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1
Tél : +33 (0)1 58 56 10 00
Fax : +33 (0)1 58 56 10 01
www.octo.com© OCTO 2015
50, avenue des Champs-Elysées
75008 Paris - FRANCE
Banks & FinTech
From competition to partnership
Sylvain FAGNENT
SFAGNENT@OCTO.COM
@FagnentSylvain
https://fr.linkedin.com/pub/sylvain-fagnent/8/838/881
Stephen PERIN
SPERIN@OCTO.COM
@sperin
https://www.linkedin.com/profile/view?id=5912760
2
FinTech : contraction of " Finance " and "
Technology".
Company offering financial services based
on technology.
FinTech a quick Definition …
“
”
3
…but even more ?!
FinTech are recreating a new world
supporting, displacing and disintermediating
the old world finance with technology.
Fintech is a new market.
It is 21st century finance.
5
FinTech – an economic boom that is accelerating
248
1042
2013
2014
Source : Venture Scanner
Number of FinTechs
x4
#FinTech
2008 2013 2014
…
3 Bs
928 M
Global investment in FinTech
$
15 Bs
x3
x5
6
Where are the FinTechs
8
Massive financial operations in the French FinTech sector
11
Prêt rémunéré >18
Investissement 6
Leasing 2 Sécurité 2
Prêt equity >10 Crowdfunding >14 Paiement 18
Outils pour l’entreprise >10
Néo banque 2
7Finance perso. Investissement instit. >4
4Transfert de fonds Autre 9 27/10
>106
13
60 min in FinTech
Src : Route 66 venture
14
FinTech leverage existing business models by de-intermediating fi services and
capturing most of the client value
Today Tomorrow ?
The disintermediation of financial services by new entrants may leave the
traditional banking model only with the burden and cost of core banking
infrastructure and capital charges
15
How to surpass the
confrontation ?
Beyond the frontal impact
“
”
17
FinTech & banking are getting closer and closer
19
Innovation by being closed to the innovators and get inspired, open
innovation
Partnership
Specific high-end services
Acquisition
Subsidiary
Integration
Investments
Capital Risk
Funding
User Experience
White label
Robot advisor
Robot advisor
Incubator
Early stage seeds
20
BBVA has created a deep connections with innovators
Real time payment SME loans, scoring 2.0
Partnership
Acquisition
Big DataBank 2.0
Investments
Design
21
AXA: Digital Transformation
Born in 2015, AXA Strategic Ventures has a budget of 200 M€.
AXA Seed Factory, created in 2013 with 10 M€, move to an FinTechs &
InsureTechs accelerator
AXA Labs in San Francisco is
a center of excellence in
customer experience and
innovation. AXA anticipate
the new digital trends
through direct interaction
with Silicon Valley’s top
talent
22
Major American corporate investment banks have been investing in
FinTech since 2009
• Citigroup (15 FinTech)
• Goldman Sachs (11 )
• Morgan Stanley (8)
• JPMorgan (4)
• BankOfAmerica (4)
• Wells Fargo (3)
American CIBanks FinTech Investments
• Square (mobile payments)
• Obopay (mobile payments)
• BIlls.com (Business-payments)
• Revolution Money (Online
transaction)
Payment technology
• Context Relevant,
• Kensho Technologies,
• Dataminr
• Antuit
• Ayasdi
Data analytics
Personal Finance & P2P Lending
• Betterment (Robo Advisor)
• Motif (Personal Finance)
• Prosper Marketplace (P2P Lending)
• Lufax (P2P Lending)
Source: CBInsights
23
Yes, but ... are their DNA
really compatible? Does
the transplant work ?
A fundamental question
“
”
24
Bank and Fintech DNA
Product centric
Complexity / Opacity
Long cycles / Rationalization
Data silos
Strict regulatory
Generalist
XXth. century technologies
Bank DNA
Customer centric
Simplicity / Transparency
Short cycles / Innovation
Data driven
Little or no regulated
Specialist
XXIth. century technologies
FinTech DNA
25
A pain: Legacy
Source : http://www.rbs.com/content/dam/rbs/Documents/News/2014/11/RBS_Building_IT_Resilience.pdf
26
Simple
“Reinventing online banking with modern web
and mobile experiences, no surprise fees, and
great customer service”
“WHY”
“We started Simple because retail banks
have forgotten who their customers are”
“We love design and technology”
27
Simple – composit bank
28
Simple – flow processor
Source:https://www.simple.com/blog/my-apology-to-you
29
Simple – flow processor
We rebuilt our infrastructure from
scratch
[…] massive project to replace our partner
processor with one we’ve built.
