2. Background
• The crash
• Braying bankers, bonuses and clusterbombs
• Too big to fail/bailed out
• Public sentiment plummets
• Regulatory response/ Project Merlin
• (Slow) Divorce of retail & investment
3. The pressures
• Occupy Wall St/The 1%
• Bank as more than a business
(economy/politics)
• Social customers
• Compassionate capitalism
• Drive to increased regulation
• Disruptive tech
4. How will banks respond?
• Fight regulation vs. Adapt and develop
• Short term - lower profits, job cuts (as I write
this, Sky have announced Barclays Tech are
cutting 400 jobs), cost cutting
• The death of the branch
• Long term - focus on retail and differentiation
(market segmentation)
• New ways of adding value or ‘just another utility’
5. What are banks like?
• Public but hidden (retail vs trading)
• Short-termist - profit beats service
• Slow
• Silo’d
• Locked down
• Risk averse (with customers)
• Challenged by regulatory and security implications of web
• Legacy tech/systems
6. Where are they now?
• Making a nod towards social
• Realise its not just marketing
• Customer service on Twitter
• But no deeper customer service commitment
• Want to be engage/collaborate but still locked down
• Entry point is middle mgmt - retail bank digital
comms, PR and marketing
• Where are the CEOs/COOs?
• But....
17. Big data
• “Banks spend millions trying to understand how
customers interact across multiple products and
touchpoints. Now we are looking at world where
you move from transaction to interaction — which
pages do they spend time on, what accounts do
they have with other banks? Big data can help with
customer sentiments and give access to the
customer across all the touchpoints the bank has
with them.”
see also: predicting markets, minimizing risk...
18. The challenge
• What tools and systems can we create to,
personalize, transform and add value to banking
services without requiring banks to alter their
core systems or get IT involved
19. Areas of opportunity
• Personal banking
• Business banking
• Payments
• Investment (?)
• Innovation support (why, how, what)
• Engagement support
• Internal comms
• Others?