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Digital Strategies in Banking
CC-MIT views v1.0
March 2012




                                Transform to the power of digital
Digital
                                                           MIT for               Private
                                                           Banks                 Banking


                                                                        CoE
                                                                       Digital
                                                                      Banking

         OBJECTIVES OF THIS DOCUMENT                        Digital
                                                            Retail
                                                           Banking
                                                                                 Social
                                                                                 Media
                                                                                  for
                                                                                 Banks




 SHOWCASE OUR CC-MIT FRAMEWORKS TUNES FOR BANKS

 DRIVE DISCUSSION WITH C-LEVEL EXECUTIVES

 LEVERAGE OUR KNOWLEDGE THROUGH THE COE DIGITAL BANKING




                                                                                            2
Contents




           Introduction

           CC-MIT key Findings

           Relevant Case Studies

           DT in Financial Services

           Approach

           DT Bank Benchmark

           CC FS capabilities




                           Copyright © 2011 Capgemini Consulting. All rights reserved.
DIGITAL TRANSFORMATION   IS THE USE OF TECHNOLOGY TO

RADICALLY IMPROVE PERFORMANCE OF ENTERPRISES
Introduction to Digital Transformation
     Introduction       CC-MIT key Findings   DT in Financial Services   Relevant case studies        Approach                 CC FS capabilities


                                   “We are now in the midst of a third revolution: digital”




                                                    Digital led to re-envision                    Two major technology-driven
                                                    processes, capabilities                       revolutions have changed the nature
                                                    and products                                  of business and society in the past
                                                                                                  two centuries
                              Electrification led to innovation
                              such as assembly line

                 Steam Power led to                                                               The one at the top today, will not be
                 industrialization                                                                the same at the end




 We are already seeing the signs of this transition:
    • Startups are emerging who can envision and implement new products and new working and collaboration behaviors
    • Digital natives are clamoring for change in their employers and in the companies they buy from
    • Some companies, even hundred-year-old firms with billions in revenues, are starting to engage in digital transformation



                                                                                                                  Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                5
Key trends in Digital Banking in 2012
    Introduction                CC-MIT key Findings   DT in Financial Services   Maturity Assesssement   Relevant case studies   Approach             CC FS capabilities


        There are long-term strategies and new banking functionalities with a quick-win adoption path

            1.                                            CUSTOMER CENTRICITY


                 2.                                                  MOBILE BANKING


                      3.                                                      SMART DATA


                           4.                                 CONVERSATION / SOCIAL MEDIA


                                5.                                      CORE SYSTEM FLEXIBILITY

                                QUICK
                                                             P2P                       PFM                MultiScreen                   ID&V
                                 WINS


                                                                                                                                  Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                6
And predictions to 2015
       Introduction                   CC-MIT key Findings       DT in Financial Services       Maturity Assesssement   Relevant case studies   Approach




   2013                  65% of banks will replace their transaction-oriented online banking view with PFM
                                interfaces


                               Major national defaults in Europe will lead to collapse of more than 1/3 of European
   2014                         banks

                               At least 2 major securities exchanges will offer separate ‘low-latency’ trading venues with
                                short (sub-second) hold on orders



                        60% of banks will offer mobile-based banking services to business customers
   2015
                               New, external social web and cloud-based services will generate 25% of consumer-
                                driven banking products and services




Source: Gartner – Predicts 2012: Changing customer needs demand more fluid banking IT systems and processes



                                                                                                                                                Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                              7
Capgemini Consulting and MIT Center for Digital Business have launched a 3-year joint
research program to further develop the understanding of Digital Transformation
        Introduction        CC-MIT key Findings   DT in Financial Services   Maturity Assesssement   Relevant case studies   Approach                         CC FS capabilities


                 Results of Phase 1 provides guiderails to traditional companies on their digital journey

 Capgemini Consulting is conducting a 3-year research program                          We have assembled a leading team from MIT to jointly
    with the MIT Sloan School                                                               conduct our digital transformation research program:
 The goal is to understand how the “digital winners” are                                                                      Prof Eric BRYNJOLFSSON
    managing (or have managed) their digital transformation,                                                                           Director of MIT CDB
                                                                                                                                       Economist / quantification
    starting from “brick and mortar” and moving to a “digital                                                                          Digital productivity

    company”, and to identify some guiding principles and best                                                                     Prof Andy MCAFEE
                                                                                                                                         Principal investigator
    practices                                                                                                                            Engineer / DBA


 As global leaders in strategy and transformation consulting,
                                                                                                                                         Enterprise 2.0 / Management

                                                                                                                                    Prof George WESTERMAN
    Capgemini Consulting brings valuable guidance every step of the                                                                        Project lead
                                                                                                                                           Technology / DBA
    way, from strategy development through to execution                                                                                    Technology & organization




                                                                   MIT-CC Publications
    Transform to the power of
                                                                                     Connected               Digital                   Social                           Trimestrial
 digital: Digital transformation as        Digital                Customer
                                                                                    Organizations      Transformation of               CRM                           review on Digital
 driver of corporate performance          operating                 2020
                                                                                     People 2.0          Supply chains                                                Transformation
                                           Model




                                                                                                                                                                     With key industry
                                                                                                                                                                     leader interviews!



                                                                                                                              Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                            8
Companies across industries are faced with the same common challenges in their
    transformation process
                 Introduction               CC-MIT key Findings          DT in Financial Services        Maturity Assesssement   Relevant case studies        Approach            CC FS capabilities


                   Across all three elements of the transformation process: Initiation, Execution, and Coordination
1                                                                            2                                                               3
                            Initiation                                                                 Execution                                                  Governance

                    MANAGEMENT INERTIA                                                           MISSING SKILLS (77%)                                           INCREMENTAL VISION
           Skepticism at the top                                                       Skills scarcity: mobility, analytics,                           Lack of a truly transformative vision
                                                                                         social media...                                                 Inability to transcend organisational
           Lack of building platform
                                                                                        Reliance on external experts and/or                              boundaries
           Lack of understanding DT
                                                                                         vendors
            opportunities

               REGULATION AND REPUTATION                                                              CULTURE (55%)
           Security and privacy concerns                                               Changes in jobs due to automation
                                                                                         or information empowerment
           Reputational and regulatory
            repercussions , particularly in                                             Weak leader vision on digital                                         COORDINATION ISSUES
            healthcare and financial services                                                                                                            Ineffective coordination across
                                                                                        Labour relations
                                                                                                                                                          business units or processes
                   UNCLEAR BUSINESS CASE                                                         IT DIFFICULTIES (50%)                                   Ineffective coordination between
           Lack of economic business case to                                           IT systems complexity                                            new and traditional businesses or
            justify investment in new technologies                                                                                                        processes
                                                                                        Lack of data / information
           Lack of understanding of the role of                                         management
            infrastructure investment before ROI                                        Poor business / IT relations

    Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011

                                                                                                                                                              Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                            9
Organisations are digitally transforming three key areas of their companies’ value
proposition
             Introduction               CC-MIT key Findings          DT in Financial Services        Maturity Assesssement     Relevant case studies      Approach             CC FS capabilities


    Organizations are digitally transforming customer experience, operational processes, and business models


                                Customer                                                         Operational
                                                                                     e                                                          e       Business Model
                               Experience                                                          Process



                  Customer understanding                                                 Process digitization                              Digitally-modified businesses
                   Analytics-based segmentation                                      Performance improvement                                  Product/service augmentation
                   Socially-informed knowledge                                       New features                                             Transitioning physical to digital
                                                                                                                                                Digital wrappers


                          Top line growth                                                Worker enablement                                       New Digital Businesses
                    Digitally-enhanced selling                                       Working anywhere anytime                                  Digital products
                    Predictive marketing                                             Broader and faster communication                          Reshaping organisational
                    Streamlined customer processes                                   Community knowledge sharing                                boundaries


                     Customer touch points                                                                                                          Digital Globalization
                   Customer service                                               Performance management
                                                                                                                                                 Enterprise Integration
                   Cross-channel coherence                                           Operational transparency
                                                                                                                                                 Redistribution decision authority
                   Self service                                                      Data-driven decision-making
                                                                                                                                                 Shared digital services


                                             Unified Data & Processes                                                         Business & IT Integration
                                             Analytics Capability                         Digital Capabilities                Solution Delivery


Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011

                                                                                                                                                           Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                     10
Increased sophistication of customers, price pressure, and the emergence of                                                                                                                                  e      e
digital technology is increasingly shaping how banks interact with it’s customers
             Introduction               CC-MIT key Findings          DT in Financial Services         Maturity Assesssement            Relevant case studies      Approach             CC FS capabilities


         Increased sophistication of customers and the emergence of digital technology creates opportunities:


                                                                                                   Selected key challenges for Financial Services Industry
                                                                              Banks ability to personalize the customer experience, improve retention and increase
                   Customer                                                    customer satisfaction are still under developed. Starting the conversation using external
                  Experience                                                   CRM is an enabler
                                                                              Develop analytic capabilities in order to utilize and capitalize on customer data across
                                                                               products and channels. Enables targeted marketing & communication which will increase
                                                                               up sales and cross sales
       Customer understanding                                                 Multichannel integration and streamlining customer processes to ensure consistent
          Analytics-based segmentation
          Socially-informed knowledge                                         customer experience are still key issues for banks


               Top line growth                                                                                       Leading practices examples
          Digitally-enhanced selling                              Barclays - first bank in Europe                          ING Personalized                    Citibank tablet banking strategy
          Predictive marketing
          Streamlined customer
                                                                    to pilot “Microsoft Surface”
           processes

          Customer touch points                                       Digitally transformed the  Through analytic capabilities,                                  “We wanted to fundamentally
          Customer service                                           branch concepts through      ING delivers personalized                                     rethink customer interactions.”
          Cross-channel coherence                                  touch-screen technology and   product offers In real time                                      - Tracey Weber, Managing
          Self service                                              “digital transformed staff”       across channels                                                       Director



Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011, Forrester analysis

                                                                                                                                                                   Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                             11
Technologies are creating opportunities to increase efficiency and reduce cost                                                                                                                            e      e
 for the traditional banks
             Introduction               CC-MIT key Findings          DT in Financial Services         Maturity Assesssement            Relevant case studies   Approach             CC FS capabilities


                    The current state of the European market are forcing banks to focus on cost and retention:

                                                                                                 Selected key challenges for Financial Services Industry
                                                                              Banks are struggling to successfully achieve the two sided, often contradicting challenge
                 Operational                                                   of both customer centricity and efficient operations at the same time is inextricably
                   Process                                                     linked to the ability to capitalize on the next generation corporate assets such as
                                                                               technology and customer information (pattern based decision making)
                                                                              Pressure on margins as well as more sophisticated customer expectations require focus
                                                                               on lean processes across business units – digitalization of processes
            Process digitization
         Performance improvement                                             Traditional banks, with its legacy, are also struggling to transform the workforce (e.g.
         New features                                                         (digitally transform the advisory role) and ensure coolaboration across silos


           Worker enablement                                                                                         Leading practices examples
         Working anywhere anytime                                               Allianz digitized processes to                                       Groupo BBVA devices are changing the
         Broader and faster                                                              reduce cost                                                          way people work
          communication
         Community knowledge sharing

                                                                   Allianz invested between 500 M€ - 1B€ in a 2 year                                   iPad and iPhone help Grupo BBVA to
     Performance management                                        digital transformation program. They reduced the                                  accelerate essential workflows, improve
         Operational transparency                                 customer centers from 13 000 FTEs to 9 000 FTEs                               internal communications, and provide the best
         Data-driven decision-making                              through Lean techniques combined with a digital                                possible services to its 49.8 million customers
                                                                                    operating model                                                                 worldwide


Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011, Forrester analysis



                                                                                                                                                                Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                          12
A new form of competition have been evolving and traditional banks are                                                                                                                                    e      e
facing disruption in their business models
             Introduction              CC-MIT key Findings           DT in Financial Services        Maturity Assesssement           Relevant case studies     Approach             CC FS capabilities


        Banks can not wait and watch while non traditional players are threatening the traditional value chain

                                                                                              Selected key challenges for Financial Services Industry
                                                                             Traditional banks, with their legacy, are still struggling with the transitioning from
                      Business                                                physical to digital
                       Model                                                 Within the cards and payments industry a new form of competition have been
                                                                              evolving where the traditional card companies are facing disruption in their business
                                                                              models, and new non-financial players make traction in their value propositions
             Digitally modified                                              This trend can also be seen in consumer credit, mortgages, etc where peer to peer
                businesses                                                    services and services from non traditional players like google, Apple, Smava, etc, are
          Product/service augmentation
          Transitioning physical to digital
                                                                              threatening the traditional value chain
          Digital wrappers
                                                                                                                    Leading practices examples
        New Digital Businesses                                             Lloyds TSB joins                      MasterCard PayPass is a new                        Paypal payments
          Digital products
          Reshaping organisational                                       Samsung and Visa                        “contactless” way to pay.                     reach 7b$ in Q1 2012 and
           boundaries                                                                                                                                         announce a partenership with
                                                                                                                                                                   terminico for direct
           Digital Globalization                                        Will provide Near field                        There are nearly 55                            transactions
          Enterprise Integration                                      communication-enabled                          million PayPass cards                                                             7b$
          Redistribution decision                                     phone payments at next                         and devices in use at                    0,1b$
                                                                                                                                                                                        4b$
           authority                                                                                                                                                      0,7b$
                                                                        year's London Olympic                        over 146,000 merchant
          Shared digital services                                                                                                                            2009       2010          2011         Q1 2012
                                                                                Games                                 locations worldwide


Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011, Capgemini Consulting analysis



                                                                                                                                                                Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                          13
While the most common usage of these technologies is in substitution, several firms are
also using them to extend or transform their processes and functions
             Introduction              CC-MIT key Findings           DT in Financial Services        Maturity Assesssement   Relevant case studies     Approach             CC FS capabilities


                      “We identified 3 level of usage of technologies: Substitution, Extension, Transformation”

                            SUBSTITUTION                                                           EXTENSION                                          TRANSFORMATION
                                                                                                                                                Smart Data, Cards analytics
               Simple apps or Facebook pages                                        Mobile Banking Services, PFM                                 Convergence Bank-Retail
                  Customer service online                                           Streamlining Customer process                                  Services on Demand
                  Social Loyalty programs                                               E-Billing, HR digitization                                  Real-Time updates




                                   Customer Experience                                                                                Operational Processes




Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011

                                                                                                                                                        Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                  14
Traditional banks are faced with several opportunities and threats, and are to some extent
forced to engage in a Digital Transformation
             Introduction              CC-MIT key Findings           DT in Financial Services   Maturity Assesssement   Relevant case studies     Approach            CC FS capabilities


                                  What does Digital Transformation mean for the ‘Traditional’ bank industry?

                           Customer                                                                                                                 Operational
                                                                                            Business Model
                          Experience                                                                                                                 Processes

          Understanding                                                          Digitally-modified                                      Process digitization
            Conversation Social Listening                                          Customer centric                                      Paperless adoption technology
                                                                                                             Payments
                         Card analysis Tools                                        Mobile Banking                                               Services on Demand
          Sales                                                                  New                                                     B2E
               Benchmark pricing tools
                                 Tablet Sales                                      Social Broker Platforms                                 E-Billing
             Interactive Billing                                                                                                                    Knowledge sharing
                                                                                  Crowdfunding P2P
            SmartData         Gamification                                                     Geolocation                                  HR Process digitization
                                                                                  Social Bank
           Service                                                                Lending seg. Partnerships                              Payment
                  Customer Service Online
                                                                                 Globalization                                                        Digital Currency
           Accounts aggregators PFM                                                   Open Bank                                           Mobile wallet
                    Social Media Branding                                                            Bank in a box                             New ways of payement
           Social Loyalty programs

                                                                                        Digital Capabilities
                                    Bank AppStore                        Cloud           Real-Time Information            Digital Platform               ID&V

Source: Capgemini Consulting Digital Banking UK Financial Services O (c) 2012
                                                                                             * Technologies adopted by              traditional banks are highlighted in red
                                                                                                                                                  Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                            15
Successful Digital Transformations in our study used a common set of elements that works
  together in an iterative approach which enables constant learning and development
               Introduction              CC-MIT key Findings               DT in Financial Services         Maturity Assesssement                  Relevant case studies   Approach              CC FS capabilities


       “To succeed in your Digital Transformation Journey you have to focus on the ‘how’ more than the ‘what’”

                                                                                          TRANSFORMATIVE DDIGITAL ISION
                                                                                           TRANSFORMATIVE IGITAL V VISION

