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The Inevitable Future of Banking

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Banking is needed, banks are not and the pandemic doesn't help them much.

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The Inevitable Future of Banking

  1. 1. The Inevitable Future of Banking Dr. Markus Hamprecht Webinar der Bankenakademie, dem zentralen Aus- und Weiterbildungsorgan des Bundesverbands deutscher Banken
  2. 2. Agenda 01 02 03 The market is changing drastically Utopias vs. Dystopias How to Navigate into Utopia
  3. 3. 01 The market is changing drastically The market is changing drastically… New players are actively seducing these customers Disinter- mediation is finally here: BigTechs are unbundling the bank Platforms + Ecosystems: Customers love their prison of convenience You have lazy, unfaithful and demanding customers Regulation is destroying your customers’ experience
  4. 4. 01 The market is changing drastically … and the global COVID crisis even accelerates these developments and puts a twist on it
  5. 5. 01 The market is changing drastically COVID-19 Impact: 4 notable new trends Escalating geopolitical tension; Continuing rise of nationalism Massive government intervention into economy & new regulation 1 Macro Shifting customer expectations & behaviors Traditional sales models are disrupted particularly in B2B 4 Customers Supply chain disrupted; digital manufacturing gaining momentum Increasing cost pressure 2 Operations Pervasive remote working – with need for new tools, processes and ways of engaging Every industry is a health industry 3 People
  6. 6. Banking customers are becoming more and more willing to change and we are making it easier You have lazy, unfaithful and demanding customers (1/2) 01 The market is changing drastically Basis: respondents who have already changed their current account (2019: n=409 | 2018: n=344 | 2017: 300 | 2016: 236) | Missing values to 100% = "Don't know / not specified" Source: BITKOM, Kontovergleich24.net, N26, DKB 2.2 2.3 2.5 2.9 2016 2017 2018 2019 Ø # Account changes Have you ever changed your main current account? The number of account changes increases The average time to open an account: Eight minutes
  7. 7. Clients are looking for the perfect solution for specific scenarios You have lazy, unfaithful and demanding customers (2/2) 01 The market is changing drastically Source: DKB, Transferwise Money Transfer Studying abroad Renting a student flat Kostenlose Girokarte und Kreditkarte In Deutschland, Europa und weltweit kostenlos bezahlen In Deutschland, Europa und weltweit Geld abheben
  8. 8. They steal your clients… … even when only getting a few things right New players are actively seducing these customers 01 The market is changing drastically * Reported data as of 31/12/2019 Source: Company reports 10 5 5 4 11 4 Revolut N26 Marcus Monzo Commerzbank DKB Customers(inm)*GrowthRate(YoY18-19)* 118% 117% 123% 125% 7%4% monzo Banking made easy Revolut A Radically Better Account Marcusby Goldman Sachs Save with Marcus by Goldman Sachs
  9. 9. 01 The market is changing drastically Disintermediation has finally arrived: BigTechs are unbundling the bank (1/2) Source: CBInsights Amazon Pay Amazon Cash Amazon Vor Ort Aufladen Amazon Protect Amazon Lending Amazon Credit Amazon Go Amazon Store Card Amazon Credit Card Amazon Allowance Amazon Recargable
  10. 10. Disintermediation has finally arrived: BigTechs are unbundling the bank (2/2) The winner takes it all – BigTechs and Big Banks Source: Ant Financial 01 The market is changing drastically • In 2018 Amazon’s third-party sellers accounted for 58% of sold volume on the platform – equivalent to third party sales of US $160bn • There are currently over 5 million marketplace sellers across all Amazon marketplaces • Apple Card was “the most successful credit card launch ever.” (CEO of Goldman Sachs, David Salomon) • GS so far has extended US $10bn in credit lines in total and has US $736m in loan balances given to Apple Card customers* *as of 30/09/2019 Source: Apple, Business Insider, cnbc.com, feedbackexporess.com, Bloomberg Apple Credit Card Amazon Loans to merchants Goldman Sachs
  11. 11. Platforms + Ecosystems: Customers love their prison of convenience All of your Financial Services in one place 01 The market is changing drastically DIGITAL-ONLY BANK Ant Fortune Zhima Credit MYbank Alipay ONLINE PAYMENTS & MOBILE WALLET ONLINE FINANCIAL PRODUCTS CREDIT SCORING PROGRAMME EXAMPLE: ANT FINANCIAL Connecting Large customer network to inclusive Financial Services • Alipay is the world’s leading payment and lifestyle platform • Ant Fortune is a comprehensive wealth management app that allows users to manage their finances • MYbank is a private online bank serving small and micro enterprises • Zhima Credit is a private credit scoring and loyalty program: Customers receive a score based on social media interactions and purchases carried out on Alibaba Source: Ant Financial
