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ThoughtWorks: Monetising Open Banking

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Open Banking is disrupting the future of financial services in Australia, and we believe that it will do much more than just enhance customer experience. It will pave the way for innovative, highly personalised products; new partnerships that generate mutual value; and new business lines that create additional revenue streams.

Publié dans : Technologie

ThoughtWorks: Monetising Open Banking

  2. 2. CONTEXT Areas where technology, open banking legislation, interoperability and data will drive innovation. It is Complex Beyond Governance, Security and Conformity Fin-Tech Disruption and Collaboration Tech Engineering the Next Phase of the Journey Future Banking Propositions Intelligent Empowerment and Open Life Responsible Banks - Trust as an Advantage
  3. 3. Innovation ● New Fintech ● Unbundling ● Multi sector solutions New Data Intelligence ● New data tech ● Tech connectivity brings opens new data sources New Legislation ● Compliance regulations ● Open Banking ● PSD2/GDPR ● ID/Privacy and Consent Models New Experiences ● Future bank ● Marketplaces ● Ecosystems THE PROBLEM IS COMPLEX 3 Silo Operations Lack of Capability Data Debt Tech Debt Talent Deficit Internal Politics Lack of Trust Outdated Methods New Models Customer Solutions Digitisation & Platformisation Customer Engagement New Tech SolutionsGlobal Platform Entrants Lower MarginsRing Fencing Human Empowerment & Personal Focus Human Demands ● Lowering barrier of entry into the market - threat to both Local finTechs and Local FSIs ● Trust deficit and falling business numbers
  4. 4. IT COULD COULD GET MORE CHALLENGING Learn and Improve 4©ThoughtWorks 2018 Commercial in Confidence 13 Jan 2018Mar 2017 25 May 2018 20193 Jan 2018 Open Banking is Just a Starter for Intelligent Empowerment and Open Life Across All Sectors Legislation is an enabler for the Evolution of financial institutions towards data driven platforms and networks movement to empower people to take control of their data. 1 Jan 2018 Personal and Business Current Account data opened to 3rd parties Allows 3rd parties to request payment and balance data from banks Greater transparency and protection on trading and investment Classification and measurement requirements for financial assets Deep-dive research and understanding of OL Greater data transparency, security and protection for individuals PSD2 becomes national law. Deadline for UK’s largest banks to open their data through APIs Exploration of OL + TW GDPR legislation comes into force XS2A (access to account) New legislation comes into force Further Market disruption IFRS 9 becomes mandatory
  5. 5. OPEN BANKING - AUSTRALIAN ADVANTAGE Interoperable Global MovementOPENBANKINGPAYMENTSREADINESS OPEN BANKING PAYMENTS POTENTIAL Derived from Capgemini 2018 South Africa IndiaChina Mexico Finland Belgium France Germany Australia Spain UK Sweden US* Singapore Pioneers Followers Late Adopters Brazil Australia
  6. 6. Any Financial Service Any Useful Service Any Personal Data Contributor Any Partner “White Space” INNOVATE USEFUL FINTECH HERE CREATE MARKETPLACES HERE EXAMPLE OF FINTECH COLLABORATION WITH BANKS
  7. 7. THE PLATFORM BANK 2019 LIFE SERVICE PARTNER 2020+ MARKET PLACE BANK 2019 BUILDING THE DIGITAL BANK 2019 OPEN BANKING BEYOND COMPLIANCE The Starting Point ● Replacing Legacy Tech and Data for Customer Compliance and Governance Experience and Efficiencies ● Strategy, Plan and Prioritise for Open Bank (Life) Ecosystem Future ● Internal and External Positioning ● Engineering Tech and Data for Governance and the Future Marketplace ● Differentiate, Design and Build on Open Bank (Life) Platform ● Ecosystem Core Essentials ● Building Ecosystems ● Validate and Deliver POC Open Life Ecosystem ● Ecosystem Roadmap ● Ecosystem Advantage ● Scale and Diversification
  8. 8. DATA DATA MARKETPLACE TECH ENGINEERING Aggregation Analytics Personalisation Transparency Security Consent Financial Services Ecosystem Customer Connected Ecosystem PLATFORM Open Banking integrated services platform MARKETPLACE DATA REALISATION IT IS A PEOPLE, TECHNOLOGY & DATA OPPORTUNITY 3RD PARTY API API 3RD PARTY 3RD PARTY
  9. 9. Online Services Mobile Digital Services Harness Intelligent Empowerment & Open Life Create the Marketplace for Ecosystem Economics MOST BANKS ARE STUCK HERE ALL COMPANIES NEED TO BE HERE PEOPLE, TECHNOLOGY & DATA A digital channel carries out basic services, transactions over in the Internet A mobile channel carries out main services, transactions over a mobile device Digital technology to every activity, process and program. No physical interactions needed by customers. A unique and competitive value proposition for customer moments that disrupts traditional business models New useful data flowing into tech, people for smarter decisions and innovation.