                                                                                                        STRATEGIC ASSETS
                                                                                                   PRODUCTS &                 PARTNERSHIP                 CUSTOMER
                                                                      SALES FORCE
                                                                                                     CONTENT                   NETWORK                    KNOWLEDGE
   THE “HOW” IS THE                                                  POINT OF SALE &                 PRODUCT
                                                                                                                                BRAND                      CULTURE
   WAY THAT SENIOR                                                DISTRIBUTION CHANNELS            INNOVATION
   EXECUTIVES DRIVE
CHANGE THROUGHOUT                                                                                                                                                                                     THE “WHAT” IS
  THE ORGANIZATION.                                                                                 DIGITAL BUILDING BLOCKS
                                                                                                                                                                                                       SPECIFIC SET OF
                                             DIGITAL ENGAGEMENT




                                                                                                                                                                             DIGITAL GOVERNANCE
     THIS INCLUDES                                                            Customer                          Operational                        Business                                                DIGITAL
     CREATING AND                                                            Experience
                                                                                                           E Process                            E Model
                                                                                                                                                                                                     TRANSFORMATION
   COMMUNICATING                                                                                                                                                                                          ELEMENTS
 VISION, ESTABLISHING                                                       Customer                          Process                        Digitally-modified
                                                                          understanding                     digitization                         businesses                                          IMPLEMENTED BY
   GOVERNANCE AND                                                                                                                                                                                   THE ORGANIZATION,
    MEASUREMENT                                                          Top line growth                Worker enablement
                                                                                                                                                  New digital
                                                                                                                                                                                                       INCLUDING THE
  MECHANISMS, AND                                                                                                                                 businesses
                                                                                                                                                                                                     STRATEGIC ASSETS
 BUILDING A DIGITAL-                                                      Customer touch                   Performance                              Digital
                                                                                                                                                                                                         AND DIGITAL
    READY CULTURE.                                                            points                       management                             globalization
                                                                                                                                                                                                    INVESTMENTS THAT
                                                                                                         Digital Capabilities                                                                       ARE USED TO CREATE
                                                                                                                                                                                                     THOSE ELEMENTS.

                                                                                                       DIGITAL INVESTMENT
                                                                                          SKILLS                                            INITIATIVES



                                                                                    ITERATIVE TRANSFORMATION ROADMAP
  Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011

                                                                                                                                                                            Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                                      16
The CC-MIT maturity model enables companies to position themselves on the « digital
maturity matrix »
             Introduction              CC-MIT key Findings            DT in Financial Services       Maturity Assesssement                     Relevant case studies          Approach              CC FS capabilities


       The CC-MIT maturity model enable companies to position themselves on the « digital maturity matrix »




                                                                                                                                                  FASHIONISTAS                                  DIGIRATI
                                                                                                                                                                                   • Strong overarching digital vision
                                                                                                                                        • Many advanced digital features
                                                                                                                                          (such as social, mobile) in silos        • Good governance
                      Our approach aims at assessing                                                                                    • No overarching vision                    • Many digital initiatives generating
                    companies maturity on two major                                                                                     • Underdeveloped coordination
                                                                                                                                                                                     business value in measurable
                                                                                                                                                                                     ways
                    topics : the firms’ digital intensity




                                                                                                                    DIGITAL INTENSITY
                                                                                                                                        • Digital culture may exist in silos       • Strong Digital culture
                   (“what is the firm doing?”) and the
                       transformation management
                      intensity (“how is the company                                                                                               BEGINNERS                               CONSERVATIVES
                                 doing it?”)                                                                                            • Management skeptical of the              • Overarching digital vision exists,
                                                                                                                                          business value of advanced digital         but may be underdeveloped
                                                                                                                                          technologies
                                                                                                                                                                                   • Few advanced digital features,
                                                                                                                                        • May be carrying out some                   though traditional digital
                                                                                                                                          experiments                                capabilities many be mature.
                                                                                                                                        • Immature digital culture                 • Strong digital governance across
                                                                                                                                                                                     silos
                                                                                                                                                                                   • Taking active steps to build digital
                                                                                                                                                                                     skills and culture



                                                                                                                                               TRANSFORMATION MANAGEMENT INTENSITY

Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011

                                                                                                                                                                               Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                                         17
The majority of the participants in the CC-MIT maturity analysis are beginners, with
relativly low digital- and transformation management intensity
             Introduction              CC-MIT key Findings            DT in Financial Services                 Maturity Assesssement     Relevant case studies    Approach             CC FS capabilities




                                                                                                  Figure below show how companies in our study scored on an initial qualitative assessment of digital maturity



                                                                                                     FASHIONISTAS                                                                                DIGIRATI
                                                                                                           13%                                                                                       17%
       Our approach aims at assessing
         companies maturity on two
       major topics : the firms’ digital
         intensity (“what is the firm

                                                                             DIGITAL INTENSITY
              doing?”) and the
        transformation management
       intensity (“how is the company
                  doing it?”)




                                                                                                           50%                                                                                       19%
                                                                                                      BEGINNERS                                                                           CONSERVATIVES
                                                                                                                           TRANSFORMATION MANAGEMENT INTENSITY
                                                                                                 Note: Digital maturity assessments were conducted by the research team using information from interviews.
                                                                                                 Vertical and horizontal lines represent median points for the two dimensions in the figure.

Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011

                                                                                                                                                                   Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                             18
Each ‘Digiratis’ has its own flavour and follow different paths in their digital journey, but
end up with strong models embracing digital
     Introduction      CC-MIT key Findings   DT in Financial Services    Maturity Assesssement    Relevant case studies    Approach             CC FS capabilities



                     BBVA                                                    DNB                                             Capital One
                Customer centric                                        Mobile Banking                                       Smart data

       http://www.apple.com/ipad/business/
                 profiles/bbva/                              To be the champion of digital                              Compared to peers such as
                                                             banking DNB took immediate                                American Express, Capital One
                                                              action and restructured the                               has exhibited faster growth
          5 March 2010: BBVA’s Executive                                                                                which can be attributed to
                                                             whole organization and set up
           We need to think of different                                                                                digitization and smart data
                                                             a digital platform across silos
          approaches to serve customers,                                                                                          strategies
          and technology is a key element
              in our business model.”


                    SpareBank1                                           SimpleBank                                              Paypal
                    Social media                                         Geolocation                                            Payment

                                                                                                                  http://www.youtube.com/watch?feat
                                                                http://vimeo.com/29339937                         ure=player_embedded&v=V7q1jx8mYi
             SpareBank 1, Norvegian                                                                                               8
          Champion in Social Media use
                them as their new                            “We focus exclusively on the                          1 feb 2012: Paypal announce that
             communication platform                          user experience of banking”*                          they partnership with Terminico &
              generating substantial
                                                                                                                    HomeDepot to pay entering your
            communication economies
                                                                                                                     mobile number in the terminal



                                                                                                                            Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                      19
BBVA digital transformation was strongly driven by C-level executives with a radical
approach. Benefits are renew of their band, customer centric approach and financial
             Introduction              CC-MIT key Findings            DT in Financial Services      Maturity Assesssement             Relevant case studies             Approach               CC FS capabilities

       “5 March 2010: BBVA’s Executive We need to think of different approaches to serve customers, and technology is a key
                                                element in our business model.”
                                                                                                                                                                     Customer              Operational
                                                                                                                                                                                       e                         e Business Model
     GROUPO BBVA, A SPANISH BANKING GROUP, LEVERAGE                                           DIGITAL TO FOCUS ON                 CUSTOMER                            Experience              Process

                                                                                                                                                                    Customer                                      Digitally-modified
                                                                                                                                                                                       Process digitalization
                                                                                                                                                                  understanding                                      businesses
                                                                             Legend: white: not done / light grey: partially done / dark grey: fullly done
                                                                                                                                                                  Top line growth      Worker enablement        New Digital Businesses

                                                          Differentiating on communication                                                                     Customer touch points
                                                                                                                                                                                           Performance
                                                                                                                                                                                                                 Digital Globalization
                                                             • BBVA has the opportunity to take a niche that provides                                                                       management

                                                                                                                                         Digital Capabilities
                                                               sustainable differentiation, a niche that its competitors
     BBVA Innovation Center is a                               do not currently occupy. This niche will guide the experiences and communication they offer to the
  meeting point between The Bank                               stakeholders at all of the points of contact, both physical and virtual
 and the Society through Technology.                      Madrid Contactless
                                                            • BBVA is leading 'Madrid Contactless', a project designed to equip Madrid's high traffic retailers with
                                                              contactless POS terminals
                                                            • High presence on Social Media 94 official profiles in Facebook and Twitter

