Nayana D.P. Dehigama MBA Sri J Doctoral Candidate, AIT-Thailand Founder Chairman / Managing Director...
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![Page 1: Nayana D.P. Dehigama MBA Sri J Doctoral Candidate, AIT-Thailand Founder Chairman / Managing Director Epic Technology Group.](https://reader030.fdocuments.in/reader030/viewer/2022033101/5697c00f1a28abf838cca9b8/html5/thumbnails/1.jpg)
Nayana D.P. DehigamaMBA Sri JDoctoral Candidate, AIT-Thailand
Founder Chairman / Managing DirectorEpic Technology Group
Bank on Entrepreneurial Innovations
in the digital age
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Why Innovations & Entrepreneurship are important for Banks?
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Two states that organizations function:
Growing
Dying
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The Virtuous Cycle of Survival
Innovation
GrowthProfitability
Entrepreneurship
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‘Innovation’
Adopting change for continuous improvement/growth
- Nayana Dehigama
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Three Facets of Innovation
Product Process
Business
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Where should Innovations be adopted?
Resources Products / Service Offerings
Operations Market / Channels
Customers Disruption Strategy
Business Innovation
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“ENTREPRENEURSHIP”
?
What is….
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“ENTREPRENEURSHIP” in Organizations
Ability to introduce “Innovations” in response to perceived opportunities (Profits/Growth)
-Nayana Dehigama
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“Entrepreneurial Innovations”
Innovating for Sustainable Growth-Nayana Dehigama
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Innovations for Sustainable Growth
Two Essentials The Starting Point
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VISIONING &
FUTURING
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Let’s look at what is happening around us…
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Global shift in Consumer Behavior
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People will prefer to communicate than to
commuteDr. Arthur C Clarke
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3 Billion internet users globally
- ITU
7 Billion mobile cellular subscriptions & 3.6 Billion from
Asia Pacific – ITU
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By 2018, more than 50 % of online users will use a Tablet or
Smartphone for all online activities
- Gartner
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Speed of Change
2x more smartphones in 4 years
Number of subscriptions
- PWC
2x more connected devices by 2020
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Tipping Point Market share of smart connected devices, 2012-2013
- PWC
2017
16.5%
13.0%
2016
16.3%
13.9%
2015
15.9%
15.1%
2014
15.3%
16.7%
2013
14.6%
20.2%
2012
11.8%
28.7%
More PCs than tablets More tablets than PCs - PWC
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2005 Pope Benedict Election 2013 Pope Francis Election
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Brick & Mortar branches diminishing
Big banks in many markets have reduced branch density.
1 Average of major banks1 additions and subtractions to branch networks, excluding effects of M&A
Source: Banks1 public disclosures; McKinsey analysis
Branch-density trend of top retail banks, 2006-111
%
- 11.3
- 5.9
- 5.6
- 2.3
- 1.7
1.0
6.6
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Customers are leaving branches for Internet and Mobile Banking.
Monthly usage frequency
Developed Asia (HK1, Singapore) Emerging Asia (China, India)
Branch
Internet & mobile
-29%1.351.89
2.35 3.20+36%
20112007
1 Hong KongSOURCE: 2007 and 2011 McKinsey Personal Financial Services surveys
20112007
0.38 0.50+39%
1.931.44
Two “Firsts”
First ever drop in branch usage since 1998
First ever data showing that Developed Asia consumers use new channels (internet/ mobile) more than traditional channels (telephone and branch)
-26%
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Asia-Pacific’s cash intensive economies will see strong growth in cashless transactions.
Share of cash in number of transactions%, 2010
Growth in cashless transactions,2010 – 2015, %
IndiaIndonesiaChinaThailandMalaysiaTaiwanJapanKoreaSingaporeAustraliaHong Kong
99.7 2399.5 23
98.0 2797.1 20
92.5 982.9 5
76.8 1265.6 965.2 9
63.1 955.1 5
SOURCE: McKinsey Global Payments Map
Is there a hidden opportunity here ?
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- PWC
Core IT Technologies Driving Technological Change
Big Data Mining
& Analysis
Social Networks
DataVisualization
Simulation& ScenarioModelling Mobile
Payments
Public CloudInfrastructure
Robotics
PervasiveComputing
GamificationM2M
Automation
Crowdsourcing
CyberSecurity
Crowdfunding
PrivateCloud
EnterpriseSocial
Networking
Geo-location
3DPrinting
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The Golden Opportunitie
s
SL Government has launched an aggressive strategy to establish country-wide Digital Infrastructure (FTTH/B based GPON, LTE/4G, Google-Loon)
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Mobile Phone Penetration in Sri Lanka
• Total Penetration: 99.2 %
• Smart Phones : 24% current (expected 85% in 5 years)
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The Golden Opportunitie
sEvery Mobile Phone today provides a mean for Banks to reach the user and get the user engaged in business cost effectively.
Every Mobile Phone User is a walking opportunity for Banks to do seamless business and earn profit.
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Future of Banking in the
Digitally Connected World
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Regulations & Compliance
Security and Privacy Policies
Products/Services Portfolio
BC/DR
Big Data AnalysisCore Banking System
E Wallets Cash-less Society
Agent Banks
Contact Center Legal and Contractual Services
Bank Sales Agents (Product Marketing and Customer Enrollment)
External Service Providers (Cards Associations, Payment Gateways )
CTS
Un-attended Service Kiosk / ATM
KYC / Authentication
Vault
Customers- Scattered over a large geography
Bank Service Agents
Data Storage
Customer Experience
Software as a Service
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Mini Bank Branch that offers Banking Services
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Can you ever imagine a bank with 40,000
branches and 40,000 ATMs in Sri Lanka?
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Challenges for today’s Bank
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Challenges for today’s Bank
Globalization Sophisticated Customer Demands / Trends Regulations Downward pressure on ROE Technological Advancement Disruptive Technologies Cost Containment Managing Generation Gaps
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The most critical challenge in the short run
• Striking the right balance between physical and digital channels
World Retail Banking Report - 2014
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FUTURE OF BANKING IN THE DIGITAL SPACE
• Future banks should be ‘universal’ and ‘multitalented’• An innovative multichannel infrastructure is a must• Real-time Video Interaction with clients, agents, advisors• Innovations for customer experience : “Test drive” of banking
products & services• Comprehensive “Mobile Wallet” – Pay at anywhere anytime
to anybody• Connect with Gen Y – Gen Z using games and social networks • Content monetization: - Micro level revenue themes such as
music, e-book download, gaming, movies, ticketing• Personalization of corporate banking services
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Who will survive and thrive in the Digital Age?
Remember, it is not the biggest or the most intelligent who can survive,
but The one who can quickly respond/adapt to changes, identify pockets of niche opportunities with demand and exploit them
through innovative means before the competitor, while securing ‘reasonable/substantial profits’.
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What will make you a winner?
It is not the greatest product that will make you a “WINNER”…….
but the INNOVATION (Product, Process, Business) that addresses the ‘changing customer needs’ in the market