viva la revolution: why universal banking is under siege and what needs to be done
DESCRIPTION
The world is experiencing incredible change both politically and technologically where industries are being re-imagined almost daily. Universal Banking is one business model that has been a very profitable business model. However with the changes in customer needs, regulation, technology and the emergence of new competitors this industry is most vulnerable to disruption. Disruption not just from TechGiants like Google and Apple but more so more small starts and an ecosystem of new financial services providers who instead of a head on challenge may be thin slicing the industry into oblivion. All is not lost however there are actions Universal Banks can and must take and this presentation shares some thoughts around these.TRANSCRIPT
What’s next for Universal Banking under siege?
Aman Narain September 2014
We live in interesting times.
TRANSPORT HEALTHCARE BANKING TELECOMS
HOTEL MUSIC COMMUNICATION ARCHITECTURE
Times of incredible change
BIG DATA
CLOUD
LOW COST HIGH FIDELITY
Change driven by Technology Innovation.
INTERNET OF THINGS
WSJ: 25 Dec, 2012
Change driven by Technology Standards.
Change driven by Technology Cost. A
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@KPCB
EXPERIENCE NOT PRODUCTS
PLUG AND PLAY ECOSYSTEMS
Change driven by Customers.
DIGITAL NOW A HYGIENIE CRITERIA
90 %
ENCOURAGING COMPETITION
DRIVING STANDARDS
REMOVING ADVANTAGE
Change driven by Regulation.
Change driven by Competition. Not them.
WSJ: 25 Dec, 2012
UNIVERSAL BANKING
Change driven by Competition. But them.
P2P
NE
O B
AN
KS
MASS MARKET
WEALTH
SMALL BIZ
All this puts Universal Banking under siege...
1. High Cost to Serve
2. Expensive Real Estate 3. Addiction to People 4. Non Standard Processes 5. Entitlement Culture 6. Overreliance on WalkIns
…and on the slippery slope of commoditization.
#1. FOCUS ON A UNIFIED DIGITAL EXPERIENCE NOT OMNI-CHANNEL
#2. PIVOT BRANCHES "
FROM ORIGINATION TO DELIVERY & DISCOVERY "
POWERED BY SOCIAL CONVERSATIONS
#3. FOCUS INVESTMENT ON DATA AND ACCESSIBILITY NOT ON BANKING SYSTEMS AND INFRASTRUCTURE
#4. LADDER INVESTMENTS AND PREPARE TO ACQUIRE STARTUPS
#5. BUILD DIGITAL FIRST
PRODUCTS & ZERO OPS.
#6. MONITIZE DIGITAL
#7. JOIN ECOSYSTEMS AND MASTER CO-OPETITION.
#8. SWEAT THE SMALL STUFF & CULTIVATE "THE LONG TAIL OF INNOVATION.
#9. "EMBRACE PRIVACY AND SECURITY TO REPOSITION YOU WITH CLIENTS
#10. DESIGN A CULTURE WITH EXPERIENCE & TECHNOLOGY"AT THE"HEART OF "IT ALL.
[email protected] amanwhotweets www.codeblu.com