                                                          BBVA is switching it’s 110,000 staff to use Google enterprise software
                                                            • BBVA is using Google applications (email, calendar, docs, chat, video conferencing and other
                                                              collaboration tools) to "achieve a cultural change" and get "the whole company working together"
                            BBVA teamed                       across the 26 countries where BBVA is based
                            with IDEO to                    • The roll-out of Google Apps will be staggered, with more than 35,000 BBVA workers
                            develop a new
                            ATM system                    Brand strategic position oriented to the digital model
   The system based on customer                             • Customer BBVA Centric Bank, is a project that combines the vision of the Internet with all that
   needs. It’s also an automated teller
                                                              comprises multi-channel experience
   machine designed to gain a
   competitive advantage
Source: Capgemini Consulting- CoE Digital banking– FS Spain Expertise (c) 2011

                                                                                                                                                                        Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                                         20
To be the champion of digital banking DNB took immediate action and restructured the
whole organization and set up a digital platform across silos
            Introduction              CC-MIT key Findings           DT in Financial Services      Maturity Assesssement             Relevant case studies             Approach               CC FS capabilities


                  Phase 1 of the transformation was focused on cost cutting, phase 2 on customer experience.
                                                                                                                                                                   Customer              Operational
                                                                                                                                                                                     e                         e Business Model
                                      DNB, A NORVEGIAN BANK, MOBILE CHAMPION                                                                                        Experience              Process

                                                                                                                                                                  Customer                                      Digitally-modified
                                                                                                                                                                                     Process digitalization
                                                                                                                                                                understanding                                      businesses
                                                                           Legend: white: not done / light grey: partially done / dark grey: fullly done
                                                                                                                                                                Top line growth      Worker enablement        New Digital Businesses

                                                         DNB is a leader in mobile banking                                                                   Customer touch points
                                                                                                                                                                                         Performance
                                                                                                                                                                                                               Digital Globalization
                                                           • 80% of their customers are using online banking. They                                                                       management

                                                                                                                                      Digital Capabilities
 Norwegian bank with more than                               also target the communication via e-mailing. The
                                                             customers decide which channel they want to address,
   2,5 million customers                                     channels are not fully integrated yet, as digital and
        800,000 customers                                    traditional business are running in parallel
                                                           • DNB is looking to develop a CRM with an operational side and an analytical side, as well as
   using mobile banking on SMS
                                                             connecting the traditional one to the digital platform unit
 With the legacy that comes with                           • The bank has developed several apps for bank account and services access
 several mergers and acquisitions                        Phase 1 of the digital transformation program focused on cost cutting
 DNB has focused on unifying the
                                                           • DNB has digitized a lot of their operational processes for sign-up, loan subscription and others
 group on one digital platform
                                                           • They are leader in Mobile services; DNB offer payment by SMS, loan by SMS and so on
      “Rule digital banking”                             Business has been digitally transform and could be extended group-wise
 stated as must win battle by end                          • The bank is digitally transformed and envision to create a platform that could be extended across
             of 2013                                         the group in several countries
                                                         Digital platform has been built across silos embedding all customer facing
   Currently focus on digitalizing
                                                           • They reorganized their Business/IT governance, split in 3 departments to be able to deliver a digital
   back end processes to reduce
                                                             unified backbone: the reorganization of IT is a main factor here to be able to succeed
    costs and will shift the focus
     towards the front end and                             • The biggest change was the relationship between business and IT, which are now highly connected
       customer experience
Source: Capgemini Consulting-CoE Digital banking– FS Norway Expertise (c) 2012

                                                                                                                                                                      Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                                       21
Compared to peers such as American Express, Capital One has exhibited faster growth
which can be attributed to digitization and smart data strategies
            Introduction               CC-MIT key Findings           DT in Financial Services       Maturity Assesssement             Relevant case studies            Approach               CC FS capabilities

                         The focus on advanced digital initiatives has helped Capital One maintain sector leading growth and steady profits

                                              CAPITAL ONE, ANALYTICS CHAMPION                                                                                        Customer
                                                                                                                                                                                       e
                                                                                                                                                                                           Operational
                                                                                                                                                                                                                 e Business Model
                                                                                                                                                                      Experience              Process

                                                                             Legend: white: not done / light grey: partially done / dark grey: fullly done           Customer
                                                                                                                                                                                       Process digitalization
                                                                                                                                                                                                                  Digitally-modified
                                                                                                                                                                    understanding                                    businesses

                                                          Digital strategy focused on smart data                                                                  Top line growth      Worker enablement        New Digital Businesses

                                                            • Focus on advanced analytics and sophisticated CRM                                                Customer touch points
                                                                                                                                                                                           Performance
                                                                                                                                                                                                                 Digital Globalization
    “Big companies sometimes                                  systems to profile its customers and minimize its risks                                                                      management


  try to have a silver bullet. But                                                                                                                                                      Digital Capabilities


      for meeting needs in the                            Extensive use of Digital Data Analytics
  digital space, you need to be                             • Developed a complex data analytics system which uses a combination of credit bureau and company
    fast, and get out there and                               gathered information to effectively segment the market for credit cards
   learn. You need to think big,
  start small, learn quickly and                          Co-Creation of their product with their clients
            then scale.“                                    • Launched the ‘Card Lab’ in 2007 which allows customers to create their own credit card through an
    Innovation director ,Capital                              online portal
                One                                         • Various card features such as visual appearance, rewards and interest rates can be modified
                                                          Development of IT Infrastructure
                                                            • Developed in-house IT capability, which improved the linkages between different units thereby
                                                              maximizing the value derived from analytics
                                                            • Digitized telephone customer service in order to improve efficiency
                                                           Results
                                                            • Superior growth rate compared to peers
                                                            • Net profit grew at a CAGR of 19.3% between 2000-2010 compared to 3.74% for American Express
                                                              during the same period
                                                            • Better targeted offerings compared to competitors
Source: Capgemini Consulting-CoE Digital banking– FS UK Expertise (c) 2012

                                                                                                                                                                       Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                                         22
SpareBank 1, Norvegian Champion in Social Media use them as their new communication
platform generating substantial communication economies
            Introduction              CC-MIT key Findings           DT in Financial Services      Maturity Assesssement             Relevant case studies             Approach               CC FS capabilities


                                                    "Sparebank 1 has been an early adaptor of social media"
                                                                                                                                                                   Customer              Operational
                                                                                                                                                                                     e                         e Business Model
                         SPAREBANKONE, A NORVEGIAN BANK, SOCIAL MEDIA CHAMPION                                                                                      Experience              Process

                                                                                                                                                                                                                Digitally-modified
                                                                                                                                                           Customer understanding    Process digitalization
                                                                                                                                                                                                                   businesses
                                                                           Legend: white: not done / light grey: partially done / dark grey: fullly done
                                                                                                                                                                Top line growth      Worker enablement        New Digital Businesses

                                                         What they do                                                                                        Customer touch points
                                                                                                                                                                                         Performance
                                                                                                                                                                                                               Digital Globalization
                                                                                                                                                                                         management
                                                         • Build trust: more dialogue, listening and sharing than
                                                                                                                                                                                      Digital Capabilities
                                                           selling and marketing
                                                         • Communicate in times of technical trouble, security issues e.g.
                                                                                                                                                              First Smartphone app demo
                                                         • Develop innovative products with our customers                                                                 http://www.youtube.com/watch?v=AoP
                                                                                                                                                                          HK7VqXF0
                                                         • Provide customer service through social media
                                                                                                                                                              Demo of Digital signature for logon identification
                            We load all                                                                                                                                 http://www.youtube.com/watch?v=pz3j
                                                                                                                                                                        K-Zj1zE&feature=related
                            our films to
                            Youtube
                                                         Mobilbank PM – Statistics first week of production                                                   Demo of new Smartphone app
                                                         • Total number downloads of the first App 133 000                                                              http://www.youtube.com/watch?v=mIC
                                                                                                                                                                        CHfQmYHc

   We monitor listening on social                        • Account balance is the # 1 service
                                                                                                                                                              Demo of our internet bank
              media                                      • 3% of all logons performs a payment                                                                          https://demo.sparebank1.no/

                                                         • 11% of all logons performs a transfer

                                                         Social media is their new communication platform !

