how can we rethink banking?
DESCRIPTION
Question # 1: What is the purpose? Question # 2: How can banks help people to trust? Question # 3: How can banks use social media to communicate more openly? Question # 4: How can banks involve more external people? Question # 5: What are some examples of mobile payment services?TRANSCRIPT
![Page 1: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/1.jpg)
How can we rethink
banking?
![Page 2: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/2.jpg)
Question # 1
What is the purpose?
![Page 3: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/3.jpg)
Main purpose of banks
1. Keep money safe for customers.2. Offer customers interest on deposits, helping to protect against money
losing value against inflation.3. Lend money to firms, customers and homebuyers.4. Offer financial advice and related financial services such as insurance.
http://www.economicshelp.org/blog/glossary/banks/http://www.sparknotes.com/economics/macro/banking/section1.rhtml
![Page 4: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/4.jpg)
One of the purposes of the fintech revolution is
financial inclusion – providing financial services to the underbanked segments in both mature and emerging markets.
https://hernaes.wordpress.com/2015/08/30/the-end-of-irans-nuclear-winter-in-financial-services/
![Page 5: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/5.jpg)
Amalgamated Bank is committed to strengthening the communities in which we do business.
https://www.amalgamatedbank.com/community-impact
![Page 6: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/6.jpg)
HSBC helps people fulfil their hopes and dreams and realise their ambitions.
http://www.hsbc.com/about-hsbc/our-purpose
![Page 7: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/7.jpg)
Further inspiration
http://www.slideshare.net/frankcalberg/what-is-the-company-purpose
![Page 8: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/8.jpg)
Question # 2
How can banks help people to trust?
![Page 9: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/9.jpg)
Trust is essential in enticing consumers to first try and then adopt a new technology, especially when the technology is linked to their monetary decisions and financial security.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/
![Page 10: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/10.jpg)
Transparency in the reporting of
financial and non-financial information is fundamental in creating trust.
http://www.transparency.org/whatwedo/publication/incentivising_integrity_in_banks
![Page 11: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/11.jpg)
Research shows that the most robust reason why people would lose trust in banks relates to large bonuses.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2373084
![Page 12: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/12.jpg)
Fixing the culture will require creating a compensation system that better aligns or balances shareholders’ interests and the broader society’s interests with the individual’s interests.
http://www.bloomberg.com/news/2010-11-08/morgan-stanley-s-gorman-says-hero-culture-needs-to-change-to-limit-risks.html
Mr. James Gorman
CEO, Morgan Stanley
![Page 13: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/13.jpg)
A Community Bank branch is a locally owned and operated company which functions as a franchise of Bendigo and Adelaide Bank. Usually around 300-500 local shareholders own the franchise company under their own shareholder one-vote constitution.
Our biggest challenge was an internal one: None of our people had ever contemplated
our customers as being formal partners in our business.
Robert Johanson,
Chairman.
http://sharedvalue.org/groups/bank-helps-local-communities-%E2%80%93-profitably
![Page 14: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/14.jpg)
Only by truly caring about the customer’s interests can you build up a trustful relationship.
Research shows that working directly with money may undermine those benevolence-driven actions and decisions.
https://hbr.org/2015/03/why-our-trust-in-banks-hasnt-been-restored
![Page 15: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/15.jpg)
http://novemberlearning.com/an-interview-with-michael-wesch-part-2-of-3/
At HSBC, empathy is the most important skill.
![Page 16: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/16.jpg)
What percentage of leaders in the financial institution, you work for or are a customer at, are men / women?
http://time.com/3851826/financial-reform/
![Page 17: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/17.jpg)
Further inspiration
http://www.slideshare.net/frankcalberg/trust-50508257http://www.slideshare.net/frankcalberg/questions-to-discover-your-valueshttp://www.slideshare.net/frankcalberg/how-are-people-paid-for-what-they-dohttp://www.slideshare.net/frankcalberg/differences-between-women-and-men
![Page 18: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/18.jpg)
Question # 3
How can banksuse social media to
communicate more openly?
