Funds Forum 2013 Monte Carlo - Opportunities in the digital economy
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Transcript of Funds Forum 2013 Monte Carlo - Opportunities in the digital economy
1TELSTRA DIGITAL | GERD SCHENKEL | 31 OCT 2012 |
Opportunities in the digital economyFund Forum 2013, Monte Carlo
Gerd Schenkel
2OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | Source: Bloomberg
IN THE BEGINNING…
3TELSTRA DIGITAL | GERD SCHENKEL | 31 OCT 2012 |
OUR WORK & LIVES, GOING DIGITAL
Source: Go-Globe.com 2012 OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | 3
4TELSTRA DIGITAL | GERD SCHENKEL | 31 OCT 2012 |
INFORMATION EXPLODING
Source: Mary Meeker OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 | 4
2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E0
1
2
3
4
5
6
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9Digital information produced and shared, Zettabytes
x2
x2
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WE’RE ONLY AT THE BEGINNING
OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
1831
Electricity
1876
Telephone
1879
Light-bulb
1888
RadioWaves
1896
WirelessTelegraph
1974
IPProtocol
2004
1993
Internetbrowser
1903
PoweredFlight
? ??
1998
IND
US
TR
IAL
RE
VO
LUT
ION
DIG
ITA
LR
EV
OLU
TIO
N
39 years
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UBANK: A NEW KIND OF BANK
OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
Source: AFSC Gerd Schenkel UBank Feb 2010
• Started from ground up by National Australia Bank in 2008
• Aimed at new customer segment• New brand• Selective, niche product set• Digital centric operating model
• Seemingly impossible• Legacy processes & technology• Controversial model, potential to
alienate colleagues
• Customer segment proved very valuable• High average balance (~3x)• Loyal (80%+ rollover)• Low cost to serve (90%+ digital)
• Niche targeting strategy worked• >90% of balances new to bank
• Timing was everything• GFC made retail deposits very
valuable
• Now• ~$16-17bn deposits (20% of parent)• ~$2bn mortgages
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THE FIVE MINUTE ONLINE BANK ACCOUNT
OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
Source: IT Wire 2009
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A NEW LEVEL OF ENGAGEMENT
OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
Source: AFSC Gerd Schenkel UBank Feb 2010
12
HAVING FUN WITH BANKING?UBANK “TAX GANGSTA”
OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
13OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
TELSTRA IS CONNECTING WITH CUSTOMERS
14OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
SMALL THINGS MAKE ADIFFERENCE: “USEABILITY IS KING”
17OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
MANAGED INVESTMENTS ANDADVICE ARE NOT IMMUNE
18OPPORTUNITIES IN THE DIGITAL ECONOMY | GERD SCHENKEL | MAY 2013 |
1. GET SERIOUS ABOUT YOUR WEBSITE NOW
2. BE OPEN TO LEARNING THE RULES
3. DONT SPEND TOO MUCH ON I.T. UPFRONT
4. YOU DONT NEED A “SOCIAL MARKETING STRATEGY”
(& DON’T OUTSOURCE YOUR TWITTER ACOUNT)
5. EXPECT TO FEEL LIKE YOU’RE LOSING CONTROL, BUT TRUST THAT YOU WILL GAIN IN
THE END
6. WATCH FOR COMPETITION FROM OUTSIDE YOU’RE TRADITIONAL CATEGORY
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GETTING STARTED…