digital transformation in corporate banking
Post on 07-Jan-2017
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M A S T E R I N G
D i g i t a l
Transformation
I N B A N K I N GJO CAUDRON
+32 475 43 80 98 @JCAUDRON
JO@DUVALUNION.COM
Hi, I’m Jo Caudron Active in digital since 1993
Internet entrepreneur involved in 20+ start-ups.
Founding Partner of Duval Union Consulting
@jcaudron jo@duvalunion.com
We are business consultants for a digital
world.
Our mission is to help organizations transform.
Are you an active social media user?
Do you embrace new technology?
Do you get your kicks from new business models?
Who Are You?
Sold in 40 countries!
BUY NOW! www.digitaltransformationbook.com
Expect a smack in the face…Digital Disruption is real
100.000jobs in banking got lost in 2015, because of
digital disruption (Antony Jenkins, the former CEO of Barclays)
What do These 4 have in common?
1995+ Music Photography Video Rental …
2005+ Print Media TV Travel HR …
2015+ Retail Banking/Insurance Healthcare Automotive Education Telco Food/FMCG/CPG …
2025 All Safe havens will be subject to digital disruption …
WAVES OF Disruption
What can we learn?
Digital Disruption is a story of…
%
This is NOT our storyYOU THEM
We are COMPLIANT! We are a TRUSTED partner!
We have DECADES of experience! We are on SOCIAL MEDIA!
YOU
We are COMPLIANT! We are a TRUSTED partner!
We have DECADES of experience! We are on SOCIAL MEDIA!
THEMThis IS our story
But your app sucks
I want experience
Uhh..ok
Hey this solves my problem!
I don’t want to wait a
week
NEW
YOU THEM
The Tipping Point
THE IMPACT OF D I G I T A L
Slicing the Elephant
creates Insight@jcaudron
The relationship is changing between the organization and the outside world.
The Glass House
@jcaudron
The Glass House
Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency
The Glass House
Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency
vwdieselinfo.com/updates/message-to-our-customers-from-michael-horn-president-and-ceo-volkswagen-group-of-
america/ TransparencyMagnifyMoney is a company that analyses different products from
different banks. It gives every product a transparency score guiding the
customer away from less transparent products/banks
magnifymoney.com
The Glass House
Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency
The Glass House
Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency
Proximity
In banking, proximity does not mean having an office in every town, it also
means being close to your customers in a digital way.
standardbank.com
The Glass House
Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency
Humanization
Simple uses the lack of public faces in finance to its advantage by showing off
the people behind their customer supportsimple.com
The evolution of unbundling and how this changes your products, services and go-to-market.
The Package
@jcaudron
The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability
Angry Birds Twitter, Facebook
Newspaper Website
CNN online / app
Blogs
Vertical sites and specialties portals
Yelo App Apple TV
Spotify
Sporza.be
LinkedIn, Monster, ...
eBay
Pinterest, blogs
Weather Pro (iPhone)
Traffic: Waze
YouTube
Twitter, Facebook
RSS
Breaking news
In-depth analysis
Services
Weather
Classifieds
Jobs
Sports
TV
Fun
Specials
Discovery
Culture
Trends & Lifestyle
The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability
Vertical selling
The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability
Monolithic vs. AtomicBecause of digital, the classic banking
package falls apart and is cherry picked by many online only players.
This makes it more difficult for classic banks to defend the price they charge
for the different products.
The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability
APPificationRobinhood is a technology driven
company focused on reducing overheads and cutting the traditional fat. Because of
low overheads and being digital only they can provide free stock trading.
robinhood.com
The Package APPification Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability
squareup.com
Experience
personalcapital.com
Personal Capital is a wealth management tool that allows users to control and get data from their net worth, analyze fees,
check on their investments and plan their retirement. They have consultants that can actively manage your capital if you want.
The position in the value chain is challenged. You can bypass, or be bypassed.
The Frog
@jcaudron
The Frog Bypassing Virtualization Fragmentation of touchpoints
BypassingIf you can sell expensive cars online, you can sell anything online.
The Frog Bypassing Virtualization Fragmentation of touchpoints
Bypassing
Apple, Android and Samsung Pay are becoming the interface for consumers
The Frog Bypassing Virtualization Fragmentation of touchpoints
The Frog Bypassing Virtualization Fragmentation of touchpoints
Opinion making is challenged. New players can dominate the attention of people.
The Gatekeeper
@jcaudron
The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship
Crowd-sourced opinions
Peers as news distributors
Automatic algorithms
The traditional gatekeeper
New “experts” ++
+
The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship
New gatekeepers
PolicyGenius might become a new way to search for policies. Thet lets you compare insurance policies from
different providers.policygenius.com
The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship
New GatekeepersMobile payment providers are a
layer on top of the traditional payment providers. These new
players take over there touchpoints and become new gatekeepers and
a new power in the payment ecosystem.
The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship
New Gatekeepers
Centralway’s Numbrs app allows you to integrate over 3500 German banks into
one app. It has investments from Andreessen Horowitz & Google
Venturescentralway.com
The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship
New Gatekeepers
Bots or programs can become so powerful to the end-user that they become new gatekeepers creating
their own ecosystem.kasisto.com
Primary location and place of consumption are changing. There is a need to merge offline and online
The Traveller
@jcaudron
@jcaudron
The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness
PLACE OnlinePoS Hybrid Omnichannel
(digital entering PoS)
(all functions go digital too)
The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness
The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness
monzo.com
Place
Monzo is a mobile only bank from the UK. They model the product around the
user experience.
monzo.com
Consumers are uniting. The power of the crowd can be good or bad for your organization.
