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Lessons for Financial Services Enterprises from Fintech Startups

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The financial services industry is rapidly becoming digitally disrupted. As fintech startups continue to emerge, big banks and wealth management enterprises feel the pressure to invest in innovation.

Find out how traditional financial service enterprises can compete with fintech startups in this SlideShare.

Publié dans : Technologie
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Lessons for Financial Services Enterprises from Fintech Startups

  1. 1. www.solstice-mobile.com1 Lessons for Financial Service Enterprises from Fintech Startups
  2. 2. www.solstice-mobile.com2 Technology is leveling the playing field for digital-first and digital-only startups.
  3. 3. www.solstice-mobile.com3 In 10 years, it is predicted that 40% of the Fortune 500 companies will no longer exist. - Fast Company www.solstice-mobile.com3
  4. 4. www.solstice-mobile.com4 Large companies have shrunk over time due to the competition from new, smaller companies.
  5. 5. Marketing and Distribution is now slashed by technology www.solstice-mobile.com5
  6. 6. Especially with the advent of App Stores. www.solstice-mobile.com6
  7. 7. but instead of thinking of this as a threat www.solstice-mobile.com7
  8. 8. www.solstice-mobile.com8 www.solstice-mobile.com Think of this as a call to action
  9. 9. www.solstice-mobile.com9 www.solstice-mobile.com Think of this as a call to action to shift corporate culture
  10. 10. www.solstice-mobile.com10 www.solstice-mobile.com Think of this as a call to action to shift corporate culture identify new opportunities
  11. 11. www.solstice-mobile.com11 www.solstice-mobile.com Think of this as a call to action to shift corporate culture and transition to be more agile. identify new opportunities
  12. 12. www.solstice-mobile.com12 here are the 
 top 4 lessons from digital startups for the financial service industry
  13. 13. www.solstice-mobile.com Lesson #1: Embrace intraprenuership 13 www.solstice-mobile.com
  14. 14. www.solstice-mobile.com14 Fintech startups are created and lead by entrepreneurs E M B R A C E I N T R A P R E N U E R S H I P
  15. 15. www.solstice-mobile.com15 who have fueled unbelievable innovation and economic growth. E M B R A C E I N T R A P R E N U E R S H I P
  16. 16. www.solstice-mobile.com16 To keep up, established financial institutions must embrace the concept of E M B R A C E I N T R A P R E N U E R S H I P intrapreneurship“ “
  17. 17. www.solstice-mobile.com17 E M B R A C E I N T R A P R E N U E R S H I P intrapreneur? What is an
  18. 18. www.solstice-mobile.com18 What is an E M B R A C E I N T R A P R E N U E R S H I P intrapreneur? A person in an established organization that has freedom and resources to innovate, and can do so outside the company’s standard processes and bureaucracies.
  19. 19. www.solstice-mobile.com E M B R A C E I N T R A P R E N U E R S H I P 19 How do you spot 
 an intrapreneur? www.solstice-mobile.com
  20. 20. www.solstice-mobile.com E M B R A C E I N T R A P R E N U E R S H I P 20 How do you spot an intrapreneur? www.solstice-mobile.com ✓ They are risk takers ✓ They look for ways to circumvent established protocols in order to get things done ✓ These are the types of people that create new roles or positions for themselves ✓ They write their own job descriptions ✓ They are proud of where they work and are walking advertisements for 
 their businesses ✓ They are “seize the opportunity” type of people
  21. 21. www.solstice-mobile.com E M B R A C E I N T R A P R E N U E R S H I P 21 www.solstice-mobile.com Do not let intrapraneurs become lone wolves, or people will sit back and expect them to carry the whole load.
  22. 22. www.solstice-mobile.com E M B R A C E I N T R A P R E N U E R S H I P 22 www.solstice-mobile.com Surround them with a cross functional team and provide adequate resources.
  23. 23. lessons from fintech startups • this is a bullet point • this is another bullet point • are you seeing a pattern? E M B R A C E I N T R A P R E N U E R S H I P People can invent things alone,but nobody can innovate alone. 23 www.solstice-mobile.com
  24. 24. www.solstice-mobile.com24 Lesson #2: Capitalize on new opportunities with digital
  25. 25. www.solstice-mobile.com25 Consumer-facing fintech startups are focused on two things: C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L
  26. 26. www.solstice-mobile.com26 Efficiency gains C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L 1
