banking on innovation - sri lanka - apbsl · branch • 40% positive experience • ~90% want...
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Banking on Innovation
Arun Krishnan
Head of Engineering@Finacle
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Once upon a time….
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WHY bother?
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900M
3B
IMPS
3M
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40%-80%@4x
Wallets
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CUSTOMERChanging
PREFERENCES EVOLUTIONTECHNOLOGY Rapid
LANDSCAPECOMPETITIVE
Changing
PROFITABILITYMARGINS and
Pressures on
BRANCH
• 40% positive experience• ~90% want custom services• 80%+ expect loyalty rewards
• Informed, Connected, Demanding, On the Move
• 1B Mobile Banking by 2017• ~40% of eCommerce Mobile
• Mobility, , Social, IoT, Cloud Analytics
• 2nd Highest Efficiency Gaps in Retail Banking (measured across 7 industries)
• Non-Traditional Players, Telcos, Retail, Tech
• Lack of Agility
• Regulatory uncertainty, Pressures on Margin
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Innovation Investment Trend
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HOW might we reimagine ?
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How does innovation look?
The Myths of Innovation, Scott Berkun
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Are we asking the right questions?
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Are we asking the right questions?
BRANCH
Easy toConsume
Stylish
MassCustomization
DeliveryEfficiency
Reliable
LoyaltyHigh Touch
Formal
Trusted
RegulatoryCompliance
StandardizedOffering
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AdviceAccessAutomation
Focus of Banking Technology
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WHAT could we do?
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VIRTUALIZATION
INFORMATIZATIONPERSONALIZATION
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3 Irreversibles
BRANCH
VIRTUALIZATION
INFORMATIZATIONPERSONALIZATION
• Connected• Ubiquitous• Teleportable
• Agile• Integrated• Differentiated
• Personal• Adaptive• Contexual
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• Dematerialization of Instruments, Transactions & Identity
• Lower Transaction Costs
• Anytime, Anywhere Access
• Easy Availability of Decisioning Information
• Augmented Information Sources like Social
• Unbundling of Banking
Virtualization: Connected, Ubiquitous, Teleportable
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Unbundling
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• Efficiencies at Scale
• Automated and Integrated to the Max
• Product Agility
• Analytics to Extract Insights about the Business
• Ability to Model Strategies before rollout
• Differentiate with Best in Class Processes
• Sustainable Strategic Value
Informatization: Agile, Integrated, Differentiated
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• Mobility focused
• Personalized, Tailored offerings
• Learning and Changing based on situation
• Relevant and Contexual Engagement
• Enriched with Mashups
• Mass Customization Capabilities
• Socially natured
Personalization: Personal, Adaptive, Contexual
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Innovation Strategies
BRANCH
VIRTUALIZATION
INFORMATIZATIONPERSONALIZATION
• Enable and Participate in P2P• Leverage the Network• Co-operate to Compete
• APIfy and Modularize• Leverage Best Practices• Exploit Analytics
• Focus on UX• Leverage the Ecosystem• Exploit Analytics
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3
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Imagine….
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Beyond the Box..
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"--- you don't reach Serendib by plotting a course for it. You have
to set out in good faith for elsewhere and lose your bearings ...
serendipitously.”
John Barth
The Last Voyage of Somebody the Sailor
The Innovator’s Road…
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It’s time for Banking on Innovation
Thank you