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Dr Patrick Dixon Chairman Global Change Ltd
Take Hold of Your Future
Big issues for Financial Services and
for those who a...
Greatest risk is institutional blindness
only sell or do things you really believe in
Life	
  is	
  Short	
  	
  
Why	
  I	
  believe	
  in	
  
banking	
  and	
  insurance	
  	
  
‘6 words spell F U T U R E of banking’
F ast
U rban
T ribal
U niversal
R adical
E thical
ALL	
  	
  	
  BIG	
  	
  	
  TRENDS	
  	
  	
  ARE	
  	
  	
  RELATED
MANY	
  TRENDS	
  CHANGE	
  (RELATIVELY)	
  SLOWLY
...
But bank strategies often
overtaken by events
World can change faster than your
clients can hold a board meeting
•
13
•
• Click	
  to	
  edit	
  Master	
  text	
  styles
16
18
Shocks Require Agility
EU / Euro
Syria / Iran / US / Israel
China / Japan
Mutant virus
Libor lawsuits
(Asbestos: 730,000 c...
Banks and
Insurers need
more than
one strategy
WGP	
  1980-­‐2013	
  (%,constant	
  prices)	
  
US	
  GDP	
  1980-­‐2013	
  
(%,constant	
  prices)	
  
EU	
  GDP	
  1980-­‐2013	
  
(%,constant	
  prices)	
  
Vietnam	
  GDP	
  1985-­‐2011	
  
>40% WDP by 2015
— IMF - adjusted for Purchasing Power Parity
Looks	
  like	
  more	
  of	
  the	
  same	
  ?
EU card issuance/ debt - LOW / ZERO GROWTH
Regulation and competition - MARGINS CUT
BIG FINES FOR PAYMENT SYSTEMS FAILURES...
30
• Click
33
• Click
34
• Click
35
•
£ 375 bn
$2.3 trillion US + $85bn a month
38
39
Text
The future of banking is about
EMOTION
Passions Change
Demands for more sustainable, socially
responsible and ethically managed banking, stronger
accountability ...
Bank Customer / Client :
Simple, elegant solutions to
complex problems
Anticipate, instinct, smart
Thought-leadership, com...
300 million move to cities in China and
475 million to cities in Africa by 2025
1 billion over 60 year olds in 10 years
Europe Dying
4 couples to
produce single
great-grand
child
Stop Ageing
75%	
  of	
  all	
  US	
  and	
  UK	
  wealth	
  owned	
  by	
  
those	
  over	
  65	
  -­‐	
  but	
  many	
  need	
  to	
...
Immigration
Remittances
Drive Payment
Innovation
CUSTOMER	
  CHOICE	
  
200	
  million	
  payments	
  globally
>	
  80%	
  in	
  E	
  Africa	
  
>	
  $170bn	
  in	
  2012
...
Kenya	
  -­‐	
  17m	
  customers
$9bn	
  pa	
  -­‐	
  >33%	
  GDP
Tanzania	
  9m	
  people
35	
  na^on	
  links	
  via	
  ...
•$550bn in 2012 - 214m transfers
•150m immigrants globally
•World’s poorest 48 nations = double FDI value
•33% of Liberia ...
lPeople like to belong
lSense of identity
lCommunity
lFamily
lPersonal advisor
Happy to Belong
1	
  trillion
pages	
  
a	
  month
Most	
  bank	
  and	
  
insurance	
  customers	
  
now	
  influenced	
  by	
  
social	
 ...
Would recommend you
to a friend ?
"Perfection!, Wonderful hotel. Good value, beautiful views.“
Madrid May 20, 2013
This was the most beautiful hotel. Clean,...
Market	
  research	
  cannot	
  predict	
  future
80%	
  web	
  customers	
  (tribe)	
  
lost	
  in	
  ??	
  seconds	
  
 	
  	
  	
  	
  	
  	
  	
  
68
Future of London as global banking centre
Why “old” outsourcing story in India nearly over
We are only in first
hour of first day of
eCommerce
e-­‐commerce	
  hit	
  
