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                                                                          TORSTEN HENNING HENSEL
                                                                   PARTNER // CREATIVE CONSULTANT
                                                                                  NOUVÉ INTERPLAY

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                                                   THE PROSUMER BANK
               A COLLECTION OF THOUGHTS FOR BANKING 2.0
                                                                    BERLIN // OCTOBER 2009
The collapse of our financial system has inspired not
merely a national but a global crisis of confidence.
Good God, the world seems to be saying, if they don’t
know what they are doing with money, who does?




http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html
a global crisis of confidence.
http://jonathanjarvis.com/wp-content/uploads/2009/03/crisis_sketch_01.jpg




http://www.flickr.com/photos/27199770@N04/3087662640/sizes/l/
http://lawprofessors.typepad.com/environmental_law/2008/09/awesome-chart-o.html
http://www.spiegel.de/fotostrecke/fotostrecke-39933




Shameless Greed

Global Rage at Bankers' Bonus Excesses
Banks around the world may have made huge losses and be reliant on state bailouts to survive,
but they're still paying out huge bonuses to their top staff. The popular outcry against the greed
is growing – but few bankers are willing to go without the cash. Der Spiegel / Published: 20 Feb 2009
http://www.busmanagementme.com/news/banking-brands/




Losses derived from the crisis: $3.4 trillion
Since the onset of the crisis in mid 2007, banks have written down $1.3 trillion worth of loans
and securities which were effectively proved worthless, while IMF expects a further $1.5 trillion of
“actual and potential writedowns” yet to be recognised by the end of 2010. Telegraph / UK / Published: 30 Sep 2009
a global crisis of confidence.
Recent data on consumer confidence suggests that households are quite pessimistic on
     the severity of the current financial crisis, and its impact on the economy at large.
 Confidence indicators for OECD member countries in recent months have witnessed an
       almost unprecedented collapse, with some levels falling to the lowest on record.
                                                                         OECD / Published: 06 Feb 2009
If the financial markets industry is to prosper
again, it must primarily fulfill the promises it makes.

Most financial markets firms have brands that
implicitly promise to provide agility and stability,
and to focus on the interests of their customers.
In practice, however, the opposite is often true.




http://www.ibm.com/ibm/ideasfromibm/us/smartplanet/topics/finance/20090126/GBE03214-USEN_FinancialOrder.pdf
customers?
We're not in the business of satisfying customers.
 We‘re in the business of making money...*



                                                                                                                        customers?



* Paraphrase of a quotation of Trevor Edwards, VP Global Brand & Category Management at Nike:
”We’re not in the business of keeping the media companies alive. We’re in the business of connecting with consumers.”
http://osocio.org/images/uploads/ColumbusCoalition.jpg
http://www.flickr.com/photos/raysto/3240352909




     Without changing our    pattern of thought, we
     w ill not be able to solve th e problems we created
     with our current p   attern of thought. Albert Einstein
rethink!
products
       services
      processes
       contents
modes of value creation
  modes of delivery
 transparency levels
  customer relations
      interfaces
Markets are conversations.




http://www.cluetrain.com/                           http://www.flickr.com/photos/visualthinkmap/2882858837
                                                     http://www.flickr.com/photos/eskimoblood/2111672366/
Companies need to come down from their Ivory
Towers and talk to the people with whom they hope
             to create relationships.




http://www.cluetrain.com/          http://www.flickr.com/photos/visualthinkmap/2882858837
The dominant logic that an enterprise utilizes is
difficult to change. It‘s somehow like the shift from
the Ptolemaic view of the universe (earth-centered)
      to the Copernican view (sun-centered).
We are used to have a goods view of the economy, looking from the glass of a Goods-Dominant
logic. Now a service mindset called Service-Dominant logic is available to serve as a foundation in
Service Science.

In Service-Dominant Logic, service has a process orientation. Service is defined as the application
of competences (knowledge and skills) for the benefit of another entity, rather than the production
of units of output. Goods remain important in Service-Dominant logic, as vehicles for resource
transmission (tools and appliances), rather than containers of value.

