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Chris Skinner

@FSClub and @Chris_Skinner
www.thefinanser.com
© Chris Skinner. All rights reserved.
Digital Bank
Digital Bank
Becoming Digital is the challenge for all, as customers
demand new services focused upon 21st century
technologies. The challenge is that most of us are stuck
with systems built in the last century.
In this age of the mobile internet, where cloud computing
allows anyone to scale from small to big data and back
again, we are all wondering what to do to evolve our
businesses to this new model of servicing and processing.
This book provides the answers for a Digital Bank strategy
through the insights of one of the markets leading
practitioners providing case studies, knowledge and
opinion in order to show the way forward.
Digital Bank not only includes extensive guidance and
background on the digital revolution in banking, but also
in-depth analysis of the activities of incumbent banks such
as Barclays and new start-ups such as Metro Bank in the
UK, as well as disruptive new models of banking such as
Alior Bank in Poland and FIDOR Bank in Germany. Add on
to these a comprehensive sprinkling of completely new
models of finance, such as Zopa and Bitcoin, and you can
see that this book is a must-have for anyone involved in the
future of business, commerce and banking.
“Chris Skinner is simply one of the most brilliant minds in
banking, and he’s always an entertaining read.” The
Financial Brand commentary when awarding Chris
Skinner’s blog the Reader’s Best Banking Blog Award
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Then …

© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Today
•
•
•
•
•
•
•
•
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…

Macro-economic risk
Credit risk
Liquidity
Capital availability
Political interference
Regulation
Profitability
Derivatives
Corporate governance
Quality of risk management

•
•
•
•
•
•
•
•
•
•
…

Dodd-Frank
Volcker
Durbin
Vickers
Barnier
Lagarde
Geithner
Bernanke
King
Dragi

© Chris Skinner. All rights reserved.

•
•
•
•
•
•
•
•
•
•
…

Basel III
CRD
MiFID II
PSD II
SEPA end-dates
Solvency II
UCITS IV
EMIR
T2S
Bribery Act
www.thefinanser.com
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Digital Bank
Digital Bank
© Chris Skinner. All rights reserved.
Mohamed Bouazizi
(Arab Spring)
© Chris Skinner. All rights reserved.
Molly Katchpole
(Bank of America)
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
More mobiles than people
Digital Bank
© Chris Skinner. All rights reserved.
Digital Bank
Digital Bank
It took 13 years to get two million customers
using Internet banking; it took just two months
to reach that number for mobile banking.
[Barclays Bank]
It took 10 years to get twenty million contacts
per month through Internet banking. It took 18
months for mobile. [Société Générale]
Digital Bank
PHOTO
RECEIPTS
Simple allows customer to not only
view receipts, but also attach
pictures to their transactions. Their
overall interface is one of the
cleanest in the industry.
They also integrate a ‘safe-to-spend’
function that combines budget with
transaction behavior.
CUSTOM
ALERTS
GoBank has a very simple way to
set more than 10 different alerts to
be delivered to the channel(s) of
your choice.
CONSOLIDATED
SALES &
SERVICE
USAA integrates sales within their
mobile app on the start-up page and
throughout the entire experience.
SIMPLIFIED
PAYMENTS
Kaching provides as many payment
options as any bank worldwide,
including ability to pay bills with QR
codes, make Bump P2P payments
and even payments through
Facebook.
UNIVERSAL
P2P
Square has recently introduced a
new way to pay friends. With Square
Cash, sending money is as easy as
sending an email. No passwords, no
sign-up, no hassle.
TRANSACTION SEARCH
mBank’s smart transaction
search engine makes a
search through your
transaction history as easy
as using Google on the
internet, with results
displayed in real time
GAMIFICATION
mBank’s gamification in the
bank’s transactional service
to encourage smart
spending and saving
LOCATIONAL REWARDS
Amex serves cardmembers rewards
based on their locations, should they
wish to use the geo-location service.
The feature, called My Offers combines
Amex spend history with location
information to provide discounts and
information of nearby merchants. In
turn, customers click the deals they
want.
DIGITAL
RECEIPTS
Moven provides real-time digital
receipts for debit and mobile
payment transactions. These
receipts include alerts,
categorization and comparison to
historical spending.
FINANCIAL
WELLNESS
Moven’s Cred score
• Monitors your finances
• Provides comparison to others
• Gives you feedback about your
progress and how you can improve
• Rewards you for being financially fit
• Helps you spend, save, and live
smarter
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Digital Bank
Within a year of launch, Square was processing over:
•
•
•
•

$2 million a day in April 2011, rising to over
$3 million a day by May 2011
$4 million a day by July 2011; and
$11 million a day by November 2011.

