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Marketplaces and platforms: The future of banking

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In the last 10 years, we have seen how platforms and marketplaces companies have grown exponentially. Banking won’t be any different. The financial company that nails how to provide a top-class customer experience, access to multiple products and services and removes all the pain points of the customers will win.

Published in: Economy & Finance

Marketplaces and platforms: The future of banking

  1. 1. Marketplaces and platforms: The future of banking David Jiménez Maireles @davidjmaireles davidjimenezmaireles
  2. 2. Traditional banking is disappearing
  3. 3. Branches: from assets to fixed costs 10.000 ~20.000 branches closed in Spain since 2008 Source: Bank of Spain
  4. 4. Smartphones have changed EVERYTHING
  5. 5. FinTech 1 Platformication forces
  6. 6. Unbundling banks Fuente: CB Insights, 2016
  7. 7. 1.400 new challenger banks, payment providers and fintechs in Europe since 2005 Source: Accenture Research, FCA and CB insights
  8. 8. 39 FinTech Unicorns Valued at $147.37 B Source: Tech Startups
  9. 9. Challenger banks are creating their own marketplaces Source: CB Insights
  10. 10. FinTech PSD2 21 Platformication forces
  11. 11. PSD2
  12. 12. AISPs / PISPs will change the competite landscape Today Future
  13. 13. Banks without banking licenses Fuente: AT Kearny
  14. 14. IT sector transformation: from vertical to horizontal Fuente: Adapted from Groove, 1996
  15. 15. Is de-regulation the Trojan horse for the banks? Source: zeb Research, Bundesfinanministerium, Statista
  16. 16. Breaking the supply chain in banking Distribution Product creation Bank A Distribution Product creation Bank B
  17. 17. Create or distribute? Or both? Fuente: Adapted from Groove, 1996 Producer Platform Integrator Distributor Product creation Distribution DistribruteyourselfDistribrutionby3rdparties Own product creation Product creation by 3rd parties Source: EBA
  18. 18. A tsunami is about to hit banking… very hard
  19. 19. Fuente: WSJ Dan Schulman on Shifting From Financial Inclusion to Financial Health; 17 enero de 2018 The Lord of the Fees
  20. 20. 15€3€ 11€ Value is what you get not what you pay
  21. 21. Fuente: Adapted from Groove, 1996 Can you imagine a single-brand supermarket? Why banks are?
  22. 22. FinTech PSD2 CX 2 31 Platformication forces
  23. 23. Fixing the customer experience in banking
  24. 24. Customer Experience Principles Trust Control Security Speed
  25. 25. Fuente: BCG, 2017 From information overload… to data depency
  26. 26. Contextual data Fuente: Redesigining Financial Services and Element AI x8 x9.000 Digital size of client data:
  27. 27. Personalized experiences
  28. 28. 60 - 90”
  29. 29. Evolution of companies vision: 1. Product-centric 2. Customer-centric 3. Relationship-centric
  30. 30. Ecosystem: $60 billones at risk Fuente: McKinsey, 2017
  31. 31. 7 steps to “create” a platform Fuente: Bain & Company
  32. 32. AliPay app “Lifestyle platform”
  33. 33. It's not about being available, it's about being relevant
  34. 34. The future about banking is about creating a marketplace that is… Build a COMMUNITY of fans Become an ALTERNATIVE to traditional players REDESIGN products and services Example: Monzo Example: Raisin (term deposits) Example: Simple (Safe-to- spend) and geolocalization of transactions
  35. 35. @davidjmaireles davidjimenezmaireles ¡Muchas gracias!

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