In the Service era we shift the focus from “Producing” of goods that are value enhancing add-ons,
where the value creation happens with resource acquisition, to "Resourcing", where value creation
happens when a potential resource is turned into a specific benefit. Resourcing allows value
creation through collaborative value co-creation.

This perspective prompts the organization to consider not only its employees’ productivity but also

the productivity of the consumer.

 http://blog.broadeep.com/2009/02/changing-dominant-logic-from-goods-to.html
How would you call a productive consumer?
Prosumer.
The prosumer is the opposite to the passive
consumer, taking an active role as the individual
gets more involved in the process.




http://www.flickr.com/photos/yuan2003/1796355617
Innovation in the 21st century is much more than
invention. It’s open, multidisciplinary and inherently
collaborative — taking place with customers,
across communities and among millions of people
who will never meet.




http://www.flickr.com/photos/gustavog/9708628
For banks, this means:

Innovating together with their customers around the
way their customers live, work and play.
&
OFFLINE
ONLINE
r.
                                                             client wants  and what it will actually value and pay fo
There is often a disconnect between what a bank thinks a                                                                   nificant
                                                                exact questio n and what we found is that there are sig
So what will a client value and pay for today? We asked that                      ey will value. It really revolved around thre
                                                                                                                                e
                                                                    iders think th
disconnects between w     hat clients say they value and what prov
                                                        p items that clients valued: trust, service and products.
major discon  nects and what I will say are the three to




                                                                                                                           ally has to
                                                                 reputation an d integrity.When I talk about service, it re
  By trust, I really m ean a greater level of transparency, also                                                            when we
                                                                     ing the real, true, unbiased advisor to the client.And
  do with things like de   livering service excellence, as well as be                                                            the
                                                                        lass produc   ts in a fast time-to-market and creating
  talk about products, it re   ally has to do around innovating world-c
  level of custom    ization and tailoring around the clients.


http://www.ibm.com/ibm/ideasfromibm/us/smartplanet/topics/finance/20090126/resources/Smart_Planet_Banking_tr.pdf
Imagine a bank that can communicate to their customers
through any mode of communications that the client chooses.
You know, proactive alerts around things like a CD coming due
or a deposit that has just hit your bank account or new
refinance opportunities.

Imagine a bank that could, with your permission, look at your
expenses, maybe your utility bill and compare it to your
neighbors’, and can proactively advise you on not only how to
reduce your expenses but also how to become more green.

That is a smarter bank.
http://www.ibm.com/ibm/ideasfromibm/us/smartplanet/topics/finance/20090126/resources/Smart_Planet_Banking_tr.pdf
Imagine then if it were possible to offer a service in a more
personal, intimate context, reaching into the customer’s social
environment. 

Imagine a service that is proactive, attentive, finally able to
support the customer’s financial decisions; not only the
transactions.

That is a smarter bank.
http://www.europeanbankingforum.com/newsletters/0109/tieto.html
The Open Bank
This bank would feature radical transparency: full disclosure of performance and compensation.
The group decided that a banker should not sell a product unless he could pass a test about it. They
even decided that there had to be a means to confirm that customers understood what they were
buying. They proposed collective risk assessment, creating a means for its constituents to select
and perhaps vote on investments. They explored how to offer transparency on each product and
customers’ performance with them so that you could compare your returns with fellow customers.
And they argued that bankers should be compensated on profit. It wouldn’t be an easy business to
run; being answerable is hard. I said later that its slogan should be, “the only bank you can trust.”
That is what would make it successful.
Jeff Jarvis, associate professor at the City of New York University
                                                                      http://www.next-conference.com/next09/2009/02/the-open-bank.html
http://www.flickr.com/photos/mouseinthebrain/1426061406/




TheFrankBank.com
Competition in banking will increasingly revolve around the customer experience, an experience that
will be delivered in a predominantly digital context. The Frank Bank incorporates all the Web 2.0
concepts like tagging, gadgets (small applications you can add) and personalization of data. On top of
that it lets you administer your budget with fancy bar- and piecharts and gives you different views on
your data. Banking for the digital native to love.
What would ... do?
http://www.buzzmachine.com/2008/07/04/book-help-the-first-bank-of-google/




