Techstars is an accelerator program that provides seed funding and mentorship to startups. It runs 14 accelerator programs each year, selecting about 1% of the 14,000 annual applicants. Techstars nurtures a large network of over 1,200 notable entrepreneur mentors. It has funded 484 companies to date, with $1.1 billion in venture capital flowing to these companies, whose combined market value is over $3 billion. Techstars also partners with large corporations to run vertical accelerator programs, helping corporations learn from and engage with startups.
Fast Thinking: Reinventing Strategy for a Digitally-Disrupted WorldCapgemini
- Companies should pay attention to where startups are addressing customer pain points and identifying areas where their business model is making customers unhappy in order to anticipate disruptions. Leading indicators like new products from unconventional competitors gaining popularity can provide early warnings.
- Most companies focus too much on short-term operations and lagging financial indicators rather than considering future threats from leading indicators. The print news industry failed to anticipate digital disruption because executives focused on costs like union contracts rather than the shift to digital.
- When faced with disruption, companies typically go through stages of denial, alarm, and then trying to stamp out the disruption rather than adapting. Successfully responding requires openness to change, collaboration between divisions, and a willingness to abandon
The Power of Sharing: How Collaborative Business Models are Shaping a New Eco...Capgemini
Rachel Botsman is a global thought leader on the collaborative economy. She defines the sharing economy as utilizing underused assets like spaces, skills, and intellectual property for monetary or non-monetary benefits. The collaborative economy is broader and includes new models like peer-to-peer learning and production. Major factors driving this change are the shift from ownership to access, new technologies enabling trust between strangers, and changing consumer behavior especially among millennials. Industries being disrupted include transportation, hospitality, and financial services. Incumbents must adapt collaborative models or risk losing value to startups addressing consumer pain points like waste, complexity and limited access through asset sharing.
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
The 2015 FinTech Survey asked 200 people in the FinTech community for their insights and predictions. London was identified as the global leader in FinTech by 63% of respondents, a 12% increase from the previous year. When asked which company would become a financial services provider in the next 5 years, 34% selected Alibaba, while Apple rose to 18% and Amazon dropped to 10%. Regarding areas for FinTech startups to focus on, 20% cited financial inclusion, though this was down 10% from the previous year.
By 2020 more than 7 billion people will be communicating and performing transactions over the web on over 35 billion devices. So how can companies effectively create a digital identity that promises security, ease and comfort for its customers? This study, sponsored by Oracle, assesses the role identity plays in the digital economy. Visit hub: http://bit.ly/1LKqXfN
International Transfer Pricing 2015/16, now in its 15th edition is an easy to use reference guide covering a range of transfer pricing issues in nearly 100 territories worldwide. It explains why it is vital for every company to have a coherent transfer pricing policy which is responsive to the rapidly changing markets in which they operate. The book not only shows why sound transfer pricing policies should be developed, but also why such policies need to be re-evaluated regularly. It offers practical advice on a subject where the right amount of effort can produce huge benefits in the form of a competitive and sustainable tax rate, and leave the company well positioned to defend against aggressive tax audits.
The document discusses the rise of financial technology (fintech) companies in New York and the city's opportunity to become a global leader in the fintech industry. It notes that New York's large financial sector and proximity to customers provides advantages for fintech firms. The FinTech Innovation Lab has helped foster partnerships between fintech startups and financial institutions to develop new solutions. Venture capital funding of fintech companies has grown significantly, with some banks now establishing their own fintech investment funds. New York has become the fastest growing fintech cluster in the US due to the many startups pursuing fintech applications with support from accelerators and lower costs of development.
Fast Thinking: Reinventing Strategy for a Digitally-Disrupted WorldCapgemini
- Companies should pay attention to where startups are addressing customer pain points and identifying areas where their business model is making customers unhappy in order to anticipate disruptions. Leading indicators like new products from unconventional competitors gaining popularity can provide early warnings.
- Most companies focus too much on short-term operations and lagging financial indicators rather than considering future threats from leading indicators. The print news industry failed to anticipate digital disruption because executives focused on costs like union contracts rather than the shift to digital.
- When faced with disruption, companies typically go through stages of denial, alarm, and then trying to stamp out the disruption rather than adapting. Successfully responding requires openness to change, collaboration between divisions, and a willingness to abandon
The Power of Sharing: How Collaborative Business Models are Shaping a New Eco...Capgemini
Rachel Botsman is a global thought leader on the collaborative economy. She defines the sharing economy as utilizing underused assets like spaces, skills, and intellectual property for monetary or non-monetary benefits. The collaborative economy is broader and includes new models like peer-to-peer learning and production. Major factors driving this change are the shift from ownership to access, new technologies enabling trust between strangers, and changing consumer behavior especially among millennials. Industries being disrupted include transportation, hospitality, and financial services. Incumbents must adapt collaborative models or risk losing value to startups addressing consumer pain points like waste, complexity and limited access through asset sharing.
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
The 2015 FinTech Survey asked 200 people in the FinTech community for their insights and predictions. London was identified as the global leader in FinTech by 63% of respondents, a 12% increase from the previous year. When asked which company would become a financial services provider in the next 5 years, 34% selected Alibaba, while Apple rose to 18% and Amazon dropped to 10%. Regarding areas for FinTech startups to focus on, 20% cited financial inclusion, though this was down 10% from the previous year.
By 2020 more than 7 billion people will be communicating and performing transactions over the web on over 35 billion devices. So how can companies effectively create a digital identity that promises security, ease and comfort for its customers? This study, sponsored by Oracle, assesses the role identity plays in the digital economy. Visit hub: http://bit.ly/1LKqXfN
International Transfer Pricing 2015/16, now in its 15th edition is an easy to use reference guide covering a range of transfer pricing issues in nearly 100 territories worldwide. It explains why it is vital for every company to have a coherent transfer pricing policy which is responsive to the rapidly changing markets in which they operate. The book not only shows why sound transfer pricing policies should be developed, but also why such policies need to be re-evaluated regularly. It offers practical advice on a subject where the right amount of effort can produce huge benefits in the form of a competitive and sustainable tax rate, and leave the company well positioned to defend against aggressive tax audits.
The document discusses the rise of financial technology (fintech) companies in New York and the city's opportunity to become a global leader in the fintech industry. It notes that New York's large financial sector and proximity to customers provides advantages for fintech firms. The FinTech Innovation Lab has helped foster partnerships between fintech startups and financial institutions to develop new solutions. Venture capital funding of fintech companies has grown significantly, with some banks now establishing their own fintech investment funds. New York has become the fastest growing fintech cluster in the US due to the many startups pursuing fintech applications with support from accelerators and lower costs of development.
