From Online To Digital

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Presented at FINSIA Innovation In Retail Banking, March 25

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  • Does anyone get it right? Only Ubank are breaking the mould , but others are learning ... Its an interesting piece to understand – how do customers navigate a complicated business like yours? Like a bank?
  • Does anyone get it right? Only Ubank are breaking the mould , but others are learning ... Its an interesting piece to understand – how do customers navigate a complicated business like yours? Like a bank?
  • From Online To Digital

    1. 1. From Online To Digital Innovation in Online Financial Services Rob Findlay, NAB
    2. 2. <ul><li>Customers managing their money </li></ul><ul><li>What's the current state? (7) </li></ul><ul><li>How are big banks faring? (3) </li></ul><ul><li>What do we do about it? (5) </li></ul><ul><li>10 Insights of Digital Innovation </li></ul>
    3. 3. &quot;The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.” Rupert Murdoch, 79
    4. 4. Some examples of customers managing their money
    5. 14. “ Commonwealth Bank 2013”
    6. 16. “ Microsoft 2019 vision”
    7. 17. CURRENT DAY TECHNOLOGY IT’S ALL
    8. 18. MORE THAN JUST TECHNOLOGY IT RELIES ON
    9. 19. RELIES ON REAL PEOPLE AND IT STILL
    10. 20. What's the current state?
    11. 21. CONVERGING TRENDS Economic Conditions Customer Behaviour Technology Capability Changing Business Models
    12. 22. TRUST SECURITY 1
    13. 24. KNOWLEDGE ACCESS 2
    14. 26. CLOSED OPEN
    15. 29. CONTROL OF CONVERSATION 3
    16. 32. WEBSITE PLATFORM 4
    17. 34. GUI NUI 5 ‘ TECHY’ DESIGNED ( )
    18. 40. ANY SCREEN, ANY DEVICE Source Task Screen Interface CURRENT CAPABILITY
    19. 41. BANK ANYONE 6
    20. 42. 10% 50% 1m 30%
    21. 44. DISINTERMEDIATION AGILE, FAST 7
    22. 45. ‘ OLD ECONOMY’ ‘ NEW ECONOMY’ CUSTOMER CENTRICITY YOUR LOCAL FRIENDLY RETAILER NAILED NEW & OLD ECONOMY STUCK IN THE 80s DINOSAURS LOOKING TO SURVIVE DISINTERMEDIATION STAYIN ALIVE CORE VALUES PRIMED
    23. 46. ‘ OLD ECONOMY’ ‘ NEW ECONOMY’ TRADITIONALLY CUSTOMER CENTRICITY ?
    24. 47. WILL NOT BE ENOUGH. ANYONE CAN DO IT. BUSINESS AS USUAL
    25. 48. How are the big banks faring?
    26. 49. COMPETITION COMES NOT JUST FROM BANKS 1
    27. 52. The competitive landscape DIRECT & NON-BANK RETAIL BANKS WITH MAJOR BRANCH PRESENCE INTERNATIONALS
    28. 58. BANK MODELS ARE CHANGING 2
    29. 60. SHARE OF WALLET REPUTATION IS IMPORTANT 3 rd PARTY REVENUE LESS RELIANCE ON FEES
    30. 61. BANK CHANNELS ARE SHIFTING IN UTILITY 3
    31. 62. BRANCH SIMPLE COMPLEX SIMPLE COMPLEX BRANCH SIMPLE COMPLEX CC ATM BRANCH CC ATM MOBILE IB
    32. 70. Incremental Innovation is not an alternative <ul><li>60 second credit card apps </li></ul><ul><li>1 hour mortgage approvals </li></ul><ul><li>SMS and mobile banking </li></ul><ul><li>Fraud protection </li></ul><ul><li>Calculators & Tools </li></ul><ul><li>Financial Management Tools </li></ul><ul><li>Real Time Payments </li></ul><ul><li>Online Statements </li></ul><ul><li>Interactive ATMs </li></ul><ul><li>Branch of the Future </li></ul><ul><li>Twitter presence </li></ul><ul><li>Single Customer View </li></ul><ul><li>Business Model innovation </li></ul><ul><li>Straight Through Processing </li></ul><ul><li>Platform Improvement </li></ul><ul><li>Maintain Core Banking </li></ul><ul><li>Changing role of people </li></ul><ul><li>Be where the customer is </li></ul><ul><li>Biometric security </li></ul><ul><li>Proactive Money Management </li></ul>BUT ARE BANKS TRULY INNOVATING?
    33. 71. What do we do about it?
    34. 72. INNOVATE OR DIE
    35. 73. PROCESS RETURN FLOW CULTURE 3 rd PARTY PEERS STAFF CUSTOMERS 1
    36. 74. 2 - Strategic Dimensions of Biz Innovation Business Models Channels Markets Experiences Products Innovation & The Future Proof Bank, James Gardner
    37. 75. 3 - Layers of Business Delivery DIGITAL POLICY, PROCESS & PROTOCOL PRODUCT PLATFORM PHYSICAL
    38. 76. 4 - Tactical Dimensions of Online Innovation Mobile Interface & Usability Of Money Mgt User Gen & Social Media Security Payments
    39. 78. 10 Insights of Digital Innovation
    40. 79. <ul><li>The technology is already here </li></ul><ul><li>The power is in the cross integration </li></ul><ul><li>The role of physical outlets will change </li></ul><ul><li>A multi-channel mix is unavoidable </li></ul><ul><li>Mobile will boom in all forms </li></ul><ul><li>It’s the ultimate scalable environment </li></ul><ul><li>Customers are in control – use them! </li></ul><ul><li>Design & UX are critical differentiators </li></ul><ul><li>Anytime, anywhere on any device </li></ul><ul><li>Its not just online, its digitally connected </li></ul>
    41. 80. Thanks

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