$1	
  trillion	
  in	
  2012	
  e-­‐marketer	
  
Mobile
More than a
Channel
76
1.7bn	
  phone	
  users	
  
are	
  unbanked
77
2m	
  businesses	
  use	
  
SQUARE	
  
in	
  US
78
•In UK alone....
•Transactions >£600 billion pa
•Credit card debt >£60bn
•Average card interest rate 16%
•2% commission...
Retail Banks and
Telcos on
Collision Course
Vodafone Mastercard Sprint
Vamoosle
Free mobile devices
calls / web / TV / games / pay
Higher income model
2010	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
 ...
• Zettabyte = 1024 Exabytes
Exabyte = 1024 Petabytes
Petabyte = 1024 Terabytes
Terabytes = 1024 Gigabytes That's a data
ex...
Aramco - 30,000 computers hit - files lost
5.5 billion attacks
42% increase / year
>160Gbps in denial of service
1000 major attacks / hr in UK
Worries about US Prism...
•Home
•Work
•Online
•Offline
•Sales
•Entertain
•Phone
•Mobile
•Chat
•Inst Investor / UHNW / Corporate FD etc
ONE
CUSTOMER
Regulatory Swings
eg Capital Adequacy / ROI
Public pressure v Reality
Nationalism
Expect more efforts to skew financial
markets with government policy
Exchange rate wars
Corporation tax spiral...
$40 Trillion Green Tech Boom
driven by oil price, cost cuts, green activism
Shale gas 33%
US supplies
200 years global supply
Up from 60 years in 5 years
120,000 terawatts of sunlight /day
7,000 times total global power use
Power Moscow from Libyan Desert
120,000 terawatts of sunlight /day
7,000 times total power use
only sell what you believe in
and would sell to your family and friends
.....The	
  only	
  corporate	
  value	
  worth	
 ...
Teams	
  in	
  top	
  half	
  of	
  Engagement
86%	
  more	
  likely	
  be.er	
  customer	
  metrics
70%	
  more	
  likely...
Beyond
Compliance
Perfect compliance will keep bankers
out of prison but cannot protect brand, because public
expectations...
Truth about Retail Funds
—Next miss-selling scandal?
—65-75% of actively managed funds fail to beat trackers
—Most fund...
Agility
means
specialist
partners
Your clients can’t do it on their own
•Individuals
•Families
•Teams
•Communi0es
•Wide	
  World
Building	
  a	
  BeQer	
  World
Be_er	
  leadership,	
  customer	...
Dr Patrick Dixon Chairman Global Change Ltd
Take Hold of Your Future
Big issues for Financial Services and
for those who a...
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
Future of Financial Services, Banks, Insurance, Auditors - keynote speaker
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Future of Financial Services, Banks, Insurance, Auditors - keynote speaker

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Future of banking and financial services. Global trends, emerging markets, mobile banking and new payment systems, fund management, customer relationships, new technology, cloud-based banking services, security and hacking, challenge of legacy systems. New government regulation in banking and the future of the Euro zone. Future of London as a global financial centre. Compliance and the ultimate corporate value for every banker. Impact of big data on customer insight. Telecom and banking convergence. Future of insurance industry, underwriting and risk management. Why market research does not work. Conference keynote speaker on banking trends and insurance industry. Patrick Dixon.

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Transcript of "Future of Financial Services, Banks, Insurance, Auditors - keynote speaker"