Disruptive Intermediaries; how start-ups disrupt established businessesBen Gilchriest
Digital Disruptive Intermediaries (DDIs) are new digital businesses that disrupt established business models by changing how value is created and distributed in markets. DDIs exploit information asymmetries rather than physical assets, allowing them to grow and cause disruption rapidly. The report examines eight archetypes of DDIs and how they innovate, such as digital stores that aggregate supplier offers online, content hubs that provide on-demand media, and sharing hubs for user-generated content. Incumbent businesses are advised to understand how DDIs change value flows in order to identify opportunities and threats from disruption.
The financial technology boom of the past few years will ultimately lead to opportunities for the banks willing to take advantage of them—either through partnership or acquisition. In November, 145 bank senior executives and board members shared their views on the fintech boom. The poll was conducted at Bank Director’s annual Bank Executive & Board Compensation Conference in Chicago. Additional respondents participated online. We’ve tabulated the results, which we share along with insights from leaders in the fintech space.
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
Innovation labs. and processes are being setup to help with exploration and prototyping of emerging technologies but where are companies investing? And what approaches are driving results? This research brief provides a synopsis of a recent survey of business and technology leaders to uncover which emerging technologies they are investing in and the different results that proactive versus reactive companies are reporting from their innovation efforts.
BLOG.wedotechnologies.com a is space for sharing knowledge and experiences about Enterprise Business Assurance with voluntary contributions from WeDo Technologies' staff, our customers and special guests.
Read a selections of the best articles published on BLOG.wedotechnologies.com in 2014.
Enjoy it!
Disruptive intermediaries - looking to start-ups to find innovative digital ...Ben Gilchriest
Digital Disruption is reshaping the business world, challenging established business models and making many time-tested formulas for success obsolete. If old business models are obsolete, then where are the new, emergent business models coming from? This paper looks to the start-up community to see what large enterprises can learn from the successful, repeatable digital business models these companies have created. Based on extensive research we explore and define these models and how incumbent businesses can apply them to gain a market advantage.
Design to Disrupt - Blockchain: cryptoplatform for a frictionless economyRick Bouter
This document provides an overview of the cryptocurrency and blockchain technology known as Bitcoin and the potential implications of its underlying blockchain technology. It discusses Bitcoin and blockchain in three phases: 1) Crypto-economy 1.0 focuses on Bitcoin as a digital currency and financial transactions. 2) Crypto-economy 2.0 explores additional applications of blockchain technology such as smart contracts and connected devices. 3) Crypto-economy 3.0 envisions a future of decentralized autonomous organizations where digital objects and entities can make autonomous decisions. The document aims to outline how this new blockchain-based trust model could transform and disrupt many industries by enabling new forms of digital value and transactions.
This document presents a maturity model for artificial intelligence adoption in enterprises. It outlines four stages of maturity: exploring, experimenting, formalizing, and integrating. It also discusses four macro trends affecting AI success: the shift from screen-based to sensory interactions; from rules-based to probabilistic decision making; from data analytics to data engineering; and from expertise-driven to data-driven leadership. Key aspects of maturity include having a data strategy, using AI in product development, establishing ethics principles, and integrating AI throughout the organization.
Fixing the Cracks: Reinventing Loyalty Programs for the Digital AgeCapgemini
Launching a loyalty program is expensive and it’s complex. In the US alone, companies spend a staggering $2 billion on loyalty programs every year. But does this translate into increased customer engagement? Research suggests the answer is “probably not”. The average household in the US has over 21 loyalty program memberships. But, the household only actively uses 44% of these. More than half of consumers in a 2013 survey admitted they had abandoned at least one loyalty program in the past year. Our own analysis of customer sentiment on social media revealed pronounced dissatisfaction. Almost 90% of social media sentiment on loyalty programs was negative.
We assessed loyalty programs on a number of parameters. These included their central objective, their use of digital channels, and their ability to provide a seamless experience across channels (more detail on the approach is at the end of this paper). We found, in short, that companies have a lot of catching up to do. 97% of loyalty programs rely on transactional rewards, i.e. a customer makes a purchase and takes their points in exchange for gifts, merchandise or cash. The issue is that 77% of those transaction-based programs actually fail in the first two years. According to our research, only 25% of loyalty programs reward customers for some form of engagement. Where loyalty programs are also lacking is advanced personalization: only 11% of loyalty programs offer personalized rewards based on a customer’s purchase history or location data.
This research highlights why organizations need to think beyond points and how they can implement well-designed, engagement-based loyalty programs.
The document provides an overview of the General Data Protection Regulation (GDPR) that goes into effect in the European Union on May 25, 2018. Some key points:
- GDPR strengthens data protection rights for EU citizens and applies to any organization that collects data from EU individuals, regardless of location.
- It establishes high fines for noncompliance (up to 4% of global revenue or 20 million euros) and requires clear and easy-to-withdraw consent for data collection and use.
- Individuals have new rights regarding their data, including rights to access, correct, and delete personal data, and object to automated decision making. Organizations must also notify about data breaches.
- While
Are Millennials as reluctant to work for the government as the conventional wisdom suggests? A deeper dive into survey data indicates a more complex story—and steps that public agencies should consider to attract and retain younger workers. Learn more about Millennials in government in our latest report: http://deloi.tt/1PC6fWr
PWC - Global FinTech Report 2017 - startup Ian Beckett
Financial institutions are increasingly partnering with fintech companies and embracing disruption to remain competitive in a changing landscape. The survey found that 82% of incumbents expect to increase fintech partnerships in the next 3-5 years to help drive innovation. Emerging technologies like blockchain and artificial intelligence are enabling greater convergence between traditional financial services and fintech. Managing expectations during this transition will be important as financial institutions adapt their culture and operations to the disruptive forces of fintech.
This document discusses how to spot and respond to digital disruption. It begins by providing an example of how Uber and Lyft disrupted taxi services at San Francisco International Airport and how the airport responded. It then defines digital disruption and disruptors. Digital disruptors are organizations that use digital capabilities like new technologies or business models to drive fundamental shifts in their market.
The document discusses four elements of digital disruption: business, technology, industry, and society. It provides examples of well-known digital disruptors like Facebook, Netflix, Google, and Amazon and how they impacted these elements. It also categorizes potential disruptors. Key points for spotting disruption include separating fads from long-term impacts, monitoring customer behavior and investment trends
The document discusses the growth of investment in financial technology (fintech) ventures. Global investment in fintech tripled to $12.21 billion in 2014, with the US receiving the largest share. While fintech presents challenges, some banks are taking steps to engage with emerging innovations through openness, collaboration, and investment. The document examines two potential scenarios for banks: being disrupted by new digital players, or reimagining themselves through embracing innovation. Senior banking executives believe open innovation, partnerships, and addressing legacy systems will help banks thrive in the digital future.