The Googley thing to do would be to seek innovations that make the whole banking business
more efficient and better able to serve people’s needs. Googlers would figure that whatever
makes the banking business better would help Google even if it also helps Google’s
“competitors”. (A rising tide helps all boats — including Google’s) So, Google would address
issues of the banking business’ infrastructure. For instance, you might see development of an
open-source banking platform and the development of open-source banking applications. The
idea would be that providing such a platform and apps would reduce the cost-structure of the
business while also reducing cost of adoption of the new applications. Reducing cost of
implementing new applications would tend to cause them to be more widely offered and thus
tend to generate more demand for Google’s own implementations of the applications. Open
sourcing the platform would encourage others to also build open-source apps on the same
platform and thus make it easier for Google to expand its own services with applications
which come from other platform users’ innovation.
http://www.epcotblog.com/wp-content/uploads/piggy-bank.jpg




Disney makes banking an adventure
The Great Piggy Bank Adventure is an interactive experience that brings basic savings and investment
concepts to life in a fun way. The attraction includes a series of games that teach guests how to set
goals, save and spend smartly, stay ahead of inflation and diversify investments.
http://www.flickr.com/photos/21289513@N02/3694316662




   Make your bank a consumer centric bank.
Make it a prosumer bank.
THANK YOU!
Want to know more? Get in contact:
torsten.hensel@nouve-interplay.com
Copyright © nouvé

All cognitions, documents and methods presented by nouvé in the foregoing concept will remain
the agency‘s intellectual property. Utilisation of the presented ideas, texts, graphic designs,
timetables, plannings, fotos, moving pictures and sound materials as well as other stored media
associated with this concept is restricted to the realisation in conjunction with nouvé.

All realisation and utilsation is only allowed on the basis of a contract and its fulfilling with the
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realisation and utilisation (in whole or parts) deviant from this regulations as well as a propagation
to third parties are a violation of copyright with all its legal consequences.

