Predicting banking

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Jan 2012 review of the pressures and opportunities in the finance industry

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  • 1.Predicting banking

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 writethis, Sky have announced Barclays Tech arecutting 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 Silod 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 digitalcomms, PR and marketing Where are the CEOs/COOs? But.... 7. Banks and socialAmex OPEN ForumFirst Direct Labs 8. Asocialbank? 9. The rise of disruptivetech 10. Personal finance management (PFM)see also: Meniga, Mint, Readyforzero... 11. Mobile (payments and banking) 12. P2Psee also: Zopa, RateSetter, Kiva... 13. Alternative currenciessee also: Lewes Pound/Chiemgauer, Facebook credits... 14. Tabletssee also: Standard Chartered Breeze, Citibank for IPad, ... 15. Loyaltysee also: Amex LinkLikeLove... 16. Rewarding influencesee also: Movenbank CRED score... 17. Big dataBanks 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 bankingservices without requiring banks to alter theircore 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?