Creating value through innovation: Opportunities for micro and small business...Monica Ioannidou Polemitis
This document discusses opportunities for micro businesses in the digital age. It outlines how technology has evolved from mainframes in the 1970s to exponential changes expected in areas like artificial intelligence by 2020. The digital age has transformed businesses through increased engagement, facilitation, visibility and immediacy. While this presents challenges in meeting changing customer expectations, opportunities exist for businesses that listen to customers and embrace digital tools to gain insights, reach new markets, and build customer loyalty. The document advocates starting small with digital initiatives and prioritizing data management to help businesses adapt and get ahead.
The document discusses the challenges of extracting insight from big data and earning trust when using data. It examines fears about data leading to a trivial culture drowned in irrelevance (Huxley) or loss of privacy and control due to surveillance (Orwell). While size is important, the bigger challenge with big data is the variety of structured and unstructured data from diverse sources. Extracting meaning from human language in data requires rigorous analytical approaches. Case studies show traditional methodologies must adapt to address issues like multiple languages, spam filtering, relevance categorization, and consistency. Ensuring accurate, transparent analysis is key to gaining insight from data while protecting privacy and trust.
Financial institutions are increasingly partnering with FinTech companies and embracing disruption to remain competitive in a changing landscape. The document discusses:
1) Most incumbents expect to increase FinTech partnerships in the next 3-5 years and adopt blockchain to remain innovative as nearly a quarter of revenues are at risk from standalone FinTech firms.
2) Financial institutions are learning to partner with and integrate FinTech innovations to access new technologies, data, and customers more quickly while managing cultural and regulatory challenges.
3) Emerging technologies like artificial intelligence, blockchain, and data analytics being adopted by FinTechs are enabling greater convergence between incumbents and startups by streamlining processes and improving customer experience.
Digital Leadership Interview : Michael A Osborne, Associate professor at the ...Capgemini
"More or less anything that does not require one of the three bottlenecks – i.e. creativity, social intelligence and the requirement to manipulate complex objects in an unstructured environment – will be potentially automatable."
Innovation and digital disruption in professional servicesTapmint
This is a presentation for http://tapmint.com which I gave internally at one of the world's largest professional services firms. It discusses digital disruption in financial services, professional services and accounting services.
Various models of corporate innovation are also highlighted. Case studies of 3 companies are provided - Suncorp Group, Sensis and Carsales. Finally, I provide some thoughts on implementation.
The document discusses partnerships between Huddle.net and larger companies like LinkedIn and InterCall. It describes how Huddle developed partnerships to expand its user base and revenue by integrating its collaboration app onto other platforms. The partnerships involved technical, legal, sales and marketing challenges but were ultimately successful for Huddle despite taking a long time to implement.
Michał Wawrzyński @ "Oracle Systems jako infrastruktura dla chmur prywatnych"...Ewa Stepien
Michał Wawrzyński, prezentacja pt.:"- "Oracle Systems jako infrastruktura dla chmur prywatnych" @ "I Manewry w Chmurze Partnerów Oracle" - 23-24.czerwca 2015, Serock
Disruptive Intermediaries; how start-ups disrupt established businessesBen Gilchriest
Digital Disruptive Intermediaries (DDIs) are new digital businesses that disrupt established business models by changing how value is created and distributed in markets. DDIs exploit information asymmetries rather than physical assets, allowing them to grow and cause disruption rapidly. The report examines eight archetypes of DDIs and how they innovate, such as digital stores that aggregate supplier offers online, content hubs that provide on-demand media, and sharing hubs for user-generated content. Incumbent businesses are advised to understand how DDIs change value flows in order to identify opportunities and threats from disruption.
The financial technology boom of the past few years will ultimately lead to opportunities for the banks willing to take advantage of them—either through partnership or acquisition. In November, 145 bank senior executives and board members shared their views on the fintech boom. The poll was conducted at Bank Director’s annual Bank Executive & Board Compensation Conference in Chicago. Additional respondents participated online. We’ve tabulated the results, which we share along with insights from leaders in the fintech space.
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
Innovation labs. and processes are being setup to help with exploration and prototyping of emerging technologies but where are companies investing? And what approaches are driving results? This research brief provides a synopsis of a recent survey of business and technology leaders to uncover which emerging technologies they are investing in and the different results that proactive versus reactive companies are reporting from their innovation efforts.
BLOG.wedotechnologies.com a is space for sharing knowledge and experiences about Enterprise Business Assurance with voluntary contributions from WeDo Technologies' staff, our customers and special guests.
Read a selections of the best articles published on BLOG.wedotechnologies.com in 2014.
Enjoy it!
Disruptive intermediaries - looking to start-ups to find innovative digital ...Ben Gilchriest
Digital Disruption is reshaping the business world, challenging established business models and making many time-tested formulas for success obsolete. If old business models are obsolete, then where are the new, emergent business models coming from? This paper looks to the start-up community to see what large enterprises can learn from the successful, repeatable digital business models these companies have created. Based on extensive research we explore and define these models and how incumbent businesses can apply them to gain a market advantage.
Design to Disrupt - Blockchain: cryptoplatform for a frictionless economyRick Bouter
This document provides an overview of the cryptocurrency and blockchain technology known as Bitcoin and the potential implications of its underlying blockchain technology. It discusses Bitcoin and blockchain in three phases: 1) Crypto-economy 1.0 focuses on Bitcoin as a digital currency and financial transactions. 2) Crypto-economy 2.0 explores additional applications of blockchain technology such as smart contracts and connected devices. 3) Crypto-economy 3.0 envisions a future of decentralized autonomous organizations where digital objects and entities can make autonomous decisions. The document aims to outline how this new blockchain-based trust model could transform and disrupt many industries by enabling new forms of digital value and transactions.
This document presents a maturity model for artificial intelligence adoption in enterprises. It outlines four stages of maturity: exploring, experimenting, formalizing, and integrating. It also discusses four macro trends affecting AI success: the shift from screen-based to sensory interactions; from rules-based to probabilistic decision making; from data analytics to data engineering; and from expertise-driven to data-driven leadership. Key aspects of maturity include having a data strategy, using AI in product development, establishing ethics principles, and integrating AI throughout the organization.
Fixing the Cracks: Reinventing Loyalty Programs for the Digital AgeCapgemini
Launching a loyalty program is expensive and it’s complex. In the US alone, companies spend a staggering $2 billion on loyalty programs every year. But does this translate into increased customer engagement? Research suggests the answer is “probably not”. The average household in the US has over 21 loyalty program memberships. But, the household only actively uses 44% of these. More than half of consumers in a 2013 survey admitted they had abandoned at least one loyalty program in the past year. Our own analysis of customer sentiment on social media revealed pronounced dissatisfaction. Almost 90% of social media sentiment on loyalty programs was negative.
