Digital Transformation in Corporate Banking

1. M A S T E R I N G D i g i t a l Transformation I N B A N K I N G JO CAUDRON +32 475 43 80 98 @JCAUDRON JO@DUVALUNION.COM

2. Hi, I’m Jo Caudron Active in digital since 1993 Internet entrepreneur involved in 20+ start-ups. Founding Partner of Duval Union Consulting @jcaudron jo@duvalunion.com We are business consultants for a digital world. Our mission is to help organizations transform.

3. Are you an active social media user? Do you embrace new technology? Do you get your kicks from new business models? Who Are You?

4. Sold in 40 countries! BUY NOW! www.digitaltransformationbook.com

5. Expect a smack in the face… Digital Disruption is real

6. 100.000jobs in banking got lost in 2015, because of digital disruption (Antony Jenkins, the former CEO of Barclays)

7. What do These 4 have in common?

8. 1995+ Music Photography Video Rental … 2005+ Print Media TV Travel HR … 2015+ Retail Banking/Insurance Healthcare Automotive Education Telco Food/FMCG/CPG … 2025 All Safe havens will be subject to digital disruption … WAVES OF Disruption

9. What can we learn?

10. Digital Disruption is a story of… %

11. This is NOT our story YOU THEM We are COMPLIANT! We are a TRUSTED partner! We have DECADES of experience! We are on SOCIAL MEDIA!

12. YOU We are COMPLIANT! We are a TRUSTED partner! We have DECADES of experience! We are on SOCIAL MEDIA! THEM This IS our story But your app sucks I want experience Uhh..ok Hey this solves my problem! I don’t want to wait a week NEW

13. YOU THEM The Tipping Point

14. THE IMPACT OF D I G I T A L

15. Slicing the Elephant creates Insight @jcaudron

16. The relationshipis changing between the organization and the outside world. The Glass House @jcaudron

17. The Glass House Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency

18. The Glass House Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency vwdieselinfo.com/updates/message-to-our-customers-from- michael-horn-president-and-ceo-volkswagen-group-of- america/ Transparency MagnifyMoney is a company that analyses different products from different banks. It gives every product a transparency score guiding the customer away from less transparent products/banks magnifymoney.com

19. The Glass House Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency

20. The Glass House Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency Proximity In banking, proximity does not mean having an ofﬁce in every town, it also means being close to your customers in a digital way. standardbank.com

21. The Glass House Accountability Proximity Responsiveness Bi-directional Humanization AuthenticityTransparency Humanization Simple uses the lack of public faces in ﬁnance to its advantage by showing off the people behind their customer support simple.com

22. The evolution of unbundling and how this changes your products, services and go-to-market. The Package @jcaudron

23. The Package APPiﬁcation Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability Angry Birds Twitter, Facebook Newspaper Website CNN online / app Blogs Vertical sites and specialties portals Yelo App Apple TV Spotify Sporza.be LinkedIn, Monster, ... eBay Pinterest, blogs Weather Pro (iPhone) Traffic: Waze YouTube Twitter, Facebook RSS Breaking news In-depth analysis Services Weather Classifieds Jobs Sports TV Fun Specials Discovery Culture Trends & Lifestyle

24. The Package APPiﬁcation Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability Vertical selling

25. The Package APPiﬁcation Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability Monolithic vs. Atomic Because of digital, the classic banking package falls apart and is cherry picked by many online only players. This makes it more difﬁcult for classic banks to defend the price they charge for the different products.

26. The Package APPiﬁcation Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability APPiﬁcation Robinhood is a technology driven company focused on reducing overheads and cutting the traditional fat. Because of low overheads and being digital only they can provide free stock trading. robinhood.com

27. The Package APPiﬁcation Long Tail Personalized Experience Speed PriceMonolithic vs. Atomic (Self-)service Scalability squareup.com Experience personalcapital.com Personal Capital is a wealth management tool that allows users to control and get data from their net worth, analyze fees, check on their investments and plan their retirement. They have consultants that can actively manage your capital if you want.

28. The position in the value chain is challenged. You can bypass, or be bypassed. The Frog @jcaudron

29. The Frog Bypassing Virtualization Fragmentation of touchpoints Bypassing If you can sell expensive cars online, you can sell anything online.

30. The Frog Bypassing Virtualization Fragmentation of touchpoints Bypassing Apple, Android and Samsung Pay are becoming the interface for consumers

31. The Frog Bypassing Virtualization Fragmentation of touchpoints

32. The Frog Bypassing Virtualization Fragmentation of touchpoints

33. Opinion makingis challenged. New players can dominate the attention of people. The Gatekeeper @jcaudron

34. The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship Crowd-sourced opinions Peers as news distributors Automatic algorithms The traditional gatekeeper New “experts” + + +

35. The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship New gatekeepers PolicyGenius might become a new way to search for policies. Thet lets you compare insurance policies from different providers. policygenius.com

36. The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship New Gatekeepers Mobile payment providers are a layer on top of the traditional payment providers. These new players take over there touchpoints and become new gatekeepers and a new power in the payment ecosystem.

