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Digital disruption in Finance
The document discusses the significance of digital transformation and disruption across various industries, particularly finance, emphasizing the need for companies to adapt to the rapidly changing digital landscape. It outlines strategies for companies to build digital leadership, innovate, and create a culture that embraces digital changes, positing that every business will be affected by digital advancements, regardless of their industry. Furthermore, it highlights the importance of understanding disruption models and planning for future transformations to remain competitive.
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Digital disruption in Finance
- 1. Digital Transformation ——— Digital Disruption infinance ——— June 2015 jo@dearmedia.be / @jcaudron / +32 475 43 80 98
- 2. AllDigitalNow • we area digital consulting company • founded in 2009 • we work for large European clients • we have a strong vision on the impact of digital and act accordingly • we are advisors, writers, coaches and entrepreneurs
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- 4. Digital disruption isreal. Expect a smack in the face…
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- 7. Waves of DigitalDisruption 1995+ Music Photography Video Rental … 2010+ Print Media TV Travel HR … 2015+ Finance Healthcare Automotive Retail Education Telco … 2020+ All Safe havens will be subject to digital disruption …
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- 9. @jcaudron What can welearn?
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- 15. Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity The Glass House“Simple”, remember these guys… simple.com Humanization Transparency
- 16. Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity The Glass HouseNew transparent technologies like the Blockchain blockchain.info
- 17. Monolithic vs. atomic APPification LongTail Personalized Experience Speed Price (Self-)service Scalability The Package
- 18. Angry Birds Twitter, Facebook Newspaper Website CNNonline / app Blogs Vertical sites and specialties portals Yelo App Boxee Spotify Sporza.be LinkedIn, Monster, ... eBay Pinterest, blogs Weather Pro (iPhone) Traffic: Waze + iCoyote (iPhone) YouTube Twitter, Facebook RSS Breaking news In-depth analysis Services Weather Classifieds Jobs Sports TV Fun Specials Discovery culture Trends & Lifestyle Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability The Package Unbundling
- 19. The Package Monolithic vs.atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Unbundling of banks
- 20. The Package Monolithic vs.atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability PayPal’s simple and social payments app venmo.com
- 21. Personalized pricingThe Package Monolithicvs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability metromile.com
- 22. The Package Monolithic vs.atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Rebundling of health insurance with personalized lifestyle improvements zoomcare.com/health-insurance
- 23. The Package Monolithic vs.atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Subscriptions & packages in healthcare insurance hioscar.com
- 24. The Package Monolithic vs.atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Exquise user experience m.gobank.com
- 25. The Package Monolithic vs.atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Scalability
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- 28. Bypassing Virtualization Fragmentation of touchpoints The FrogOther industries are getting into finance
- 29. Bypassing Virtualization Fragmentation of touchpoints The FrogBypassing of overdrafts through better rates and no waiting times koalaboox.com
- 30. Bypassing Virtualization Fragmentation of touchpoints The FrogBypassing of stockbrokers robinhood.com
- 31. Bypassing money transferfees Bypassing Virtualization Fragmentation of touchpoints The Frog transferwise.com
- 32. “The People” bypassingbanks, Bitcoin is for real Bypassing Virtualization Fragmentation of touchpoints The Frog goabra.com
- 33. Bypassing Virtualization Fragmentation of touchpoints The FrogBypassing of money transfer companies
- 34. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper
- 35. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper Product simplification will allow for new gatekeepers…
- 36. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper New generations want new gatekeepers millennialdisruptionindex.com
- 37. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper FinTech investments tripled in 1 year
- 38. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper They are afraid, are you? shareholder.com/downloads/ONE/JPMC-AR2014-LetterToShareholders.pdf
- 39. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper New gatekeepers etoro.com
- 40. New gatekeepers inretirement spending myabaris.com New gatekeepers Recommendations “Good is good enough” Ambassadorship The Gatekeeper
- 41. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper Rebundling all methods and channels into one experience adyen.com braintreepayments.com
- 42. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper Apps integrate payments through stripe, not banks stripe.com
- 43. New gatekeepers Recommendations “Good isgood enough” Ambassadorship The Gatekeeper “Good is good enough” Pay, track, save, loan.