  27. 27. www.solstice-mobile.com27 Efficiency gains C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L These apps are making everyday transactions simpler from a mobile perspective. 1
  28. 28. www.solstice-mobile.com28 Efficiency gains C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L These apps are making everyday transactions simpler from a mobile perspective. 1 Automations for saving and investing2
  29. 29. www.solstice-mobile.com29 Efficiency gains C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L These apps are making everyday transactions simpler from a mobile perspective. 1 Automations for saving and investing These apps are being trusted to make my money work. 2
  30. 30. www.solstice-mobile.com30 C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L Enterprises need to focus on the 
 latter
  31. 31. www.solstice-mobile.com31 C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L Enterprises need to focus on the 
 latter (automations for saving & investing)
  32. 32. www.solstice-mobile.com C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L In the future, customers will expect their banks to not only allow secure administration of their money but to also be making their money work more efficiently for them… www.solstice-mobile.com32
  33. 33. www.solstice-mobile.com C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L In the future, customers will expect their banks to not only allow secure administration of their money but to also be making their money work more efficiently for them… www.solstice-mobile.com33 “Automagically.”
  34. 34. www.solstice-mobile.com34 Lesson #3: Deepen the emotional connection with your customers
  35. 35. www.solstice-mobile.com35 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S Fintech startups earn market share by establishing emotional connections with customers.
  36. 36. www.solstice-mobile.com36 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S But established enterprises have the luxury of an existing customer base.
  37. 37. www.solstice-mobile.com37 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S There are 2 ways enterprises can deepen the emotional connections with their customers
  38. 38. www.solstice-mobile.com38 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S Through the use of their product or service 1
  39. 39. www.solstice-mobile.com39 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S Through marketing channels2
  40. 40. www.solstice-mobile.com40 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S Some advice to get started
  41. 41. www.solstice-mobile.com41 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S Use human centered design practices to build empathy for your prospects & customers.
  42. 42. www.solstice-mobile.com42 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S Map journeys through the touchpoints with your product or service to identify opportunities for engagement.
  43. 43. www.solstice-mobile.com43 D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S Explore digital ecosystems and determine how to make emotional connections through partners or third party services, specifically on mobile
  44. 44. www.solstice-mobile.com Lesson #4: Enable your employees
 with next-gen tools
  45. 45. www.solstice-mobile.com45 E N A B L E Y O U R E M P L O Y E E S W I T H N E X T- G E N T O O L S Employee expectations are increasing
  46. 46. www.solstice-mobile.com46 E N A B L E Y O U R E M P L O Y E E S W I T H N E X T- G E N T O O L S More and more people place more and more significance on the tools they are given to do their job.
  47. 47. www.solstice-mobile.com47 E N A B L E Y O U R E M P L O Y E E S W I T H N E X T- G E N T O O L S You must provide the latest and greatest tools to empower your staff.
  48. 48. www.solstice-mobile.com48 E N A B L E Y O U R E M P L O Y E E S W I T H N E X T- G E N T O O L S While startups begin with everything in the cloud
  49. 49. www.solstice-mobile.com49 E N A B L E Y O U R E M P L O Y E E S W I T H N E X T- G E N T O O L S enterprises 
 need to keep in mind current backend systems and platforms
  50. 50. E N A B L E Y O U R E M P L O Y E E S W I T H N E X T- G E N T O O L S Think about opening up APIs, internally or externally
 to allow innovation & experimentations with your staff.
  51. 51. www.solstice-mobile.com51 To recap:
  52. 52. www.solstice-mobile.com52 Enable your employees with next-gen tools Embrace intraprenuership Capitalize on new opportunities with digital Deepen the emotional connection with your customers 1 2 3 4
  53. 53. thankyou www.solstice-mobile.comsales@solstice-mobile.com 866.380.8472

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