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The Digital Banking Revolution

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Ewa Graf

on 15 March 2016

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Transcript of The Digital Banking Revolution

By the end of this session, you will be able...
To understand the difference between Digital, Online and Mobile Banking

To understand why Digital is hot and sexy

To talk about key trends in Digital and Mobile Banking

To talk to our clients about how Capco can help shape their Digital capability
Welcome to
The Digital Revolution
The Digital Banking Revolution

The Digital Banking Landscape
Mobile Banking & Payments
What is Digital Banking?
The Digital Evolution
September 2014, Ewa Graf & Katja Meyer
Who are you?

What experience / interest / knowledge do you have in Digital ?

Tell us a random fact about yourself!

What are you looking to get out of today's course?
Online Banking
Video Conferencing
Mobile Banking
Digital ATMs
Web Chat
Digital Branches
Market Forces
Competitor Landscape
Changing customer expectations
Lack of trust in financial institutions
Growth of new technology
Cost pressures from regulation & competition
Digital Wallets
Alternative Payment Systems (e.g. PayPal)
Digial Financial Tools (e.g. Mint)
Peer-to-peer lending
Crowd Funding
Non-FS peer-to-peer payments
Digital Currencies (e.g. BitCoin)
Financial Products by Supermarkets
What is Digital Banking?
Why is Digital Banking hot?
The Digital Banking Evolution
Digital Banking Today
The Digital Banking Landscape
Digital Banking Challenges
Capco Case Studies
The Future of Digital Banking
Digital Banking
Course Part I
Under construction, so keep an eye out on the L&D homepage for available course dates
Mobile Banking & Payments
Course Part II
What is the difference between Digital and Online Banking?
Some useful definitions...

In Application Banking
- on-line access via a smart phone, app links directly to your account through Cloud. Can be standalone or mobile-optimised.

Mobile Wallets
- virtual wallet that allows customers to deposit money from their nominated bank account into a 'Wallet' housed within your mobile

NFC (Near Field Communications)
- the mobile phone is linked to the customer bank account (through their mobile phone number), allows customers to make contactless payments (at POS). Can be used within phone's hardware, SIM card or a dual chip.

BLE (Bluetooth Low Energy)
- includes iBeacon and PayPal Beacon - smartphones location services are limited in accuracy and often do not work indoors, Beacons provide a solution to that by locating a smartphone within their areas of operating, small enough to be attached to a countertop or a wall BLE rely on battery-friendly, energy-friendly connections to transmit signals / messages to smartphones
Online banking implies only one solution which allows customers to log in to their accounts and perform transactions within one channel only – through online websites, whereas Digital implies a whole new way of thinking and utilizing, orchestrating various technologies in order to achieve a superior customer experience; and requires a strategic, holistic approach rather than device or channel orientated thinking.
Digital Transformation (Galaxy)
Galaxy was initiated in 2008 with the purpose of dramatically improving the customer online banking experience through:
Enabling online banking anywhere at any time
Offering innovative and market-challenging solutions
Introducing Mobile Banking capabilities

2014 investments of £230m > c. £1m per working day

Products and Service developments aligned to so-called 'themes':
Digital Propositions
Marketing & Analytics

What are the roles Associates and Consultants play in Galaxy?
Anytime/Anywhere Mobile Account Management
Smart contactless cards
P2P Mobile Money Transfers
Contactless payment stickers
Crowd-sourced community based cards
Smart wristband
Smart eyewear (FIS Financial Mngmt App)
Smart tag-based marketing tools
Unified digital wallets
Adopted/ opportunity banking practices
And more....!
The Connected Consumer
89.8% of the UK population are Internet users

72% of the UK population owns a smart phone

Access to the Internet using a mobile phone more than doubled between 2010 and 2013, from 24% to 53%.

People spend more time with their phones than with their partners

On average, US customer interacts with their smartphones 150 times a day

Over 75% of 25-34 year old manage their money online

80% of people bank on-line vs 72% who use branch
Further Reading

What do you think are some of the challenges banking institutions are facing when developing and implementing Digital propositions?

What are our competitors doing?
What does the Future hold?
Digital Banking @ Capco
The Power of Digital
How many times per MONTH do you visit a branch?

How many times per MONTH do you use mobile banking?

How many times per DAY do you interact with your mobile device?
The customer is king
First Mover or Fast Follower?
89.8% of the UK population are Internet users.

72% of the UK population owns a smartphone.

Digital services are available 24/7 to customers.

Transactions in branches cost as much as 50-times as those on a mobile.
Lack of focus and prioritization of Digital from the leadership > 38% of banks see Digital as a complementary channel

Lack of internal capability across the lifecycle

Technology: Waterfall Software Delivery Lifecycle and Legacy Systems result in long lead times
"Over the next five years paying with your phone will become as commonplace as paying with cash...which is why every man, his bank and his phone company are in the battle to win the mobile wallet space"

Brett King
Apple entry into Mobile Payments.. a
‘worthwhile attempt’, ‘solution in a search of a problem
(cards work just fine)’ or ‘
an acid test for mobile payments’?

American Banker
Finextra – www.finextra.com

TechCrunch - http://techcrunch.com/

HBR Innovation - http://hbr.org/search/innovation

Mashable - http://mashable.com/

Venture Beat - http://venturebeat.com/tag/mobile-banking/

McKinsey Insights - http://www.mckinsey.com/insights

E&Y 'Born to be Digital' - http://www.ey.com/Publication/vwLUAssets/EY_CIO_-_Born_to_be_digital/$File/EY-CIOs-Born-to-be-digital.pdf

CAPCO Digital Services - http://www.capco.com/services/digital

Banking Technology - http://www.bankingtech.com/

Millenial Disruption Index - http://www.millennialdisruptionindex.com/

Banking @ Digital Crossroads - FT - http://www.ft.com/cms/s/0/c71d4a3c-8859-11e3-85a2-00144feab7de.html
Do you think branches will disappear?
Will the customers adapt wearable technology?
Are we going to completely replace wallets with smartphones?
Full transcript