Funds Forum 2013 Monte Carlo - Opportunities in the digital economy

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Impact of digital economy
UBank case study
Telstra case study

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Funds Forum 2013 Monte Carlo - Opportunities in the digital economy

  1. 1. TELSTRATEMPLATE4X3BLUEBETA|TELPPTV4TELSTRATEMPLATE4X3BLUEBETA|TELPPTV4TELSTRATEMPLATE4X3BLUEBETA|TELPPTV4 OPPORTUNITIES IN THE DIGITAL ECONOMY FUND FORUM 2013, MONTE CARLO GERD SCHENKEL
  2. 2. 2TELSTRA DIGITAL | GERD SCHENKEL | 31 OCT 2012 | Opportunities in the digital economy Fund forum 2013, Monte Carlo Gerd Schenkel
  3. 3. 3OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | Source: Bloomberg IN THE BEGINNING…
  4. 4. OUR WORK & LIVES, GOING DIGITAL 4TELSTRA DIGITAL | GERD SCHENKEL | 31 OCT 2012 | Source: Go-Globe.com 2012 OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | 4
  5. 5. INFORMATION EXPLODING 5TELSTRA DIGITAL | GERD SCHENKEL | 31 OCT 2012 | Source: Mary Meeker OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | 5 0 1 2 3 4 5 6 7 8 9 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E Digital information produced and shared, Zettabytes x2 x2
  6. 6. 6OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | NEW BUSINESS MODELS:
  7. 7. 7TELSTRA DIGITAL | GERD SCHENKEL | 31 OCT 2012 | NEW OPPORTUNITIES FOR OLD BRANDS
  8. 8. WE’RE ONLY AT THE BEGINNING 8OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | 1831 Electricity 1876 Telephone 1879 Light-bulb 1888 Radio Waves 1896 Wireless Telegraph 1974 IP Protocol 2004 Facebook 1993 Internet browser 1903 Powered Flight ? ?? 1998 Google INDUSTRIAL REVOLUTION DIGITAL REVOLUTION 39 years
  9. 9. DIGITIZATION DEATH TRAP 9OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
  10. 10. UBANK: A NEW KIND OF BANK 10OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | Source: AFSC Gerd Schenkel UBank Feb 2010 • Started from ground up by National Australia Bank in 2008 • Aimed at new customer segment • New brand • Selective, niche product set • Digital centric operating model • Seemingly impossible • Legacy processes & technology • Controversial model, potential to alienate colleagues • Customer segment proved very valuable • High average balance (~3x) • Loyal (80%+ rollover) • Low cost to serve (90%+ digital) • Niche targeting strategy worked • >90% of balances new to bank • Timing was everything • GFC made retail deposits very valuable • Now • ~$16-17bn deposits (20% of parent) • ~$2bn mortgages
  11. 11. THE FIVE MINUTE ONLINE BANK ACCOUNT 11OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | Source: IT Wire 2009
  12. 12. A NEW LEVEL OF ENGAGEMENT 12OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | Source: AFSC Gerd Schenkel UBank Feb 2010
  13. 13. HAVING FUN WITH BANKING? UBANK “TAX GANGSTA” 13OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
  14. 14. 14OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | TELSTRA IS CONNECTING WITH CUSTOMERS
  15. 15. 15OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | SMALL THINGS MAKE A DIFFERENCE: “USEABILITY IS KING”
  16. 16. 16OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | GOING WHERE CUSTOMERS ARE
  17. 17. 17OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | CUSTOMERS HELPING CUSTOMERS
  18. 18. 18OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | MANAGED INVESTMENTS AND ADVICE ARE NOT IMMUNE
  19. 19. 19OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | 1. GET SERIOUS ABOUT YOUR WEBSITE NOW 2. BE OPEN TO LEARNING THE RULES 3. DONT SPEND TOO MUCH ON I.T. UPFRONT 4. YOU DONT NEED A “SOCIAL MARKETING STRATEGY” (& DON’T OUTSOURCE YOUR TWITTER ACOUNT) 5. EXPECT TO FEEL LIKE YOU’RE LOSING CONTROL, BUT TRUST THAT YOU WILL GAIN IN THE END 6. WATCH FOR COMPETITION FROM OUTSIDE YOU’RE TRADITIONAL CATEGORY All trademarks used are the property of the respective owners GETTING STARTED…
  20. 20. WANT TO KNOW MORE? 20 www.tinyurl.com/ leadershipdigitaleconomy OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |

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