We assessed loyalty programs on a number of parameters. These included their central objective, their use of digital channels, and their ability to provide a seamless experience across channels (more detail on the approach is at the end of this paper). We found, in short, that companies have a lot of catching up to do. 97% of loyalty programs rely on transactional rewards, i.e. a customer makes a purchase and takes their points in exchange for gifts, merchandise or cash. The issue is that 77% of those transaction-based programs actually fail in the first two years. According to our research, only 25% of loyalty programs reward customers for some form of engagement. Where loyalty programs are also lacking is advanced personalization: only 11% of loyalty programs offer personalized rewards based on a customer’s purchase history or location data.
This research highlights why organizations need to think beyond points and how they can implement well-designed, engagement-based loyalty programs.
The document provides an overview of the General Data Protection Regulation (GDPR) that goes into effect in the European Union on May 25, 2018. Some key points:
- GDPR strengthens data protection rights for EU citizens and applies to any organization that collects data from EU individuals, regardless of location.
- It establishes high fines for noncompliance (up to 4% of global revenue or 20 million euros) and requires clear and easy-to-withdraw consent for data collection and use.
- Individuals have new rights regarding their data, including rights to access, correct, and delete personal data, and object to automated decision making. Organizations must also notify about data breaches.
- While
Are Millennials as reluctant to work for the government as the conventional wisdom suggests? A deeper dive into survey data indicates a more complex story—and steps that public agencies should consider to attract and retain younger workers. Learn more about Millennials in government in our latest report: http://deloi.tt/1PC6fWr
PWC - Global FinTech Report 2017 - startup Ian Beckett
Financial institutions are increasingly partnering with fintech companies and embracing disruption to remain competitive in a changing landscape. The survey found that 82% of incumbents expect to increase fintech partnerships in the next 3-5 years to help drive innovation. Emerging technologies like blockchain and artificial intelligence are enabling greater convergence between traditional financial services and fintech. Managing expectations during this transition will be important as financial institutions adapt their culture and operations to the disruptive forces of fintech.
This document discusses how to spot and respond to digital disruption. It begins by providing an example of how Uber and Lyft disrupted taxi services at San Francisco International Airport and how the airport responded. It then defines digital disruption and disruptors. Digital disruptors are organizations that use digital capabilities like new technologies or business models to drive fundamental shifts in their market.
The document discusses four elements of digital disruption: business, technology, industry, and society. It provides examples of well-known digital disruptors like Facebook, Netflix, Google, and Amazon and how they impacted these elements. It also categorizes potential disruptors. Key points for spotting disruption include separating fads from long-term impacts, monitoring customer behavior and investment trends
The document discusses the growth of investment in financial technology (fintech) ventures. Global investment in fintech tripled to $12.21 billion in 2014, with the US receiving the largest share. While fintech presents challenges, some banks are taking steps to engage with emerging innovations through openness, collaboration, and investment. The document examines two potential scenarios for banks: being disrupted by new digital players, or reimagining themselves through embracing innovation. Senior banking executives believe open innovation, partnerships, and addressing legacy systems will help banks thrive in the digital future.
Creating value through innovation: Opportunities for micro and small business...Monica Ioannidou Polemitis
This document discusses opportunities for micro businesses in the digital age. It outlines how technology has evolved from mainframes in the 1970s to exponential changes expected in areas like artificial intelligence by 2020. The digital age has transformed businesses through increased engagement, facilitation, visibility and immediacy. While this presents challenges in meeting changing customer expectations, opportunities exist for businesses that listen to customers and embrace digital tools to gain insights, reach new markets, and build customer loyalty. The document advocates starting small with digital initiatives and prioritizing data management to help businesses adapt and get ahead.
The document discusses the challenges of extracting insight from big data and earning trust when using data. It examines fears about data leading to a trivial culture drowned in irrelevance (Huxley) or loss of privacy and control due to surveillance (Orwell). While size is important, the bigger challenge with big data is the variety of structured and unstructured data from diverse sources. Extracting meaning from human language in data requires rigorous analytical approaches. Case studies show traditional methodologies must adapt to address issues like multiple languages, spam filtering, relevance categorization, and consistency. Ensuring accurate, transparent analysis is key to gaining insight from data while protecting privacy and trust.
Financial institutions are increasingly partnering with FinTech companies and embracing disruption to remain competitive in a changing landscape. The document discusses:
1) Most incumbents expect to increase FinTech partnerships in the next 3-5 years and adopt blockchain to remain innovative as nearly a quarter of revenues are at risk from standalone FinTech firms.
2) Financial institutions are learning to partner with and integrate FinTech innovations to access new technologies, data, and customers more quickly while managing cultural and regulatory challenges.
3) Emerging technologies like artificial intelligence, blockchain, and data analytics being adopted by FinTechs are enabling greater convergence between incumbents and startups by streamlining processes and improving customer experience.
Digital Leadership Interview : Michael A Osborne, Associate professor at the ...Capgemini
"More or less anything that does not require one of the three bottlenecks – i.e. creativity, social intelligence and the requirement to manipulate complex objects in an unstructured environment – will be potentially automatable."
Innovation and digital disruption in professional servicesTapmint
This is a presentation for http://tapmint.com which I gave internally at one of the world's largest professional services firms. It discusses digital disruption in financial services, professional services and accounting services.
Various models of corporate innovation are also highlighted. Case studies of 3 companies are provided - Suncorp Group, Sensis and Carsales. Finally, I provide some thoughts on implementation.
The document discusses partnerships between Huddle.net and larger companies like LinkedIn and InterCall. It describes how Huddle developed partnerships to expand its user base and revenue by integrating its collaboration app onto other platforms. The partnerships involved technical, legal, sales and marketing challenges but were ultimately successful for Huddle despite taking a long time to implement.