  10. 10. Thoughtworks creates Customer Innovation with Smart People, Enabling Tech and Data Intelligence. This is Intelligent Empowerment and Open Life. TECH AND DATA INTEGRATION FOR INNOVATION MY ENTIRE CONNECTED LIFE: PERSONAL & NEW DATA SOURCES OPEN LIFE & INTELLIGENT EMPOWERMENT ECOSYSTEM Customer Experience Orientation Open Data New Data API’s API’s Combine Existing Data Data Science Machine Intelligence Artificial Intelligence Software, Tech and Data Engineering Digital Federated ID & New Services Fairer Services Intents. Personal Data Control & Value NEW MARKETPLACES ECOSYSTEMS Data Intelligence INNOVATION & DESIGN IOT DEVICES INTEGRATION CONSENT, PERMISSION & DATA CONTROLS INNOVATION DESIGN TECH PROCESS CUSTOMER INTELLIGENCE, TECH & SOFTWARE COMPANIES CREATE VALUE - NEW SECTOR NEUTRAL BUSINESS MODELS
  11. 11. EVOLUTIONARY TECHNOLOGY PLATFORMS CUSTOMER CENTERED ORGANISATION THE RESPONSIVE ORGANISATION INTELLIGENT EMPOWERMENT Digital Platforms Cloud Native Architecture Technology Capability Assessment Delivery Infrastructure API Development & Management Technology Operations Centres Service Design Ecosystems New Product Innovation Product Evolution MVP Delivery Product Squads Software Engineering Teams Executive Advisory Value Driven Portfolio Management Organisational Design Business Problem Framing Portfolio Visualisation Change Management & Team Enablement Data Strategy Data Architecture Business Optimisation & Insights Data Engineering Machine Learning & Algorithm Development Data-driven Products & Platforms A VISION TO VALUE APPROACH For High Performing Digital Organisations FROM VISION Advisory TO VALUE Tech Delivery
  12. 12. PLATFORM STRATEGY AND EXECUTION CHANGE MANAGEMENT EXECUTE ON OPPORTUNITIES STRATEGY FORMULATION PLATFORM ARCHITECTURE TECH PLATFORM BUILD VALUE PROPOSITION USE CASES EXISTING ASSETS EXPERIMENT PORTFOLIO STRATEGY DEVELOPMENT CULTURE PROCESSCAPABILITY LEAN CHANGE ROADMAP TRIGGERS FOR CHANGE Lean Change Program Define Direction Learn + Refine Evolutionary Solution Delivery Discover Opportunities Change squads implementing new ways of working Multiple squads working on Delivery Infrastructure & API development Discovery activities and intensive stakeholder workshops
  13. 13. PARTNER INTEGRATION FOR INNOVATION APIs and enabled integrations are a cheaper faster way to launch products and acquire customers
  14. 14. STRATEGIC PRIORITY EXECUTION GUIDANCE BANKING (CAPABILITIES / EXPERIENCES) PRODUCT DESIGN COMPLIANCE TECH-DATA BUSINESS Identify Value Pillars Define Killer Features Build Loyalty Loop with Use Cases Design for Behavioral Economics Design an Extreme User Experience Recreate Your Brand Identify Compliance Needs from “Consumers” Adopt a Proactive Strategy AI in Compliance Build a Tech Data Capability Roadmap and Deliver Iteratively Adopt a Strangulated Technology Approach Create Governance Model within Innovation Team Build Analytical Practices and Data Capabilities Scale Continuous Innovation with Value-driven Portfolio Management Product Innovation Strategic Alignment Product management capabilities Experience design capabilities Design Thinking Hypothesis-driven design Banking Compliance Expertise Intelligence Empowerment Cyber Security Capabilities Technology Partnerships Technology Platforms Inventor of Microservices and Evolutionary Architecture Software and Data Experiset Digital Platform Strategy Open Banking Advisory and Open Life Vision Data Analytics Capabilities Innovation Portfolio Management Capabilities Expertise on Digital Organization Transformation HOW - RESPONSIBLE ORGANISATION Ways of Working
  15. 15. Earning Trust, Respect by doing the right by the customer Enabling tech engineering, data intelligence collaborating for smarter decisions and outcomes Building a Responsive, Responsible Org and culture for positive impact Innovation to deliver sustained business growth and customer value Constructing the future market for financial services and sustainable business FUTURE INTEGRATED LIFE SERVICES TRANSFORMATION ENABLER & DRIVERS REVOLUTIONARY TIPPING POINT ● IE, tech, data and Open Banking ● Personal data movement ● Rise of cloud, IoT, API access to services ● AI, ML, DLT and RPA ● Customer demands for personal and experience ● People taking control of their data - value of identity, trust and privacy concerns ● New personal data models ● Human and machines collaborating for better interactions and outcomes ● Economic impacts FAIRER FINANCIAL SERVICES OPPORTUNITY Trust - Reimagining the Future of Financial Services CORE DIGITAL PLATFORM
  16. 16. HELP ME TRANSACT The company makes it easy for me to pay for my lifestyle or my significant ones HELP ME SAVE The company enables me to save more without me having to lift a finger HELP ME SPEND The company helps me track spending and keeps me on budget KNOW ME. REWARD ME. GUIDE ME The company understands me and knows my goals and aspirations HELP ME GROW The company provides ways for me to grow my money and deliver loyalty moments HELP ME BE FINANCIALLY FIT The company helps me take control of my finances and keep me financially fit HELP ME GIVE The company helps me give back to the community in a meaningful way HELP ME ACHIEVE LIFE GOALS The company helps me materialise the opportunities in my life New Data New Data Behavioral Economics Artificial Intelligence Gam ifications Touchpoint Experiences APIs DATA INTEL SUMMARY Banks become unbiased life partners. Covering the needs in and magic moments for customers.