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Prosumer Banking

  • 1. HTTP://WWW.FLICKR.COM/PHOTOS/WIECHERT/2329851504 TORSTEN HENNING HENSEL PARTNER // CREATIVE CONSULTANT NOUVÉ INTERPLAY WWW.NOUVE.EU WWW.NOUVE-INTERPLAY.COM WWW.TWITTER.COM/NOUVE_INTERPLAY WWW.FACEBOOK.COM/NOUVE.INTERPLAY NOUVENEXT.TUMBLR.COM NOUVENET.MIXXT.ORG THE PROSUMER BANK A COLLECTION OF THOUGHTS FOR BANKING 2.0 BERLIN // OCTOBER 2009
  • 2. The collapse of our financial system has inspired not merely a national but a global crisis of confidence. Good God, the world seems to be saying, if they don’t know what they are doing with money, who does? http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html
  • 3. a global crisis of confidence.
  • 6. http://www.spiegel.de/fotostrecke/fotostrecke-39933 Shameless Greed Global Rage at Bankers' Bonus Excesses Banks around the world may have made huge losses and be reliant on state bailouts to survive, but they're still paying out huge bonuses to their top staff. The popular outcry against the greed is growing – but few bankers are willing to go without the cash. Der Spiegel / Published: 20 Feb 2009
  • 7. http://www.busmanagementme.com/news/banking-brands/ Losses derived from the crisis: $3.4 trillion Since the onset of the crisis in mid 2007, banks have written down $1.3 trillion worth of loans and securities which were effectively proved worthless, while IMF expects a further $1.5 trillion of “actual and potential writedowns” yet to be recognised by the end of 2010. Telegraph / UK / Published: 30 Sep 2009
  • 8. a global crisis of confidence. Recent data on consumer confidence suggests that households are quite pessimistic on the severity of the current financial crisis, and its impact on the economy at large. Confidence indicators for OECD member countries in recent months have witnessed an almost unprecedented collapse, with some levels falling to the lowest on record. OECD / Published: 06 Feb 2009
  • 9. If the financial markets industry is to prosper again, it must primarily fulfill the promises it makes. Most financial markets firms have brands that implicitly promise to provide agility and stability, and to focus on the interests of their customers. In practice, however, the opposite is often true. http://www.ibm.com/ibm/ideasfromibm/us/smartplanet/topics/finance/20090126/GBE03214-USEN_FinancialOrder.pdf
  • 11. We're not in the business of satisfying customers. We‘re in the business of making money...* customers? * Paraphrase of a quotation of Trevor Edwards, VP Global Brand & Category Management at Nike: ”We’re not in the business of keeping the media companies alive. We’re in the business of connecting with consumers.”
  • 13. http://www.flickr.com/photos/raysto/3240352909 Without changing our pattern of thought, we w ill not be able to solve th e problems we created with our current p attern of thought. Albert Einstein
  • 15. products services processes contents modes of value creation modes of delivery transparency levels customer relations interfaces
  • 16.
  • 17. Markets are conversations. http://www.cluetrain.com/ http://www.flickr.com/photos/visualthinkmap/2882858837 http://www.flickr.com/photos/eskimoblood/2111672366/
  • 18. Companies need to come down from their Ivory Towers and talk to the people with whom they hope to create relationships. http://www.cluetrain.com/ http://www.flickr.com/photos/visualthinkmap/2882858837
  • 19. The dominant logic that an enterprise utilizes is difficult to change. It‘s somehow like the shift from the Ptolemaic view of the universe (earth-centered) to the Copernican view (sun-centered).
  • 20. We are used to have a goods view of the economy, looking from the glass of a Goods-Dominant logic. Now a service mindset called Service-Dominant logic is available to serve as a foundation in Service Science. In Service-Dominant Logic, service has a process orientation. Service is defined as the application of competences (knowledge and skills) for the benefit of another entity, rather than the production of units of output. Goods remain important in Service-Dominant logic, as vehicles for resource transmission (tools and appliances), rather than containers of value. In the Service era we shift the focus from “Producing” of goods that are value enhancing add-ons, where the value creation happens with resource acquisition, to "Resourcing", where value creation happens when a potential resource is turned into a specific benefit. Resourcing allows value creation through collaborative value co-creation. This perspective prompts the organization to consider not only its employees’ productivity but also the productivity of the consumer. http://blog.broadeep.com/2009/02/changing-dominant-logic-from-goods-to.html
  • 21. How would you call a productive consumer?
  • 23. The prosumer is the opposite to the passive consumer, taking an active role as the individual gets more involved in the process. http://www.flickr.com/photos/yuan2003/1796355617
  • 24. Innovation in the 21st century is much more than invention. It’s open, multidisciplinary and inherently collaborative — taking place with customers, across communities and among millions of people who will never meet. http://www.flickr.com/photos/gustavog/9708628
  • 25. For banks, this means: Innovating together with their customers around the way their customers live, work and play.