  1. 1. Dr Patrick Dixon Chairman Global Change Ltd Take Hold of Your Future Big issues for Financial Services and for those who advise or audit them
  2. 2. Greatest risk is institutional blindness
  3. 3. only sell or do things you really believe in Life  is  Short    
  4. 4. Why  I  believe  in   banking  and  insurance    
  5. 5. ‘6 words spell F U T U R E of banking’ F ast U rban T ribal U niversal R adical E thical
  6. 6. ALL      BIG      TRENDS      ARE      RELATED MANY  TRENDS  CHANGE  (RELATIVELY)  SLOWLY eg  demographics,  emerging  markets,  digital  tech  
  7. 7. But bank strategies often overtaken by events World can change faster than your clients can hold a board meeting
  8. 8.
  9. 9. 13
  10. 10.
  11. 11. • Click  to  edit  Master  text  styles 16
  12. 12. 18
  13. 13. Shocks Require Agility EU / Euro Syria / Iran / US / Israel China / Japan Mutant virus Libor lawsuits (Asbestos: 730,000 claimants - 8500 defendents - $250bn already)
  14. 14. Banks and Insurers need more than one strategy
  15. 15. WGP  1980-­‐2013  (%,constant  prices)  
  16. 16. US  GDP  1980-­‐2013   (%,constant  prices)  
  17. 17. EU  GDP  1980-­‐2013   (%,constant  prices)  
  18. 18. Vietnam  GDP  1985-­‐2011  
  19. 19. >40% WDP by 2015 — IMF - adjusted for Purchasing Power Parity
  20. 20. Looks  like  more  of  the  same  ?
  21. 21. EU card issuance/ debt - LOW / ZERO GROWTH Regulation and competition - MARGINS CUT BIG FINES FOR PAYMENT SYSTEMS FAILURES Payment  Revenues  Crisis
  22. 22. 30
  23. 23. • Click 33
  24. 24. • Click 34
  25. 25. • Click 35
  26. 26. • £ 375 bn $2.3 trillion US + $85bn a month
  27. 27. 38
  28. 28. 39
  29. 29. Text
  30. 30. The future of banking is about EMOTION
  31. 31. Passions Change Demands for more sustainable, socially responsible and ethically managed banking, stronger accountability and far more robust auditing
  32. 32. Bank Customer / Client : Simple, elegant solutions to complex problems Anticipate, instinct, smart Thought-leadership, common sense, reliable advice Superb backup in crisis Sharp insight and total honesty
  33. 33. 300 million move to cities in China and 475 million to cities in Africa by 2025
  34. 34. 1 billion over 60 year olds in 10 years
  35. 35. Europe Dying 4 couples to produce single great-grand child Stop Ageing
  36. 36. 75%  of  all  US  and  UK  wealth  owned  by   those  over  65  -­‐  but  many  need  to  work
  37. 37. Immigration Remittances Drive Payment Innovation
  38. 38. CUSTOMER  CHOICE   200  million  payments  globally >  80%  in  E  Africa   >  $170bn  in  2012 >  $700bn  in  2016
  39. 39. Kenya  -­‐  17m  customers $9bn  pa  -­‐  >33%  GDP Tanzania  9m  people 35  na^on  links  via  HomeSend  Hub
  40. 40. •$550bn in 2012 - 214m transfers •150m immigrants globally •World’s poorest 48 nations = double FDI value •33% of Liberia economy •$55bn remittances by mobile in 2016 • Global  Remi_ances
  41. 41. lPeople like to belong lSense of identity lCommunity lFamily lPersonal advisor Happy to Belong
  42. 42. 1  trillion pages   a  month Most  bank  and   insurance  customers   now  influenced  by   social  media
  43. 43. Would recommend you to a friend ?
  44. 44. "Perfection!, Wonderful hotel. Good value, beautiful views.“ Madrid May 20, 2013 This was the most beautiful hotel. Clean, friendly and good value. “Worst hotel I have ever been in. Should be closed down.“ Paris April 11, 2013 NEVER stay in this terrible place. Rats, insects, dirty. Many guests got sick. 74  million  users  a  month
  45. 45. Market  research  cannot  predict  future
  46. 46. 80%  web  customers  (tribe)   lost  in  ??  seconds  
  47. 47.                
  48. 48. 68 Future of London as global banking centre
  49. 49. Why “old” outsourcing story in India nearly over
  50. 50. We are only in first hour of first day of eCommerce
  51. 51. e-­‐commerce  hit   $1  trillion  in  2012  e-­‐marketer  
  52. 52. Mobile More than a Channel
  53. 53. 76 1.7bn  phone  users   are  unbanked
  54. 54. 77 2m  businesses  use   SQUARE   in  US
  55. 55. 78 •In UK alone.... •Transactions >£600 billion pa •Credit card debt >£60bn •Average card interest rate 16% •2% commissions worth £12bn Payments Doorway
  56. 56. Retail Banks and Telcos on Collision Course
  57. 57. Vodafone Mastercard Sprint Vamoosle
  58. 58. Free mobile devices calls / web / TV / games / pay Higher income model 2010                                                  2013                                  2015                                                     TelcoBanks
  59. 59. • Zettabyte = 1024 Exabytes Exabyte = 1024 Petabytes Petabyte = 1024 Terabytes Terabytes = 1024 Gigabytes That's a data explosion of 44x in approximately 10 years. BIG Data
  60. 60. Aramco - 30,000 computers hit - files lost
  61. 61. 5.5 billion attacks 42% increase / year >160Gbps in denial of service 1000 major attacks / hr in UK Worries about US Prism / security services Huge potential impact on cloud computing
  62. 62. •Home •Work •Online •Offline •Sales •Entertain •Phone •Mobile •Chat •Inst Investor / UHNW / Corporate FD etc ONE CUSTOMER
  63. 63. Regulatory Swings eg Capital Adequacy / ROI Public pressure v Reality
  64. 64. Nationalism Expect more efforts to skew financial markets with government policy Exchange rate wars Corporation tax spiral Turning a blind eye
  65. 65. $40 Trillion Green Tech Boom driven by oil price, cost cuts, green activism
  66. 66. Shale gas 33% US supplies 200 years global supply Up from 60 years in 5 years
  67. 67. 120,000 terawatts of sunlight /day 7,000 times total global power use Power Moscow from Libyan Desert
  68. 68. 120,000 terawatts of sunlight /day 7,000 times total power use
  69. 69. only sell what you believe in and would sell to your family and friends .....The  only  corporate  value  worth  having.....  
  70. 70. Teams  in  top  half  of  Engagement 86%  more  likely  be.er  customer  metrics 70%  more  likely  to  have  low  staff  turnover 70%  more  likely  to  be  highly  produc>ve 44%  more  likely  to  be  profitable   — 10  million  surveyed  by  Gallup
  71. 71. Beyond Compliance Perfect compliance will keep bankers out of prison but cannot protect brand, because public expectations change rapidly - with severe judgment on those who justify past “unethical” behaviour on grounds that it was 100% compliant.
  72. 72. Truth about Retail Funds —Next miss-selling scandal? —65-75% of actively managed funds fail to beat trackers —Most fund managers are reluctant to invest own money in own retail funds and do not recommend to their friends
  73. 73. Agility means specialist partners Your clients can’t do it on their own
  74. 74. •Individuals •Families •Teams •Communi0es •Wide  World Building  a  BeQer  World Be_er  leadership,  customer  service,  underwri^ng,  risk   management,  cost  control,  marke^ng,  mo^va^on
  75. 75. Dr Patrick Dixon Chairman Global Change Ltd Take Hold of Your Future Big issues for Financial Services and for those who advise or audit them
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