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Bye bye banks? Will banks be the next dumb pipes?

Banking is undergoing the fastest change it's ever seen.

Might the banks, like the telcos before them, become dumb pipes as they're dis-intermediated from their customers by the arrival of new, leaner, digitally native companies?

Often the retort of telcos to the dumb pipes remark is that they'll become smart pipes but what if the pipes are under attack too?

The last few years has seen the arrival of a slew of VC backed startups competing for core business with the banks.

Beyond this, might the core infrastructure of the banking sector be at risk with the arrival of technologies like cryptocurrencies and the blockchain?

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Bye bye banks? Will banks be the next dumb pipes?

  1. 1. @Jameshaycock AdaptiveLab.com BYE BYE BANKS? Will banks be the next dumb pipes? #byebyebanks
  2. 2. Adaptive Lab is a product and service design company. |ByeByeBanks2 We partner with companies to solve problems through design, rapidly prototype solutions, validate with target users and develop digital products using agile and lean methods.
  3. 3. | Banks as dump pipes3 75% of the S&P 500 will 
 be replaced by 2027 75yrs 1937 15yrs 2012 Lifespan of S&P 500 Companies
  4. 4. | Banks as dump pipes4 Changing 
 behaviours
  5. 5. | Banks as dump pipes5 Changing technology
  6. 6. | Banks as dump pipes6 Changing competitors
  7. 7. | Banks as dump pipes7 What is a dumb pipes
  8. 8. | Banks as dump pipes8 Dumb pipes are networks used to transfer data with little control over the services or experience that the data drives
  9. 9. | Banks as dump pipes10
  10. 10. | Banks as dump pipes 50 450m $100bn
  11. 11. | Banks as dump pipes12 “It’s fine, we still own the pipes, we can be a smart pipe!”
  12. 12. | Banks as dump pipes16 Might banks be the next dumb pipes?
  13. 13. | Banks as dump pipes17 See all your accounts in one place Your money brought to life Make sense of your spending
  14. 14. | Banks as dump pipes18
  15. 15. | Banks as dump pipes19
  16. 16. | Banks as dump pipes20 Limited to non- transactional tasks (but, can build high engagement) Your balance today 1010.00
  17. 17. | Banks as dump pipes21 The drive towards dumb pipedom is currently slowed by a data and permissions barrier
  18. 18. | Banks as dump pipes22 Manual and clunky Phase one: Gone
  19. 19. | Banks as dump pipes23 Automated but one way Phase two: Here
  20. 20. | Banks as dump pipes24 Automated and fully featured Phase three: Coming
  21. 21. | Banks as dump pipes25
  22. 22. | Banks as dump pipes26 The banks will launch their own transactional APIs
  23. 23. | Banks as dump pipes Connect Connect with this application Access and control account information Access balance and transactions Add payees and manage payments 27
  24. 24. | Banks as dump pipes28 core banking activities 3rd party app ecosystem The need to visit bank properties is lowered
  25. 25. | Banks as dump pipes29 “It’s fine, we still own the pipes, we can be a smart pipe!”
  26. 26. | Banks as dump pipes30
  27. 27. | Banks as dump pipes31 1. ITS SIMPLE, JUST TAKING 5 MINS 2. WE TAKE CARE OF ALL YOUR DIRECT DEBITS 3. SIGN UP BONUS: £150 Hey Jenny, Based on your spending activity and existing products, we think you’d be better off switching. See my options and read reviews SWITCHING OFFER
  28. 28. | Banks as dump pipes32 “It’s fine, we still own the pipes, we can be a smart pipe!”
  29. 29. | Banks as dump pipes33
  30. 30. | Banks as dump pipes34
  31. 31. | Banks as dump pipes35
  32. 32. | Banks as dump pipes36 If you don’t rethink, someone else will disrupt.
  33. 33. | Banks as dump pipes37 Deny and do nothing Option one
  34. 34. | Banks as dump pipes38 1 Risk 2 Breadth of products 3 Brand & trust 4 Capital
  35. 35. | Banks as dump pipes39 Accept and get on doing something Option two
  36. 36. | Banks as dump pipes40 Be a smart platform rather than a smart pipe
  37. 37. | Banks as dump pipes41 Work with great (and different!) people
  38. 38. | Banks as dump pipes42 Decrease your release cycle, increasing change frequency
  39. 39. | Banks as dump pipes Experiment more 1092 1976546
  40. 40. | Banks as dump pipes44 Threat for incumbents… huge opportunity for disruptors…
  41. 41. | Banks as dump pipes45 cross-pollination Think about…
  42. 42. | Banks as dump pipes46 what could create a regular habit Think about…
  43. 43. | Banks as dump pipes47 user goals and your purpose Think about…
  44. 44. | Banks as dump pipes48 existing behaviours and journeys what can you remove or improve? Think about…
  45. 45. | Banks as dump pipes49 Good night and good luck! Follow “Bye Bye Banks?” A curation of articles about new players and innovation from the incumbents. flip.it/VkZRG @jameshaycock james@adaptivelab.com Sign up to Wunderkammer A fortnightly newsletter with 8-10 curious and stimulating links. bitly.com/receive-curiosities
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    Nov. 4, 2014

Banking is undergoing the fastest change it's ever seen. Might the banks, like the telcos before them, become dumb pipes as they're dis-intermediated from their customers by the arrival of new, leaner, digitally native companies? Often the retort of telcos to the dumb pipes remark is that they'll become smart pipes but what if the pipes are under attack too? The last few years has seen the arrival of a slew of VC backed startups competing for core business with the banks. Beyond this, might the core infrastructure of the banking sector be at risk with the arrival of technologies like cryptocurrencies and the blockchain?

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