Branches are dead, the future is social

BRANCHES ARE DEAD

the future is social
©Chris Skinner +44 790 586 2270 chris.skinner@fsclub.co.uk

Population of Earth: 6,676,120,288
Internet Users, Q2 2008: 1,463,632,361
Internet Users, Q4 2000: 360,985,492
Mobile Users, Q2 2008: 3, 352,237,974


The times, they are changing
1959 1969 1979

2009

1989 1999

The times, they are changing
1959 1969 1979

1989 1999 2009

Facebook from 100 to 200 million users in less than eight months
350 million+ users today

March 2009: YouTube reaches
100m monthly viewers

Twitter yearly growth rate: 1382% May 2009: 742m people worldwide
access a social networking website

Agenda

Banking is Different
• It’s Mashed Up
• It’s P2P
• It’s Social
• It’s Hybrid
• It’s Mobile
• It’s Mine
• It’s All About Data
• It’s Real-Time
• It’s Free


EvErything
is EvErywhErE

Chris Skinner, www.thefinanser.com

EvErything
is changing

fast

2002: Bought by eBay for $1.5 billion, with revenues at $200 million

2005: Revenues reach $1 billion

2008:
• Purchases made outside eBay > on eBay
• PayPal provides 28.2% of eBay revenue, up from 24.8% a year before.

2009:
Q1 revenues $645 million, up 11% YOY; Q2 $669 million, up 11% YOY; Q3 $688 million, up 15% YOY
Q4 2009: $796 million, up 28% YOY and transactions exceed $20 billion for first time

Q4 2008: 70 million active users, an increase of 23% year-over-year.
Q3 2009: 78 million, up 19% YOY

2009: Mobile transactions up from $24 million in 2008 to $140 million
2010: >$75 billion transactions, >$3 billion revenues, $1 billion profit

Microtransactions are the future


EvErything
is virtual

EvErything
is mobilE

M-PESA
How it works

Source: Olga Morawczynksi, CGAP, 2009 http://thefinanser.co.uk/fsclub/2009/01/mobile-payment-provider-infuriates-banks.html

http://thefinanser.co.uk/fsclub/2009/03/jibun-bank-the-mobile-only-bank.html

EvErything
is an app

39

http://thefinanser.co.uk/fsclub/2008/07/bbva-the-first.html


EvErything
is data

Data is the greatest raw material of
business, on a par with capital and labour.

“What we are seeing is the ability to have
economies form around the data and that,
to me, is the big change at a societal and
even macroeconomic level.”
Craig Mundie
Head of Research and Strategy
Microsoft


Visa crunched through two years of customer
records, or 73 billion transactions amounting to 36
terabytes of data, in 13 minutes by using clouds,
compared to a month with traditional methods


“Information about money has become
almost as important as money itself .”
Walter Wriston, CEO/Chair, 1967-1984

“Banking is just bits and bytes.”
John Reed, CEO/Chair, 1984-1998

EvErything
is fast

How fast do you go?

1.0 second (s)
0.01 (a hundredth) centisecond (cs)
0.001 (a thousandth) millisecond (ms)
0.000 001 (a millionth) microsecond (µs)
0.000 000 001 (a billionth) nanosecond (ns)
0.000 000 000 001 (a trillionth) picosecond (ps)
0.000 000 000 000 001 femtosecond (fs)
0.000 000 000 000 000 001 attosecond (as)
0.000 000 000 000 000 000 001 zeptosecond (zs)
0.000 000 000 000 000 000 000 001 yoctosecond (ys)


EvErything
is frEE

1975


2000


Today


2000
$800,000
Meetings Mailing
40 UK 10,000 people
8 Ireland Twice weekly
6 CEE
$300,000
$150,000

Brochures
Newsletter
10,000+
1,000 people daily
Annual update
Text only
Website
$100,000 Non-interactive $150,000
Custom-build
$100,000

53 ©Chris Skinner +44 790 586 2270 chris.skinner@fsclub.co.uk

Today
Free
Meetings Mailing
40 UK 10,000 people
8 Ireland Twice weekly
6 CEE
Free
$150,000

Brochures
Newsletter
10,000+
1,000 people daily
Annual update
Multimedia
Website
Non-interactive Gone
$149
Custom-build
$10,000

54 ©Chris Skinner +44 790 586 2270 chris.skinner@fsclub.co.uk

Summary

• Banking is now Mashed-Up in Real-Time
• A Mobile, Social Revolution = Mobile, Social Banking
• Specifically, because it’s Mobile, it’s 24*7 and Ubiquitous
• The Economics is Different
• Branches are less Worthwhile
• Much of Banking is Commoditized and Free
• New Revenue Models, including Banking Sponsored By ...
• New Partner Models, with Hybrid Banks


Further Reading

Really Useful Stuff
• http://thefinanser.co.uk/fsclub/2009/04/a-directory-of-social-finance.html

Payments
• http://thefinanser.co.uk/fsclub/payments/

Mobile Finance
• http://thefinanser.co.uk/fsclub/mobile/

Social Finance
• http://thefinanser.co.uk/fsclub/social_networking/

SEPA and the Payment Services Directive
• http://thefinanser.co.uk/fsclub/sepa/

The Financial Services Club
• http://www.fsclub.co.uk/

Chris Skinner

www.fsclub.net
www.thefinanser.com
www.shapingtomorrow.com


Branches are dead, the future is social

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Branches are dead, the future is social