Digital bank
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Digital banking involves transforming banks internally to focus on data, user experience, and personalization. New technologies and business models are disrupting traditional banking by empowering new market players, changing customer behavior and expectations. Customers now demand ubiquitous, relevant, and contextual interactions on mobile. To succeed, banks must redefine their roles around data management and open APIs, and stop thinking of channels as separate from the core bank. The future of banking lies in analyzing big data to generate personalized offers for each unique customer.
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Digital bank
- 1. DIGITAL BANK VISION Created for TBC BANK by Malkhaz Pertaia
- 2. What forces lead the change? What is Digital Bank? How to create Digital Bank? Content
- 4. BUSINESSMODELS CLIENTS MARKETPLAYERS DIGITAL TECHNOLOGY is re-defining many industries by empowering - Business Models - Market Players - Customers Digital stands in the core of the transformation process New Business Reality
- 5. NEW BUSINESS MODEL Sharing Economy people utilize their redundant assets by P2P direct interaction users capitalize on their liquid assets: houses and cars UBER enables to share cars AIRBNB enables to share houses market value: $24 bln market value: $62 bln
- 6. NEW BUSINESS MODEL Platform is new normal Companies do not produce, manufacture or even own the product any more Customers produce product Business provides platform
- 7. They have experience in disrupting big industries. e.g. Telecommunications Banking services is not delivered exclusively by Banks any more What about Financial industry? Tech players enter Market taking share from traditional banking revenue generators
- 8. NEW PLAYERS Disruptors take share from traditional banking revenue introducing new way of banking * source: ING Bank
- 9. NEW WAY OF FUNDING As we have seen P2P was in the center of Sharing Economy. Now it disrupts one of the fundamental business of Banking: FUNDING Croudfunding: new way of financing business is surpassing Venture Capital model Collaboratve Economy people unify their resources to fund desired products, companies, changes v in 2015 $32 bln was raised more than 5x than it was in 2014
- 10. LESSONS TO LEARN FROM TELCO INDUSTRY Telco’s core products are surpassed They try to wrap their offers around Internet Traffic services and gadjets competition on local market and commoditization of services push the service prices to 0 Magti/Geocell/Beeline offering unlimited services for fair price and eveen that is not enough to win the market Traditional Revenue Generating Services Disrupted by tech companies Iternational calls Roaming SMS Voice Calls
- 11. NEW TYPE OF CLIENTS WITH CHANGEDCLIENTS, DO THEY ALSO CHANGE? Customer Behavior Expectations Demographics
- 13. CUSTOMER EXPECTATION MOBILE is not enough clients demand personalized conversation not just a channel Ubiquitous - be available whenever/wherever client needs 24/7 Relevant (what you say?) interaction must be relevant to clients, their intereses, needs, goals and feelings Contextual (WHEN you say?) interaction must be in context of time/space with client Personalized conversation - what is it ?
- 14. CUSTOMER EXPECTATION clients will have loyalty with the conpany that serves as a ‘marketing advisor’ which gives only RELEVANT offers in Context Personalization will end irritating marketing
- 15. DEMOGRAPHY DRIVES CHANGE Digital Natives Digital Aliens LESS DIGITAL Non DIGITAL *source: geostat.ge Digital natives Digital Aliens UX oriented Transaction/goal Oriented VS
- 16. CHANGE IS OBVIOUS NOW WHAT TO DO?
- 17. RE-THINKING BANKING IT IS ALL ABOUT DATA Who can collect, analyze and capitalize on Data, holds a key for winning Under this terms banks start to define how to think of customers needs and methods of delivering value Technology has brought data rich and time poor world
- 18. CURRENT STRUCTURE IS STOPPER Existing structure is not a product of design but a result of response to the market calls Here each channel is additional layer to the un-changed bank model 1970s 1980s 1990s 2000s 2010s ATMBranch Network Call Center Internet Mobile
- 19. STOP THINKING OF CHANNELS Digital Bank is not only digital channels Change not channels but Bank itself Omni-channel strategy tries to unify the UX across platforms, but what will happen if other devices emerge?
- 20. DEMOGRAPHY DRIVES CHANGE Digital Natives Digital Aliens LESS DIGITAL Non DIGITAL *source: geostat.ge
- 21. RE-DEFINING BANKING WHAT ROLES DOES BANK TAKE Manufacturer decomposite every product to its lowest parts And enable to build and offer modified to clients as widgets Processor: open source the services like PayPal does throu API. Enabling to integrate paypal into their systems (City opening API for SWIFT)
- 22. RE-DEFINING BANKING WHAT ROLES DOES BANK TAKE BIG DATA is key! Manage relationships remotely Mass personalization As for every retailer
- 23. DIGITAL BANK WHAT DOES IT EXACTLY MEAN?
- 24. DIGITAL BANK Functional Products are apps Processes are APIs Acts as a retailer UX Interaction is highly personalized for each client but NOT face-to-face Big Data Bank analyses users’ activities to generate tailor-made offers for each client
- 25. DIGITAL BANK STRUCTURE Big Data is core UX is the frontline Channels are means of Distribution UXBig Data Channels Client1 Client2 Client3 Client4 Client5
- 26. KEY TAKEWAYS -Technology driven changes are unstoppable -Banking industry is easily disrupted by new players -New type of business and customer behavior push banks for change -Clients have power not companies -Banking is not something you go, but something you do -Digital Bank means transforming banks internally -Data is Core of digital banks -UX will be key differentiator -Channels are only means of distribution -Future is in Data
- 27. Used Resources