  12. 12. Platforms + Ecosystems: Customers love their prison of convenience 01 The market is changing drastically Source: ING – ING Investor Day Presentation 2019 ( Think forward staying a step ahead): https://www.ing.com/Investor- relations/Presentations/Investor-Day- presentations.htm
  13. 13. Platforms + Ecosystems: Customers love their prison of convenience 1. C24 Bank Control of Customer Interface by providing basic Banking products (Checking account + Debit Card) 2. Check24 Other Banking products with Best-price guarantee are offered via Check24- ecosystem of established banks 01 The market is changing drastically Source: C24, finanz-szene.de
  14. 14. MiFiD II: Less individualized information + lower consulting quality* Regulation is destroying your customers’ experience 01 The market is changing drastically 32.7% 25.1% 20.7% 20.3%My consultant used to be more flexible and individual in his response to my needs. The increased standardization of information helps me to filter out relevant information more quickly. Totally Agree Agree Disagree Totally Disagree 5.4% 22.8% 41.4% 29.3% Totally Agree Agree Disagree Totally Disagree * Survey refers to implementation of MIFID 2/MIFIR Source: Deutsche Kreditwirtschaft
  15. 15. Source: Handelsjournal, https://www.handelsjournal.de/handel/payment/die-deadline-rueckt-naeher.html …but is perceived as negative by online retailers Regulation is destroying your customers’ experience 2FA offers security for online banking and online payments… 01 The market is changing drastically What effects do you expect after the implementation of 2FA? Survey among 39 Online Retailers (multiple answers) Increased termination rate High conversion costs/expenses 39% Drop in Sales 37% Fewer orders 34% Decline in customer satisfaction 34% 32% Short familiarization of the customers, then everything as before 8% No effects 5% Other 82% 68% Increased service volume 61% Complex payment process for customers Source: ING, Mastercard
  16. 16. Banks are not best suited anymore to provide meaningful Financial Services
  17. 17. Agenda 01 02 03 The market is changing drastically Utopias vs. Dystopias How to Navigate into Utopia
  18. 18. Living Ecosystem Oligo- polistic banking structure Integrated Banking Services Loss of customer contact Stability and trust Unbearable cost and uncertainty 03.02.01. Three crossroads between Utopia and Dystopia on the horizon… 02 Utopias vs. Dystopias vs vs vs
  19. 19. Living Ecosystem • Banks are managing a broad ecosystem of fully integrated FinTechs, BigTechs and RegTechs • Banks extend their business model to capture more of their customers’ wallets and embed themselves in more transactions • Customers benefit from broad services Utopias vs Dystopias 02 Utopias vs. Dystopias Oligopolistic banking structure • Many banks have lost the battle with BigTechs and FinTechs • This significantly narrows the banks focus and value-chain participation • Banking is dominated by an oligopolistic structure, with many traditional players having vanished  exposing customers to less choices + higher prices VS
  20. 20. Integrated Banking Services • Banks have successfully integrated FS into the everyday life of their customers • Customer preferences are continuously tracked, customer needs are predicted and banks deliver new and integrated customer services • Customers are able to consume FS boundaryless and best-in-breed Utopias vs Dystopias 02 Utopias vs. Dystopias Loss of customer contact • Banks have lost the direct customer contact to BigTechs and FinTechs and are only left with the role of a utility + infrastructure provider • Value-added services have moved to FinTechs + BigTechs (Payments, Wealth Management) • A major share of the customer´s wallet and the customer contact has moved to new players VS
  21. 21. Stability and trust • New regulation has made banks more stable, resilient and safe for customers • Banks are seen as trustworthy banking providers and play a critical role in supporting customers and society coping with effects from COVID-19 • Banks have taken regulatory requirements and new regulation to develop mutually beneficial services for their clients Utopias vs Dystopias 02 Utopias vs. Dystopias Unbearable cost and uncertainty • Overregulation has reduced customer service and client advisory to “0” • Customers are forced to move to non-regulated market participants • Cost of regulation implementation is constantly rising and pushing banks out of business VS