Michał Wawrzyński @ "Oracle Systems jako infrastruktura dla chmur prywatnych"...Ewa Stepien
Michał Wawrzyński, prezentacja pt.:"- "Oracle Systems jako infrastruktura dla chmur prywatnych" @ "I Manewry w Chmurze Partnerów Oracle" - 23-24.czerwca 2015, Serock
Marek Sokołowski @ "Usługi PaaS oraz IaaS - przegląd dostępnego osprzętu i am...Ewa Stepien
Marek Sokołowski, prezentacja pt.:"Usługi PaaS oraz IaaS - przegląd dostępnego osprzętu i amunicji"@ "I Manewry w Chmurze Partnerów Oracle" - 23-24.czerwca 2015, Serock
Presentation of Michal Krzycki, Capgemini at the TMT.CloudComputing'11 Warsaw conference organized in Warsaw, Poland on February 10th, 2011 by New Europe Events
Jarosław Nowakowski @ "Czego jeszcze nie wiecie o Oracle EPM?"- "I Manewry w ...Ewa Stepien
Jarosław Nowakowski, prezentacja pt.: "- "Czego jeszcze nie wiecie o Oracle EPM?" @ "I Manewry w Chmurze Partnerów Oracle" - 23-24.czerwca 2015, Serock
World Retail Banking Report: Special Edition 2010Capgemini
Small Business Banking and the Crisis: Managing Development and Risk is the seventh edition of the World Retail Banking Report. Jointly produced by Capgemini, UniCredit and Efma, the report focuses on investigating the challenge the small business banking market faces to master risk while accelerating business development, which was brought to the forefront by the economic and financial crisis.
Based on 58 in-depth interviews with senior executives from leading banks in 21 countries, the report offers an overview of the challenging but critical small business market, proposes a winning model to overcome today’s risk management and development challenges, highlights the major benefits of this model, and suggests practical next steps to reach and implement it successfully.
http://www.capgemini.com/financial-services
The document discusses the role of marketing for different types of startups. It summarizes that bootstrapped startups face unique challenges with marketing to attract funding and customers with limited resources. Funded startups often work with marketing firms around launch time but then ignore marketing until growth slows, when they reengage marketing help. The document suggests startups underestimate marketing's value and that its perception is improving as digital marketing evolves, though adoption remains limited among startups for now.
Startup Engagement : Best Practices for Large OrganizationsMohsen Mokhtari
The document discusses Innovation Leader's annual corporate innovation conference called Impact. Impact helps senior innovation professionals at large organizations learn how to deliver value and real business impact. At Impact 2019, senior executives from successful companies like Comcast NBCUniversal, Bose, and Nationwide will share insights and lessons learned. The conference involves interactive sessions, workshops, and networking opportunities. It provides actionable takeaways, frameworks and tools. The goal is for participants to gain skills and access a network of other innovation professionals.
The document also provides information about Techstars sponsoring Innovation Leader's research on startup engagement strategies for large organizations. Techstars has insights from its corporate partnerships on disruption facing large companies. The research includes survey data and interviews with
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Thank you!
Gabriel Weinberg, Justin Mares - Traction_ a startup guide to getting custome...AggieLainePiniones1
This document provides an overview of 19 traction channels that startups can use to acquire customers and grow their business. It introduces the channels and interviews founders who have successfully used certain channels. The channels discussed include viral marketing, public relations, unconventional PR, search engine marketing, social/display ads, offline ads, search engine optimization, content marketing, email marketing, and engineering as marketing. The document emphasizes that startups should experiment with multiple channels rather than focus on only familiar ones, and that it's difficult to predict the most effective channel without testing.
“Leaders of Growth” is an epic compilation of interviews from top leaders in the startup industry. It is a book about business founders who grew their startups from $1 million to $25 million and beyond.
Digital Leadership: An interview with Tim O’ReillyCapgemini
Digital Leadership: An interview with Tim O’Reilly Founder and CEO of O’Reilly Media on to understand more about the latest wave of digital disruptions and how companies can and should react.
Do Accelerators And Incubators Serve Themselves Better Than Startups?Faisal Hoque
There are now more support resources for startups than ever. Trouble is, most oversell and under-deliver.
There are literally thousands of startup accelerators, incubators, coworking spaces, innovation hubs, government-funded small business associations, university programs, and more.
So far, many are delivering too great a share of the wins only to themselves, leaving a long road behind them littered with failed startups and sterling intentions.
More at - http://shadoka.com/do-accelerators-and-incubators-serve-themselves-better-than-startups/.
Maria Galindo created a highly successful customer advocacy program at Apptio that generated a "movement" of passionate customer advocates. She achieved this by focusing on making an emotional connection with customers and giving them opportunities to build their social capital and tell their stories. Her program included initiatives like customer onboarding, networking opportunities, and amplifying customer stories across multiple channels. It resulted in an 86% onboarding rate for advocates and generated a wealth of positive customer content that helped grow Apptio's business.
Pas 1 ni 10, mais 26 vagues d'innovations technologiques qui sont en train de secouer l'économie, la société et l'humanité toute entière...
Découvrez cette analyse très complète de Brian Solis, l'analyste en chef de Altimeter Group.
26 Disruptive & Technology Trends 2016 - 2018Brian Solis
Introducing the “26 Disruptive Technology Trends for 2016 – 2018.” In this report, we’ll explore some of the disruptive trends that are affecting pretty much everything over the next few years at least those that I’m following. It’s not just tech, though. The report is organized by socioeconomic and technological impact.
Obviously, this is not an exhaustive list of every technology and societal trend bringing about disruption on planet Earth. What follows thought definitely affects the evolution of digital Darwinism, the evolution of society and technology and its impact on behavior, expectations and customs.
Case View with Prince Khanna - Social Media Influencer MarketingET Cases
Prince is the Founder & CEO of Eleve Media – India’s top-most Influencer Marketing platform, enabling marketers to co-create content with online Influencers, Celebrities & Bloggers.
With over 8 years of experience in the Digital Media and Marketing space, Prince has previously spearheaded MensXP.com the business unit of Xpert Media Technology and India’s fastest growing E-mag in the Men Lifestyle domain, for Sales and Management of Digital Advertising in the Indian & International markets.
Prince started his career in the Digital Media space with Quasar Media and later drove Media Sales effort for Web18’s flagship product Money Control.
Designing Strategy: Realign Your Mission and Values With Your Digital PresenceBryan Merica
The idea behind “Designing Strategy” isn’t simply about building a slick-looking website with all the latest bells, whistles, and social media plug-ins. Instead, it’s about asking oneself all of the questions that need to be answered when building an online presence, and using those answers to form an outreach, engagement, or marketing game plan.
The document discusses growth marketing strategies and recommendations. It provides reviews of growth marketers, including Maya Moufarek of Marketing Cube and Mitch Causey of Demandwell. It also discusses upcoming events at Disrupt including speakers on starting and growing a business. Advanced SEO tactics for 2021 are mentioned, including using content generators and keyword research.
This document discusses evaluating industry conditions when exploring entrepreneurial opportunities. It focuses on understanding knowledge conditions and demand conditions within industries. Knowledge conditions refer to the expertise required to create and deliver products/services in an industry. Demand conditions examine the size, growth rate, and consistency of the market. Understanding these industry factors helps entrepreneurs decide which industries to enter and how to effectively compete. The document provides examples analyzing knowledge and demand conditions in the eLearning industry to illustrate how to research and evaluate these important industry characteristics.
