innovation, digital, data and the trust economy: a bright ... › content › dam › deloitte ›...
TRANSCRIPT
Innovation, digital, data and the Trust Economy:A bright future for the CFO function
Philipp Kristian Diekhö[email protected]
‘Today’s business world is far more about communities and relationships and far less about transactions.’ – Deloitte Australia Trust Index 2018
Welcome to The Trust Economy. It’s strangely familiar!
Our society and economy are built on trust
Every business is in the business of trust
Technology and data are transforming who, what and how we trust
Digital trust intermediaries are evolving the global economy
Uber, the world’s largest taxi company,
owns no vehicles. Facebook, the world’s
most popular media owner, creates no
content. Alibaba, the most valuable
retailer, has no inventory. And Airbnb, the
world’s largest accommodation provider,
owns no real estate. Something
interesting is happening.
– Tom Goodwin
All of these create data-driven social capital markets on a global scale
Redefining trust = value realised in economic or social interactions
Collective trust is the world’s most profound economic power
When trust leaves, value leaves with it
Trust creates mental monopolies in people’s heads
This makes leading people, organisations and nations so successful
Highly trusted companies financially outperform their peers
Trusted organisations are the happiest, highest performing workplaces
Braving complexity requires agile, proactive and resilient teams
Trust facilitates self-regulating high-autonomy, high-alignment cultures
Leadership evolves from guarding privilege to enabling self-organisation
The decentralization paradox: Less control can drive more effectiveness
Status quo: Industrialisation and urbanisation built on ‘necessary’ distrust
The old economy is inefficient and constrained because of this distrust
We’re experiencing a global trust low that is destroying economic value
Startups that win over trust from incumbents change entire industries
Inertia and legacy has always created uphill trust barriers for innovators
Innovation happens when trust shifts from established to new solutions
Technology advances paved the way for every major global trust shift
Trust in nomadic life to trust in settlements
Trust in personal relationships to trust in money
Trust in manual craft towards trust in industrial corporate structures
Trust in local production to trust in globalised trade
Trust in corporations to trust in data-driven intermediation
Decades of innovation wired us to put great default trust in technology
People trust data to turn unknowns into knowns and simplify things
Technology is shifting society from distrust-first to trust-first ecosystems
Tech-enabled decentralisation returns us to social regulation, but at scale
Technology and data are driving our biggest social evolution in history
This relationship renaissance is transforming business on a global scale
Decentralisation of information erodes legacy structures
Decentralisation of supply and demand enhances variety and choice
Decentralisation of intermediation itself reduces the cost of trust
Data is the new nuclear power
As trust shifts to technology, data IS becoming the heart of our economy
Client centricity matters more than ever, and data is an integral part
An ever increasing volume of information means simplicity is paramount
Technology will automate much of today’s business, including advisory
Integrity and accountability are likely to become highly algorithmic
All key decisions from strategy to hiring will directly link to data
Data is overtaking people as the most important revenue and trust driver
It enables transparency, customisation and simplicity to reduce frictions
Trust leads to prime customer access to deliver more relevance and value
Empowering all stakeholders with data products is the way forward
The quality of digital interfaces is a mission-critical future success factor
Trust leads to less friction, more empowerment and greater compliance
Embracing the Trust Economy hedges against current global trust shifts
Implementing a trust strategy: Measure, heatmap, analyse gaps, optimise
Accounting for trust enhances your commercial and social contribution
The Trust Economy balances human pursuits of wealth and wellbeing
The Trust Economy = The Happy Economy
