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Creating the Future of Financial Services

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Creating the Future of Financial Services

  1. 1. Creating the Future of Financial Services ▪ Futurist ▪ Strategy advisor ▪ Author @rossdawson
  2. 2. Humans and machines
  3. 3. Acceleration Experience Decentralisation Platforms Trust Models Leadership
  4. 4. Acceleration
  5. 5. Everyone connected Source: GSMA, Cisco
  6. 6. Data about people
  7. 7. Machines that learn
  8. 8. Applications of intelligence
  9. 9. New interfaces
  10. 10. Experience
  11. 11. Expectations of excellence
  12. 12. Scalable relationships
  13. 13. Virtual telepresence
  14. 14. Conversations with bots
  15. 15. Emotion analytics
  16. 16. Emotional connection
  17. 17. Communities at the heart
  18. 18. Platforms
  19. 19. “Ranked by market value, 60 of the world’s 100 largest corporations earn at least half of their revenue from platform markets” - Prof. Thomas Eisenmann, Harvard Business School
  20. 20. Platforms enable value-creating interactions between external producers and consumers, based on an open infrastructure and governance structures Adapted from: Platform Revolution, Parker, van Alstyne and Choudhary
  21. 21. Share Apply Deliver Use Sell Buy Pay Receive Write Read Lend Borrow Create Use Create Consume Create Use Make Use Product Service Content Money Apps Capital Reviews Information Designs Intellectual property Connecting producers and consumers
  22. 22. Positive feedback loops More users More value for users
  23. 23. Winner takes most
  24. 24. Peer-to-peer lending Source: Lending Club
  25. 25. Peer-to-peer currency exchange
  26. 26. Platforms enabling value creation
  27. 27. Industries shift to platforms
  28. 28. Assistants as interface to everything
  29. 29. Platform Strategy Enable value-creating interactions Positive feedback loops Encourage external innovation Enhance existing value propositions Strongly broaden scope of participation Principles Marketplaces, facilitation, aggregation Single owner/ multiple owners Open vs bounded – participant selection criteria Boundaries of ecosystem collaboration and competition Positioning Value for participants Governance structures Transparency and information boundaries Address potential negative feedback loops Personalized value creation Design Orchestration and facilitation Community management User experience Reputation measures Data gathering and applied analytics Capabilities Single-sided/ two- sided growth incentives Promote participants Promote and support interactions Create value from participation Platform extension Growth
  30. 30. Decentralisation
  31. 31. Ledgers become distributed
  32. 32. The rise of crypto-currencies Source: Coin Market Cap
  33. 33. The rise of crypto-currencies Source: Coin Market Cap
  34. 34. Blockchain’s impact on financial services Source: World Economic Forum
  35. 35. Creating value in a decentralised system
  36. 36. Decentralised government records
  37. 37. Trust Image: Bernard Spragg NZ
  38. 38. Trust as economic enabler
  39. 39. Trust in crisis Source: Edelman Global Trust Barometer
  40. 40. Trust in institutions Source: IMF, Swiss National Bank
  41. 41. Transparent organisations Source: H&M
  42. 42. Distributed identity management
  43. 43. Data to help customers
  44. 44. Power to the patient
  45. 45. Purpose and creating shared value Source: Institute for Strategy & Competitiveness at Harvard Business School
  46. 46. Image: Grietje Haitsma Models
  47. 47. Unbundling financial services
  48. 48. Modular industry structure Source: Oliver Wyman
  49. 49. Who owns the relationship?
  50. 50. Knowledge-based relationships
  51. 51. API-based banking platforms
  52. 52. Beyond financial services
  53. 53. Leadership
  54. 54. The only way you can control your destiny is to be more flexible than your environment - The Law of Requisite Variety
  55. 55. Vision What world do we want to create? What might be possible? A framework for industry leadership Foundations What institutions, business models, platforms and systems will enable this vision? What is missing now? Roadblocks What is blocking the potential? How can we take away or bypass these blocks? Paths What possible paths forward could allow us to reach our vision? What is most feasible? What are milestones? Collaboration What collaboration is needed between who? How can we foster and enable that collaboration? Action What action today can be taken by the industry? What action can you take to enable the industry’s potential?
  56. 56. Acceleration Experience Decentralisation Platforms Trust Models Leadership