In October 2011 they had 750,000 merchants
rising to over a million by December and two
million today – there are only eight million
card-accepting merchants in the USA in total.
By March 2012, Square was processing $4
billion a year in payment volumes, double
the amount announced in October 2011.

In November 2012, Square passed the $10
billion mark with gross revenue of $300
million.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Digital Bank
Digital Bank
Digital Bank
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
WEARABLE BANKING

Banco Sabadell is the first bank in the world to present its own app
for Google Glass. The app allows the customer to find branches and
ATMs, check balances and supports video conferencing. Apps were
developed using an open app innovation program.
WEARABLE BANKING

The SmartWatch app is based on Westpac’s Cash Tank app that
allows customers to get balances without any authentication.
Westpac is now working to offer customers quick transfers between
their bank accounts and the ability to receive account alerts to the
watch.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Digital Bank
Digital Bank
Digital Bank
Over 80 percent of Tencent’s revenue comes from value-added services that users
pay for using QQ coins (币, Bì) QQ’s virtual currency. Tencent introduced QQ coins in
2002, and the currency has since become the main driver of China’s virtual goods
market, valued at about US$5 billion in 2009.
Money
is just
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Digital Bank
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
Mark Zuckerberg (facebook)

© Chris Skinner. All rights reserved.
Mark Zuckerberg (facebook, 2009)

© Chris Skinner. All rights reserved.
Mark Zuckerberg (facebook, 2012)

© Chris Skinner. All rights reserved.
Randi Zuckerberg (instagram, 2012)

© Chris Skinner. All rights reserved.
Digital Bank
Digital Bank
Digital Bank
Digital Bank
© Chris Skinner. All rights reserved.
Julian Assange (wikileaks)
Aaron Barr (HB Gary)
Digital Bank
© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
More than 2,500,000,000,000,000,000 bytes of data (2.5 exabytes) are produced
every day:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

People send more than 144.8 billion Email messages sent a day.
People and brands on Twitter send more than 340 million tweets a day.
People on Facebook share more than 684,000 bits of content a day.
People upload 72 hours (259,200 seconds) of new video to YouTube a minute.
Consumers spend $272,000 on Web shopping a day.
Google receives over 2 million search queries a minute.
Apple receives around 47,000 app downloads a minute.
Brands receive more than 34,000 Facebook ‘likes’ a minute.
Tumblr blog owners publish 27,000 new posts a minute.
Instagram photographers share 3,600 new photos a minute.
Flickr photographers upload 3,125 new photos a minute.
People perform over 2,000 Foursquare check-ins a minute.
Individuals and organizations launch 571 new websites a minute.
WordPress bloggers publish close to 350 new blog posts a minute.
The Mobile Web receives 217 new participants a minute.

© Chris Skinner. All rights reserved.
© Chris Skinner. All rights reserved.
The entire works of William Shakespeare
(in text form)

= 5 MB of data
= 500 billion Works of Shakespeare a day

© Chris Skinner. All rights reserved.
Finding
value in
the Data
© Chris Skinner. All rights reserved.
25 exabytes

Valuable

SECURE
CRITICAL
IMPORTANT
WORTHWHILE
200 zetabytes

RUBBISH

Erroneous
Secure

© Chris Skinner. All rights reserved.
Digital Bank
© Chris Skinner. All rights reserved.
Data is the greatest raw material of
Business, on a par with capital and labour.
“What we are seeing is the ability to have
economies form around the data and that,
to me, is the big change at a societal and
even macroeconomic level.”
Craig Mundie
Head of Research and Strategy
Microsoft

© Chris Skinner. All rights reserved.
Digital Bank
Digital Bank
© Chris Skinner. All rights reserved.
Wireless radio is a danger to society and will result in our people
vegetating and being unproductive. Furthermore, it will undermine our
strictures of society and therefore must be managed carefully to ensure it
does not cause civil unrest and uprising.