Which Is the Most Valuable Startup in the World.pdfAlex Morgen
https://www.worldwildes.com/ Have you ever wondered about the most valuable startup in the world?
You might think that it’s a unicorn, or a company that has achieved a valuation of over $1 billion. But there’s more to it than that. Companies like Uber, Airbnb and SpaceX are just some examples of startups that have revolutionized the way we do business, and their success is an inspiration to many.
But which ones are really worth the most? In this article, we’ll take a look at which startups are leading the pack in terms of value. We’ll explore the ways in which they have achieved success, as well as their current market standings. So let’s get started and find out which is the most valuable startup in the world!
Introduction to Angel Investors and Unicorns
When it comes to innovation and growth, startups are leading the way and garnering a lot of attention. But what is a startup, exactly? A startup is defined as a company founded with the intention of scaling up operations and achieving profitability by developing a product or service that addresses a specific gap in the market.
Many startups begin with angel investors who are wealthy individuals or groups that provide financial backing to businesses, typically at an early stage. These types of investments help companies get off the ground and develop their products or services and help them gain traction in the market.
As startups grow, they can become unicorns—startups valued at $1 billion or more—which can attract more investors due to their high-value status. This type of valuation is often based on market capitalization (the total value of all shares outstanding) or sale price multiples when comparing similar companies.
Exploring the Value of Startup Companies
Startup companies are now more valuable than ever before. By leveraging the latest technologies, they can create innovative products and services that improve our lives in unprecedented ways. As such, many startups have gained significant market capitalization and are now leading the way in the tech industry.
So which startup is at the top of the heap? According to recent reports, it's Chinese e-commerce giant Alibaba Group Holding Ltd. The company was founded in 1999 and offers online shopping, banking, entertainment and other services. As of 2020, it has a market capitalization of over $555 billion USD and is the world's most valuable startup.
However, it's not only Alibaba at the top of the pile: there are other high-valued startups that have reached impressive levels of market capitalization. These include Didi (valued at $56 billion USD), Airbnb ($31 billion USD) and Stripe ($35 billion USD). What’s more, these companies continue to grow and are expected to become even more successful in the coming years.
What Is a Stealth Startup?
A stealth startup is a privately funded company that operates in the shadows, attempting to keep its product and services under wraps until a certain moment when it can receive maximum exposure.
This document contains a transcript of a podcast discussion between Stephen Pegge, Tom Merry, and Dan Wilkinson about challenges facing commercial banks and relationship management models. Some key points discussed include:
- Commercial banking is an exciting time with new entrants and increased focus from incumbents, but switching rates remain low and relationship managers and service quality remain important to customers.
- Customer expectations have increased with digital experiences in other industries, but needs have not fundamentally changed - customers still require financing, support, and value-added services to start and grow businesses.
- Providers are trying to meet rising digital and service expectations across different customer types, but sentiment has remained flat as frustrations with banks persist. Open banking
Similar to The Silicon Network: How Big Corporates and Digital Startups Can Create a More Innovative World (20)
This document outlines 10 top trends in the healthcare industry for 2022 according to research by Capgemini. The trends include: 1) COVID-19 fast-tracking digital health and remote care delivery; 2) A focus on patient-centric, personalized care and shoppable healthcare experiences; 3) Adopting a whole-patient approach and understanding social determinants of health; 4) Using real-time healthcare data and IoMT to improve medical management; 5) Increased involvement of non-traditional players like BigTech firms; 6) Modernization efforts and cloud adoption in the industry; 7) Prioritizing pricing transparency and shoppable healthcare; 8) Increased focus on data privacy and security; 9) Margin pressures triggering
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
This analysis provides an overview of the top trends in the commercial banking sector as they shift to technology high gear to boost client efficiency and battle a volatile, uncertain, competitive, and evolving landscape.
First, it was retail banking. Now, advanced technology is shifting to – and disrupting − the commercial banking space. Many commercial banks, known for paperwork, red tape, and branch dependency, were unprepared to support clients during their post-COVID-19 ramp-up. But now, the digital pivot to new mindsets, partnerships, and processes is in overdrive.
As commercial banks grapple with competition from FinTechs, BigTechs, and alternative lenders, their inability
to fulfill SME demands and pandemic after-shocks necessitates transformative process changes and a move
to experiential, sustainable, and inclusive banking models. We expect banks to strive to meet the demands
of corporate clients and SMEs by digitally transforming critical workflows and improving client experience.
Additionally, incremental process improvements in the middle and back-office that leverage intelligent
automation will keep the competition at bay because engaged clients are loyal.
Adopting newer methods to mine data and moving to as-a-Service models will prepare commercial banks
to flexibly respond to newcomers and find ways to co-exist through effective collaboration. The time has come for commercial banks to put transformation on the fast track as lending losses in wallet and market share could spill over to other functions!
How incumbents react and respond to 2022 trends could determine their relevancy and resiliency in the years ahead.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
As we slowly move out of the pandemic, financial services firms have learned the criticality of virtual engagement to business resilience. Wealth management firms will need capabilities to cater to new-age clients and deliver new-age services. This report aims to understand and analyze the top trends in the Wealth Management industry this year and beyond.
A year ago, our Top Trends in Wealth Management report emphasized how the pandemic sparked disruption and digital transformation and changing investor attitudes around Environmental, Social, and Corporate Governance (ESG) products. As we begin 2022, many of those trends continue to hold as COVID-19’s wide-reaching effects continue to influence the wealth management industry.
As wealth management (WM) firms supercharge their digital transformation journeys, investments in cybersecurity and human-centered design are becoming critical to building superior digital client experience (CX). Another holdover trend − sustainable investing – is gaining mainstream attention and generating increasingly sophisticated client demands. Data and analytics capabilities will become ever more essential for ESG scoring and personalized customer engagement. As large financial services firms refocus on their wealth management business while new digital players make industry strides, competition is becoming historically intense. Not surprisingly, client experience is the new battleground.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal.
Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem.
Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.
The uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry. So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value ‒ quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance.
With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through collaboration with ecosystem players.
Read our Top Trends in Commercial Banking 2021 report to explore the strategies banks are adapting to transform their businesses from a product-led, siloed model to an experiential and agile plan.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
A combination of factors, including demographic changes, evolving consumer preferences, and regulatory and compliance mandates, were already spurring change in the health insurance industry. Enter 2020 and the COVID-19 pandemic, which is having sweeping implications for the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry adapts to the new normal.
Furthermore, some changes are here to stay, and it will be prudent for the industry players to be resilient to the market shifts by being agile, improving member centricity, making processes intelligent, and embracing the open ecosystem.
