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Social banking and the future
Kate Carruthers Oct 2013
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Agenda
1. Some history 2. Social trends 3. Technology trends 4. New entrants and disruptors 5. OpportuniEes
Oct 2013 2 © 2013 Kate Carruthers
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a bit of history…
• Westpac • ANZ • CiEbank • Permanent Trustee • AMP • GE
Oct 2013 3 © 2013 Kate Carruthers
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Oct 2013 © 2013 Kate Carruthers 4
“… banking is no longer somewhere you go, but something you do” BreR King, Bank 3.0
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Oct 2013 © 2013 Kate Carruthers 5
Technology trends are driving consumer behaviour and service expectaEons
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Technology trends
• Mobile • Ubiquitous wifi • RealEme • PersonalisaEon • Peer-‐to-‐peer • App ecosystem
Oct 2013 © 2013 Kate Carruthers 6
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Oct 2013 © 2013 Kate Carruthers 7
12 million Australian users Source: Frank Media
Facebook has trained ordinary people to collaborate and share online in realEme.
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Oct 2013 © 2013 Kate Carruthers 8
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RealEme
Oct 2013 © 2013 Kate Carruthers 9
Source: hRp://blogs.dctc.edu/dctc-‐news/2010/05/06/going-‐with-‐the-‐dataflow/
Source: hRp://www.slashgear.com/google-‐data-‐center-‐hd-‐photos-‐hit-‐where-‐the-‐internet-‐lives-‐gallery-‐17252451/
From “when we can” to “realEme”
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Smartphones
Oct 2013 © 2013 Kate Carruthers 10
Source: hRp://www.businessinsider.com.au/the-‐massive-‐australian-‐mobile-‐explosion-‐explained-‐2013-‐7
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Always connected
“We call them Genera&on C
— connected, communicaEng, content-‐centric, computerized, community-‐oriented, always clicking. ”
Oct 2013 © 2013 Kate Carruthers 11
Source: hRp://www.booz.com/media/file/Rise_Of_GeneraEon_C.pdf Source: David Tao Photography
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Personalised
Oct 2013 © 2013 Kate Carruthers 12
Source: Vero
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New entrants and disruptors
• Non bank organisaEons • Typically playing in NCP or peer-‐to-‐peer space • Front end intermediaries • Using technology to deliver customer service • DifferenEaEng on service
Oct 2013 13 © 2013 Kate Carruthers
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New entrants
Oct 2013 © 2013 Kate Carruthers 14
Non-‐tradiEonal compeEtors are emerging and they are bypassing tradiEonal banking systems
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DistribuEon is key
New entrants either: • Leverage exisEng relaEonship for distribuEon • Use social plaiorms to grow distribuEon
Oct 2013 © 2013 Kate Carruthers 15
OrganisaEons with established relaEonships have an advantage
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Disruptors
“Our mission is to help you become more mindful of your spending so you can achieve your goals and get what you want out of life.”
“Fund your favorite food business by pre-‐paying.”
Oct 2013 © 2013 Kate Carruthers 16
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Disruptors
“Uber is evolving the way the world moves. By seamlessly connecEng riders to drivers… we [open] up more possibiliEes for riders and more business for drivers.”
“Whether an apartment for a night, a castle for a week, or a villa for a month, Airbnb connects people to unique travel experiences, at any price point, in more than 33,000 ciEes and 192 countries. ”
Oct 2013 © 2013 Kate Carruthers 17
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Disruptors
“Pay anyone, anyEme, anywhere. CommBank Kaching is a revoluEonary app that has changed banking and payments forever.”
“Crowdfunding with Pozible is a way for moEvated makers to access funding beyond ‘official’ channels by talking directly to switched-‐on consumers, fans, peers and like-‐minded strangers. ”
Oct 2013 © 2013 Kate Carruthers 18
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Enabling disruptors
• Agile methods • Nimble – no legacy systems to slow them down
• ConnecEng users but using exisEng back-‐ends
• Experimental – fail fast, then pivot
Oct 2013 © 2013 Kate Carruthers 19
Source: hRp://www.jenniferarguello.com/2011/07/31/product-‐of-‐me-‐applying-‐lean-‐startup-‐to-‐myself/
Lean Startup Model
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OpportuniEes
• Adopt agile approaches – lean startup • Partner with organisaEons that have nimble technology
• Ignore legacy technology – go around it • Develop digital partnerships • Don’t try to do it all • Focus on building foundaEons then expand
Oct 2013 © 2013 Kate Carruthers 20
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Resources
• 8th Annual Australian Mobile Phone Lifestyle Index (AMPLI)
• Social Media StaEsEcs Australia – September 2013
• The Lean Startup, Eric Ries • The Rise of GeneraEon C, Booz & Co.
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