© Chris Skinner. All rights reserved.
Becoming Digital is the challenge for all, as customers
demand new services focused upon 21st century
technologies. The challenge is that most of us are stuck
with systems built in the last century.
In this age of the mobile internet, where cloud computing
allows anyone to scale from small to big data and back
again, we are all wondering what to do to evolve our
businesses to this new model of servicing and processing.
This book provides the answers for a Digital Bank strategy
through the insights of one of the markets leading
practitioners providing case studies, knowledge and
opinion in order to show the way forward.
Digital Bank not only includes extensive guidance and
background on the digital revolution in banking, but also
in-depth analysis of the activities of incumbent banks such
as Barclays and new start-ups such as Metro Bank in the
UK, as well as disruptive new models of banking such as
Alior Bank in Poland and FIDOR Bank in Germany. Add on
to these a comprehensive sprinkling of completely new
models of finance, such as Zopa and Bitcoin, and you can
see that this book is a must-have for anyone involved in the
future of business, commerce and banking.
“Chris Skinner is simply one of the most brilliant minds in
banking, and he’s always an entertaining read.” The
Financial Brand commentary when awarding Chris
Skinner’s blog the Reader’s Best Banking Blog Award
© Chris Skinner. All rights reserved.
Chris Skinner
Email:
chris.skinner@fsclub.co.uk
Website:
www.fsclub.net
Blog:
www.thefinanser.com
LinkedIn:
Chris Skinner
The Financial Services Club

Facebook Page:
Chris Skinner
The Financial Services Club
Twitter:
@FSClub
@Chris_Skinner