- 44. The Traveller Place Utility Empowered self Instantgratification New way of working Contextual awareness Real-time
- 45. The Traveller Place Utility Empowered self Instantgratification New way of working Contextual awareness PLACE OnlinePoS Hybrid Omnichannel (digital entering PoS) (all functions go digital too)
- 46. The Traveller Place Utility Empowered self Instantgratification New way of working Contextual awareness Real-time The rise of mobile
- 47. The Traveller Place Utility Empowered self Instantgratification New way of working Contextual awareness Real-time 27% of global transactions on mobile devices adyen.com/home/about-adyen/press-releases/mobile-payments-index-april-2015
- 48. The Traveller Place Utility Empowered self Instantgratification New way of working Contextual awareness Real-time Empowered Self, Utility, Instant Gratification moven.com
- 49. The Traveller Place Utility Empowered self Instantgratification New way of working Contextual awareness Real-time Utility for better driving behaviour axa.com.my/1741/en/useful-links/axa-drive/axa-drive
- 50. The Traveller Place Utility Empowered self Instantgratification New way of working Contextual awareness Real-time KBC wants to keep some offices open at night and during weekends - New way of working
- 51. The Participant Community Gamification Collaboration The powerof the crowd Sharing economy
- 52. The Participant Community Gamification Collaboration The powerof the crowd Sharing economy The sharing economy audiunite.com/se/service/en_unite.html = 200 euro per maand per persoon
- 53. CrowdfundingThe Participant Community Gamification Collaboration The powerof the crowd Sharing economy Civic crowdfunding bron: frankwatching
- 54. Peer-to-peer lending withbetter ratesThe Participant Community Gamification Collaboration The power of the crowd Sharing economy lendingclub.com
- 55. Guess who arepartnering with the Lending Club?The Participant Community Gamification Collaboration The power of the crowd Sharing economy lendingclub.com
- 56. Insurance based onyour networkThe Participant Community Gamification Collaboration The power of the crowd Sharing economy friendsurance.com inspeer.me
- 57. Community for studentloans and support commonbond.co The Participant Community Gamification Collaboration The power of the crowd Sharing economy
- 58. Group buying yourinsuranceThe Participant Community Gamification Collaboration The power of the crowd Sharing economy boughtbymany.com heyguevara.com
- 59. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring
- 60. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Internet of Things
- 61. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Contactless payments This is about data, not money.
- 62. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Financial management on your wrist
- 63. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Wearables will change our lifestyle
- 64. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Credit & insurance through smart device monitoring?
- 65. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring The future of car insurance?
- 66. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Data, Data, Data! finextra.com/news/fullstory.aspx?newsitemid=27366
- 67. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Smart contracts
- 68. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring Programmable banks are coming programmableweb.com/api/fidor
- 69. The Cyborg Internet ofThings Wearables Quantified self Robotics Data Monitoring New industries for insurance bitgo.com coverdrone.com
- 70. So, back toDigital Transformation
- 71. Create your ownDigital Transformation vision and plan1 Create Digital Leadership2 Innovate in the right place(s)3 Build the Transformation Fleet4 Change the culture5
- 72. Create your ownDigital Transformation vision and plan1 Create Digital Leadership2 Innovate in the right place(s)3 Build the Transformation Fleet4 Change the culture5
- 73. Glass House Package Frog GatekeeperTraveller Participant Cyborg THE WHEEL OFCHANGE Use the wheel to: Spot and understand the dynamics of digital disruption Analyse the impact on your industry and business Create a future vision and write a transformation strategy for your company Build a roadmap that gets you there. Sold in 28 countries
- 74. @jcaudron It’s no longerabout digital, it’s about business Corporate (comm) Strategy Digital Strategy Company Strategy Digital World
- 75. @jcaudron@jcaudron Digital Transformation Modeling From... ... to The Business Digital (at the sideline) Digital in the core
- 76. @jcaudron@jcaudron Digital Transformation Modeling From... ... to The Business Digital (at the sideline) From ... The Business Digital (at the sideline)
- 77. @jcaudron@jcaudron Digital Transformation Modeling From... ... to The Business Digital (at the sideline) Digital in the core From ... The Business Digital (at the sideline) Digital in the core Digital in the core Digital in the core
- 78. @jcaudron@jcaudron Digital Transformation Modeling From... ... to The Business Digital (at the sideline) Digital in the core From ... The Business Digital (at the sideline) Digital in the core Digital in the core Digital in the core
- 79. @jcaudron@jcaudron Digital Transformation TV Radio Print Billboards DM DigitalChannels From ...... to Sales Marketing&Communication Service&Support HR IT PR&ExternalCommun. R&D&Enterprise2.0 Digital Transformation
- 80. Create your ownDigital Transformation vision and plan1 Create Digital Leadership2 Innovate in the right place(s)3 Build the Transformation Fleet4 Change the culture5
- 81. “If you can'tunderstand the new world of digital, fire yourself. Build an executive team that is digital-first (when problems arise, the first solution is always digital). Make sure there is a techie on the board of directors. If the board has a low digital IQ, the company will have a low digital IQ” George Colony CEO Forrester Research So, where are you? How digital is your company? Digital Leadership Assessment
