital banking trends New assets 35
  36. 36. © Laurent Haug 2014 36
  37. 37. © Laurent Haug 2014 37
  38. 38. © Laurent Haug 2014 38
  39. 39. © Laurent Haug 2014 39
  40. 40. © Laurent Haug 2014 Mobile Data Transparency Bank as a platform Simplification Commoditization New competitors New assets / Digital banking trends 40
  41. 41. © Laurent Haug 2014 Can Silicon Valley replace banks? 41
  42. 42. © Laurent Haug 2014 42 Jamie Dimon, CEO, JP Morgan When I go to Silicon Valley…they all want to eat our lunch. Every single one of them is going to try,
  43. 43. © Laurent Haug 2014 43 Bill Gates We need banking but we don't need banks anymore.
  44. 44. © Laurent Haug 2014 The advantages of Silicon Valley Access and simplicity 44
  45. 45. Laurent Haug 45 WeChat leaps into banking, lets users set up online investment fund WeChat has just joined China’s personal finance race, adding a “wealth” section where users can store their savings in a new monetary fund straight from their smartphone.
  46. 46. Laurent Haug 46 High-Interest Web Banks on the Rise in China Last June, an affiliate of the Chinese e-commerce giant Alibaba made an offer to its hundreds of millions of users: give us your cash, and we will pay more than Chinese banks will. […] The fund now has $40 billion in assets under management, making it the country’s biggest money market fund.
  47. 47. © Laurent Haug 2014 The advantages of Silicon Valley Data, data, data… 47
  48. 48. © Laurent Haug 2014 What if bankers were reacting to client’s facebook feeds? 48
  49. 49. © Laurent Haug 2014 Yesterday ---> Today 49 Going to London next week, any recommendation for a good restaurant close to the Paddington station?
  50. 50. © Laurent Haug 2014 50 Going to London next week, any recommendation for a good restaurant close to the Paddington station? BANKER ACTIONS
 - Client introduction - Marketing event invitation
 - Activity recommendation - Fidelity program reminder - Money exchange
  51. 51. © Laurent Haug 2014 Going to London next week, any recommendation for a good restaurant close to the Paddington station? BANKER ACTION - Client introduction Clients in London: John Smith, CEO Pat Summeral, Investor John Madden, VC INTRO INTRO INTRO
  52. 52. © Laurent Haug 2014 52 Going to London next week, any recommendation for a good restaurant close to the Paddington station? Introduce John Doe to Pat Summeral Dear John, I see you are going to London next week. Let me suggest you meet with my friend Pat cced on this message. Pat is an investor active in biotech just like you, and someone you should meet. Best regards Laurent SEND
  53. 53. © Laurent Haug 2014 53 Going to London next week, any recommendation for a good restaurant close to the Paddington station? BANKER ACTION - Marketing event invitation Events next week: World Press Awards Expo F1 grand prix INVITE INVITE
  54. 54. © Laurent Haug 2014 54 John Doe just bought 1000 NYT @ 16.34$
  55. 55. © Laurent Haug 2014 55 John Doe’s portfolio is unbalanced (too much US stocks exposure). BANKER ACTIONS
 - Suggest trade to rebalance portfolio - Send NYT earnings report event invitation John Doe just bought 1000 NYT @ 16.34$
  56. 56. © Laurent Haug 2014 56 John Doe likes Audi. BANKER ACTIONS
 - Propose car leasing - Send address of partner Audi reseller - Add “Automobiles” to client’s interest in CRM system
  57. 57. © Laurent Haug 2014 Can Silicon Valley replace banks? Silicon Valley has access, simplicity and data Banks will either acquire these, or will have to buy them - at a high price - from Silicon Valley. 57
  58. 58. © Laurent Haug 2014 58 An industry that let silicon valley eat its lunch
  59. 59. © Laurent Haug 2014 59 Marc Giget, Club de Paris des directeurs d’innovation “No candle-maker has become a bulb manufacturer, no carriage-maker has become a car producer, and the post office did not invent the email”
  60. 60. © Laurent Haug 2014 A few certainties to prepare the future of banks - Follow clients where they are (mobile, social networks) - Simplification & transparency - Data-driven banking - Choose your fight (platform vs high value-added service) - Invest now! 60

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