Jean Noel Georges - Global Programme Director - Frost & Sullivan
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Transcript of Jean Noel Georges - Global Programme Director - Frost & Sullivan
March 23th 2017
The Way Fintech are Already Disrupting
the Financial Services Ecosystem
Confidential to Finance Summit London 2017 2
The Need to Think Out of the BoxMost of industry leaders had to reinvent their mobile strategy
Confidential to Finance Summit London 2017 3
Digital Disruption in Financial ServicesA new set of services and functionalities coupled with a strong demand
ONLY ONLINE BANKS
BITCOIN CRYPTOCURRENCY
PERSONALIZED
SERVICESUN-SERVICED
UNDERSERVICED
AUTOMATION
Confidential to Finance Summit London 2017 4
Traditional Financial Services ApproachRestricted by accessibility, affordability and availability challenges
INCLUSIVITY
TIME TO MARKET
HIGH COSTS
LARGE ORGANIZATIONS
CUSTOMER EVOLUTIONLEGACY INFRASTRUCTURE
REGULATIONS/ COMPLIANCESILOED STRUCTURE
Confidential to Finance Summit London 2017 5
Is Fintech the Perfect Answer to Drive the Market?Strong investments and a far west ecosystem
LENDING PAYMENT
COMPLIANCE
& REGULATION
REMITTANCE
WEALTH/ ASSET MANAGEMENT
INSURANCE
BANKING
INVESTORS
* This is an illustrative list Source: Frost & Sullivan
Confidential to Finance Summit London 2017 6
Digital Banking: Technology Across Functions The way to enhance efficiency and effectiveness
FINTECH:
APPLICATIONS
ACROSS BANKING
FUNCTIONS,
EUROPE, 2016
DIGITAL
BANK
Sales: New Client
Acquisition
Marketing: New
Services & Products
Transactions:
Transfer / Withdrawal
Information: Receiving
and Sending
CRM: Interaction, Complaint
Resolution
• Online account opening
• Uploading documents online
• Smart contracts
• Authentication using mobile phone
• Relevant and customized products
and services suggestions
• Marketing messages on preferred
channels
• Online and mobile transfers
• Digital branches
• Secure environment
• Real time data/information
sharing
• Online account/status checking
• Chatbots
• Social Media
FUNCTIONS OUTCOMES
Confidential to Finance Summit London 2017 7
Strong Authentication is Key for SuccessMobile services need to comply with security standards
Confidential to Finance Summit London 2017 8
Big Data & Analytics a Nice Concept to Leverage MobileDerive smart insights from data to impact business outcomes
Confidential to Finance Summit London 2017 9
AI & ML To Enhance Consumer ExperienceReduce costs, increase efficiency and enable fraud detection
Confidential to Finance Summit London 2017 10
Payments Appear as the Most Exciting AreaPayments based on mobile is disrupting the existing market
FINTECH: USERS PERCEPTIONS AND ADOPTION TRENDS OF PAYMENT OPTIONS, EUROPE, 2016
41%47%SMARTPHONE OR TABLET USERS
THAT BANK ON-THE-GO IN EUROPE
SMARTPHONE OR TABLET USERS THAT
HAVE USED A MOBILE PAYMENT APP 33%40%
SMARTPHONE OR TABLET
USERS’ TRUSTED
PROVIDERS OF MOBILE
PAYMENT APPS84%
5%
11%
75%
11%
15%
Confidential to Finance Summit London 2017 11
Business Models Impacts per TechnologiesA big change from global services to ultra personalization approach
• Challenger banks host customer
records and functions
• Banks able to provide payment
infrastructures to other companies
leveraging cloud
• Better product penetration and wider
customer base
• Enhances agility and responsiveness
• Lower risk and faster services to
customers
• Increases inclusiveness,
transactional safety and detection of
fraud
• New market sub-segments such as
payment of tuition fees connects
banks and students
• Decentralization of business model
• Role of intermediaries will reduce
• Innovations target specific areas such
as travel insurance
• Enable automated processes from
detection of damage up to payments.
• Catering to new market segments of
unbanked and uninsured
• Accessing peer-to-peer models
• Reaching out to consumers through
multiple channels with less
dependence on branches
CLOUD
COMPUTING
BIG DATA &
ANALYTICS
IOT
AI & ML
BLOCK
CHAIN
Confidential to Finance Summit London 2017 12
What Next, What the Market is doing?The urgent need to be in the right train
Confidential to Finance Summit London 2017 13
Jean-Noël Georges
Global Program Director
Frost & Sullivan
Direct : 06-27-61-21-39
Email : [email protected]