Digital Transformation ——— Digital Disruption in finance ——— June 2015 [email protected] / @jcaudron / +32 475 43 80 98
• we are a digital consulting company • • founded in 2009 • we have a strong vision on the impact of digital and act accordingly • we are advisors, writers, coaches and entrepreneurs we work for large European clients AllDigitalNow
@jcaudron
Digital disruption is real. Expect a smack in the face…
who is your…
Waves of Digital Disruption 1995+ 2010+ 2015+ 2020+ Music Photography Video Rental … Print Media TV Travel HR … Finance Healthcare Automotive Retail Education Telco … All Safe havens will be subject to digital disruption …
You have a choice Modeling Disruption Transformation @jcaudron
What can we learn? @jcaudron
The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity
The Glass House Transparency, trust, authenticity,… Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity google.com/trends/
The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity
The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity Accountability
The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity Bi-directional
The Glass House “Simple”, remember these guys… Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity Transparency simple.com Humanization
The Glass House New transparent technologies like the Blockchain Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity blockchain.info
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability
The Package Unbundling Angry Birds YouTube Yelo App Boxee TV Twitter, Facebook Fun RSS CNN online / app Breaking news culture Spotify Twitter, Facebook Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Sporza.be Newspaper Website In-depth analysis Discovery Blogs Sports LinkedIn, Monster, ... Specials Jobs Services Classifieds eBay Weather Trends & Lifestyle Weather Pro (iPhone) Vertical sites and specialties portals Traffic: Waze + iCoyote (iPhone) Pinterest, blogs
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Unbundling of banks
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability PayPal’s simple and social payments app venmo.com
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Personalized pricing metromile.com
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Rebundling of health insurance with personalized lifestyle improvements zoomcare.com/health-insurance
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Subscriptions & packages in healthcare insurance hioscar.com
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Exquise user experience m.gobank.com
The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Scalability
The Frog Bypassing Virtualization Fragmentation of touchpoints
The Frog Bypassing Virtualization Fragmentation of touchpoints Bypassing
The Frog Bypassing Virtualization Fragmentation of touchpoints Other industries are getting into finance
The Frog Bypassing of overdrafts through better rates and no waiting times Bypassing Virtualization Fragmentation of touchpoints koalaboox.com
The Frog Bypassing of stockbrokers Bypassing Virtualization Fragmentation of touchpoints robinhood.com
The Frog Bypassing money transfer fees Bypassing Virtualization Fragmentation of touchpoints transferwise.com
The Frog “The People” bypassing banks, Bitcoin is for real Bypassing Virtualization Fragmentation of touchpoints goabra.com
The Frog Bypassing Virtualization Fragmentation of touchpoints Bypassing of money transfer companies
The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship
The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship Product simplification will allow for new gatekeepers…
The Gatekeeper New generations want new gatekeepers New gatekeepers Recommendations “Good is good enough” Ambassadorship millennialdisruptionindex.com
The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship FinTech investments tripled in 1 year
The Gatekeeper They are afraid, are you? New gatekeepers Recommendations “Good is good enough” Ambassadorship shareholder.com/downloads/ONE/JPMC-AR2014-LetterToShareholders.pdf
The Gatekeeper New gatekeepers New gatekeepers Recommendations “Good is good enough” Ambassadorship etoro.com
The Gatekeeper New gatekeepers in retirement spending New gatekeepers Recommendations “Good is good enough” Ambassadorship myabaris.com
The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship Rebundling all methods and channels into one experience adyen.com braintreepayments.com
The Gatekeeper Apps integrate payments through stripe, not banks New gatekeepers Recommendations “Good is good enough” Ambassadorship stripe.com
The Gatekeeper “Good is good enough” New gatekeepers Recommendations “Good is good enough” Ambassadorship Pay, track, save, loan.