So why did we do it?
[…] The first reason was to improve our
ability to innovate […]
The second reason, ironically enough, was
to improve system stability.
30
Standard Treasury
31
Standard Treasury
32
“We are building an API banking platform,
becoming our own bank”
Standard Treasury vision
“We have been unimpressed with
existing bank infrastructures”
Source : http://blog.zactownsend.com/standard-treasury-as-a-startup-bank
“We want to be the Amazon Web Services
of banking”
33
Silicon Valley Bank (SVB) has acquired the assets and team of
Standard Treasury
“Last year we decided that the best way to bring the Standard Treasury
vision to fruition was to build our own bank. That's a big dream. Earlier
this year, primarily because of concerns around regulatory and
geographic risks, we were unable to raise a Series A funding round
against that goal. ”
“We decided the next best
thing was to closely align
ourselves with one bank ”
We are looking forward to
transforming (our) products for
the SVB context and launching
some versions of them.
34
Conclusion
The reconciliation will
require effort on the part
of banks
“
”
35
Spontaneous mutation
Source : http://www.craveonline.com/images/stories/2011/2011/October/Comedy%20Channel/dr-manhattan.jpg
36
Banks with the FinTech
DNA
Mutation
“
”
37
mBank have completed it in a few quarters to go fully mobile
1999
2012
2013
• 4,4 million customers
• Decision to move to a full
mobile bank
• Design Driven
• No silos: teams consisting of
IT, business, UX worked
together (from design to
launching the product)
70% of customers to
use the new digital
bank services
38
Fidor
40
Innovation Digitale sur 3 axes :
1- Externalisation
infrastructure IT sur le
Cloud d’Amazon
2- Meilleure expérience
utilisateur
(« personnalisation des situations »)
3- Ecosystème Applicatifs
(M-Banking, Mobile Paiement,
Application pour les acheteurs
immobiliers, etc.)
« Mobile payments app has had more than a -
million downloads and had handled more than
$9 billion in transactions. »
Ralph Norris, CEO CBA
44
Disrupted disruptors
46
The threats on the future of FinTechs
Overestimating
new world of
data science
Underestimating
Regulations
Disrupted
disruptors
Short term < 2 years
Legacy
Technologies
& IS
Regulations ,
restriction,
interdiction
Chinese
competitors
Long term > 10 years
Disruptions
by the
BlockChains
Can’t reach
critical mass
 Blockchain : Blockchains are transaction histories
that use multiple parties for verification. The
blockchain is a decentralized and networked.
 China : China is doing amazing things with Tencent
and Alibaba: MYbank (Alibaba) and Webank
(Tencent).
 Ripple & regulation : U.S. Treasury slaps virtual
currency startup Ripple with $700K fine: “Virtual
currency exchangers must bring products to
market that comply with our anti-money
laundering laws,” said FinCEN Director JC Shasky
Calvery.
5 years < Mid term < 10 years
?
51
Source:http://www.keepcalm-o-matic.co.uk/p/keep-calm-and-thank-you-for-your-attention/
52
https://www.youtube.com/watch?v=FNQSM4ipZog
https://www.youtube.com/watch?v=J6bukvHFh3E
53
57
Many players attack all banking business
60
Bitcoins FinTech Map
61
Digital Banking & FinTech : the White Paper
http://www.octo.com/en/publications/14-digital-banking-fintech-is-cannibalizing-banks
62
OCTO Executive summary
KEY FIGURES
15 years of profitable, continuous growth
 36 M€ in Sales in 2015
 200 consultants, architects, experts and methodology coaches
 Strategic independence and financial strength ( no debt, 8 m€
cash position )
 Listed on the Paris Stock Exchange since 2006
October 2014 – Digital Banking – FinTechs are
Cannibalizing Banks!
May 2011 – Document Management and Filing – Tackling
the Paperless Office
September 2010 – Screens: Usability and GUI
Technologies
July 2009 - Java Productivity Primer: Increase Productivity
with Software Factories
OUR WHITEPAPERS
2012 - The Giants of the Web: Culture - Practices - Architectures
2011 - Cloud Computing: A New Era for Enterprise Computing
2006 - IS Policy
OUR PUBLICATIONS
ANNUAL SALES (M)
WORKFORCE
Breakdown of Sales
Organizations which design systems are constrained
to produce systems which are copies of the
communication structures of these organizations
Visit
www.usievents.com
To learn more
About OCTO’s
annual conference!

