Banks Set Your Data Free Banking is essential to a modern economy. - - PowerPoint PPT Presentation

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Jul 28, 2023 167 likes •493 views

Banks Set Your Data Free Banking is essential to a modern economy. Banks are not. Your next banking product wont be from a bank. Rhys Evans Principal Consultant Versent Over 13 years of experience in technology

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Banks – Set Your Data Free

“Banking is essential to a modern economy. Banks are not. ” “Your next banking product wont be from a bank. ”

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Rhys Evans – Principal Consultant Versent

Over 13 years of experience in technology disruption, KISS and optimising at the right time, small business to enterprise. Lazy Gen-Y type, first computer experience was pressing the turbo button on a 386 and wondering why nothing happened. Owns a lot of domain names and has way too many side projects rhys.evans@versent.com.au - +61 411 131 556 @kebabman

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How did you choose your first bank?

Thanks BuzzFeed

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Bank Landscape

f millennials don’t think

their bank offers anything different than

ther banks
f millennials would

prefer to go to the dentist then listen to a banker millennials are looking at switching banks in the next 90 days would be more excited about a new financial services offering from Google, Apple or Facebook, etc… than from their own bank

53% 73% 71% 1 in 3

Of consumers consider their banking relationship to be transactional

79% 33%

f millennials believe

they don’t need a bank at all

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Consumers want banking products – not banks

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Bankers don’t build “experiences” customers want, they build apps for bankers to increase revenue

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FinTechs are alive and well in Australia

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THE EVER-EVOLVING DIGITAL DISRUPTORS

Insert information

Insert Action Shards (API) Voice (API) Identity (API)

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Shards – Our Definition

Highly contextual, personalised, ‘out-of-app’ experience. Native Notifications / Messaging on Steroids

Insert the information required

Click on the icon for action

4:52 PM

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Examples of Digital Disruption in Action

“Pay Mark $1000”

Not Passcode (In-App) Not an Existing ‘Payee’ (In-app) Not the ‘Account Summary’ (In-app)

Mark Adams Payment Confirmed

Balance Now = $2460.19

4:52 PM

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“Check me into my flight”

Not TouchID (In-App) Not entering booking ref (In-app) Not the ‘Flight Details’ (In-app)

Examples of Digital Disruption in Action

Flight AA-404 Gate 7 Confirmed

Checked In – Seat #6A

4:52 PM

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“Order more milk ”

Not ‘logged in’ (In-App) Not Selecting Groceries from Catalogue (In-app) Not checking-out ’my shopping cart’ (In-app)

Examples of Digital Disruption in Action

A2 Milk (2 Litres)

To be delivered @ 6:30pm

4:52 PM

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I’ll never log into an “Enterprise” app again. Remember we only use Enterprise Digital because we HAVE to…. “In App” Enterprise Channel is destroyed if you use voice and shards Platform providers gain further control in identity and customer behaviour

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It will be a slow and expensive death.

The Shard Experience AND the “In-app-experience”

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No one wants your app no matter how shiny it is No one wants your new portal experience E.g. no one wants your digital experience But we have to use it because you give us no

ther option

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Drivers in Australia

Changing Workforce / Gen Y & Z Changing Regulatory Environment Public Climate in Regards to Banks Banks Lunch will be cut (by new players)

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What do banks do? Build an API Platform and Ecosystem - Now

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Step 1 - The Identity Arms Race Which side are you on? Be in it to win it.

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Step 1 - The Identity Arms Race

Banks have KYC’d customers Leverage that advantage

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Step 2 - “API”

Build an API Platform or have one built for you…..

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Step 2 - “API”

Stop using an “API Enablement” Product on top of your old crap Stop building a new ESB Stop using the same providers you have kept you on the same course for years

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Step 2 - “API”

Build an Ecosystem, not a closed set of “trusted partners”

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Step 3 – Fight Against the Corporate Wheel of Death

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THE PATH TO TRANSFORMATION / CORPORATE WHEEL OF DEATH

YOUR API PROGRA M

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Step 4 – Look 1 Degree beyond your boundary

Identify strengths within your core business. Leverage those strengths to venture 1 degree beyond that boundary.

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AD ADAP APT OR OR DIE

Cho Choice i is y your urs.. ..

rhys.evans@versent.com.au - +61 411 131 556 @kebabman