The Participant
@jcaudron
The Participant Community Power of the crowd Sharing economyCollaboration
Sharing economyFrom scarcity to abundance
The Participant Community Power of the crowd Sharing economyCollaboration
duvalunionconsulting.com
Sharing economyExplanation
Peer-to-Peer Lending as an alternative to keeping money in the bank.
lendingclub.com
DTM RCB 2014
DTM PCB 2016
DTM RCB 2016
The Participant
Community
Open Folio “Wall street meets Twitter”
A social media sharing site for the investment crowd
openfolio.com
Community Power of the crowd Sharing economyCollaboration
The Participant Community Power of the crowd Sharing economyCollaboration
Ambassadorship
You get a percentage of the profit of your followers, encouraging users to be ambassadors for the
platform.etoro.com
Technology keeps progressing. We are only at the beginning of the digital revolution.
The Cyborg
@jcaudron
The Cyborg
Data
Fidor’s APIs make it the most open bank in the world.
developer.fidor.de
Wearables Quantified SelfInternet of Things Robotics Data Monitoring
The Cyborg
Robotics
Algorithms are leading to smarter investing and a levelled playing field.
Wearables Quantified SelfInternet of Things Robotics Data Monitoring
quantopian.com
The Cyborg
Internet of Things
Watson for insurance can handle large amounts of data (wearables) and use
this data to better protect their policyholders and give them a tailored product. Often going from reactive to
proactive. ibm.com
Wearables Quantified SelfInternet of Things Robotics Data Monitoring
The Cyborg Wearables Quantified SelfInternet of Things Robotics Data Monitoring
Are you
Scared or
Inspired?
@jcaudron
Don’t worry, we’ve got a PLAN
@jcaudron
YOU NEED TO Scan YOUR
ENVIRONMENT @jcaudron
DETERMINE THE IMPACT
@jcaudron
CREATE A North Star VISION
@jcaudron
DEFINE A Transformation STRATEGY
@jcaudron
DEFINE A Transformation STRATEGY
@jcaudron
BUILD A ROAD MAP
@jcaudron
KNOW
YOUR
AUDIENCE
WHO DO YOU SERVICE?
@jcaudron
WHO DO YOU SERVICE?
@jcaudron
WHO DO YOU SERVICE?
@jcaudron
WHO DO YOU SERVICE?
YOU CHALLENGERS
The Challengers move into your space, when will you move into theirs?
F R O M DIGITIZATION
T O TRANSFORMATION
BUILD a new ORGANIZATION
From ... ... to
The Business
Digital (at the sideline)
Digital in the core
The BusinessDigital (at the
sideline)
The Business
Digital (at the sideline)
From ... ... to
The BusinessDigital (at the
sideline)
Digital in the coreThe Business
Digital (at the sideline)
Digital in the core
Digital in the core
Digital in the core
From ... ... to
From an outdated MOTHERSHIP
From an outdated M o t h e r s h i pTO A modern
F L E E T
D I G I TA L Leadership
@jcaudron
“If you can't understand the new world of digital, fire yourself.
Build an executive team that is digital-first (when problems arise, the first solution is always digital). Make sure there is a techie on the
board of directors. If the board has a low digital IQ, the company
will have a low digital IQ”
George Colony CEO Forrester Research
So, where are you? How digital is your
company?
Digital Leadership
“We all understand that our world is
changing because of digital”
Digital Leadership
of your culture
@jcaudron
1. The customer always decides
@jcaudron
2. All things you do must start from a superior experience
@jcaudron
3. From now on, you are an agile and flexible company
@jcaudron
4. You live in a world of uncertainty
@jcaudron
5. Always play on offence instead of defence
@jcaudron
6. Don’t be afraid to cannibalise your own business
@jcaudron
7. Never, ever, disrespect new or small players
Never, ever, disrespect new or small players
The customer always decides
All things you do must start from a superior experienceFrom now on, you are an agile and flexible company
You live in a world of uncertaintyAlways play on the offense instead of the defense
Don’t be afraid to cannibalize your own business
you are no longer
too big to fail
TO PULL THIS OFF YOU WILL NEED…
@jcaudron
M I N D S E T@jcaudron
M E A N S@jcaudron
M A N D AT E@jcaudron
Digital Transformation is a complex and never-ending
journey
TRANSFORMATION STRATEGY
ROADMAP
DIGITAL LEADERSHIP & CAPABILITIES ASSESS
TEAMSTRAIN & COACH
CHANNEL STRATEGY
POLICY & GOVERNANCE
SET-UP AND ROLL-OUT RUN
ROLL-OUT DIGITAL OFFICE
RUN DIGITAL OFFICE
CUSTOMER ENGAGEMENT
CHANNELS
PLATFORM DESIGN
REQUIREMENTSPARTNER
SELECTIONRFP CREATION
LAUNCHDEVELOPMENT
BUSINESS/SERVICE/PRODUCT DESIGN TRADITIONAL
BUSINESS MODEL
START-UP BUSINESS MODEL
PROJECT KICK-OFF
START-UP KICK-OFF (FUNDING, INCUBATION)
RUN PROGRAM/DEVISION/…
RUN START-UP (COACHING,
ADVICE)
START-UP BUSINESS
TRADITIONAL BUSINESS
TRANSFORMATION STRATEGY
IMPACT ANALYSIS NORTH STAR
VISION OF YOUR FUTURE
SCAN MARKET TRENDS & INTERNAL DIGITAL
READINESS
Thank You!
DOWNLOAD THE SLIDES www.speakersbase.com/JO
M A S T E R I N G
D i g i t a l
Transformation
I N B A N K I N GJO CAUDRON
+32 475 43 80 98 @JCAUDRON
JO@DUVALUNION.COM
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