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Fintech : concurrents ou partenaires ?

  • 1. 1 Tél : +33 (0)1 58 56 10 00 Fax : +33 (0)1 58 56 10 01 www.octo.com© OCTO 2015 50, avenue des Champs-Elysées 75008 Paris - FRANCE Banks & FinTech From competition to partnership Sylvain FAGNENT SFAGNENT@OCTO.COM @FagnentSylvain https://fr.linkedin.com/pub/sylvain-fagnent/8/838/881 Stephen PERIN SPERIN@OCTO.COM @sperin https://www.linkedin.com/profile/view?id=5912760
  • 2. 2 FinTech : contraction of " Finance " and " Technology". Company offering financial services based on technology. FinTech a quick Definition … “ ”
  • 3. 3 …but even more ?! FinTech are recreating a new world supporting, displacing and disintermediating the old world finance with technology. Fintech is a new market. It is 21st century finance.
  • 4. 5 FinTech – an economic boom that is accelerating 248 1042 2013 2014 Source : Venture Scanner Number of FinTechs x4 #FinTech 2008 2013 2014 … 3 Bs 928 M Global investment in FinTech $ 15 Bs x3 x5
  • 5. 6 Where are the FinTechs
  • 6. 8 Massive financial operations in the French FinTech sector
  • 7. 11 Prêt rémunéré >18 Investissement 6 Leasing 2 Sécurité 2 Prêt equity >10 Crowdfunding >14 Paiement 18 Outils pour l’entreprise >10 Néo banque 2 7Finance perso. Investissement instit. >4 4Transfert de fonds Autre 9 27/10 >106
  • 8. 13 60 min in FinTech Src : Route 66 venture
  • 9. 14 FinTech leverage existing business models by de-intermediating fi services and capturing most of the client value Today Tomorrow ? The disintermediation of financial services by new entrants may leave the traditional banking model only with the burden and cost of core banking infrastructure and capital charges
  • 10. 15 How to surpass the confrontation ? Beyond the frontal impact “ ”
  • 11. 17 FinTech & banking are getting closer and closer
  • 12. 19 Innovation by being closed to the innovators and get inspired, open innovation Partnership Specific high-end services Acquisition Subsidiary Integration Investments Capital Risk Funding User Experience White label Robot advisor Robot advisor Incubator Early stage seeds
  • 13. 20 BBVA has created a deep connections with innovators Real time payment SME loans, scoring 2.0 Partnership Acquisition Big DataBank 2.0 Investments Design
  • 14. 21 AXA: Digital Transformation Born in 2015, AXA Strategic Ventures has a budget of 200 M€. AXA Seed Factory, created in 2013 with 10 M€, move to an FinTechs & InsureTechs accelerator AXA Labs in San Francisco is a center of excellence in customer experience and innovation. AXA anticipate the new digital trends through direct interaction with Silicon Valley’s top talent
  • 15. 22 Major American corporate investment banks have been investing in FinTech since 2009 • Citigroup (15 FinTech) • Goldman Sachs (11 ) • Morgan Stanley (8) • JPMorgan (4) • BankOfAmerica (4) • Wells Fargo (3) American CIBanks FinTech Investments • Square (mobile payments) • Obopay (mobile payments) • BIlls.com (Business-payments) • Revolution Money (Online transaction) Payment technology • Context Relevant, • Kensho Technologies, • Dataminr • Antuit • Ayasdi Data analytics Personal Finance & P2P Lending • Betterment (Robo Advisor) • Motif (Personal Finance) • Prosper Marketplace (P2P Lending) • Lufax (P2P Lending) Source: CBInsights
  • 16. 23 Yes, but ... are their DNA really compatible? Does the transplant work ? A fundamental question “ ”
  • 17. 24 Bank and Fintech DNA Product centric Complexity / Opacity Long cycles / Rationalization Data silos Strict regulatory Generalist XXth. century technologies Bank DNA Customer centric Simplicity / Transparency Short cycles / Innovation Data driven Little or no regulated Specialist XXIth. century technologies FinTech DNA
  • 18. 25 A pain: Legacy Source : http://www.rbs.com/content/dam/rbs/Documents/News/2014/11/RBS_Building_IT_Resilience.pdf
  • 19. 26 Simple “Reinventing online banking with modern web and mobile experiences, no surprise fees, and great customer service” “WHY” “We started Simple because retail banks have forgotten who their customers are” “We love design and technology”
  • 21. 28 Simple – flow processor Source:https://www.simple.com/blog/my-apology-to-you
  • 22. 29 Simple – flow processor We rebuilt our infrastructure from scratch […] massive project to replace our partner processor with one we’ve built. So why did we do it? […] The first reason was to improve our ability to innovate […] The second reason, ironically enough, was to improve system stability.
