sostenibilità è finance - fortune italia
TRANSCRIPT
25 novembre 2020
Alessio Botta, Partner, McKinsey & Company
Sostenibilità è Finance:Sfide, sostenibilità nei mercati, digitalizzazione
CONFIDENTIAL AND PROPRIETARYAny use of this material without specific permission of McKinsey & Company is strictly prohibited
McKinsey & Company 1
Digital disruptions show a typical pattern
Source: McKinsey analysis
Tipping
point
Newnormal
Start-ups exploit new techniques
New models proliferate
Customers and economics shift
Time: ~10 years
Finance Music
Laggardsshrink/die
McKinsey & Company 1
McKinsey & Company 2
The Physical Era
1980-1999
The Piracy Era
1999-2010
The Streaming Era
2010 – Present
Music: on the surface, a dramatic industry shift –actually, more “restructure” than “disrupt”
Source: IFPI Annual Music Report
10
0
2
6
20
4
24
14
8
12
16
18
22
2001 1502 03 04 06 201907 08 09 10 11 12 13 14 16 17 1805
-41%+8% p.a.
StreamingSynchronisation revenues Performance rights Physical Digital (excluding streaming)
Global recorded music industry revenues USD billions
McKinsey & Company 3McKinsey & Company 3
Paypal, Adyen, Square, Ant Financial…
Source: CBInsigths, McKinsey Panorama Fintech database
~70Unicorns globally
>$240billions total valuation
Fintechs are a reality – at scale
McKinsey & Company 4
In China, the financial sector is evolving into a platform business, integrating finance and “beyond finance” services
Source: McKinsey analysis
China
Lending
Insurance
Credit scoring
Daily banking
Payment
Wealth management
“Beyond finance”
Europe and North America
Ant Financial
ecosystem
Tencent
ecosystem
Ping An
ecosystem
Stripe
Klarna
Robinhood
Betterment
Better.com
SoFi
Next Insurance
WeSure
Revolut
N26
Credit Karma
Kabbage
Amazon
Uber
Airbnb
McKinsey & Company 5
Incumbents are playing the ecosystem game just as hardPing An digital ecosystem
Source: Official website; McKinsey analysis
Digital and analytics at the core
"One account" across all services
Data collection from inside and outside
of ecosystem (e.g., WiFi, social security)
“Wow” technology at scale
Fit-for-purpose governance
Strong brand control…
…but large independency for individual
businesses (incl. IT and operations)
Large-scale CVC to accelerate growth
Continuous experimentation
Internal competitions
Willingness to rapidly change direction
No bet on one single service
Cornerstones of Ping An’s
approach
Healthcare Housing
Automobile Financial
assets
$180 billion revenues
20% year-on-year
growth
>400 million online users
McKinsey & Company 6
What about Europe?
Fintechs struggle to become unicorns
Source: PitchBook, McKinsey analysis, McKinsey Global Banking Annual Review
EU
US
Asia
European finance players have no other
choice than innovate
2017-192014-16 2024E2020E
~5
6-7
~5
Example: average ROE of Europe banks, %
VC-backed private
companies that
raised funding,
2009-2019, %
Unicorns,
2019, %
36 14
45 50
17 33
McKinsey & Company 7
Collaboration is a win-win solution for both parties
FintechsTraditional
finance players
Adopt a tailored approach to
Europe’s market context
• Leverage single-market
regulation to speed up
internationalization
• Develop B2B value
propositions for corporates
and public sector
Fintechs struggle to
become unicorns
Source: McKinsey analysis
Rethink the business model
with bold moves
Leverage more third-party
utilities
Develop or tap into ecosystems
Invest materially in innovation
Rapidly scale data and analytics
European finance players
have no other choice than
innovate
McKinsey & Company 8
Some takeaways
Demystifying the
digital disruption
Implications
for us
Disruption in music industry
• Actually long-term growth, with a
different mix
• Incumbents still play a relevant role
• Seemed impossible – but it
happened
Disruption in finance
• Fintechs are operating at scale
• We are on the verge of customers
and economics shift
The Chinese
lesson
Internet giants are leading digital
disruption in financial services
Ecosystem is emerging as the
predominant business model – in
finance and beyond – with significant
impact at fast pace
Incumbent financial players are also
investing at scale on ecosystems
Europe struggles to innovate and
generate unicorns
European finance players have no
other choice or risk to become
structurally unprofitable
Collaboration between fintechs and
traditional finance players is win-win
