Reviewing trends in the financial services, this presentation looks at how brand repositioning, digital optimization, digital analysis and customer relationships can be used to help the financial services industry overcome disruption and set themselves up for success in the future.

1. Digital Trends in the
Financial Services
Industry
By: KerryLynn Daly

2. Consumer: What they Want
vs. What they Receive
Ubiquitous
Service
Personalised
Experience
Social &
Informed
Banking
What
consumers
wants
Gap
Whatthey
get
Restricted
Service
Information
from Untrusted
Source
Group
Segmentation

3. Gap Leads to Digital Disruption
• Disruption – no longer a
likelihood but a certainty
• Current State: Awareness
without willingness
• Why disruption?:
• Minimal understanding
of consumer behaviours
• Unmet customer needs
• Lack of innovation
• A narrow vision of the
industry

4. “The railroads did not stop growing
because the need for passenger and freight
transportation declined [or] because that
need was filled by others (cars, trucks,
airplanes) but because it was not filled by
the railroads themselves. They let others
take customers away from them because
they assumed themselves to be in
the railroad business rather than in
the transportation business...they
were product oriented, instead of
customer oriented.”
Theodore Levitt, Marketing Myopia,
Harvard Business Review, 1960
Lessons from the Past

5. A New Position
Banks need to look at themselves not as financial
service providers but rather as life enablers

6. Trends Forcing Repositioning
Mobile &
Online
Banking
Be Customer Oriented,
not Product Oriented
Cyber-
Security
Concerns
Cashless
Payments
Digital Data
Analysis
Social
(Media)
Banking
Digital
Money
Management

7. Digital
Optimisation
Extension of
Reach and
Consumer
Relationship
Data Capture
and Analysis
Ubiquitous
Service
Personalised
Experience
Social &
Informed
Banking
Top Customer Trends &
Relevant Opportunities

8. Digital Optimisation of Services
What is the trend?
• Anytime, anywhere access with a
personal touch
• Demand for integrated branch
experience
• Move towards cashless society
• Digitisation of normal in brand
activities
What does it look
like in practice?
• Digital Cheque
Deposit
• Money management
capabilities
• Video conferencing
• Wearables
Who is getting it right? What is the major
risk?
• Threat of cyber-
security

9. Data Capture & Analysis
What is the trend?
• Customer Centric Model “very
important”
• Use data to infer customer behaviour
• Target offerings for the ‘segment of
one’
• Enable customer choice and agile
product portfolios
What does it look
like in practice?
• Target offerings
• Identification of
dissatisfied
customers
• Personalised
customer experience
Who is getting it right?
What is the major
risk?
• Infringement on
privacy laws

10. Extension of Reach & Relationship
What is the trend?
• Harness traditional & non-traditional
data sources
• Use of social to tailor customer
experience, spot trends and identify
emerging issues
• Own the relationship with the
customer and maintain trust
What does it look
like in practice?
• Social listening and
advocacy
• MOOCs to inform
financial decisions
• Develop added
lifestyle services
Who is getting it right? What is the major
risk?
• Brand reputation
risks via social

11. Assess portfolio
for Digitisation
Schedule;
Develop API
Brand Campaigns;
Lifestyle Services;
Further
Segmentation
Audit Existing
Data; Segment
Customers; Build
Infrastructure for
Future Collection
Customer
Retention; Cost
Savings; Data
Collection
Brand Loyalty;
Ownership of
Customer
Relationship;
Insights
Upsell Products;
Retain Customers
Data Analysis
Relationship
Reach
Digitial
Optimisation
Opportunities
What is the
opportunity
& how
urgent is it?
How can you
fulfill it?
What do you
gain by
fulfilling it?

12. Appendix

13. Sources
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Berdak, Oliwia and Bill Doyle. “Digital Disruption Hits Retail Financial Services” Forrester. 16 July 2014.
British Telecommunications. “Transforming the Business of Retail Banking,” www.bt.com/gbfm. 2013.
Capgemini and Efma. “World Retail Banking Report 2015,” www.uk.capgemini.com/thought-leadership. 2015.
Competitive and markets Authority. “Retail Banking market Investigation,” www.gov.uk/cma-cases. 29 June 2015.
Corkey, Michael and Nathalie Popper. “Goldman Sachs Plans to Offer Consumer Loans Online, Adopting Start-Ups’
Tactics,” The New York Times. 15 Jun e 2015.
Deloitte. “2015 Banking Outlook,” http://www2.deloitte.com/financial-services.html. 2015.
Farah, Philip. “Future of Retail Banking.” Cisco. 2012.
Gordon, Fergus and Suresh Gunupure. Banking Strategies for the Future: Looking Ahead to 2020,” ATKearney.
2015.
Haldane, Marshall. “Card Security: Leading from the Front in the Digital Age,” Global Banking & Finance Review.
27 March 2015.
Holper, Luc. “The Next Generation of Payments: Can Technology support Banks’ needs to stay on top?” Global
Banking & Finance Review. 28 March 2015.

14. Sources Continued
Hoppermann, Jost. “Banking of the Future: How Banks will use Digital Capabilities to Remain Competitive,”
Forrester. 23 February 2015.
Horani, Mohamed. “Digitization in the Payment World,” Global Banking & Finance Review. 19 June 2015.
Kemp, Simon. “Digital, Social and Mobile in 2015: Executive Summary,” We are Social. 2015.
Levitt, , Theodore. “ Marketing Myopia,” Harvard Business Review,. 1960.
Mason, Jim. “Digital Disruption and the Battle to own the Customer Relationship,” Global Banking & Finance
Review. 2 June 2015.
PWC. “Retail Banking 2020: Evolution or Revolution.” www.pwc.com/banking. 2014.
Skan, Juliand, James Dickerson and Samad Masood. “The Future of Fintech and Banking: Digitally Disrupted or
Reimagined?” Accenture. . 2015.
Theodossiou, Spiros. “How far is the UK from Becoming a truly Cashless Society?” Global Banking & Finance
Review. 28 May 2015.
Wannemacher, Peter. “Predictions 2015: Digital Banking Teams Finally Get Serious about Innovation.”
Forrester. 6 November 2014.