  • 27. r. client wants and what it will actually value and pay fo There is often a disconnect between what a bank thinks a nificant exact questio n and what we found is that there are sig So what will a client value and pay for today? We asked that ey will value. It really revolved around thre e iders think th disconnects between w hat clients say they value and what prov p items that clients valued: trust, service and products. major discon nects and what I will say are the three to ally has to reputation an d integrity.When I talk about service, it re By trust, I really m ean a greater level of transparency, also when we ing the real, true, unbiased advisor to the client.And do with things like de livering service excellence, as well as be the lass produc ts in a fast time-to-market and creating talk about products, it re ally has to do around innovating world-c level of custom ization and tailoring around the clients. http://www.ibm.com/ibm/ideasfromibm/us/smartplanet/topics/finance/20090126/resources/Smart_Planet_Banking_tr.pdf
  • 28. Imagine a bank that can communicate to their customers through any mode of communications that the client chooses. You know, proactive alerts around things like a CD coming due or a deposit that has just hit your bank account or new refinance opportunities. Imagine a bank that could, with your permission, look at your expenses, maybe your utility bill and compare it to your neighbors’, and can proactively advise you on not only how to reduce your expenses but also how to become more green. That is a smarter bank. http://www.ibm.com/ibm/ideasfromibm/us/smartplanet/topics/finance/20090126/resources/Smart_Planet_Banking_tr.pdf
  • 29. Imagine then if it were possible to offer a service in a more personal, intimate context, reaching into the customer’s social environment.  Imagine a service that is proactive, attentive, finally able to support the customer’s financial decisions; not only the transactions. That is a smarter bank. http://www.europeanbankingforum.com/newsletters/0109/tieto.html
  • 30. The Open Bank This bank would feature radical transparency: full disclosure of performance and compensation. The group decided that a banker should not sell a product unless he could pass a test about it. They even decided that there had to be a means to confirm that customers understood what they were buying. They proposed collective risk assessment, creating a means for its constituents to select and perhaps vote on investments. They explored how to offer transparency on each product and customers’ performance with them so that you could compare your returns with fellow customers. And they argued that bankers should be compensated on profit. It wouldn’t be an easy business to run; being answerable is hard. I said later that its slogan should be, “the only bank you can trust.” That is what would make it successful. Jeff Jarvis, associate professor at the City of New York University http://www.next-conference.com/next09/2009/02/the-open-bank.html
  • 31. http://www.flickr.com/photos/mouseinthebrain/1426061406/ TheFrankBank.com Competition in banking will increasingly revolve around the customer experience, an experience that will be delivered in a predominantly digital context. The Frank Bank incorporates all the Web 2.0 concepts like tagging, gadgets (small applications you can add) and personalization of data. On top of that it lets you administer your budget with fancy bar- and piecharts and gives you different views on your data. Banking for the digital native to love.
  • 32.
  • 34. http://www.buzzmachine.com/2008/07/04/book-help-the-first-bank-of-google/ The Googley thing to do would be to seek innovations that make the whole banking business more efficient and better able to serve people’s needs. Googlers would figure that whatever makes the banking business better would help Google even if it also helps Google’s “competitors”. (A rising tide helps all boats — including Google’s) So, Google would address issues of the banking business’ infrastructure. For instance, you might see development of an open-source banking platform and the development of open-source banking applications. The idea would be that providing such a platform and apps would reduce the cost-structure of the business while also reducing cost of adoption of the new applications. Reducing cost of implementing new applications would tend to cause them to be more widely offered and thus tend to generate more demand for Google’s own implementations of the applications. Open sourcing the platform would encourage others to also build open-source apps on the same platform and thus make it easier for Google to expand its own services with applications which come from other platform users’ innovation.
  • 35. http://www.epcotblog.com/wp-content/uploads/piggy-bank.jpg Disney makes banking an adventure The Great Piggy Bank Adventure is an interactive experience that brings basic savings and investment concepts to life in a fun way. The attraction includes a series of games that teach guests how to set goals, save and spend smartly, stay ahead of inflation and diversify investments.
  • 36. http://www.flickr.com/photos/21289513@N02/3694316662 Make your bank a consumer centric bank.
  • 37. Make it a prosumer bank.
  • 38. THANK YOU! Want to know more? Get in contact: torsten.hensel@nouve-interplay.com Copyright © nouvé All cognitions, documents and methods presented by nouvé in the foregoing concept will remain the agency‘s intellectual property. Utilisation of the presented ideas, texts, graphic designs, timetables, plannings, fotos, moving pictures and sound materials as well as other stored media associated with this concept is restricted to the realisation in conjunction with nouvé. All realisation and utilsation is only allowed on the basis of a contract and its fulfilling with the originators / rights owners. Rights of use will only be granted on the basis of this contract that will also regulate their extent regarding time, space, content, intention and manner of use. All realisation and utilisation (in whole or parts) deviant from this regulations as well as a propagation to third parties are a violation of copyright with all its legal consequences.