    We had the first bank blogg in
         the Nordic region




Source: Capgemini Consulting-CoE Digital banking– FS Norway Expertise (c) 2012

                                                                                                                                                                      Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                                       23
Banksimple is a start-up based on Geolocation usage, but their disruptive concept shake
the traditional banking world in US
            Introduction               CC-MIT key Findings           DT in Financial Services       Maturity Assesssement             Relevant case studies             Approach               CC FS capabilities


                          "Our User Experience philosophy is, 'Let's make it nearly impossible for you to fail.'"
                                                                                                                                                                     Customer              Operational
                                                                                                                                                                                       e                         e Business Model
             BANKSIMPL, A DISRUPTIVE B-MODEL LEVERAGING GEOLOCATION AND ANALYTICS                                                                                     Experience              Process

                                                                                                                                                                    Customer                                      Digitally-modified
                                                                                                                                                                                       Process digitalization
                                                                                                                                                                  understanding                                      businesses
                                                                             Legend: white: not done / light grey: partially done / dark grey: fullly done
                                                                                                                                                                  Top line growth      Worker enablement        New Digital Businesses

                                                          Banksimple is a disruptive b-model                                                                   Customer touch points
                                                                                                                                                                                           Performance
                                                                                                                                                                                                                 Digital Globalization
                                                                                                                                                                                           management
                                                            • Banksimple is an online interface that sits on top of back                                                                Digital Capabilities

   “simple is not a bank”                                     end systems provided by partner banks (Bankcorp and
                                                              CBW)
  it is a service that utilises back
                                                            • There is no branch network to service.
 end systems provided by partner
                banks.                                      • In contrast to most of the US consumer banking industry, BankSimple levies no monthly charges.
                                                            • Revenue is generated by sharing interest margin and levying a “interchange fee” on customers card
    Currently offering serving a                              transactions. This is passed through by its partner banks
    small number of invite only                           Streamlining Customer experience is key
     customers. Funded by $13
     million venture capital, it is                         • Design principle is to produce the online banking platform for mobile first - this ensures simplicity
                                                              and clarity.
   strongly differentiated against
        traditional US banks                                • Banksimple communicates “socially” with its customers and potential customers offering views on
                                                              how they can use it’s services to improve their lives. “The cost of your vices” is a recent blog article.
                                                          The service is based on geolocation, interactivity and analytics adoption
                                                            • Sophisticated analytics are utilised - geolocation of purchasing, smart categorisation and available
                                                              to spend.
                                                            • Interactive e-statement where you can click and group expenses per type, location
                                                            • Card analytics, personal finance management tools integrated
   “We focus exclusively on the
                                                            • Off the shelf utilised for large portions of the technology (Andrea , TxVia)
   user experience of banking”*
Source: Capgemini Consulting-CoE Digital banking– FS UK Expertise (c) 2012                                                                                                     *Bill DeRouchey - BankSimple, Creative Director

                                                                                                                                                                        Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                                         24
Several banks partners with financial innovation companies to accelerate new technology
adoptions
            Introduction               CC-MIT key Findings           DT in Financial Services    Maturity Assesssement        Relevant case studies      Approach             CC FS capabilities




                                                                                                Customer experience
                        Division                                                                                                                                      Product &
                                                 Conversation                Marketing &                   New Services                      Innovation                service
                                                                                sales
                                                                                                                                                                         Retail
                         Personal
                         banking

                                                                             geolocation
                                                                                                                                                                         Credit
                        Corporate
                         banking
                                                                                           Operational process
                                                       Billing &                                                         Online bank         Mobile bank
                                                                              Payment               Accounts                                                            Currency
                                                      invoicing                                                           operation           operation

                        Insurance

                                                                                                                                                                       Insurance
                                                                                                                     P2P & crowd-
                         Investment                                                                 Transfer           funding
                           banking                     Risk &                                                                                                             Capital
                                                       Fraud                                                                                                              market
                                                                                                    Settlement

                        3rd party
                                                                                                Group functions
                          API store                              Security Authentication                           IT & data               HR/payroll
                                                                                                                  management
                                                                                                                                                                        Advisory




Source: Capgemini Consulting-CoE Digital banking– FS UK Expertise (c) 2012
                                                                                                                                                          Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                                    25
CC-MIT Recommendations to drive digital transformation
             Introduction              CC-MIT key Findings            DT in Financial Services      Maturity Assesssement   Relevant case studies    Approach            CC FS capabilities




                                     1.                             ASSESS YOUR COMPANY’S DIGITAL MATURITY



                                          2.                    CREATE A TRANSFORMATIVE VISION OF THE FUTURE


                                               3.                         INVEST IN FOUNDATIONAL DIGITAL CAPABILITIES


                                                    4.                                                      PROVIDE GUIDERAILS


                                                         5.               CONSTANTLY COMMUNICATE AND ENHANCE THE VISION


Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011

                                                                                                                                                     Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                               26
Capgemini Consulting has a portfolio of offers and credentials including Digital Banking
and Private banking
            Introduction              CC-MIT key Findings    DT in Financial Services   Maturity Assesssement   Relevant case studies   Approach            CC FS capabilities




                                                                    Multi- Channel                       Customer
                                                                    Management                          Experience

                                            Digital Operating                                                                Listening and
                                                 Models                             Digital banking                          Conversation
                                                                                     and private
                                                                                       banking

                                                    People 2.0 Strategy                                           Digital Services &
                                                       & Roadmap                                                     Technology
                                                                                        Smart data                  Governance




Source: Capgemini Consulting-MIT Analysis

                                                                                                                                        Copyright © 2011 Capgemini Consulting. All rights reserved.
                                                                                                                                                                                                  27
Mit cc turn into action - digital strategies banking v march2012-

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Mit cc turn into action - digital strategies banking v march2012-