Read our Health Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the external pressures.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.
The health insurance industry is evolving and undergoing significant changes. As the risk landscape shifts, insurers are working to improve operational efficiencies, meet evolving customer preferences, and align better with the changing business environment. Accordingly, payers must adapt and align business models and offerings. An incisive tactical approach is required to accommodate members’ needs and related emerging risks — medical, health, and environmental. Advanced technologies such as artificial intelligence, analytics, automation, and connected devices are enabling insurers to manage these changes proactively, partner with members, and help to prevent risks, all the while continuing to fulfill payer responsibilities.
Read Top Trends in Health Insurance: 2020 to learn which strategies insurers are adopting to navigate and align with today’s challenges.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
The Silicon Network: How Big Corporates and Digital Startups Can Create a More Innovative World
1. An interview with
Transform to the power of digital
David Cohen
Founder, Managing Partner, and CEO - Techstars
The Silicon Network: How Big
Corporates and Digital Startups
Can Create a More Innovative World
2. David Cohen
Founder,ManagingPartner,andCEO-Techstars
Our mentor pool is
made up of 1,200
mentors who are
among the most notable
entrepreneurs in places
like New York, Boston
or London.
I think that most
entrepreneurs
undervalue the
importance of a
powerful network,
especially early in
their career.
David Cohen
Nurturing Innovation:
A Glimpse into
Techstars
Can you give us an overview of
how Techstars works?
Techstars provides startups with seed
funding and mentorship. Every year
we run 14 programs with 10 startups
each. Our mentor pool is made up of
1,200 mentors who are among the
most notable entrepreneurs in places
like New York, Boston or London.
Each company that is accepted into a
Techstars program gets to engage with
10 mentors on an average.
So far we have funded 484 companies,
56 of which have been acquired through
M&A transactions. About $1.1 billion in
venture capital has flowed into these
companies, and their combined market
capitalization is over $3 billion.
We also run programs in partnership
with large corporates. For instance,
we have partners like Disney, Barclays,
Sprint, Kaplan, and others for whom we
run accelerator programs.
What is the secret to
Techstars’ success?
Iwouldhavetosayit’sthenetworkaround
Techstars. The Techstars network has
over 3,000 entrepreneurs, mentors,
investors, and corporate partners. The
network is a huge competitive advantage
because it allows entrepreneurs to avoid
the mistakes that others have made and
also gives them access to introductions
or business connections into practically
anywhere in the world. But I think that
most entrepreneurs undervalue the
importance of a powerful network,
especially early in their career.
What are the criteria that Techstars
uses to select startups for its
accelerator program?
We receive about 1,000 applications
for each of our 14 programs – so that’s
nearly 14,000 companies applying to us
every year. Of these, we pick only about
1%. Since these are early stage startups,
there’s typically not a lot of revenue to
look at. So we use other criteria. First,
we look at the team running the startup.
We put a lot of emphasis on who the
founders are, and what their skills are.
We really try to understand the source of
their passion, and how they imagine the
world differently. That gives us a sense
of how disruptive the startup can be.
We then look at the market that the
startup is trying to address. We look
at whether that market is changing,
growing or shrinking. Next, we look for
some form of progress because we
believe that entrepreneurs actually do
things, rather than just talk about doing
things. Finally, we look at the idea. We
deliberately put that last, because
we know that the idea often changes
significantly.
Understanding
Digital Disruptions:
An Accelerator’s
Perspective
Why are we seeing so many
disruptions in recent years?
I think the fundamental reason is that the
Internet has become really accessible in
the last 20 years. We are seeing more
disruptions as the Internet matures,
as Internet speeds get faster, and as
the knowhow to develop systems on
the Internet gets cheaper, faster, and
better. In fact, the speed of innovation
is just vastly different today than it was
20 years ago, because of the maturity of
the Internet.
3. David Cohen
Both Airbnb and
Uber saw a future
where imbalances are
corrected and where
resources are used
more efficiently.
What makes startups like Airbnb
and Uber truly disruptive?
I think Airbnb and Uber are quite similar.
They are both operating in what I call
“imbalanced marketplaces”. These
are markets where there is some sort
of a broker that is controlling the flow
of services or limiting the availability
of inventory. In the taxi industry, for
example, brokers were charging 50% to
60% of the fare, while the driver received
just 40%. Both Airbnb and Uber saw
a future where such imbalances are
corrected and where resources are
used more efficiently.
Uber, for instance, saw a future with
fewer cars, where fewer people would
have to own a second car, and where
the world would be more efficient with
its roads and transportation. I think
that’s the ingredient for true disruption
– being able to vividly imagine the future
with a 10-20 year horizon, in a way that
impacts a large number of people. Both
Airbnb and Uber were able to do that.
How should large companies
respond to disruptions?
Large companies can either continue
to focus on what they are doing and
hope that they won’t get disrupted or
they can be proactive and participate
in the disruption. By helping a startup
be successful, for instance, they will be
in a position to make that first offer to
acquire it, invest in it or partner with it.
If they do not engage with the startup
community, they might be the last ones
to know of a disruption. By then, it can
also be too late.
Should you really engage with a
disruptive startup that is planning
to reduce your margins by 90%?
Yes. I think it’s counterintuitive, but I
think that’s exactly right. So, if that’s
what they’re planning, they’re either
going to be successful or they’re going
to fail. By investing in them or acquiring
them, you can have a relationship that’s
symbiotic and beneficial to both parties.
Being around the disruption at the early
stages – and spotting it before others
do – gives you a competitive advantage
and you can help the startup grow at the
same time.
There is another strategy, which is
defensive acquisition: you acquire the
startup and you kill it! This is not the best
strategy but certainly an option if you
want to gain some time. A better option
is to grow the startup and create a
barrier to the next person coming along
and just doing the same thing.
If you were leading a major hotel
chain, how would you respond to
the Airbnb disruption?
I would want to engage with them very
early on. Hotels have a large distribution
network through their relationships with
travel listing sites. I would say to Airbnb:
“We have a relationship with Expedia and
the other travel listing sites. Why don’t
we help get you on there?” By helping
Airbnb with our distribution network,
we might be able to engage with them
through a revenue share agreement or
as investors. That way we would get to
be part of the disruption rather than have
to compete with it.
Learning from Startups
Very often, we see large
companies struggling to work with
startups. In your view, what are the
reasons for this?
We’ve seen many corporate venture
funds and incubators come and go.
The reason is they don’t have a long-
term view. They’re not purely focused on
helping the startups. It’s all about, “How
can we fund a company that helps us be
successful?” That’s not what startups
care about. Startups care about their
vision of the world and how they’re
going to achieve it.