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Digital Bank

  • 1. Chris Skinner @FSClub and @Chris_Skinner www.thefinanser.com © Chris Skinner. All rights reserved.
  • 4. Becoming Digital is the challenge for all, as customers demand new services focused upon 21st century technologies. The challenge is that most of us are stuck with systems built in the last century. In this age of the mobile internet, where cloud computing allows anyone to scale from small to big data and back again, we are all wondering what to do to evolve our businesses to this new model of servicing and processing. This book provides the answers for a Digital Bank strategy through the insights of one of the markets leading practitioners providing case studies, knowledge and opinion in order to show the way forward. Digital Bank not only includes extensive guidance and background on the digital revolution in banking, but also in-depth analysis of the activities of incumbent banks such as Barclays and new start-ups such as Metro Bank in the UK, as well as disruptive new models of banking such as Alior Bank in Poland and FIDOR Bank in Germany. Add on to these a comprehensive sprinkling of completely new models of finance, such as Zopa and Bitcoin, and you can see that this book is a must-have for anyone involved in the future of business, commerce and banking. “Chris Skinner is simply one of the most brilliant minds in banking, and he’s always an entertaining read.” The Financial Brand commentary when awarding Chris Skinner’s blog the Reader’s Best Banking Blog Award © Chris Skinner. All rights reserved.
  • 5. © Chris Skinner. All rights reserved.
  • 6. © Chris Skinner. All rights reserved.
  • 7. © Chris Skinner. All rights reserved.
  • 8. Then … © Chris Skinner. All rights reserved.
  • 9. © Chris Skinner. All rights reserved.
  • 10. © Chris Skinner. All rights reserved.
  • 11. Today • • • • • • • • • • … Macro-economic risk Credit risk Liquidity Capital availability Political interference Regulation Profitability Derivatives Corporate governance Quality of risk management • • • • • • • • • • … Dodd-Frank Volcker Durbin Vickers Barnier Lagarde Geithner Bernanke King Dragi © Chris Skinner. All rights reserved. • • • • • • • • • • … Basel III CRD MiFID II PSD II SEPA end-dates Solvency II UCITS IV EMIR T2S Bribery Act
  • 13. © Chris Skinner. All rights reserved.
  • 14. © Chris Skinner. All rights reserved.
  • 15. © Chris Skinner. All rights reserved.
  • 18. © Chris Skinner. All rights reserved.
  • 20. © Chris Skinner. All rights reserved.
  • 22. © Chris Skinner. All rights reserved.
  • 23. © Chris Skinner. All rights reserved.
  • 24. © Chris Skinner. All rights reserved.
  • 25. © Chris Skinner. All rights reserved.
  • 26. © Chris Skinner. All rights reserved.
  • 27. © Chris Skinner. All rights reserved.
  • 28. © Chris Skinner. All rights reserved.
  • 31. © Chris Skinner. All rights reserved.
  • 34. It took 13 years to get two million customers using Internet banking; it took just two months to reach that number for mobile banking. [Barclays Bank] It took 10 years to get twenty million contacts per month through Internet banking. It took 18 months for mobile. [Société Générale]
  • 36. PHOTO RECEIPTS Simple allows customer to not only view receipts, but also attach pictures to their transactions. Their overall interface is one of the cleanest in the industry. They also integrate a ‘safe-to-spend’ function that combines budget with transaction behavior.
  • 37. CUSTOM ALERTS GoBank has a very simple way to set more than 10 different alerts to be delivered to the channel(s) of your choice.
  • 38. CONSOLIDATED SALES & SERVICE USAA integrates sales within their mobile app on the start-up page and throughout the entire experience.
  • 39. SIMPLIFIED PAYMENTS Kaching provides as many payment options as any bank worldwide, including ability to pay bills with QR codes, make Bump P2P payments and even payments through Facebook.
  • 40. UNIVERSAL P2P Square has recently introduced a new way to pay friends. With Square Cash, sending money is as easy as sending an email. No passwords, no sign-up, no hassle.
  • 41. TRANSACTION SEARCH mBank’s smart transaction search engine makes a search through your transaction history as easy as using Google on the internet, with results displayed in real time
  • 42. GAMIFICATION mBank’s gamification in the bank’s transactional service to encourage smart spending and saving
  • 43. LOCATIONAL REWARDS Amex serves cardmembers rewards based on their locations, should they wish to use the geo-location service. The feature, called My Offers combines Amex spend history with location information to provide discounts and information of nearby merchants. In turn, customers click the deals they want.
  • 44. DIGITAL RECEIPTS Moven provides real-time digital receipts for debit and mobile payment transactions. These receipts include alerts, categorization and comparison to historical spending.
  • 45. FINANCIAL WELLNESS Moven’s Cred score • Monitors your finances • Provides comparison to others • Gives you feedback about your progress and how you can improve • Rewards you for being financially fit • Helps you spend, save, and live smarter
  • 46. © Chris Skinner. All rights reserved.
  • 47. © Chris Skinner. All rights reserved.
  • 49. Within a year of launch, Square was processing over: • • • • $2 million a day in April 2011, rising to over $3 million a day by May 2011 $4 million a day by July 2011; and $11 million a day by November 2011. In October 2011 they had 750,000 merchants rising to over a million by December and two million today – there are only eight million card-accepting merchants in the USA in total. By March 2012, Square was processing $4 billion a year in payment volumes, double the amount announced in October 2011. In November 2012, Square passed the $10 billion mark with gross revenue of $300 million. © Chris Skinner. All rights reserved.
  • 50. © Chris Skinner. All rights reserved.
  • 54. © Chris Skinner. All rights reserved.
  • 55. © Chris Skinner. All rights reserved.
  • 56. © Chris Skinner. All rights reserved.
  • 57. © Chris Skinner. All rights reserved.