  • 25. 32 “We are building an API banking platform, becoming our own bank” Standard Treasury vision “We have been unimpressed with existing bank infrastructures” Source : http://blog.zactownsend.com/standard-treasury-as-a-startup-bank “We want to be the Amazon Web Services of banking”
  • 26. 33 Silicon Valley Bank (SVB) has acquired the assets and team of Standard Treasury “Last year we decided that the best way to bring the Standard Treasury vision to fruition was to build our own bank. That's a big dream. Earlier this year, primarily because of concerns around regulatory and geographic risks, we were unable to raise a Series A funding round against that goal. ” “We decided the next best thing was to closely align ourselves with one bank ” We are looking forward to transforming (our) products for the SVB context and launching some versions of them.
  • 27. 34 Conclusion The reconciliation will require effort on the part of banks “ ”
  • 28. 35 Spontaneous mutation Source : http://www.craveonline.com/images/stories/2011/2011/October/Comedy%20Channel/dr-manhattan.jpg
  • 29. 36 Banks with the FinTech DNA Mutation “ ”
  • 30. 37 mBank have completed it in a few quarters to go fully mobile 1999 2012 2013 • 4,4 million customers • Decision to move to a full mobile bank • Design Driven • No silos: teams consisting of IT, business, UX worked together (from design to launching the product) 70% of customers to use the new digital bank services
  • 32. 40 Innovation Digitale sur 3 axes : 1- Externalisation infrastructure IT sur le Cloud d’Amazon 2- Meilleure expérience utilisateur (« personnalisation des situations ») 3- Ecosystème Applicatifs (M-Banking, Mobile Paiement, Application pour les acheteurs immobiliers, etc.) « Mobile payments app has had more than a - million downloads and had handled more than $9 billion in transactions. » Ralph Norris, CEO CBA
  • 34. 46 The threats on the future of FinTechs Overestimating new world of data science Underestimating Regulations Disrupted disruptors Short term < 2 years Legacy Technologies & IS Regulations , restriction, interdiction Chinese competitors Long term > 10 years Disruptions by the BlockChains Can’t reach critical mass  Blockchain : Blockchains are transaction histories that use multiple parties for verification. The blockchain is a decentralized and networked.  China : China is doing amazing things with Tencent and Alibaba: MYbank (Alibaba) and Webank (Tencent).  Ripple & regulation : U.S. Treasury slaps virtual currency startup Ripple with $700K fine: “Virtual currency exchangers must bring products to market that comply with our anti-money laundering laws,” said FinCEN Director JC Shasky Calvery. 5 years < Mid term < 10 years ?
  • 37. 53
  • 38. 57 Many players attack all banking business
  • 40. 61 Digital Banking & FinTech : the White Paper http://www.octo.com/en/publications/14-digital-banking-fintech-is-cannibalizing-banks
  • 41. 62 OCTO Executive summary KEY FIGURES 15 years of profitable, continuous growth  36 M€ in Sales in 2015  200 consultants, architects, experts and methodology coaches  Strategic independence and financial strength ( no debt, 8 m€ cash position )  Listed on the Paris Stock Exchange since 2006 October 2014 – Digital Banking – FinTechs are Cannibalizing Banks! May 2011 – Document Management and Filing – Tackling the Paperless Office September 2010 – Screens: Usability and GUI Technologies July 2009 - Java Productivity Primer: Increase Productivity with Software Factories OUR WHITEPAPERS 2012 - The Giants of the Web: Culture - Practices - Architectures 2011 - Cloud Computing: A New Era for Enterprise Computing 2006 - IS Policy OUR PUBLICATIONS ANNUAL SALES (M) WORKFORCE Breakdown of Sales Organizations which design systems are constrained to produce systems which are copies of the communication structures of these organizations Visit www.usievents.com To learn more About OCTO’s annual conference!