From Online To Digital

From Online To Digital Innovation in Online Financial Services Rob Findlay, NAB

Customers managing their money
What's the current state? (7)
How are big banks faring? (3)
What do we do about it? (5)
10 Insights of Digital Innovation

"The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.” Rupert Murdoch, 79

Some examples of customers managing their money

“ Commonwealth Bank 2013”

“ Microsoft 2019 vision”

CURRENT DAY TECHNOLOGY IT’S ALL

MORE THAN JUST TECHNOLOGY IT RELIES ON

RELIES ON REAL PEOPLE AND IT STILL

What's the current state?

CONVERGING TRENDS Economic Conditions Customer Behaviour Technology Capability Changing Business Models

TRUST SECURITY 1

KNOWLEDGE ACCESS 2

CLOSED OPEN

CONTROL OF CONVERSATION 3

WEBSITE PLATFORM 4

GUI NUI 5 ‘ TECHY’ DESIGNED ( )

ANY SCREEN, ANY DEVICE Source Task Screen Interface CURRENT CAPABILITY

BANK ANYONE 6

10% 50% 1m 30%

DISINTERMEDIATION AGILE, FAST 7

‘ OLD ECONOMY’ ‘ NEW ECONOMY’ CUSTOMER CENTRICITY YOUR LOCAL FRIENDLY RETAILER NAILED NEW & OLD ECONOMY STUCK IN THE 80s DINOSAURS LOOKING TO SURVIVE DISINTERMEDIATION STAYIN ALIVE CORE VALUES PRIMED

‘ OLD ECONOMY’ ‘ NEW ECONOMY’ TRADITIONALLY CUSTOMER CENTRICITY ?

WILL NOT BE ENOUGH. ANYONE CAN DO IT. BUSINESS AS USUAL

How are the big banks faring?

COMPETITION COMES NOT JUST FROM BANKS 1

The competitive landscape DIRECT & NON-BANK RETAIL BANKS WITH MAJOR BRANCH PRESENCE INTERNATIONALS

BANK MODELS ARE CHANGING 2

SHARE OF WALLET REPUTATION IS IMPORTANT 3 rd PARTY REVENUE LESS RELIANCE ON FEES

BANK CHANNELS ARE SHIFTING IN UTILITY 3

BRANCH SIMPLE COMPLEX SIMPLE COMPLEX BRANCH SIMPLE COMPLEX CC ATM BRANCH CC ATM MOBILE IB

Incremental Innovation is not an alternative
60 second credit card apps
1 hour mortgage approvals
SMS and mobile banking
Fraud protection
Calculators & Tools
Financial Management Tools
Real Time Payments
Online Statements
Interactive ATMs
Branch of the Future
Twitter presence
Single Customer View
Business Model innovation
Straight Through Processing
Platform Improvement
Maintain Core Banking
Changing role of people
Be where the customer is
Biometric security
Proactive Money Management
BUT ARE BANKS TRULY INNOVATING?

What do we do about it?

INNOVATE OR DIE

PROCESS RETURN FLOW CULTURE 3 rd PARTY PEERS STAFF CUSTOMERS 1

2 - Strategic Dimensions of Biz Innovation Business Models Channels Markets Experiences Products Innovation & The Future Proof Bank, James Gardner

3 - Layers of Business Delivery DIGITAL POLICY, PROCESS & PROTOCOL PRODUCT PLATFORM PHYSICAL

4 - Tactical Dimensions of Online Innovation Mobile Interface & Usability Of Money Mgt User Gen & Social Media Security Payments

10 Insights of Digital Innovation

The technology is already here
The power is in the cross integration
The role of physical outlets will change
A multi-channel mix is unavoidable
Mobile will boom in all forms
It’s the ultimate scalable environment
Customers are in control – use them!
Design & UX are critical differentiators
Anytime, anywhere on any device
Its not just online, its digitally connected

Thanks

http://www.thebankchannel.com	558
http://www.slideshare.net	63
http://www.linkedin.com	9
http://businessofweb.blogspot.com	4
http://static.slidesharecdn.com	3
http://translate.googleusercontent.com	2
http://www.lmodules.com	1
http://www.techgig.com	1

From Online To Digital

by The Bank Channel

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From Online To Digital Presentation Transcript