The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time
The Traveller (digital entering PoS) PLACE PoS Hybrid Omnichannel (all functions go digital too) Place Utility Empowered self Instant gratification New way of working Contextual awareness Online
The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time The rise of mobile
The Traveller 27% of global transactions on mobile devices Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time adyen.com/home/about-adyen/press-releases/mobile-payments-index-april-2015
The Traveller Empowered Self, Utility, Instant Gratification Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time moven.com
The Traveller Utility for better driving behaviour Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time axa.com.my/1741/en/useful-links/axa-drive/axa-drive
The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time KBC wants to keep some offices open at night and during weekends - New way of working
The Participant Community Gamification Collaboration The power of the crowd Sharing economy
The Participant The sharing economy Community Gamification Collaboration The power of the crowd Sharing economy audiunite.com/se/service/en_unite.html = 200 euro per maand per persoon
The Participant Crowdfunding Civic crowdfunding Community Gamification Collaboration The power of the crowd Sharing economy bron: frankwatching
The Participant Peer-to-peer lending with better rates Community Gamification Collaboration The power of the crowd Sharing economy lendingclub.com
The Participant Guess who are partnering with the Lending Club? Community Gamification Collaboration The power of the crowd Sharing economy lendingclub.com
The Participant Insurance based on your network Community Gamification Collaboration The power of the crowd Sharing economy inspeer.me friendsurance.com
The Participant Community for student loans and support Community Gamification Collaboration The power of the crowd Sharing economy commonbond.co
The Participant Group buying your insurance Community Gamification Collaboration The power of the crowd Sharing economy heyguevara.com boughtbymany.com
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Internet of Things
The Cyborg Contactless payments This is about data, not money. Internet of Things Wearables Quantified self Robotics Data Monitoring
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Financial management on your wrist
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Wearables will change our lifestyle
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Credit & insurance through smart device monitoring?
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring The future of car insurance?
The Cyborg Data, Data, Data! Internet of Things Wearables Quantified self Robotics Data Monitoring finextra.com/news/fullstory.aspx?newsitemid=27366
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Smart contracts
The Cyborg Programmable banks are coming Internet of Things Wearables Quantified self Robotics Data Monitoring programmableweb.com/api/fidor
The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring New industries for insurance coverdrone.com bitgo.com
So, back to Digital Transformation
1 Create your own Digital Transformation vision and plan 2 Create Digital Leadership 3 Innovate in the right place(s) 4 Build the Transformation Fleet 5 Change the culture
1 Create your own Digital Transformation vision and plan 2 Create Digital Leadership 3 Innovate in the right place(s) 4 Build the Transformation Fleet 5 Change the culture
Sold in 28 countries Use the wheel to: Spot and understand the dynamics of digital disruption Glass House Cyborg Package THE WHEEL OF CHANGE Participant Analyse the impact on your industry and business Create a future vision and write a transformation strategy for your company Frog Traveller Gatekeeper Build a roadmap that gets you there.
It’s no longer about digital, it’s about business Corporate (comm) Strategy Digital Strategy Company Strategy Digital World @jcaudron
Digital in the core The Business Digital (at the sideline) From ... @jcaudron ... to Digital Transformation Modeling
The Business The Business Digital (at the sideline) Digital (at the sideline) From ... @jcaudron ... to Digital Transformation Modeling
Digital in the core Digital in the core Digital in the core The Business The Business Digital (at the sideline) Digital in the core Digital (at the sideline) From ... @jcaudron ... to Digital Transformation Modeling
Digital in the core Digital in the core Digital in the core The Business The Business Digital (at the sideline) Digital in the core Digital (at the sideline) From ... @jcaudron ... to Digital Transformation Modeling
Digital Transformation From ... @jcaudron ... to Digital Transformation R&D & Enterprise 2.0 PR & External Commun. IT HR Service & Support Sales Marketing & Communication Digital Channels DM Billboards Print TV Radio
1 Create your own Digital Transformation vision and plan 2 Create Digital Leadership 3 Innovate in the right place(s) 4 Build the Transformation Fleet 5 Change the culture
“If you can't understand the new world of digital, fire yourself. Build an executive team that is digital-first (when problems arise, the first solution is always digital). Make sure there is a techie on the board of directors. If the board has a low digital IQ, the company will have a low digital IQ” George Colony CEO Forrester Research So, where are you? How digital is your company? Digital Leadership Assessment
The ideal situation Ideally your CEO is the digital lead Mkt Sales CEO CIO COO CbsO
You need Digital Leadership, on all levels Shareholders Board of Directors Digital Officers CEO DIGITAL OFFICE Mkt CDO Sales Digital Network CIO COO Virtual Digital Leadership Team CbsO Outside world Digital Leads