37. The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship New Gatekeepers Centralway’s Numbrs app allows you to integrate over 3500 German banks into one app. It has investments from Andreessen Horowitz & Google Ventures centralway.com

38. The Gatekeeper New Gatekeepers Recommendations “Good is good enough” Ambassadorship New Gatekeepers Bots or programs can become so powerful to the end-user that they become new gatekeepers creating their own ecosystem. kasisto.com

39. Primary location and placeof consumption are changing. There is a need to merge ofﬂine and online The Traveller @jcaudron

40. @jcaudron

41. The Traveller Place Utility Empowered self Instant gratiﬁcation New way of working Contextual awareness PLACE OnlinePoS Hybrid Omnichannel (digital entering PoS) (all functions go digital too)

42. The Traveller Place Utility Empowered self Instant gratiﬁcation New way of working Contextual awareness

43. The Traveller Place Utility Empowered self Instant gratiﬁcation New way of working Contextual awareness monzo.com Place Monzo is a mobile only bank from the UK. They model the product around the user experience. monzo.com

44. Consumers are uniting. The power of the crowd can be good or bad for your organization. The Participant @jcaudron

45. The Participant Community Power of the crowd Sharing economyCollaboration Sharing economy From scarcity to abundance

46. The Participant Community Power of the crowd Sharing economyCollaboration duvalunionconsulting.com Sharing economy Explanation Peer-to-Peer Lending as an alternative to keeping money in the bank. lendingclub.com DTM RCB 2014 DTM PCB 2016 DTM RCB 2016

47. The Participant Community Open Folio “Wall street meets Twitter” A social media sharing site for the investment crowd openfolio.com Community Power of the crowd Sharing economyCollaboration

48. The Participant Community Power of the crowd Sharing economyCollaboration Ambassadorship You get a percentage of the proﬁt of your followers, encouraging users to be ambassadors for the platform.etoro.com

49. Technologykeeps progressing. We are only at the beginning of the digital revolution. The Cyborg @jcaudron

50. The Cyborg Data Fidor’s APIs make it the most open bank in the world. developer.ﬁdor.de Wearables Quantiﬁed SelfInternet of Things Robotics Data Monitoring

51. The Cyborg Robotics Algorithms are leading to smarter investing and a levelled playing ﬁeld. Wearables Quantiﬁed SelfInternet of Things Robotics Data Monitoring quantopian.com

52. The Cyborg Internet of Things Watson for insurance can handle large amounts of data (wearables) and use this data to better protect their policyholders and give them a tailored product. Often going from reactive to proactive.ibm.com Wearables Quantiﬁed SelfInternet of Things Robotics Data Monitoring

53. The Cyborg Wearables Quantiﬁed SelfInternet of Things Robotics Data Monitoring

54. Are you Scared or Inspired? @jcaudron

55. Don’t worry, we’ve got a PLAN @jcaudron

56. YOU NEED TO Scan YOUR ENVIRONMENT @jcaudron

57. DETERMINE THE IMPACT @jcaudron

58. CREATE A North Star VISION @jcaudron

59. DEFINE A Transformation STRATEGY @jcaudron

60. DEFINE A Transformation STRATEGY @jcaudron BUILD A ROAD MAP @jcaudron

61. KNOW YOUR AUDIENCE

62. WHO DO YOU SERVICE?

63. @jcaudron

65. @jcaudron

67. @jcaudron

69. YOU CHALLENGERS The Challengers move into your space, when will you move into theirs?

70. F R O M DIGITIZATION T O TRANSFORMATION

71. BUILD a new ORGANIZATION

72. From ... ... to The Business Digital (at the sideline) Digital in the core

73. The Business Digital (at the sideline) The Business Digital (at the sideline) From ... ... to

74. The Business Digital (at the sideline) Digital in the coreThe Business Digital (at the sideline) Digital in the core Digital in the core Digital in the core From ... ... to

75. From an outdated MOTHERSHIP

76. From an outdated Mothership TO A modern F L E E T

77. D I G I TA L Leadership @jcaudron

78. “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

79. “We all understand that our world is changing because of digital” Digital Leadership

80. of your culture

81. @jcaudron 1. The customer always decides

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

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

84. @jcaudron 4. You live in a world of uncertainty

85. @jcaudron 5. Always play on offence instead of defence

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

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

88. Never, ever, disrespect new or small players 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

89. you are no longer too bigto fail

90. TO PULL THIS OFF YOU WILL NEED… @jcaudron

91. M I N D S E T @jcaudron

92. M E A N S @jcaudron

93. M A N D AT E @jcaudron

94. Digital Transformation is a complex and never-ending journey

95. TRANSFORMATION STRATEGY ROADMAP DIGITAL LEADERSHIP & CAPABILITIES ASSESS TEAMS TRAIN & COACH CHANNEL STRATEGY POLICY & GOVERNANCE SET-UP AND ROLL-OUT RUN ROLL-OUT DIGITAL OFFICE RUN DIGITAL OFFICE CUSTOMER ENGAGEMENT CHANNELS PLATFORM DESIGN REQUIREMENTS PARTNER SELECTIONRFP CREATION LAUNCHDEVELOPMENT BUSINESS/SERVICE/ PRODUCT DESIGN TRADITIONAL BUSINESS MODEL START-UP BUSINESS MODEL PROJECT KICK-OFF START-UP KICK- OFF (FUNDING, INCUBATION) RUN PROGRAM/ DEVISION/… RUN START-UP (COACHING, ADVICE) START-UP BUSINESS TRADITIONAL BUSINESS TRANSFORMATION STRATEGY IMPACT ANALYSIS NORTH STAR VISION OF YOUR FUTURE SCAN MARKET TRENDS & INTERNAL DIGITAL READINESS

96. Thank You! DOWNLOAD THE SLIDES www.speakersbase.com/JO

97. M A S T E R I N G D i g i t a l Transformation I N B A N K I N G JO CAUDRON +32 475 43 80 98 @JCAUDRON JO@DUVALUNION.COM

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