  • 1. Digital Strategies in Banking CC-MIT views v1.0 March 2012 Transform to the power of digital
  • 2. Digital MIT for Private Banks Banking CoE Digital Banking OBJECTIVES OF THIS DOCUMENT Digital Retail Banking Social Media for Banks  SHOWCASE OUR CC-MIT FRAMEWORKS TUNES FOR BANKS  DRIVE DISCUSSION WITH C-LEVEL EXECUTIVES  LEVERAGE OUR KNOWLEDGE THROUGH THE COE DIGITAL BANKING 2
  • 3. Contents Introduction CC-MIT key Findings Relevant Case Studies DT in Financial Services Approach DT Bank Benchmark CC FS capabilities Copyright © 2011 Capgemini Consulting. All rights reserved.
  • 4. DIGITAL TRANSFORMATION IS THE USE OF TECHNOLOGY TO RADICALLY IMPROVE PERFORMANCE OF ENTERPRISES
  • 5. Introduction to Digital Transformation  Introduction CC-MIT key Findings DT in Financial Services Relevant case studies Approach CC FS capabilities “We are now in the midst of a third revolution: digital” Digital led to re-envision Two major technology-driven processes, capabilities revolutions have changed the nature and products of business and society in the past two centuries Electrification led to innovation such as assembly line Steam Power led to The one at the top today, will not be industrialization the same at the end  We are already seeing the signs of this transition: • Startups are emerging who can envision and implement new products and new working and collaboration behaviors • Digital natives are clamoring for change in their employers and in the companies they buy from • Some companies, even hundred-year-old firms with billions in revenues, are starting to engage in digital transformation Copyright © 2011 Capgemini Consulting. All rights reserved. 5
  • 6. Key trends in Digital Banking in 2012  Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities There are long-term strategies and new banking functionalities with a quick-win adoption path 1. CUSTOMER CENTRICITY 2. MOBILE BANKING 3. SMART DATA 4. CONVERSATION / SOCIAL MEDIA 5. CORE SYSTEM FLEXIBILITY QUICK P2P PFM MultiScreen ID&V WINS Copyright © 2011 Capgemini Consulting. All rights reserved. 6
  • 7. And predictions to 2015  Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies Approach 2013  65% of banks will replace their transaction-oriented online banking view with PFM interfaces  Major national defaults in Europe will lead to collapse of more than 1/3 of European 2014 banks  At least 2 major securities exchanges will offer separate ‘low-latency’ trading venues with short (sub-second) hold on orders  60% of banks will offer mobile-based banking services to business customers 2015  New, external social web and cloud-based services will generate 25% of consumer- driven banking products and services Source: Gartner – Predicts 2012: Changing customer needs demand more fluid banking IT systems and processes Copyright © 2011 Capgemini Consulting. All rights reserved. 7
  • 8. Capgemini Consulting and MIT Center for Digital Business have launched a 3-year joint research program to further develop the understanding of Digital Transformation Introduction  CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities Results of Phase 1 provides guiderails to traditional companies on their digital journey  Capgemini Consulting is conducting a 3-year research program  We have assembled a leading team from MIT to jointly with the MIT Sloan School conduct our digital transformation research program:  The goal is to understand how the “digital winners” are Prof Eric BRYNJOLFSSON managing (or have managed) their digital transformation,  Director of MIT CDB  Economist / quantification starting from “brick and mortar” and moving to a “digital  Digital productivity company”, and to identify some guiding principles and best Prof Andy MCAFEE  Principal investigator practices  Engineer / DBA  As global leaders in strategy and transformation consulting,  Enterprise 2.0 / Management Prof George WESTERMAN Capgemini Consulting brings valuable guidance every step of the  Project lead  Technology / DBA way, from strategy development through to execution  Technology & organization MIT-CC Publications Transform to the power of Connected Digital Social Trimestrial digital: Digital transformation as Digital Customer Organizations Transformation of CRM review on Digital driver of corporate performance operating 2020 People 2.0 Supply chains Transformation Model With key industry leader interviews! Copyright © 2011 Capgemini Consulting. All rights reserved. 8
  • 9. Companies across industries are faced with the same common challenges in their transformation process Introduction  CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities Across all three elements of the transformation process: Initiation, Execution, and Coordination 1 2 3 Initiation Execution Governance MANAGEMENT INERTIA MISSING SKILLS (77%) INCREMENTAL VISION  Skepticism at the top  Skills scarcity: mobility, analytics,  Lack of a truly transformative vision social media...  Inability to transcend organisational  Lack of building platform  Reliance on external experts and/or boundaries  Lack of understanding DT vendors opportunities REGULATION AND REPUTATION CULTURE (55%)  Security and privacy concerns  Changes in jobs due to automation or information empowerment  Reputational and regulatory repercussions , particularly in  Weak leader vision on digital COORDINATION ISSUES healthcare and financial services  Ineffective coordination across  Labour relations business units or processes UNCLEAR BUSINESS CASE IT DIFFICULTIES (50%)  Ineffective coordination between  Lack of economic business case to  IT systems complexity new and traditional businesses or justify investment in new technologies processes  Lack of data / information  Lack of understanding of the role of management infrastructure investment before ROI  Poor business / IT relations Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 9
  • 10. Organisations are digitally transforming three key areas of their companies’ value proposition Introduction  CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities Organizations are digitally transforming customer experience, operational processes, and business models Customer Operational e e Business Model Experience Process Customer understanding Process digitization Digitally-modified businesses  Analytics-based segmentation  Performance improvement  Product/service augmentation  Socially-informed knowledge  New features  Transitioning physical to digital  Digital wrappers Top line growth Worker enablement New Digital Businesses  Digitally-enhanced selling  Working anywhere anytime  Digital products  Predictive marketing  Broader and faster communication  Reshaping organisational  Streamlined customer processes  Community knowledge sharing boundaries Customer touch points Digital Globalization  Customer service Performance management  Enterprise Integration  Cross-channel coherence  Operational transparency  Redistribution decision authority  Self service  Data-driven decision-making  Shared digital services  Unified Data & Processes  Business & IT Integration  Analytics Capability Digital Capabilities  Solution Delivery Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 10
  • 11. Increased sophistication of customers, price pressure, and the emergence of e e digital technology is increasingly shaping how banks interact with it’s customers Introduction CC-MIT key Findings  DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities Increased sophistication of customers and the emergence of digital technology creates opportunities: Selected key challenges for Financial Services Industry  Banks ability to personalize the customer experience, improve retention and increase Customer customer satisfaction are still under developed. Starting the conversation using external Experience CRM is an enabler  Develop analytic capabilities in order to utilize and capitalize on customer data across products and channels. Enables targeted marketing & communication which will increase up sales and cross sales Customer understanding  Multichannel integration and streamlining customer processes to ensure consistent  Analytics-based segmentation  Socially-informed knowledge customer experience are still key issues for banks Top line growth Leading practices examples  Digitally-enhanced selling Barclays - first bank in Europe ING Personalized Citibank tablet banking strategy  Predictive marketing  Streamlined customer to pilot “Microsoft Surface” processes Customer touch points Digitally transformed the Through analytic capabilities, “We wanted to fundamentally  Customer service branch concepts through ING delivers personalized rethink customer interactions.”  Cross-channel coherence touch-screen technology and product offers In real time - Tracey Weber, Managing  Self service “digital transformed staff” across channels Director Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011, Forrester analysis Copyright © 2011 Capgemini Consulting. All rights reserved. 11
  • 12. Technologies are creating opportunities to increase efficiency and reduce cost e e for the traditional banks Introduction CC-MIT key Findings  DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities The current state of the European market are forcing banks to focus on cost and retention: Selected key challenges for Financial Services Industry  Banks are struggling to successfully achieve the two sided, often contradicting challenge Operational of both customer centricity and efficient operations at the same time is inextricably Process linked to the ability to capitalize on the next generation corporate assets such as technology and customer information (pattern based decision making)  Pressure on margins as well as more sophisticated customer expectations require focus on lean processes across business units – digitalization of processes Process digitization  Performance improvement  Traditional banks, with its legacy, are also struggling to transform the workforce (e.g.  New features (digitally transform the advisory role) and ensure coolaboration across silos Worker enablement Leading practices examples  Working anywhere anytime Allianz digitized processes to Groupo BBVA devices are changing the  Broader and faster reduce cost way people work communication  Community knowledge sharing Allianz invested between 500 M€ - 1B€ in a 2 year iPad and iPhone help Grupo BBVA to Performance management digital transformation program. They reduced the accelerate essential workflows, improve  Operational transparency customer centers from 13 000 FTEs to 9 000 FTEs internal communications, and provide the best  Data-driven decision-making through Lean techniques combined with a digital possible services to its 49.8 million customers operating model worldwide Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011, Forrester analysis Copyright © 2011 Capgemini Consulting. All rights reserved. 12