1 Create your own Digital Transformation vision and plan 2 Create Digital Leadership 3 Innovate in the right place(s) 4 Build the Transformation Fleet 5 Change the culture
Incumbents (you) The Classics Challengers (them) The Converted • (mentally) older generation that will not go digital soon • slowly getting involved with digital and embracing it. • no longer open to changes brought by digital • The Digital they expect the digital services to be a translation of the traditional services. • they make you stretch the traditional business as long as possible Traditional model Traditional channels • most of the digital investments today are focused here, but this is mainly fixing the basics Traditional models Digital channels • • still knows the old business models and logic, but that is already adopting a new behaviour and new business models and services. first adopters of entirely new business models (cfr. Netflix, Uber, …). Invest in this too New models Digital channels The Ruptured • raised with new concepts, with no recollection of the old models • use a broad variety of business models and technologies • digital natives, the children that grow up with tablets, apps and everything ondemand. Everything new
Different types of innovation The Factory The Guesthouse The Garage Change projects Breakthrough innovation • Development of ‘need to have’ • Small and dedicated project-teams, focused digitals projects and technology • Working on the existing foundation of the company • Follows general procedures and regulations • Slow on in-house innovation • Limited independency: they are an (internal) supplier of the factory • Focus on strategically important new-style projects or add-ons that will be rolled-out within the existing company architecture • Small dedicated teams focused on innovation • Autonomous operations and decisions • Possibly separate entities • Focused on agile and rapid development and roll- Incremental innovation out of ideas in a stand-alone model • These can be grass-root internal initiatives or acquisition of interesting targets
1 Create your own Digital Transformation vision and plan 2 Create Digital Leadership 3 Innovate in the right place(s) 4 Build the Transformation Fleet 5 Change the culture
From ... @jcaudron ... to Digital Transformation
1 Create your own Digital Transformation vision and plan 2 Create Digital Leadership 3 Innovate in the right place(s) 4 Build the Transformation Fleet 5 Change the culture
@jcaudron 1. The customer always decides
2. All things you do must start from a superior experience @jcaudron
3. From now on, you are an agile and flexible company @jcaudron
4. You live in a world of uncertainty @jcaudron
5. Always play on the offense instead of the defense @jcaudron
6. Don’t be afraid to cannibalize your own business @jcaudron
7. Never, ever, disrespect new or small players @jcaudron
The customer always decides All things you do must start from a superior experience From now on, you are an agile and flexible company You live in a world of uncertainty Always play on the offense instead of the defense Don’t be afraid to cannibalize your own business Never, ever, disrespect new or small players How far away is this from YOUR business reality? @jcaudron
7 Key Take-Aways
Disruption is real, deal with it! Modeling 1. Disruption is happening anyway, often without your knowing… Disruption Transformation @jcaudron
Disruption is real, deal with it! 2. There are methods to understand the impact and plan for the future Modeling Disruption Transformation @jcaudron
Disruption is real, deal with it! Modeling Disruption Transformation 3. You can take transformation in your own hands, but you will have to start NOW, in order to stay in the drivers seat! @jcaudron
4. You’ll need digital leadership throughout the entire organization @jcaudron
5. You will need to embrace new culture, policies, rules, methodologies, technology, processes, attitude, … @jcaudron
6. You’re no longer too big to fail … @jcaudron
7. still looking for n°7
7. still looking for n°7 Thank you! [email protected] @jcaudron 00 32 475 43 80 98
• we are a digital consulting company • • founded in 2009 • we have a strong vision on the impact of digital and act accordingly • we are advisors, writers, coaches and entrepreneurs we work for large European clients AllDigitalNow
Our Vision: AllDigitalNow All businesses will have to do things in a digital way because that’s what their clients want. Even non-digital companies will see their business be impacted by those who are digital (clients, competitors, partners, digital challengers, …). There is no way around this, the time of not believing is over. AllDigitalNow
1 We make companies understand the long term impact of digital on their business, what this means for their future and how they can take digital transformation in their own hands. 2 We create business strategy, concepts and plans for online, mobile, social, … 3 We are advisors. We do our job in a bootstrapped way, mixing high-end strategic thinking with pragmatic implementation, through thought leadership and entrepreneurship. AllDigitalNow “AllDigitalNow”
Out Now! • • www.digitaltransformationbook.com Available in Dutch and English
Digital Transformation Modeling Step 1: Impact,Vision and Ideas Step 2: Trendmapping Step 3: Digital Transformation Digital Strategy & Concept Development Strategy Architecture Functional design, wireframing, RFP, … Social Media set-up, policy, roles, tools, training… Ambassadorship Content Marketing DearMedia, Digital Strategy & Transformation
Digital Transformation ——— Dealing with Digital Disruption ——— June 2015 [email protected] / @jcaudron / +32 475 43 80 98
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