ice efest jeff tijssen - capco - final v2.0
TRANSCRIPT
THE FUTURE OF BANK-FINTECH COLLABORATION
ICEEFEST15 JUNE 2017
@JEFFTIJSSEN
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“SILICON VALLEY IS COMING”JAMIE DIMON, CEO, JPMORGAN CHASE (2015)
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THEY ARE MEETING THE CHALLENGE
HEAD ON
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THEY’VE GOT A LONG HISTORY OF
INVESTING IN STARTUPS
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BUT RECENTLY THEY’VE BECOME A LOT MORE FOCUSED
ON FINTECH
MORTGAGES AUTO FINANCE
SMALL BUSINESS LENDING COMMUNICATIONS
ONLINE BROKERAGE PAYMENTS
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LARGEST COMPANIES
BY MARKET CAP
2001
2006
2011
2016
#1 #2 #3 #4 #5
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3ANNUAL SWITCHING RATE FOR
BANKS IN THE UK
37PEOPLE WHO HAVE BEEN WITH THEIR BANK FOR 20+ YEARS
% %
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77%PERSONAL ACCOUNTSUK MARKET
SHARE
85%BUSINESS ACCOUNTSUK MARKET
SHARE
GALLUP MILLENNIALDISRUPTION INDEX
73 69MILLENNIALS WHO PREFER TO HAVE A DIGITAL RELATIONSHIP
WITH A BANK
MILLENNIALS WHO WOULD TRY FINANCIAL OFFERINGS
FROM NON-FINANCIAL BRANDS
% %
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THE RISE OF THE CHALLENGERS
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REGULATORS ARE DEMANDING MORE COMPETITION IN
BANKING
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SHOULD YOU BE CONCERNED?
SOURCE: SAVEONSEND.COM
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76%OF SENIOR BANKERS DON’T BELIEVE THAT DIGITALISATION
WILL AFFECT THEIR BUSINESS MODEL(I KNOW… SHOCKING...)
SOURCE: GARTNER
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IT’S ALL ABOUT COLLABORATION
“
”
Old foes, new friends: Nordic banks and startups increase collaborationComputerWeekly
Collaboration Is The Way Forward For Banks And FintechForbes
Collaboration between banks and fintechs is key to survivalInformationAge
HSBC partners with Tradeshift as banks increasingly see fintech as friends not foeBusiness Insider
Banks rushing to collaborate with fintech startupsFinextra
SocGen extends fintech collaboration mission to GermanyFinextra
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NEW PARTNERSHIPS ARE BEING
ANNOUNCED ON A REGULAR BASIS
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10 TYPES OF CORPORATE INNOVATION
PROGRAMMES
SOURCE: VENTUREBEAT
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BANKS ARE INCREASINGLY
LOOKING TO INVEST IN FINTECH STARTUPS
SOURCE: CB INSIGHTS
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>30%CORPORATE PARTICIPATION IN FINTECH DEALS IN
2016SOURCE: CB INSIGHTS
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60%OF GLOBAL BANKS ARE OPEN TO
PARTNERING WITH FINTECH FIRMS
25%OF GLOBAL BANKS WOULD CONSIDER
A FINTECH ACQUISITION
SOURCE: SAP/IDC
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“WE NEED TO CHANGE OUR CULTURE”“WE NEED TO LAUNCH AN INNOVATION LAB”
“WE NEED TO BE MORE AGILE”“WE NEED TO PARTNER WITH STARTUPS”
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BANKS
STARTUPS
//FASTER TIME TO MARKET//SOLVE SPECIFIC INDUSTRY PROBLEMS
//FOCUS ON THE CUSTOMER//AGILE WAYS OF WORKING
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COMMON PITFALLS
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PR VALUE > ACTUAL RESULTS
LEGACY INFRASTRUCTURE
NO REAL SENSE OF URGENCY
CANNIBALISE EXISTING REVENUE STREAMS
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LACK OF EXPERIENCED INNOVATORS
CULTURE CLASH
LACK OF OWNERSHIP & SPONSORSHIP
“COMPARTMENTALISED” INNOVATION
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RISK-AVERSE CULTURE
GOVERNANCE, GOVERNANCE, GOVERNANCE
THE-50-PEOPLE-WHO-SAY-NO PROBLEM
FEAR TO KILL NEW IDEAS (QUICKLY)
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SO HOW DO YOU TACKLE THIS?
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IT AIN’T EASY…
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THIS IS NOT INNOVATION...
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NEITHER IS THIS…
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WHAT’S YOUR PURPOSE & FOCUS?
CAN YOU TEST-LEARN-ITERATE-DEPLOY-KILL QUICKLY?
HAVE YOU GOT YOUR BASICS RIGHT?
CAN YOU HANDLE FAILURE?
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“INNOVATION REQUIRES A LONG-TERM WILLINGNESS TO BE MISUNDERSTOOD”
THANK [email protected]@CAPCO.COMWWW.CAPCO.COM