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apidays LIVE London 2021 - From Open Banking to Embedded Finance by Simon Torrance, Embedded Finance & Super App Strategies

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apidays LIVE London 2021 - From Open Banking to Embedded Finance by Simon Torrance, Embedded Finance & Super App Strategies

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apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021

From Open Banking, to Embedded Finance and Insurance
From Open Banking to Embedded Finance
Simon Torrance, Founder & CEO at Embedded Finance & Super App Strategies

apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021

From Open Banking, to Embedded Finance and Insurance
From Open Banking to Embedded Finance
Simon Torrance, Founder & CEO at Embedded Finance & Super App Strategies

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apidays LIVE London 2021 - From Open Banking to Embedded Finance by Simon Torrance, Embedded Finance & Super App Strategies

  1. 1. Embedded Finance The $7.2 Trillion market opportunity API Days London, 27 Oct 2021 Simon Torrance CEO, Embedded Finance & Super App Strategies www.embedded-finance.io
  2. 2. Introduction Board and Leadership Advisor • New Growth Strategy • Platform & Ecosystem Strategy • Venture Building www.embedded-finance.io
  3. 3. Problem #1 – our financial system is not fit for purpose Source: Mercer for World Economic Forum 2018 Source: Simon Torrance, based on FICO Bank Study 2020 E.g. Retirement savings gap ($ Trillions) E.g. FIs don’t address full needs
  4. 4. New York JULY Australia SEPTEMBER Singapore APRIL Helsinki & North MARCH Paris DECEMBER London OCTOBER Jakarta FEBRUARY Hong Kong AUGUST JUNE India MAY Check out our API Conferences here 50+ events since 2012, 14 countries, 2,000+ speakers, 50,000+ attendees, 300k+ online community Want to talk at one of our conferences? Apply to speak here
  5. 5. Problem #2 – Business models are under pressure Source: McKinsey Global Institute, July 2020; Simon Torrance analysis • Low interest rates • Increased competition • High admin costs • Obsolete technology • Non-digital leadership “Scared sh**less”
  6. 6. 5 Problem #3 – New Customers with new behaviours Sources: AppAnnie; FT; NGA
  7. 7. Digitising existing business (most focus today) Intelligent Solutions Developer Enablement Online Marketplaces Ecosystem Orchestration Impact Complexity 1 2 3 4 5 Digital Business Model Archetypes Source: Simon Torrance for the World Economic Forum 2020
  8. 8. What is Embedded Finance? Abstracting financial services functionality into technology to enable any product or service provider, retailer or developer to seamlessly integrate innovative financial services into their customer propositions and experiences: • Visible complementary add-ons, or • Invisible native components Timely, personalised and relevant to context Payments, Lending, insurance Payments, Credit, Insurance Payments, Lending & Insurance Lending & Insurance Examples Payments, Lending & Insurance Source: Simon Torrance 10x better customer experiences, faster/cheaper/simpler/fairer, leveraging new data sources (Open Banking/Open Data/Sensors), financial inclusion
  9. 9. Very tangible commercial benefits… + Insurance 100m new customers Source: Simon Torrance analysis, industry interviews B2B Software Businesses Digital Service Providers & Platforms + Credit + Insurance +20% to order value +50% conversion Retailers & Manufacturers + Payments + Loans + Insurance 5x SaaS TAM/ARPU
  10. 10. Alipay: what can we learn? 90 insurance partners and 2000 products (life and non-life), including pension micro insurances Roles
  11. 11. Started with payments… *Market value Embedded Payments Embedded Lending Embedded Insurance $7.2 Trillion* Global 2030 Other Source: Simon Torrance analysis
  12. 12. FinTech = the world’s new innovation platform *Market value Embedded Payments Embedded Lending Embedded Insurance Top 30 Global Software Companies Top 30 Global Financial Institutions $3.6 Trillion* $5.1 Trillion* $7.2 Trillion* Today Today 2030 Licenses & Deposits Internet + Cloud + Mobile Tech + Financial Technology Other Source: Simon Torrance analysis; Bain Capital Ventures; Morningstar data
  13. 13. Existing Customer base (Product-centric) Agents, Brokers Fintechs/BigTechs Developer Platforms & Neo Aggregators Direct Partners New Customers (More personalised, affordable and compelling solutions integrated into daily life) Your Products Your Underwriting APIs Your Capabilities APIs Compliance & Capital Compliance & Alt Capital Traditional New Any Products Any Underwriters Any Capabilities Digital Wallets Any Company Copyright: Simon Torrance 2021
  14. 14. 1. Brand’s App now enables payments with a Digital Wallet! 2. Connect your bank account(s) and cards 3. Spend as normal, anywhere, using any method 4. Get instant rewards -in cash- courtesy of Brand 5. See savings build up in your wallet (spend anywhere) Benefits for brand’s marketing ops 2000+ back-dated transactions per cust Ongoing real-time insights: • Total spending behaviour • Avg order sizes, by age, locality • Brand performance vs competitors Reduce Visa/MC costs Reduce plastic, save planet Leader in digital innovation 6. Access other financial and digital services, tailored to your needs Super Apps for Super Brands – the best hook is free cash! Can be used for shopping anywhere! Open Banking is safe and secure, reduces friction and enables new experiences Source: Simon Torrance, Upside Savings
  15. 15. Embedded Finance/Open Banking: hook and glue for SuperApps Source: Simon Torrance, Upside Savings Benefits 1. Real-time insights: real consumer spend 2. More ‘VVIP’ customers: 80% profits from 20% customers 3. Less churn: intervene early 4. Better loyalty CX: automatic rewards 5. New customers: very targeted offers 6. Low cost/fast: no/low IT implementation Higher CLTV + Lower CAC = Better Business model Your new Super App
  16. 16. Ambidextrous Org structure = foundational success factor New Innovation Governance Optimise the Core Fast track the Future • Internal Ventures • Fintech Collaboration • External Ventures • API-ise • Data-fy • Automate Where to play/ How to win?
  17. 17. Embedded Finance The $7.2 Trillion market opportunity API Days London, 27 Oct 2021 Thank you simon.Torrance@embedded-finance.io
  18. 18. New York JULY Australia SEPTEMBER Singapore APRIL Helsinki & North MARCH Paris DECEMBER London OCTOBER Jakarta FEBRUARY Hong Kong AUGUST JUNE India MAY Check out our API Conferences here 50+ events since 2012, 14 countries, 2,000+ speakers, 50,000+ attendees, 300k+ online community Want to talk at one of our conferences? Apply to speak here

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