Creating the Future of Financial Services
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Slides for Ross Dawson's keynote at the executive strategy offsite of a leading financial institution
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Creating the Future of Financial Services
- 1. Creating the Future of Financial Services ▪ Futurist ▪ Strategy advisor ▪ Author @rossdawson
- 4. Acceleration
- 5. Everyone connected Source: GSMA, Cisco
- 10. Experience
- 18. Communities at the heart
- 19. Platforms
- 20. “Ranked by market value, 60 of the world’s 100 largest corporations earn at least half of their revenue from platform markets” - Prof. Thomas Eisenmann, Harvard Business School
- 21. Platforms enable value-creating interactions between external producers and consumers, based on an open infrastructure and governance structures Adapted from: Platform Revolution, Parker, van Alstyne and Choudhary
- 22. Share Apply Deliver Use Sell Buy Pay Receive Write Read Lend Borrow Create Use Create Consume Create Use Make Use Product Service Content Money Apps Capital Reviews Information Designs Intellectual property Connecting producers and consumers
- 23. Positive feedback loops More users More value for users
- 25. Peer-to-peer lending Source: Lending Club
- 27. Platforms enabling value creation
- 28. Industries shift to platforms
- 29. Assistants as interface to everything
- 30. Platform Strategy Enable value-creating interactions Positive feedback loops Encourage external innovation Enhance existing value propositions Strongly broaden scope of participation Principles Marketplaces, facilitation, aggregation Single owner/ multiple owners Open vs bounded – participant selection criteria Boundaries of ecosystem collaboration and competition Positioning Value for participants Governance structures Transparency and information boundaries Address potential negative feedback loops Personalized value creation Design Orchestration and facilitation Community management User experience Reputation measures Data gathering and applied analytics Capabilities Single-sided/ two- sided growth incentives Promote participants Promote and support interactions Create value from participation Platform extension Growth
- 31. Decentralisation
- 33. The rise of crypto-currencies Source: Coin Market Cap
- 34. The rise of crypto-currencies Source: Coin Market Cap
- 35. Blockchain’s impact on financial services Source: World Economic Forum
- 36. Creating value in a decentralised system
- 38. Trust Image: Bernard Spragg NZ
- 39. Trust as economic enabler
- 40. Trust in crisis Source: Edelman Global Trust Barometer
- 41. Trust in institutions Source: IMF, Swiss National Bank
- 44. Data to help customers
- 45. Power to the patient
- 46. Purpose and creating shared value Source: Institute for Strategy & Competitiveness at Harvard Business School
- 49. Modular industry structure Source: Oliver Wyman
- 50. Who owns the relationship?
- 54. Leadership
- 55. The only way you can control your destiny is to be more flexible than your environment - The Law of Requisite Variety
- 56. Vision What world do we want to create? What might be possible? A framework for industry leadership Foundations What institutions, business models, platforms and systems will enable this vision? What is missing now? Roadblocks What is blocking the potential? How can we take away or bypass these blocks? Paths What possible paths forward could allow us to reach our vision? What is most feasible? What are milestones? Collaboration What collaboration is needed between who? How can we foster and enable that collaboration? Action What action today can be taken by the industry? What action can you take to enable the industry’s potential?