![Page 19: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/19.jpg)
Among the digital opportunities for European
banks are integration with social media.
http://www.mckinsey.com/Insights/Business_Technology/The_rise_of_the_digital_bank
![Page 20: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/20.jpg)
Banks’ web 2.0 communication gap
http://www.strategyand.pwc.com/media/uploads/Strategyand-Web-2.0-Banking.pdf
![Page 21: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/21.jpg)
Il est essentiel de garder à l'esprit que les réseaux sociaux sont avant tout une connexion entre personnes.
http://www.economiematin.fr/news-reseau-social-banque-presence-internet-visibilite
![Page 22: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/22.jpg)
People, who work for banks, could write blogs - enabling discussions of specific economic developments, new services, or the latest research of interest to target customers.
http://www.strategy-business.com/article/11202?pg=all
![Page 23: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/23.jpg)
Sourceshttps://www.blogger.com/https://www.facebook.com/https://www.linkedin.com/https://medium.com/https://wordpress.com/
![Page 24: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/24.jpg)
Further inspiration
http://www.slideshare.net/frankcalberg/11-advantages-of-using-a-blog-for-teaching
![Page 25: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/25.jpg)
Question # 4
How can banks involvemore external people?
![Page 26: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/26.jpg)
A key challenge for senior managers in banks will be sensitively reallocating the savings from automation
to the talent needed to forge digital businesses.
http://www.mckinsey.com/insights/strategy/strategic_principles_for_competing_in_the_digital_age
![Page 27: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/27.jpg)
Banks increasingly realize that to succeed with digital,they must adopt the habits and culture of digitally native companies.
Examples Opening up the banks’ application programming interfaces. Pursuing agile development. Hosting hackathons to foster intensive digital collaboration.
http://www.mckinsey.com/insights/financial_services/Strategic_choices_for_banks_in_the_digital_age
![Page 28: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/28.jpg)
When designing / developing new products, for example mobile payment products, it will be particularly important to engage younger consumers (ages 18–34), who are more smartphone-savvy.
They can, for example, beta test product prototypes.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/
![Page 29: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/29.jpg)
One of the most effective way to be helpful to customers is by mobilizing a large number of third parties who have
complementary products and services that can help the customer get more value from your own products and services.
http://edgeperspectives.typepad.com/edge_perspectives/2015/03/disruption-by-trusted-advisors.html
![Page 30: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/30.jpg)
Further inspiration
http://www.slideshare.net/frankcalberg/crowdfunding-35835254
![Page 31: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/31.jpg)
Question # 5
What are some examples of mobile payment services?
![Page 32: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/32.jpg)
Sourceshttps://www.dwolla.com/https://www.google.com/wallet/https://www.izettle.com/https://www.klickex.com/https://www.moven.com/http://muume.com/https://www.paypal.com/https://www.pesapal.com/https://www.simple.com/https://squareup.com/https://transferwise.com/https://venmo.com/
![Page 33: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/33.jpg)
Comparison of payment services
http://www.parksquare.com/uploads/insights/TheFutureofFinance_Part_3_03-13-15.pdf
![Page 35: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/35.jpg)
Indian Bank ICICI enables people to transfer money to anyone in India
who has a Twitter account.
http://www.icicibank.com/Personal-Banking/insta-banking/internet-banking/twitter-banking/index.page
![Page 36: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/36.jpg)
Besides allowing in-app payments, retailers can also use http://www.wechat.com/ for offline in-store payments through WeChat Pay’s QR code scanning feature.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/
![Page 37: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/37.jpg)
More than a billion people in emerging and developing markets have cell phones but no bank accounts.
http://mckinseyonsociety.com/downloads/reports/Economic-Development/Mobile-money-Getting%20to-scale-in-emerging-markets.pdf
![Page 38: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/38.jpg)
Sensors can further enhance mobile payment solutions. With the consumer’s permission, a mobile wallet could auto-detect the sensors in a retailer’s network environment when the consumer enters a store, immediately syncing with the retailer’s network to activate proximity marketing and discounting, loyalty and rewards programs, and digital checkout, payment, and billing processes.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/
![Page 39: How can we rethink banking?](https://reader034.vdocuments.us/reader034/viewer/2022050803/57906edc1a28ab687496309a/html5/thumbnails/39.jpg)
# 1: ConvenienceReduces the need for customers and merchants to carry cash.
# 2 EfficiencyReduces the cash management costs for businesses and financial institutions.
# 3: TraceabilityEnables a greater degree of visibility into the flow of money for financial institutions and regulators, facilitating taxation, transparency, and information gathering.
# 4: ProtectionProtects customers and merchants from fraud and theft by documenting transaction records and reducing the need to hold cash.
4 benefits of electronic transactions
http://www3.weforum.org/docs/WEF_The_future__of_financial_services.pdf