  • 13. A new form of competition have been evolving and traditional banks are e e facing disruption in their business models Introduction CC-MIT key Findings  DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities Banks can not wait and watch while non traditional players are threatening the traditional value chain Selected key challenges for Financial Services Industry  Traditional banks, with their legacy, are still struggling with the transitioning from Business physical to digital Model  Within the cards and payments industry a new form of competition have been evolving where the traditional card companies are facing disruption in their business models, and new non-financial players make traction in their value propositions Digitally modified  This trend can also be seen in consumer credit, mortgages, etc where peer to peer businesses services and services from non traditional players like google, Apple, Smava, etc, are  Product/service augmentation  Transitioning physical to digital threatening the traditional value chain  Digital wrappers Leading practices examples New Digital Businesses Lloyds TSB joins MasterCard PayPass is a new Paypal payments  Digital products  Reshaping organisational Samsung and Visa “contactless” way to pay. reach 7b$ in Q1 2012 and boundaries announce a partenership with terminico for direct Digital Globalization Will provide Near field There are nearly 55 transactions  Enterprise Integration communication-enabled million PayPass cards 7b$  Redistribution decision phone payments at next and devices in use at 0,1b$ 4b$ authority 0,7b$ year's London Olympic over 146,000 merchant  Shared digital services 2009 2010 2011 Q1 2012 Games locations worldwide Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011, Capgemini Consulting analysis Copyright © 2011 Capgemini Consulting. All rights reserved. 13
  • 14. While the most common usage of these technologies is in substitution, several firms are also using them to extend or transform their processes and functions Introduction CC-MIT key Findings  DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities “We identified 3 level of usage of technologies: Substitution, Extension, Transformation” SUBSTITUTION EXTENSION TRANSFORMATION Smart Data, Cards analytics Simple apps or Facebook pages Mobile Banking Services, PFM Convergence Bank-Retail Customer service online Streamlining Customer process Services on Demand Social Loyalty programs E-Billing, HR digitization Real-Time updates Customer Experience Operational Processes Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 14
  • 15. Traditional banks are faced with several opportunities and threats, and are to some extent forced to engage in a Digital Transformation Introduction CC-MIT key Findings  DT in Financial Services Maturity Assesssement Relevant case studies Approach CC FS capabilities What does Digital Transformation mean for the ‘Traditional’ bank industry? Customer Operational Business Model Experience Processes Understanding Digitally-modified Process digitization Conversation Social Listening Customer centric Paperless adoption technology Payments Card analysis Tools Mobile Banking Services on Demand Sales New B2E Benchmark pricing tools Tablet Sales Social Broker Platforms E-Billing Interactive Billing Knowledge sharing Crowdfunding P2P SmartData Gamification Geolocation HR Process digitization Social Bank Service Lending seg. Partnerships Payment Customer Service Online Globalization Digital Currency Accounts aggregators PFM Open Bank Mobile wallet Social Media Branding Bank in a box New ways of payement Social Loyalty programs Digital Capabilities Bank AppStore Cloud Real-Time Information Digital Platform ID&V Source: Capgemini Consulting Digital Banking UK Financial Services O (c) 2012 * Technologies adopted by traditional banks are highlighted in red Copyright © 2011 Capgemini Consulting. All rights reserved. 15
  • 16. Successful Digital Transformations in our study used a common set of elements that works together in an iterative approach which enables constant learning and development Introduction CC-MIT key Findings DT in Financial Services  Maturity Assesssement Relevant case studies Approach CC FS capabilities “To succeed in your Digital Transformation Journey you have to focus on the ‘how’ more than the ‘what’” TRANSFORMATIVE DDIGITAL ISION TRANSFORMATIVE IGITAL V VISION STRATEGIC ASSETS PRODUCTS & PARTNERSHIP CUSTOMER SALES FORCE CONTENT NETWORK KNOWLEDGE THE “HOW” IS THE POINT OF SALE & PRODUCT BRAND CULTURE WAY THAT SENIOR DISTRIBUTION CHANNELS INNOVATION EXECUTIVES DRIVE CHANGE THROUGHOUT THE “WHAT” IS THE ORGANIZATION. DIGITAL BUILDING BLOCKS SPECIFIC SET OF DIGITAL ENGAGEMENT DIGITAL GOVERNANCE THIS INCLUDES Customer Operational Business DIGITAL CREATING AND Experience E Process E Model TRANSFORMATION COMMUNICATING ELEMENTS VISION, ESTABLISHING Customer Process Digitally-modified understanding digitization businesses IMPLEMENTED BY GOVERNANCE AND THE ORGANIZATION, MEASUREMENT Top line growth Worker enablement New digital INCLUDING THE MECHANISMS, AND businesses STRATEGIC ASSETS BUILDING A DIGITAL- Customer touch Performance Digital AND DIGITAL READY CULTURE. points management globalization INVESTMENTS THAT Digital Capabilities ARE USED TO CREATE THOSE ELEMENTS. DIGITAL INVESTMENT SKILLS INITIATIVES ITERATIVE TRANSFORMATION ROADMAP Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 16
  • 17. The CC-MIT maturity model enables companies to position themselves on the « digital maturity matrix » Introduction CC-MIT key Findings DT in Financial Services  Maturity Assesssement Relevant case studies Approach CC FS capabilities The CC-MIT maturity model enable companies to position themselves on the « digital maturity matrix » FASHIONISTAS DIGIRATI • Strong overarching digital vision • Many advanced digital features (such as social, mobile) in silos • Good governance Our approach aims at assessing • No overarching vision • Many digital initiatives generating companies maturity on two major • Underdeveloped coordination business value in measurable ways topics : the firms’ digital intensity DIGITAL INTENSITY • Digital culture may exist in silos • Strong Digital culture (“what is the firm doing?”) and the transformation management intensity (“how is the company BEGINNERS CONSERVATIVES doing it?”) • Management skeptical of the • Overarching digital vision exists, business value of advanced digital but may be underdeveloped technologies • Few advanced digital features, • May be carrying out some though traditional digital experiments capabilities many be mature. • Immature digital culture • Strong digital governance across silos • Taking active steps to build digital skills and culture TRANSFORMATION MANAGEMENT INTENSITY Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 17
  • 18. The majority of the participants in the CC-MIT maturity analysis are beginners, with relativly low digital- and transformation management intensity Introduction CC-MIT key Findings DT in Financial Services  Maturity Assesssement Relevant case studies Approach CC FS capabilities Figure below show how companies in our study scored on an initial qualitative assessment of digital maturity FASHIONISTAS DIGIRATI 13% 17% Our approach aims at assessing companies maturity on two major topics : the firms’ digital intensity (“what is the firm DIGITAL INTENSITY doing?”) and the transformation management intensity (“how is the company doing it?”) 50% 19% BEGINNERS CONSERVATIVES TRANSFORMATION MANAGEMENT INTENSITY Note: Digital maturity assessments were conducted by the research team using information from interviews. Vertical and horizontal lines represent median points for the two dimensions in the figure. Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 18
  • 19. Each ‘Digiratis’ has its own flavour and follow different paths in their digital journey, but end up with strong models embracing digital Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement  Relevant case studies Approach CC FS capabilities BBVA DNB Capital One Customer centric Mobile Banking Smart data http://www.apple.com/ipad/business/ profiles/bbva/ To be the champion of digital Compared to peers such as banking DNB took immediate American Express, Capital One action and restructured the has exhibited faster growth 5 March 2010: BBVA’s Executive which can be attributed to whole organization and set up We need to think of different digitization and smart data a digital platform across silos approaches to serve customers, strategies and technology is a key element in our business model.” SpareBank1 SimpleBank Paypal Social media Geolocation Payment http://www.youtube.com/watch?feat http://vimeo.com/29339937 ure=player_embedded&v=V7q1jx8mYi SpareBank 1, Norvegian 8 Champion in Social Media use them as their new “We focus exclusively on the 1 feb 2012: Paypal announce that communication platform user experience of banking”* they partnership with Terminico & generating substantial HomeDepot to pay entering your communication economies mobile number in the terminal Copyright © 2011 Capgemini Consulting. All rights reserved. 19
  • 20. BBVA digital transformation was strongly driven by C-level executives with a radical approach. Benefits are renew of their band, customer centric approach and financial Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement  Relevant case studies Approach CC FS capabilities “5 March 2010: BBVA’s Executive We need to think of different approaches to serve customers, and technology is a key element in our business model.” Customer Operational e e Business Model GROUPO BBVA, A SPANISH BANKING GROUP, LEVERAGE DIGITAL TO FOCUS ON CUSTOMER Experience Process Customer Digitally-modified Process digitalization understanding businesses Legend: white: not done / light grey: partially done / dark grey: fullly done Top line growth Worker enablement New Digital Businesses Differentiating on communication Customer touch points Performance Digital Globalization • BBVA has the opportunity to take a niche that provides management Digital Capabilities sustainable differentiation, a niche that its competitors BBVA Innovation Center is a do not currently occupy. This niche will guide the experiences and communication they offer to the meeting point between The Bank stakeholders at all of the points of contact, both physical and virtual and the Society through Technology. Madrid Contactless • BBVA is leading 'Madrid Contactless', a project designed to equip Madrid's high traffic retailers with contactless POS terminals • High presence on Social Media 94 official profiles in Facebook and Twitter BBVA is switching it’s 110,000 staff to use Google enterprise software • BBVA is using Google applications (email, calendar, docs, chat, video conferencing and other collaboration tools) to "achieve a cultural change" and get "the whole company working together" BBVA teamed across the 26 countries where BBVA is based with IDEO to • The roll-out of Google Apps will be staggered, with more than 35,000 BBVA workers develop a new ATM system Brand strategic position oriented to the digital model The system based on customer • Customer BBVA Centric Bank, is a project that combines the vision of the Internet with all that needs. It’s also an automated teller comprises multi-channel experience machine designed to gain a competitive advantage Source: Capgemini Consulting- CoE Digital banking– FS Spain Expertise (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 20
