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2016 Banking Trends

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2016 Banking Trends

  1. 1. 2016 Staying top of mind during the age of analytics
  2. 2. What we’ll cover today: 1. The state of the industry Mobile, branches, millennials 2. Insights from thought leaders Credit cards, big data, blockchain 3. Core banking topics Payments, lending, investments
  3. 3. Let’s look at the state of the industry Banking is at an inflection point. The future holds big wins or rapid failure depending on the choices financial institutions make today.
  4. 4. Silicon Valley is coming. There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking. - Jamie Dimon, CEO of Chase
  5. 5. Fintech is chomping at the fringes.
  6. 6. Investment in fintech has ballooned…
  7. 7. …as the financial industry consolidates.
  8. 8. The rise of passive investing threatens investment bank revenue.
  9. 9. The rise of passive investing threatens investment bank revenue.
  10. 10. Big changes are still to come…
  11. 11. Up to half of the world's banks will disappear through the cracks opened up by digital disruption of the industry. - Francisco González, Chairman and CEO of BBVA
  12. 12. Technology is changing how companies are organized and run across all industries, and ours is no different. - Brian Moynihan, CEO of Bank of America
  13. 13. We could go the way that file transfer technology changed music, allowing new businesses like iTunes to emerge. - Michael Harte, Chief Operations and Technology Officer at Barclays
  14. 14. “Who saw Uber coming on so quickly? ... It’s a safe bet that the thousands of cab drivers in big cities didn’t have an inkling of how fast Uber would disrupt their traditional business.” - KPMG
  15. 15. You probably never thought of Uber as an acquirer of small business bank accounts, but if you’re an Uber driver and Uber can give you a debit card that enables you to get paid — then why would you go to a bank branch to open an account instead? - Brett King, author of Breaking Banks
  16. 16. Consumers seek easy solutions.
  17. 17. Mortgages at a Click of a Button Quicken Loans Super Bowl ad for mortgages at a click of a button
  18. 18. Financial institutions are changing their game plan…
  19. 19. They know they need to focus on profit
  20. 20. They’re investing less in branches…
  21. 21. …and more in digital. $131 billion: Total IT budgets in the retail banking industry in 2015 — a 4.3% increase over 2014. – Ovum Research
  22. 22. Technology investment skyrocketed from fourth priority in 2014 to first priority in 2015. - Temenos
  23. 23. Branches continue to be a burden
  24. 24. Branches continue to be a burden
  25. 25. Users want a better digital experience
  26. 26. 38% of consumers have reduced how often they bank somewhere because of a poor digital experience. MX Consumer Survey
  27. 27. Consumers are getting increasingly picky
  28. 28. 1. Monitor all accounts in one place 2. Anywhere, anytime 3. Move money when and how they want it 4. Security 5. Make it easy, make it work 6. Being able to view and do (action it) What consumers crave from digital - Javelin Strategy & Research
  29. 29. 71% of consumers believe their relationship with their bank is only transactional. The focus should be on advocacy - Accenture
  30. 30. It’s clear that the best path forward is advocacy— adding real value that enriches lives and overshadows any rival experience that competitors provide. - Javelin Research
  31. 31. What to look for in 2016 1. Fintech + FI partnerships
  32. 32. We have a whole team of people helping fintech companies be successful, and we think that’s a big area for growth for us for the coming years. - Gary Becker, CEO Silicon Valley Bank
  33. 33. Throughout 2016 you will hear about banks creating accelerator startup funds, co-investing with young, ambitious entrepreneurs. - David Horton, Head of Innovation at Synechron
  34. 34. “2016 will see more banks partnering with startups in a quest to get to market faster than their legacy systems currently allow.” – Louise Long, Head of Human-Centered Design at Nab Labs
  35. 35. What to look for in 2016 2. Blockchain
  36. 36. The biggest idea in banking right now is blockchain technology. - Brad Leimer, Head of Innovation for Santander Bank
  37. 37. Suits are replacing hoodies and ripped jeans at blockchain conferences. - Mark Buitenhek, Head of Transaction Services at Dutch bank ING
  38. 38. You should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990s. - Blythe Masters, CEO of Digital Asset Holdings
  39. 39. What to look for in 2016 3. The Age of Analytics
  40. 40. We believe we are entering the 5th era of banking The Baronial Age The Diplomatic Age The Casino Age The Digital Age The Analytics Age
  41. 41. Netflix, like Amazon, is a flywheel that keeps spinning faster: As it gets more subscribers, it gets more data and more money to fund more content, which in turn helps it bring in more customers, and on and on, ever faster. Big data is the future. Will banks crack the code? - Farhad Manjoo, NYT Columnist
  42. 42. 2016 will be the year when data and analytics finally get a decent, well designed front-end. - David Horton, Head of Innovation at Synechron
  43. 43. “Contextual data analytics will introduce more intelligence into each customer contact, laying the groundwork for augmented intelligence towards the end of the decade.” - Chris Skinner, author of Digital Bank
  44. 44. “Remember when the question was: “Where do you bank?’’ Not any longer. Now, it’s more likely: “How do you bank?’’ - KPMG
  45. 45.