fintech - tools and processes - venturecup
TRANSCRIPT
Peter B. LangeExecutive IT-Architect
The tools and processes to innovate, develop and disrupt with speed
Disruption is under way
“Silicon Valley is coming. There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking.”
Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co
“Consumers around the world are quickly adopting digital banking. Incumbents only have a short period to adjust to this new reality or risk becoming obsolete.”
Henk Broeders and Somesh Khanna, McKinsey
Disrupters’ tool: Big Data and Cognitive Computing
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Volume
Terabytes to exabytes of existing data to process
Velocity
Streaming data, milliseconds to seconds to respond
Variety
Structured, unstructured, text and multimedia
Veracity
Uncertainty from inconsistency, ambiguities, etc.
“Next Best Action” based on Cognition
Success by natural selection – or by management decision?
4
A culture of innovation : Reach out!
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6Source : http://www.industrialprintblog.com/blog/fast-fail-fail-often-and-fail-cheap
Minimum Viable Product
7Source: Bandwatch, https://www.brandwatch.com/2014/08/modern-development-mvps-dev-blog/
Disrupters’ tool: Cloud – Pay as you use
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• Fidor2 is a “cloud native” bank built on a cloud ecosystem of financial product providers
• The bank built it’s own API centric core bank platform
• Social media is used exclusively for acquisition, retention, cross sell, R&D
• Fidor has a community of 300k+ users and 65k+ customers (Aug 2014)
• IT cost per user is $15US, average CpC is $32US (Aug 2014)
• Barclays1 “Pingit” cloud based mobile payment platform and service launched in seven months
• A private cloud helps Pingit deploy features 12x faster
• Pingit puts Barclays 2 years ahead of other UK bank cashless capabilities with 2.5M downloads and a rich set of features and functions for consumers, small business and corporate clients
• Crédit Agricole3 created a platform that allows 3rd parties to co-create apps with CA customers.
• Customers that want to use the apps are charged $1 a month to secure their data.
• There are 20+ apps and the majority of fees go to the developers.
• Customers are getting the latest technology and the bank is tapping into open innovation.
