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Digital transformation in financial services: a roundtable May 2014

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The financial services industry in the UK has a long and illustrious history, its practices and business imperatives developed over hundreds of years. It’s little surprise, then, that at our recent roundtable we heard from decision-makers from across the industry that the sector is stuck in a quagmire of legacy systems that hinder change.

Then there’s the volume of demands on the sector to meet expanding regulatory requirements. Some banks live simply to stay out of jail, we heard. And that effort is exhausting them. So banks are focusing on keeping the ship afloat rather than creating amazing new touch points for customers.

Just think what could be done to improve the customer experience with just a fraction of the budget spent on stopping out-of-date systems falling over, pondered one delegate. And it’s an interesting question when you look at the amount of innovation going on in fintech start ups. The opportunities are there for the picking, but not the cash or focus it seems.

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Digital transformation in financial services: a roundtable May 2014

  1. 1. #NMroundtable #NMroundtable A Roundtable May 2014
  2. 2. #NMroundtable Background We believe that great companies are communities of purpose. We make this a reality for our clients. We use conversation and participation to change mindsets, embed new behaviours and create companies that people love. Our roundtable events give us an opportunity to convene groups of decision-makers from different organisations to discuss shared challenges. This deck outlines some of the key themes from the last roundtable, ‘the impact of digital transformation on customer expectations for financial services’.
  3. 3. #NMroundtable Who attended? Thank you to all the attendees, listed below, for participating on the day. This deck is made up of your valuable insight. •  Philippa Kelly (Technical Manager at ICAEW) •  Conor Ogle (Strategic consultant and financial services COO/CMO) •  Nick Jones (Head of digital at Visa) •  John Sills (Customer Experience and innovation at HSBC) •  Sandra Carosi (Marketing Manager at Experian) •  Peter Allen (Social Media Manager at Bank of England) •  Lisa Hamilton (Strategic Business design & delivery at Lloyds) •  Kim Dibra (Business Manager at Santander) The event was hosted by Belinda Gannaway and Danielle Sheering (Senior consultants at NixonMcInnes). With special thanks to graphic facilitator, Lance Bell, for the images produced on the day which have been used in this deck.
  4. 4. #NMroundtable Why are banks behind the curve with digital?
  5. 5. #NMroundtable “There’s so much going on for financial services firms at the minute, that they are running to stand still.” - Philippa Kelly, ICAEW
  6. 6. #NMroundtable “There’s still a huge group of people who have no access to, or no appetite for, digital services. But continuing to serve them equally is hugely expensive.” - Conor Ogle
  7. 7. #NMroundtable “Some banks are currently paralysed by their efforts to stay out of jail. This imperative overshadows all internal decision-making, affecting everyone - their moods and perspectives.”  - Conor Ogle
  8. 8. #NMroundtable What's the deal with customers now and how are they changing?
  9. 9. #NMroundtable “There’s a distinction between hard and soft trust. Over the last few years, the soft trust has eroded because of the financial crisis and there have been serious outages in their legacy systems. If that hard trust becomes eroded, what do the banks have left in the way of trust?” - Danielle Sheerin, NM
  10. 10. #NMroundtable
  11. 11. #NMroundtable What does this all mean?
  12. 12. #NMroundtable “When you look at credit and risk, the old segmentation models aren’t going to apply anymore because people are going to be able to live in whatever segment they want to live, at whatever stage of their life. That’s why banks need to know each particular segment really well.” - John Sills, HSBC
  13. 13. #NMroundtable
  14. 14. #NMroundtable “The best innovation is when you really understand people and you do things that make a difference to people. Digital is really just the delivery layer on the top of that.” - John Sills, HSBC    
  15. 15. #NMroundtable “The big challenge is how you keep that human element in a digital world, rather than spending money on stuff that customers don’t want or need.  How you keep that human element is going to be the thing that drives success and customer experience.” - John Sills, HSBC
  16. 16. #NMroundtable How is the sector responding, and how will it respond?
  17. 17. #NMroundtable
  18. 18. #NMroundtable “Who is the CEO of tomorrow? She may be running her third company when she finishes tertiary education. She’s unlikely to expect a single financial services brand to help her achieve her goals. She'll select and substitute, just like she organises icons on her home-screen. If you don’t enable her business, she’ll replace you with someone who does.” - Conor Ogle
  19. 19. #NMroundtable “Digital is democratising finance because it allows people to switch. It is atomising finance down to the the core transaction, which is merely a means-to-an-end to something you’re trying to do. The brands that will be successful are the ones that understand the context of their customer.   Customers are trying to achieve a goal.  So what can you do to help them do that?” - John Sills, HSBC
  20. 20. #NMroundtable “There is £30 billion in venture capital going into financial technology.  It’s either going to disrupt us or make our future. So actually, you are getting the components for a rebuild - the transformation - if we can get the culture piece right.” - Nick Jones, Visa
  21. 21. #NMroundtable “New entrants - smaller, agile startups and challengers - appear to make quick progress because they have a clarity of purpose. Many complex incumbents appear exhausted by the struggle to keep up.”   - Conor Ogle
  22. 22. #NMroundtable “There is a perception that smaller start-ups have an easy path, free from legacy systems, a lower regulatory burden and no responsibility to service every demographic. But as an incumbent, you too have choice. You too can choose your customers. You can choose to start afresh alongside, rather than atop, your legacy infrastructure. You can choose to proactively propose a regulatory framework rather than being purely reactive. Too few of the existing players are thinking like this yet." - Conor Ogle
  23. 23. #NMroundtable Great companies are communities of purpose At NixonMcInnes, we believe
  24. 24. #NMroundtable Our purpose is to create meaning in business
  25. 25. #NMroundtable 18th Nov Save the date! The annual gathering for people who believe business can and must be better in the 21st century Our annual conference
  26. 26. #NMroundtable We work with complex organisations
  27. 27. #NMroundtable For us, everything starts with a conversation – so please get in touch, tell us a bit about yourself and let’s work out how we can help. 01273 764030 / nixonmcinnes.co.uk @NixonMcInnes How can we help you?