  • 21. To be the champion of digital banking DNB took immediate action and restructured the whole organization and set up a digital platform across silos Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement  Relevant case studies Approach CC FS capabilities Phase 1 of the transformation was focused on cost cutting, phase 2 on customer experience. Customer Operational e e Business Model DNB, A NORVEGIAN BANK, MOBILE CHAMPION Experience Process Customer Digitally-modified Process digitalization understanding businesses Legend: white: not done / light grey: partially done / dark grey: fullly done Top line growth Worker enablement New Digital Businesses DNB is a leader in mobile banking Customer touch points Performance Digital Globalization • 80% of their customers are using online banking. They management Digital Capabilities Norwegian bank with more than also target the communication via e-mailing. The customers decide which channel they want to address, 2,5 million customers channels are not fully integrated yet, as digital and 800,000 customers traditional business are running in parallel • DNB is looking to develop a CRM with an operational side and an analytical side, as well as using mobile banking on SMS connecting the traditional one to the digital platform unit With the legacy that comes with • The bank has developed several apps for bank account and services access several mergers and acquisitions Phase 1 of the digital transformation program focused on cost cutting DNB has focused on unifying the • DNB has digitized a lot of their operational processes for sign-up, loan subscription and others group on one digital platform • They are leader in Mobile services; DNB offer payment by SMS, loan by SMS and so on “Rule digital banking” Business has been digitally transform and could be extended group-wise stated as must win battle by end • The bank is digitally transformed and envision to create a platform that could be extended across of 2013 the group in several countries Digital platform has been built across silos embedding all customer facing Currently focus on digitalizing • They reorganized their Business/IT governance, split in 3 departments to be able to deliver a digital back end processes to reduce unified backbone: the reorganization of IT is a main factor here to be able to succeed costs and will shift the focus towards the front end and • The biggest change was the relationship between business and IT, which are now highly connected customer experience Source: Capgemini Consulting-CoE Digital banking– FS Norway Expertise (c) 2012 Copyright © 2011 Capgemini Consulting. All rights reserved. 21
  • 22. Compared to peers such as American Express, Capital One has exhibited faster growth which can be attributed to digitization and smart data strategies Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement  Relevant case studies Approach CC FS capabilities The focus on advanced digital initiatives has helped Capital One maintain sector leading growth and steady profits CAPITAL ONE, ANALYTICS CHAMPION Customer e Operational e Business Model Experience Process Legend: white: not done / light grey: partially done / dark grey: fullly done Customer Process digitalization Digitally-modified understanding businesses Digital strategy focused on smart data Top line growth Worker enablement New Digital Businesses • Focus on advanced analytics and sophisticated CRM Customer touch points Performance Digital Globalization “Big companies sometimes systems to profile its customers and minimize its risks management try to have a silver bullet. But Digital Capabilities for meeting needs in the Extensive use of Digital Data Analytics digital space, you need to be • Developed a complex data analytics system which uses a combination of credit bureau and company fast, and get out there and gathered information to effectively segment the market for credit cards learn. You need to think big, start small, learn quickly and Co-Creation of their product with their clients then scale.“ • Launched the ‘Card Lab’ in 2007 which allows customers to create their own credit card through an Innovation director ,Capital online portal One • Various card features such as visual appearance, rewards and interest rates can be modified Development of IT Infrastructure • Developed in-house IT capability, which improved the linkages between different units thereby maximizing the value derived from analytics • Digitized telephone customer service in order to improve efficiency Results • Superior growth rate compared to peers • Net profit grew at a CAGR of 19.3% between 2000-2010 compared to 3.74% for American Express during the same period • Better targeted offerings compared to competitors Source: Capgemini Consulting-CoE Digital banking– FS UK Expertise (c) 2012 Copyright © 2011 Capgemini Consulting. All rights reserved. 22
  • 23. SpareBank 1, Norvegian Champion in Social Media use them as their new communication platform generating substantial communication economies Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement  Relevant case studies Approach CC FS capabilities "Sparebank 1 has been an early adaptor of social media" Customer Operational e e Business Model SPAREBANKONE, A NORVEGIAN BANK, SOCIAL MEDIA CHAMPION Experience Process Digitally-modified Customer understanding Process digitalization businesses Legend: white: not done / light grey: partially done / dark grey: fullly done Top line growth Worker enablement New Digital Businesses What they do Customer touch points Performance Digital Globalization management • Build trust: more dialogue, listening and sharing than Digital Capabilities selling and marketing • Communicate in times of technical trouble, security issues e.g. First Smartphone app demo • Develop innovative products with our customers http://www.youtube.com/watch?v=AoP HK7VqXF0 • Provide customer service through social media Demo of Digital signature for logon identification We load all http://www.youtube.com/watch?v=pz3j K-Zj1zE&feature=related our films to Youtube Mobilbank PM – Statistics first week of production Demo of new Smartphone app • Total number downloads of the first App 133 000 http://www.youtube.com/watch?v=mIC CHfQmYHc We monitor listening on social • Account balance is the # 1 service Demo of our internet bank media • 3% of all logons performs a payment https://demo.sparebank1.no/ • 11% of all logons performs a transfer Social media is their new communication platform ! We had the first bank blogg in the Nordic region Source: Capgemini Consulting-CoE Digital banking– FS Norway Expertise (c) 2012 Copyright © 2011 Capgemini Consulting. All rights reserved. 23
  • 24. Banksimple is a start-up based on Geolocation usage, but their disruptive concept shake the traditional banking world in US Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement  Relevant case studies Approach CC FS capabilities "Our User Experience philosophy is, 'Let's make it nearly impossible for you to fail.'" Customer Operational e e Business Model BANKSIMPL, A DISRUPTIVE B-MODEL LEVERAGING GEOLOCATION AND ANALYTICS Experience Process Customer Digitally-modified Process digitalization understanding businesses Legend: white: not done / light grey: partially done / dark grey: fullly done Top line growth Worker enablement New Digital Businesses Banksimple is a disruptive b-model Customer touch points Performance Digital Globalization management • Banksimple is an online interface that sits on top of back Digital Capabilities “simple is not a bank” end systems provided by partner banks (Bankcorp and CBW) it is a service that utilises back • There is no branch network to service. end systems provided by partner banks. • In contrast to most of the US consumer banking industry, BankSimple levies no monthly charges. • Revenue is generated by sharing interest margin and levying a “interchange fee” on customers card Currently offering serving a transactions. This is passed through by its partner banks small number of invite only Streamlining Customer experience is key customers. Funded by $13 million venture capital, it is • Design principle is to produce the online banking platform for mobile first - this ensures simplicity and clarity. strongly differentiated against traditional US banks • Banksimple communicates “socially” with its customers and potential customers offering views on how they can use it’s services to improve their lives. “The cost of your vices” is a recent blog article. The service is based on geolocation, interactivity and analytics adoption • Sophisticated analytics are utilised - geolocation of purchasing, smart categorisation and available to spend. • Interactive e-statement where you can click and group expenses per type, location • Card analytics, personal finance management tools integrated “We focus exclusively on the • Off the shelf utilised for large portions of the technology (Andrea , TxVia) user experience of banking”* Source: Capgemini Consulting-CoE Digital banking– FS UK Expertise (c) 2012 *Bill DeRouchey - BankSimple, Creative Director Copyright © 2011 Capgemini Consulting. All rights reserved. 24
  • 25. Several banks partners with financial innovation companies to accelerate new technology adoptions Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies  Approach CC FS capabilities Customer experience Division Product & Conversation Marketing & New Services Innovation service sales Retail Personal banking geolocation Credit Corporate banking Operational process Billing & Online bank Mobile bank Payment Accounts Currency invoicing operation operation Insurance Insurance P2P & crowd- Investment Transfer funding banking Risk & Capital Fraud market Settlement 3rd party Group functions API store Security Authentication IT & data HR/payroll management Advisory Source: Capgemini Consulting-CoE Digital banking– FS UK Expertise (c) 2012 Copyright © 2011 Capgemini Consulting. All rights reserved. 25
  • 26. CC-MIT Recommendations to drive digital transformation Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies  Approach CC FS capabilities 1. ASSESS YOUR COMPANY’S DIGITAL MATURITY 2. CREATE A TRANSFORMATIVE VISION OF THE FUTURE 3. INVEST IN FOUNDATIONAL DIGITAL CAPABILITIES 4. PROVIDE GUIDERAILS 5. CONSTANTLY COMMUNICATE AND ENHANCE THE VISION Source: Capgemini Consulting-MIT Analysis – Digital Transformation: A roadmap for billion-dollar organizations (c) 2011 Copyright © 2011 Capgemini Consulting. All rights reserved. 26
  • 27. Capgemini Consulting has a portfolio of offers and credentials including Digital Banking and Private banking Introduction CC-MIT key Findings DT in Financial Services Maturity Assesssement Relevant case studies Approach  CC FS capabilities Multi- Channel Customer Management Experience Digital Operating Listening and Models Digital banking Conversation and private banking People 2.0 Strategy Digital Services & & Roadmap Technology Smart data Governance Source: Capgemini Consulting-MIT Analysis Copyright © 2011 Capgemini Consulting. All rights reserved. 27