innovation i danske bank og samarbejdet med rainmakingsupport danske bank brand as a company that...
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Innovation i Danske Bank og
samarbejdet med Rainmaking
Finanssektorens Uddannelsescenter, Future netværket 23. august 2016
22
33
Difficult to imagine that disruption will hit our business
We have a legacy We have the competences
We have capital We have the Industry knowhow & network
We have the customers
We have a strong Strategy
77
• 100% digital
• In my pocket
• I’m in Control
• Delicious design
• Easy interface
• Plug’n play
• Monitor
• Simulation
• Benchmark
• (Broker)
• Where is the mobile ?
• Where is my app ?
• Why do I need a professional installer ?
• Why do they talk to me with professional words ?
• It’s a little old school
11
The mobile is becoming the hub of our life
CORE PRODUCTCUSTOMER
EXPERIENCE
WASTE
REDUNDANCY
COMPLEXITY
LIMITED ACCESS
BROKEN TRUST
Disruptive companies zero in on a customer need and use technology to remove superfluous steps, costs and time
ANALOGUE SERVICES
Incumbents Disrupters
Dis
tr
ibu
tio
n
Own Third party
Product creation
Ou
rsel
ves
Th
ird
par
ty Customer
Products (services, functionality, data)
Distribution
API API API
Customer
Products (services, functionality, data)
Distribution
API API API
Customer
Products (services, functionality, data)
Distribution
API API API
Customer
Products (services, functionality, data)
Distribution
API API API
2. Producer
1. Integrator 3. Distributor
4. Platform
Bank
Third Party
Difficult to imagine when disruption will hit our business
2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026…..
1616
Pope John Paul II - 2005
1717
Pope Francis - 2013
18
Deception lines versus exponential
0,01 0,02 0,03 0,06 0,13 0,25 0,50 1,00 2,004,00
8,00
16,00
32,00
64,00
128,00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Co
mp
let
ion
ra
te
in
pe
rc
en
t
Years from project start
Linear manHalfway in time and only 1%
Exponential man1% is half done since tech is doubling
In 1990 the Humane Genome project was launched
with an objective to fully sequencing a human genome
Estimates called for the project to take 15 year
Begin Halfway
20
“You don’t need a digital strategy to succeed in this World, you need a business strategy for the digital age”
2121
”Banking is here to stay – banks are necessarily not”
2222
CLASSICAL BANK
DISRUPTIVE MOVES
A DUAL-TRACK STRATEGY
23
PROBLEM
Old structures to address new problems give problems!
24
Detailed forecasting
Sekventielle steps
Organizational control
Risk averse
25
FROM TO
Maximum validatedproduct
Minimum viable
product
corporate disruptors
2626
2727
2011
2828
Keep it simple stupid
We want to make it easier
for people to transfer
money to one another
“MobilePay must be very
simple and accessible
for everyone
“It must be just as
easy as cash
“
2929
MobilePay has in 3 years developed into a multisided full suite mobile payment platform attracting 3m consumers and 25t merchants and entering new markets
3030
3131
3232
20112013
Customers
Strong traditional competencies
Trustworthy brand
Financial strength
START-UP CULTURE CORPORATE STRENGTHS
Core systems and processes
Untainted innovative approach
New digital and entrepreneurial competencies
Purpose & passion
Fast execution
Full top-management & BoD buy-in
Embracing uncertainty
PRE-REQUISITES
Assigning autonomy
Accepting a higher tolerance for failure
+
CREATING A HYBRID – BEST OF TWO WORLDS
MUSCLE OF A CORPORATE, SOUL OF A STARTUP
MOBILELIFE / PROJECT X
Don’t be afraid to disrupt yourself
3636
201120132015
3737
Recommendation
Aim for 10x better, not the usual 10% better
SME Community Hub Financial Dashboard Future Finance
3838
ExBo-level sponsorship – role of challenging but
not prescribing
Mandate with decision rights and budget to build
best possible solution to deliver on customer need
Capable and full-time leader with desire to 'build a
business'
Core team across business and IT to build tech-
driven business in entrepreneurial culture
Fast prototyping, bare Minimum Viable Product,
by isolated team
Flexible IT solution that is architecturally coherent
TEAM
WORKING
METHODS
MANDATE &
SPONSORSHIP
IT DELIVERY
APPROACH
1
4
3
BUSINESS LEADER 2
5
Danske Bank’s initiative towards startups and growth companies
Asia Pacific Digital Banking
CEO Academy
27/06/2016
4040Source: Danmarks Statistik, Nov 2015
Survival rate for new companies
4141
Do it for growth in Denmark Do it for profit Do it for innovation
4242
Our massive transformation purpose (MTP)
Danske Bank will make it easier for startups and growth companies to accelerate
and reach their ambitions
“ We invest in the
relation….”
Time
“… to be a preferred
partner in the future”
Company size/value
4343
The ‘SME Community Hub’ Moon Shot…
Recommendation
Community hub that is relevant for the targeted segment and that enables a positive network effect
Support Danske Bank brand as a company that invests in the growth of Denmark
Gain learnings on how to work with disruptive projects within BB • 100% focus on user needs• Collaborating with third parties• working with high speed, prioritizing time-to-market over
stability• working with MVPs and subsequent continuous iterations• willingness to accepting higher risk of failure
Moon Shot Objectives ‘TheHub’
1
2
3
Monetizing this will happen only after we have the user base in place. Potential options
for longer term monetizing include new leads / clients converted, and better retention.
4444
Internal workshop generated six preliminary models and the first mockup looked nicely as a solution from Danske Bank and delivered on the brief
Focus on growth as decisive moment
Enable network effect
Open for partnerships
Rich content that goes beyond banking
Tools and services, not just inspiration
In sync with Danske Bank CVI
4545
Rainmaking was chosen as a strategic partner to drive insights on SMEs and to increase the development speed
• Small and agile DB team
• Strategic partnership with Rainmaking
• Successful serial entrepreneurs and run co-
working spaces for Scalers in London, Berlin
and Copenhagen
Approach
4646
4747
We started interviewing +100 startups to identify their main challenges and ensuring that the solution would be relevant
• In-depth interviews with +100 scalers
across Denmark
• 118 issues identified
• Grouped into 11 categories
Empirical overview Findings
4848
Recruitment12/2015
Funding03/2016
ToolsQ3/2016
09/2016
09/2016
4949
Understand the users real needs
Partner up if you don’t have the insights yourself
“Moonshot” label makes a difference
Deadlines should be your BFF
Don’t build solutions to problems that have not yet arisen
Foster a YES culture in the project team
Involve internal stakeholders early and they will help you
The luxury of focus on a single project drives performance and job satisfaction
Its amazing how fast you can build trust if your solution creates value
Stay OPEN and opportunities will arise
Culture eats strategy for breakfast (Drucker)
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