The Bank Model Is Dead
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Reinventing Financial Models:
Revenue Mix, Pricing,
Distribution
Chris Skinnerwww.thefinanser.com
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The current banking model is dead
80% of operational costs are in branches and staff
It should be in technology
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Banks today?
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May 2009: 742m people worldwide access a social networking website
Facebook from 100 to 200 million users in less than eight months
March 2009: YouTube reaches 100m monthly viewers
Twitter yearly growth rate: 1382%
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150 bank channels in 25 countries
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http://thefinanser.co.uk/fsclub/2009/03/jibun-bank-the-mobile-only-bank.html
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Content is dead …
…context is all
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684 Financial Institutions on Twitter in September 2009 (compared to 54 in March)
in 38 Countrieswith
225,000 Followers
http://www.clanglois.blogs.com/internet_banking/blog_index.html
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http://thefinanser.co.uk/fsclub/2008/07/bbva-the-first.html
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The Precog Bank
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CONCLUSIONS
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Population of Earth: 6,676,120,288 Internet Users, Q2 2008: 1,463,632,361Internet Users, Q4 2000: 360,985,492Mobile Users, Q2 2008: 3, 352,237,974
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Population of Earth: 6,676,120,288 Internet Users, Q2 2008: 1,463,632,361Internet Users, Q4 2000: 360,985,492Mobile Users, Q2 2008: 3, 352,237,974
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The current banking model is dead
80% of operational costs are in branches and staff
It should be in technology
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1975
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2000
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Today
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2000
85
Mailing10,000 peopleTwice weekly
Brochures10,000+
Annual update
Meetings40 UK
8 Ireland6 CEE
Newsletter1,000 people daily
Text only WebsiteNon-interactiveCustom-build
$150,000
$100,000
$100,000
$300,000
$150,000
$800,000
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86
Mailing10,000 peopleTwice weekly
Brochures10,000+
Annual update
Meetings40 UK
8 Ireland6 CEE
Newsletter1,000 people daily
Multimedia WebsiteNon-interactiveCustom-build
$150,000
$149
$10,000
Free
Gone
TodayFree
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“We can move into a new country with credit cards with an investment of $1-$2 million, mainly on marketing, because we don’t have to build all that infrastructure.”
Case Study: http://thefinanser.co.uk/fsclub/2008/12/-hsbc-banking-on-the-network.html
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Summary
• Be there• Be everywhere• Be predictive• Be proactive• Be reactive• Be 24*7
• Be personal• Be social• Be integrated• Be open• Be transparent• Be honest
Don’t be constrained by legacy(systems, thinking, people)
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http://thefinanser.co.uk/fsclub/2009/04/a-directory-of-social-finance.html
Thank you
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Reinventing Financial Models:
Revenue Mix, Pricing,
Distribution
Chris Skinnerwww.thefinanser.com