  22. 22. Agenda 01 02 03 The market is changing drastically Utopias vs. Dystopias How to Navigate into Utopia
  23. 23. What do established banks have to do? 03 How to Navigate into Utopia Think desires, not products: Create integrated/ invisible/fully digitized E2E services Examples: • Santander Car Loans please check the sources page
  24. 24. What do established banks have to do? 03 How to Navigate into Utopia please check the sources page Think desires, not products: Create integrated/ invisible/fully digitized E2E services Examples: • Santander Car Loans Think platforms, not apps: Be first to market a holistic solution Examples: • We.trade • LBBW - Blockchain-basierte Plattform für Schuldscheinemissionen
  25. 25. What do established banks have to do? 03 How to Navigate into Utopia Think Ecosystems, not stand- alones: Integrate your financial services into networks Examples: • DBS (Singapur) • BBVA Think desires, not products: Create integrated/ invisible/fully digitized E2E services Examples: • Santander Car Loans Think platforms, not apps: Be first to market a holistic solution Examples: • We.trade • LBBW - Blockchain-basierte Plattform für Schuldscheinemissionen please check the sources page
  26. 26. What do established banks have to do? 03 How to Navigate into Utopia Think Ecosystems, not stand- alones: Integrate your financial services into networks Examples: • DBS (Singapur) • BBVA Think desires, not products: Create integrated/ invisible/fully digitized E2E services Examples: • Santander Car Loans Think platforms, not apps: Be first to market a holistic solution Examples: • We.trade • LBBW - Blockchain-basierte Plattform für Schuldscheinemissionen Think impactful technology usage, not technology for technology : Technology should only support the implementation of the client use case, not the other way round Examples: • JPMorgan – COIN (AI) • RBC Bank (Analytics & AI) please check the sources page
  27. 27. What do established banks have to do? 03 How to Navigate into Utopia Think new cooperation models, not in-house solutions: Integrate third parties if it provides better service for your clients Examples: • ING Gruppe • ING Deutschland • Deutsche Bank: BluePort Think Ecosystems, not stand- alones: Integrate your financial services into networks Examples: • DBS (Singapur) • BBVA Think desires, not products: Create integrated/ invisible/fully digitized E2E services Examples: • Santander Car Loans Think platforms, not apps: Be first to market a holistic solution Examples: • We.trade • LBBW - Blockchain-basierte Plattform für Schuldscheinemissionen Think impactful technology usage, not technology for technology : Technology should only support the implementation of the client use case, not the other way round Examples: • JPMorgan – COIN (AI) • RBC Bank (Analytics & AI) please check the sources page
  28. 28. What do established banks have to do? 03 How to Navigate into Utopia Think new cooperation models, not in-house solutions: Integrate third parties if it provides better service for your clients Examples: • ING Gruppe • ING Deutschland • Deutsche Bank: BluePort Think Ecosystems, not stand- alones: Integrate your financial services into networks Examples: • DBS (Singapur) • BBVA Think desires, not products: Create integrated/ invisible/fully digitized E2E services Examples: • Santander Car Loans Think platforms, not apps: Be first to market a holistic solution Examples: • We.trade • LBBW - Blockchain-basierte Plattform für Schuldscheinemissionen Think impactful technology usage, not technology for technology : Technology should only support the implementation of the client use case, not the other way round Examples: • JPMorgan – COIN (AI) • RBC Bank (Analytics & AI) please check the sources page And as to COVID: Your head start in customer trust is worth gold. Use it to your advantage and in order to make these five points work
  29. 29. 03 How to Navigate into Utopia The challenging situation should be used to build stronger, enduring, trust-based relationships with customers and to significantly differentiate from the new competitors The time is now:
  30. 30. What news would you like to read? … It is up to you! 03 How to Navigate into Utopia
  31. 31. Thank you for your time Dr. Markus Hamprecht https://accntu.re/37YCax9
  32. 32. About Accenture DISCLAIMER: This document is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, tax or medical advice, and is not a manufacturer of medical devices. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries – powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. With 505,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com

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