How can large companies
participate in accelerator
programs such as Techstars?
At Techstars, we partner with corporates
to run vertically focused programs. For
example, we partner with Kaplan on
education technology, with Barclays
on financial technology, with Disney on
entertainment technology, and so on. We
filter the startups that we accept into our
programs based on the vertical that is
of interest to the partner. Techstars runs
the program and is also the investor. The
corporates don’t take direct equity in the
startup; they don’t take rights to follow
on or acquire the startup or anything
like that. They simply provide mentors
and access to their technologies. So
it’s a pure “give first” approach that they
follow. I think that the corporates we
work with have really figured out that it’s
not about what you can get. It’s about
being around the activity and seeing
the innovation, assisting it, and building
relationships with the entrepreneurs
who really matter.
We look for startups
that are finding new
ways to interact with
data and information.
4. David Cohen
Could you give us a concrete
example of how a large company
has benefited from the
Techstars program?
Nike is a good example. When Nike
launched its NikeFuel APIs, we picked
10 startups run by very talented
entrepreneurs that would be the first
10 companies in the world to ever
experience those APIs. Nike executives
were able to literally watch how the
startups used their APIs. The feedback
that they got from the entrepreneurs
was very valuable and I think the APIs
meaningfully improved because of that
experience. Nike also struck business
deals with several of the startups
directly, and I think in one case even
acquired an interest in one of them. I
remember the media headlines “Nike
gets startups.” Priceless for them.
What are the key lessons that
large companies can take
from startups?
I think a key lesson for large corporates
is that they need to think and operate
differently if they want to innovate.
Unlike startups, large corporates have
too many processes that really slow
things down. To be innovative, they
need to move away from their normal
processes for budgeting, go-to-market,
or marketing. They need to have a new
way of doing things. But a lot of large
corporations look at entrepreneurship and
say, “It’s hard for us to go back to those
days.” One way for them to create an
innovation culture within the organization
is to engage with the entrepreneur
community and learn from startups.
Looking Ahead: Future
Sources of Digital
Disruption
What are the themes that your
deal flow focuses on?
Our areas of focus include “imbalanced
marketplaces”. We believe that the day
of the broker who takes a 50% cut is just
gone; it’s not going to work. So, we’re
looking at “imbalanced marketplaces”
or unfair markets and at companies
like Uber, Airbnb and PivotDesk that
are trying to correct the imbalance by
taking spare resources and allocating
them more efficiently.
We focus a lot on human computer
interaction. In a 20-year horizon, the
way we interact with computers will be
completely different. We look for startups
that are finding new ways to interact with
data and information. One example of a
company in that space is Oblong, which
we’ve invested in. If you remember the
movie “Minority Report”, this was literally
those people. They’re inventing new
ways to interact with computers.
We’re also really interested in vertical
search engines. We still believe that
it’s too hard to find some things in the
online world. Google is not the answer
to everything. It’s easier to find a flight
because you have great vertical search
engines for that. So, we’ve invested in
vertical search firms like Mocavo and
Next Big Sound.
In your view, what are the startups
to watch in 2015?
I think PivotDesk is a really interesting
company to watch. PivotDesk’s model
is working really well where it connects
businesses that are looking to rent
office space with companies that have
space to spare. Businesses get to pay
for office space on a month-by-month
basis rather than having to commit
to long-term leases. PivotDesk has
recently expanded to overseas markets
as well.
DigitalOcean is an interesting startup in
the infrastructure space. It’s a New York-
based firm that provides a simple and
easy-to-use web hosting service. Then
there are companies like SendGrid.
SendGrid is now delivering about 2%
of the world’s legitimate e-mail and
growing really fast. It sounds really
easy to deliver e-mail, but it’s not. It
turns out that 10% to 20% of legitimate
corporate e-mail isn’t received by the
recipient. And it’s really hard to scale
your infrastructure to support so much
outbound e-mail. SendGrid does that
as a service.
In the near term, I think
any sector that is based
on a brokerage model
will be vulnerable
to disruption.
5. Building an Innovative World: When Corporates
and Startups Work in Tandem
Fostering Innovation: How Techstars Works
Accelerating Innovation: How Techstars Helps Large Enterprises Innovate
Looking Forward: Potential Disruptors of the Future
14,000applications a year,
only about 1%get picked
Nurtures a large network of
1200 mentors, most are
notable entrepreneurs
Invests in startups and provides
mentorship through
14 programswith
10 startups each, every year
Techstars provides investment,
staff and processes to
run ‘accelerator’ programs in
partnership with corporates
Enterprises provide mentors and
access to their technologies Nike and Barclays benefited
from learning and partnering
with startups through Techstars
Imbalanced marketplaces
are ripe for
disruption - companies like
Uber, Airbnb and
PivotDesk correct such
imbalances
Startups like Oblong are
working in the exciting
domain of Human-Computer
Interaction
Vertical search engines,
such as Mocavo and
Next Big Sound, allow
focused search in a domain
Startups working on
crypto-equities and
crypto-currencies
6. David Cohen
We’ve seen many
corporate venture funds
and incubators come
and go. The reason is
they don’t have a long-
term view. They’re
not purely focused on
helping the startups.
What are the sectors that will be
disrupted the most over the next
few years based on what you
can see?
In the long-term, crypto-currencies and
crypto-equities could potentially disrupt
the financial world. We recently funded
a crypto-equities startup that allows
you to invest in a company without ever
using traditional money. I think that this
has the potential to disrupt the global
economy and banking systems. It’s still
a use-case currently. But to me, it’s a
potential Internet-scale disruption that
could change the way we transact.
In the near term, I think any sector that
is based on a brokerage model will be
vulnerable to disruption. Real-estate is
an example of such a sector. Here in the
US, you pay a 6% brokerage fee even
if it takes just two days to sell a house
after it’s listed online. The market needs
to be more flexible, and technology
can help with that. So, I think you’ll see
startups that come in with transactional
systems that address the inefficiencies
in the brokerage model. We are working
with one such startup that charges a
brokerage fee commensurate with the
effort involved in a sale.
We see more and more tech hubs
across the world in countries such
as Finland and Israel. Is Techstars
planning to be present in tech
hubs outside the UK or the US?
Yes, absolutely! People ask me all the
time, “David, are you anti-Silicon Valley?”
I say, “No, not at all!” It’s not that we’re
anti-Silicon Valley. We’re pro everywhere
else. We believe that you can build
Internet software companies just as
well in Dublin, Tokyo or Tel-Aviv, and we
want to be part of such up-and-coming
startup communities around the world.
First, we look at the
team running the
startup. We put a lot of
emphasis on who the
founders are, and what
their skills are.