- 82. The ideal situation CEOIdeallyyour CEO is the digital lead CIO COO CbsOSalesMkt
- 84. Outside world Digital Network Digital Officers DIGITALOFFICE You need Digital Leadership, on all levels CIO COO CbsOSalesMkt CDO Virtual Digital Leadership Team Digital Leads Board of Directors Shareholders CEO
- 85. Create your ownDigital Transformation vision and plan1 Create Digital Leadership2 Innovate in the right place(s)3 Build the Transformation Fleet4 Change the culture5
- 86. The Classics TheConverted The Digital The Ruptured • (mentally) older generation that will not go digital soon • no longer open to changes brought by digital • they make you stretch the traditional business as long as possible • slowly getting involved with digital and embracing it. • they expect the digital services to be a translation of the traditional services. • most of the digital investments today are focused here, but this is mainly fixing the basics • still knows the old business models and logic, but that is already adopting a new behaviour and new business models and services. • first adopters of entirely new business models (cfr. Netflix, Uber, …). Invest in this too • raised with new concepts, with no recollection of the old models • use a broad variety of business models and technologies • digital natives, the children that grow up with tablets, apps and everything on- demand. Traditional model Traditional channels Traditional models Digital channels New models Digital channels Everything new Incumbents (you) Challengers (them)
- 87. Different types ofinnovation The Factory The Guesthouse The Garage Incremental innovation • Development of ‘need to have’ digitals projects and technology • Working on the existing foundation of the company • Follows general procedures and regulations • Slow Change projects • Small and dedicated project-teams, focused on in-house innovation • Limited independency: they are an (internal) supplier of the factory • Focus on strategically important new-style projects or add-ons that will be rolled-out within the existing company architecture Breakthrough innovation • Small dedicated teams focused on innovation • Autonomous operations and decisions • Possibly separate entities • Focused on agile and rapid development and roll- out of ideas in a stand-alone model •These can be grass-root internal initiatives or acquisition of interesting targets
- 88. Create your ownDigital Transformation vision and plan1 Create Digital Leadership2 Innovate in the right place(s)3 Build the Transformation Fleet4 Change the culture5
- 89. @jcaudron Digital Transformation From ...... toFrom ...
- 90. Create your ownDigital Transformation vision and plan1 Create Digital Leadership2 Innovate in the right place(s)3 Build the Transformation Fleet4 Change the culture5
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- 92. @jcaudron 2. All things youdo must start from a superior experience
- 93. @jcaudron 3. From now on,you are an agile and flexible company
- 94. @jcaudron 4. You live ina world of uncertainty
- 95. @jcaudron 5. Always play onthe offense instead of the defense
- 96. @jcaudron 6. Don’t be afraidto cannibalize your own business
- 97. @jcaudron 7. Never, ever, disrespect newor small players
- 98. @jcaudron Never, ever, disrespectnew or small players The customer always decides All things you do must start from a superior experience From now on, you are an agile and flexible company You live in a world of uncertainty Always play on the offense instead of the defense Don’t be afraid to cannibalize your own business How far away is this from YOUR business reality?
- 99.
- 100. @jcaudron Disruption is real,deal with it! Disruption Modeling Transformation 1. Disruption is happening anyway, often without your knowing…
- 101. @jcaudron Disruption is real,deal with it! Disruption Modeling Transformation 2. There are methods to understand the impact and plan for the future
- 102. @jcaudron Disruption is real,deal with it! Disruption Modeling Transformation 3. You can take transformation in your own hands, but you will have to start NOW, in order to stay in the drivers seat!
- 103. @jcaudron 4. You’ll needdigital leadership throughout the entire organization
- 104. @jcaudron 5. You willneed to embrace new culture, policies, rules, methodologies, technology, processes, attitude, …
- 105. @jcaudron 6. You’re nolonger too big to fail …
- 106. 7. still lookingfor n°7
- 107. 7. still lookingfor n°7 Thank you! jo@Dearmedia.be @jcaudron 00 32 475 43 80 98
- 108. AllDigitalNow • we area digital consulting company • founded in 2009 • we work for large European clients • we have a strong vision on the impact of digital and act accordingly • we are advisors, writers, coaches and entrepreneurs
- 109. AllDigitalNow Our Vision: AllDigitalNow All businesseswill have to do things in a digital way because that’s what their clients want. Even non-digital companies will see their business be impacted by those who are digital (clients, competitors, partners, digital challengers, …). There is no way around this, the time of not believing is over.
- 110. AllDigitalNow We make companiesunderstand the long term impact of digital on their business, what this means for their future and how they can take digital transformation in their own hands. We create business strategy, concepts and plans for online, mobile, social, … We are advisors.We do our job in a bootstrapped way, mixing high-end strategic thinking with pragmatic implementation, through thought leadership and entrepreneurship. “AllDigitalNow”1 2 3
- 111. Out Now! • www.digitaltransformationbook.com •Available in Dutch and English
- 112. Functional design, wireframing, RFP,… Social Media set-up, policy, roles, tools, training… Ambassadorship Content Marketing Strategy Architecture Digital Strategy & Concept Development Digital Transformation Modeling Step 1: Impact,Vision and Ideas Step 2:Trendmapping Step 3: Digital Transformation DearMedia, Digital Strategy & Transformation
- 113. Digital Transformation ——— Dealing with Digital Disruption ——— June2015 jo@dearmedia.be / @jcaudron / +32 475 43 80 98