  • 58. © Chris Skinner. All rights reserved.
  • 59. © Chris Skinner. All rights reserved.
  • 60. WEARABLE BANKING Banco Sabadell is the first bank in the world to present its own app for Google Glass. The app allows the customer to find branches and ATMs, check balances and supports video conferencing. Apps were developed using an open app innovation program.
  • 61. WEARABLE BANKING The SmartWatch app is based on Westpac’s Cash Tank app that allows customers to get balances without any authentication. Westpac is now working to offer customers quick transfers between their bank accounts and the ability to receive account alerts to the watch.
  • 62. © Chris Skinner. All rights reserved.
  • 63. © Chris Skinner. All rights reserved.
  • 64. © Chris Skinner. All rights reserved.
  • 65. © Chris Skinner. All rights reserved.
  • 66. © Chris Skinner. All rights reserved.
  • 70. Over 80 percent of Tencent’s revenue comes from value-added services that users pay for using QQ coins (币, Bì) QQ’s virtual currency. Tencent introduced QQ coins in 2002, and the currency has since become the main driver of China’s virtual goods market, valued at about US$5 billion in 2009.
  • 71. Money is just © Chris Skinner. All rights reserved.
  • 72. © Chris Skinner. All rights reserved.
  • 74. © Chris Skinner. All rights reserved.
  • 75. © Chris Skinner. All rights reserved.
  • 76. © Chris Skinner. All rights reserved.
  • 77. Mark Zuckerberg (facebook) © Chris Skinner. All rights reserved.
  • 78. Mark Zuckerberg (facebook, 2009) © Chris Skinner. All rights reserved.
  • 79. Mark Zuckerberg (facebook, 2012) © Chris Skinner. All rights reserved.
  • 80. Randi Zuckerberg (instagram, 2012) © Chris Skinner. All rights reserved.
  • 85. © Chris Skinner. All rights reserved.
  • 87. Aaron Barr (HB Gary)
  • 89. © Chris Skinner. All rights reserved.
  • 90. © Chris Skinner. All rights reserved.
  • 91. More than 2,500,000,000,000,000,000 bytes of data (2.5 exabytes) are produced every day: • • • • • • • • • • • • • • • People send more than 144.8 billion Email messages sent a day. People and brands on Twitter send more than 340 million tweets a day. People on Facebook share more than 684,000 bits of content a day. People upload 72 hours (259,200 seconds) of new video to YouTube a minute. Consumers spend $272,000 on Web shopping a day. Google receives over 2 million search queries a minute. Apple receives around 47,000 app downloads a minute. Brands receive more than 34,000 Facebook ‘likes’ a minute. Tumblr blog owners publish 27,000 new posts a minute. Instagram photographers share 3,600 new photos a minute. Flickr photographers upload 3,125 new photos a minute. People perform over 2,000 Foursquare check-ins a minute. Individuals and organizations launch 571 new websites a minute. WordPress bloggers publish close to 350 new blog posts a minute. The Mobile Web receives 217 new participants a minute. © Chris Skinner. All rights reserved.
  • 92. © Chris Skinner. All rights reserved.
  • 93. The entire works of William Shakespeare (in text form) = 5 MB of data = 500 billion Works of Shakespeare a day © Chris Skinner. All rights reserved.
  • 94. Finding value in the Data © Chris Skinner. All rights reserved.
  • 96. Secure © Chris Skinner. All rights reserved.
  • 98. © Chris Skinner. All rights reserved.
  • 99. Data is the greatest raw material of Business, on a par with capital and labour. “What we are seeing is the ability to have economies form around the data and that, to me, is the big change at a societal and even macroeconomic level.” Craig Mundie Head of Research and Strategy Microsoft © Chris Skinner. All rights reserved.
  • 102. © Chris Skinner. All rights reserved.
  • 103. Wireless radio is a danger to society and will result in our people vegetating and being unproductive. Furthermore, it will undermine our strictures of society and therefore must be managed carefully to ensure it does not cause civil unrest and uprising. © Chris Skinner. All rights reserved.
  • 104. Becoming Digital is the challenge for all, as customers demand new services focused upon 21st century technologies. The challenge is that most of us are stuck with systems built in the last century. In this age of the mobile internet, where cloud computing allows anyone to scale from small to big data and back again, we are all wondering what to do to evolve our businesses to this new model of servicing and processing. This book provides the answers for a Digital Bank strategy through the insights of one of the markets leading practitioners providing case studies, knowledge and opinion in order to show the way forward. Digital Bank not only includes extensive guidance and background on the digital revolution in banking, but also in-depth analysis of the activities of incumbent banks such as Barclays and new start-ups such as Metro Bank in the UK, as well as disruptive new models of banking such as Alior Bank in Poland and FIDOR Bank in Germany. Add on to these a comprehensive sprinkling of completely new models of finance, such as Zopa and Bitcoin, and you can see that this book is a must-have for anyone involved in the future of business, commerce and banking. “Chris Skinner is simply one of the most brilliant minds in banking, and he’s always an entertaining read.” The Financial Brand commentary when awarding Chris Skinner’s blog the Reader’s Best Banking Blog Award © Chris Skinner. All rights reserved.
  • 105. Chris Skinner Email: chris.skinner@fsclub.co.uk Website: www.fsclub.net Blog: www.thefinanser.com LinkedIn: Chris Skinner The Financial Services Club Facebook Page: Chris Skinner The Financial Services Club Twitter: @FSClub @Chris_Skinner

Editor's Notes

  1. Mohamed Bouzzazi
  2. Molly Katchpole
  3. http://wearesocial.sg/tag/mobile-stats/
  4. http://visual.ly/reaching-50-million-users
  5. http://lightspeaker.net/
  6. http://www.filetransit.com/images/screen/53ed891374a1cbfb63e1e7d11471004d_Matrix_Mania.jpg
  7. http://www.bbc.co.uk/news/technology-22152213
  8. Aaron Barr
  9. http://www.filetransit.com/images/screen/53ed891374a1cbfb63e1e7d11471004d_Matrix_Mania.jpg
  10. http://www.filetransit.com/images/screen/53ed891374a1cbfb63e1e7d11471004d_Matrix_Mania.jpg