Digital Disruption in Finance


The Presentation inside:

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Digital Transformation ——— Digital Disruption 
 in finance ——— June 2015 [email protected] / @jcaudron / +32 475 43 80 98


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• 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


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@jcaudron


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Digital disruption is real. Expect a smack in the face…


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who is your…


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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 …


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You have a choice Modeling Disruption Transformation @jcaudron


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What can we learn? @jcaudron


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The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity


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The Glass House Transparency, trust, authenticity,… Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity google.com/trends/


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The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity


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The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity Accountability


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The Glass House Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity Bi-directional


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The Glass House “Simple”, remember these guys… Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity Transparency simple.com Humanization


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The Glass House New transparent technologies like the Blockchain Transparency Accountability Proximity Responsiveness Bi-directional Humanization Authenticity blockchain.info


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The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability


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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


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The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Unbundling of banks


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The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability PayPal’s simple and social payments app venmo.com


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The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Personalized pricing metromile.com


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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


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The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Subscriptions & packages in healthcare insurance hioscar.com


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The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Exquise user experience m.gobank.com


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The Package Monolithic vs. atomic APPification Long Tail Personalized Experience Speed Price (Self-)service Scalability Scalability


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The Frog Bypassing Virtualization Fragmentation of touchpoints


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The Frog Bypassing Virtualization Fragmentation of touchpoints Bypassing


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The Frog Bypassing Virtualization Fragmentation of touchpoints Other industries are getting into finance


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The Frog Bypassing of overdrafts through better rates and no waiting times Bypassing Virtualization Fragmentation of touchpoints koalaboox.com


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The Frog Bypassing of stockbrokers Bypassing Virtualization Fragmentation of touchpoints robinhood.com


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The Frog Bypassing money transfer fees Bypassing Virtualization Fragmentation of touchpoints transferwise.com


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The Frog “The People” bypassing banks, Bitcoin is for real Bypassing Virtualization Fragmentation of touchpoints goabra.com


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The Frog Bypassing Virtualization Fragmentation of touchpoints Bypassing of money transfer companies


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The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship


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The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship Product simplification will allow for new gatekeepers…


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The Gatekeeper New generations want new gatekeepers New gatekeepers Recommendations “Good is good enough” Ambassadorship millennialdisruptionindex.com


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The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship FinTech investments tripled in 1 year


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The Gatekeeper They are afraid, are you? New gatekeepers Recommendations “Good is good enough” Ambassadorship shareholder.com/downloads/ONE/JPMC-AR2014-LetterToShareholders.pdf


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The Gatekeeper New gatekeepers New gatekeepers Recommendations “Good is good enough” Ambassadorship etoro.com


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The Gatekeeper New gatekeepers in retirement spending New gatekeepers Recommendations “Good is good enough” Ambassadorship myabaris.com


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The Gatekeeper New gatekeepers Recommendations “Good is good enough” Ambassadorship Rebundling all methods and channels into one experience adyen.com braintreepayments.com


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The Gatekeeper Apps integrate payments through stripe, not banks New gatekeepers Recommendations “Good is good enough” Ambassadorship stripe.com


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The Gatekeeper “Good is good enough” New gatekeepers Recommendations “Good is good enough” Ambassadorship Pay, track, save, loan.


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The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time


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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


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The Traveller Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time The rise of mobile


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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


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The Traveller Empowered Self, Utility, Instant Gratification Place Utility Empowered self Instant gratification New way of working Contextual awareness Real-time moven.com


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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


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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


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The Participant Community Gamification Collaboration The power of the crowd Sharing economy


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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


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The Participant Crowdfunding Civic crowdfunding Community Gamification Collaboration The power of the crowd Sharing economy bron: frankwatching


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The Participant Peer-to-peer lending with better rates Community Gamification Collaboration The power of the crowd Sharing economy lendingclub.com


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The Participant Guess who are partnering with the Lending Club? Community Gamification Collaboration The power of the crowd Sharing economy lendingclub.com


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The Participant Insurance based on your network Community Gamification Collaboration The power of the crowd Sharing economy inspeer.me friendsurance.com


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The Participant Community for student loans and support Community Gamification Collaboration The power of the crowd Sharing economy commonbond.co


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The Participant Group buying your insurance Community Gamification Collaboration The power of the crowd Sharing economy heyguevara.com boughtbymany.com


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Internet of Things


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The Cyborg Contactless payments This is about data, not money. Internet of Things Wearables Quantified self Robotics Data Monitoring


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Financial management on your wrist


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Wearables will change our lifestyle


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Credit & insurance through smart device monitoring?


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring The future of car insurance?


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The Cyborg Data, Data, Data! Internet of Things Wearables Quantified self Robotics Data Monitoring finextra.com/news/fullstory.aspx?newsitemid=27366


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring Smart contracts


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The Cyborg Programmable banks are coming Internet of Things Wearables Quantified self Robotics Data Monitoring programmableweb.com/api/fidor


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The Cyborg Internet of Things Wearables Quantified self Robotics Data Monitoring New industries for insurance coverdrone.com bitgo.com


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So, back to Digital Transformation


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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


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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


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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.


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It’s no longer about digital, it’s about business Corporate (comm) Strategy Digital Strategy Company Strategy Digital World @jcaudron


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Digital in the core The Business Digital (at the sideline) From ... @jcaudron ... to Digital Transformation Modeling


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The Business The Business Digital (at the sideline) Digital (at the sideline) From ... @jcaudron ... to Digital Transformation Modeling


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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


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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


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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


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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


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“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


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The ideal situation Ideally your CEO is the digital lead Mkt Sales CEO CIO COO CbsO


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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


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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


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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


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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


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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


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From ... @jcaudron ... to Digital Transformation


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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


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@jcaudron 1. The customer always decides


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2. All things you do must start from a superior experience @jcaudron


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3. From now on, you are an agile and flexible company @jcaudron


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4. You live in a world of uncertainty @jcaudron


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5. Always play on the offense instead of the defense @jcaudron


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6. Don’t be afraid to cannibalize your own business @jcaudron


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7. Never, ever, disrespect new or small players @jcaudron


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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


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7 Key Take-Aways


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Disruption is real, deal with it! Modeling 1. Disruption is happening anyway, often without your knowing… Disruption Transformation @jcaudron


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Disruption is real, deal with it! 2. There are methods to understand the impact and plan for the future Modeling Disruption Transformation @jcaudron


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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


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4. You’ll need digital leadership throughout the entire organization @jcaudron


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5. You will need to embrace new culture, policies, rules, methodologies, technology, processes, attitude, … @jcaudron


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6. You’re no longer too big to fail … @jcaudron


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7. still looking for n°7


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7. still looking for n°7 Thank you! [email protected] @jcaudron 00 32 475 43 80 98


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• 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


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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


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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”


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Out Now! • • www.digitaltransformationbook.com Available in Dutch and English


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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


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Digital Transformation ——— Dealing with Digital Disruption ——— June 2015 [email protected] / @jcaudron / +32 475 43 80 98


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