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Innovation in Banking
David Dab, Chief Innovation Officer
Presentation to Vlerick School
Ghent• November 26, 2015
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1 │ Innovation in General 2 │ Implications for Banks 3 │ ING’s approach 4 │ Some conclusions
Agenda
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1 │ Innovation in General 2 │ Implications for Banks 3 │ ING’s approach 4│ Some conclusions
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Faster and more disruptive innovation everywhere
4
Multiple Revolutions at the same time
Source: Web searches
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Multiple Gutenberg revolutions in parallel (zero marginal cost situation)
5
http://www.phonearena.com/news/A-modern-smartphone-or-a-vintage-supercomputer-which-is-more-powerful_id57149
Samsung Galaxy S5
1,1
1,1
1,5
1,6
1,8
2,0
2,7
5,4
Processor performance in MIPS
Dynamic RAM bit per USD
Average transistor price
Transistors in Intel microprocessors
Microprocessor clock speed
Dynamic RAM "Half Pitch"
Microprocessor cost per transistor cycle
Total bits shipped
Doubling (or halving) times in years)
IBM Deep Blue
Who wins?
Source: http://fr.slideshare.net/serge111/singularity-presentation-ray-kurzweil-at-google
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Explosion of innovation faciliated by open access and infinite combinations
6 Source: Google image search; wikipedia
Open source software
Open source hardware
RepRap General-purpose 3D printer with the ability to make copies of most of its own structural parts
Chrome vs. chromium
Open education
Open data
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Acceleration expected to continue
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Fuelled by technology and zero marginal cost of digital
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There is a also dark side to Innovation
8
Mounting pressure
• A world of mounting performance pressure everywhere
• Difficult to get to the next level of performance, ever-raising target
• Ever-growing uncertainty, for businesses and individuals alike
Difficult change
challenge
• Organizations have a strong immune system to reject what is new and
different
• Highly political environment: Innovation defines what is new
Deep societal impact
• Massive redefinition of jobs, old jobs not necessarily being replaced
• Many people left on the side
John Hagel III
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Significant impact on jobs
9
Reports Suggest Nearly Half of U.S. Jobs are vulnerable to Computerization
Oxford researchers say that 45 percent of America’s occupations will be automated within the next 20 years
Source: MIT Technology Review, September 12, 2013; THE FUTURE OF EMPLOYMENT: HOW SUSCEPTIBLE ARE JOBS TO COMPUTERISATION? Carl Benedikt Frey† and Michael A. Osborne; September 17, 2013
NEWS
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1 │ Innovation in General 2 │ Implications for Banks 3 │ ING’s approach 4 │ Some conclusions
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Banking will most likely go through deep changes
11
“To me, it’s all about unbundling the banks. There are regulatory arbitrage opportunities every step of the way. If the regulators are going to regulate banks, then you’ll have nonbank entities that spring up to do the things that banks
“*Investor in
Determined attackers Massive investments in FinTech Paradigm shift technologies
can’t do. Bank regulation tends to backfire, and of late that means consumer lending is getting unbundled.”- Marc Andreessen*
The global investment in financial technology ventures has more than tripled during the last 5 years from
under USD 930 million to more than USD 2.97 billion, according to Accenture
Bitcoin may or may not survive as a crypto currency, but many agree that
its core new technology (called blockchain) will have far reaching
consequences
Source: Web searches
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Large number of FinTech companies already want to get part of the cake, including by serving banks directly
12
*Source: Accenture
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FinTech efforts moving progressively to larger corporates and more B2B applications
13
Significant activity in payment and lending / retail but gradually moving also to large corporations
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1) Support Corporate Clients facing the Innovation Challenge
2) Embrace clients new way of practices, behaviours, expectations driven by Innovation
3) Innovate as a bank
The Imperative for Banks
14
Must Innovate!
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1 │ Innovation in General 2 │ Implications for Banks 3 │ ING’s approach 4 │ Some conclusions
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Building a strong environment to foster innovation
16
Incubation Acceleration Growth stage Successive phases of
business development
Large internal competition of innovation ideas open to
entire ING Group
First FinTech focused accelerator in Belgium,
launched with prominent partners
Participation into FinTech focused Venture Capital
fund
Member of fully open FinTech ecosystem
We’re a partner at every life cycle
ING driving its innovation agenda
ING nurturing innovation’s future
Learning programs for young people to participate in
Innovation
Partnership with Flanders’s digital research and entrepreneurial hub
Investments in innovative projects in the chemical
and life sciences industries
Easier access to finance for innovative companies in BE
(with EIB)
Unique e-financing tool for entrepreneurs,
independents, SME’s
ING supporting innovation in the country
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FinTech Village - Still a few days to apply!
17
Oct. 14, 2015
Dec. 6, 2015
Application
Selection
Jan. 31, 2016
Program
March, 2016
June, 20016
APPLY NOW
Proof-of-concept
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1 │ Innovation in General 2 │ Implications for Banks 3 │ ING’s approach 4 │ Some conclusions
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Some conclusions and perspectives
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• Not just “innovation as usual”
• Deep impact for everyone, individuals, businesses, public authorities
• Banks will be affected like anybody else
• Fintech creates challenges as well as
opportunities
• Collaborative models will be prevalent
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