Open Banking Strategy and Business Model
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Open Banking Strategy and Business Model
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Open Banking Strategy and Business Model
- 2. 2
- 3. 3 60,000GB OF DATA IS SHARED ON THE INTERNET EVERY SECOND
- 4. 4 THE LARGEST COMPANIES BY MARKET CAP THE OIL BARONS HAVE BEEN REPLACED BY THE WHIZ KIDS OF SILICON VALLEY http://www.visualcapitalist.com/chart-largest-companies-market-cap-15-years/ Top 5 Publicly Traded Companies (by Market Cap) #1 #2 #3 #4 #5 2001 2006 2011 2016 $406B $446B $406B $582B $365B $383B $376B $556B $272B $327B $277B $452B $261B $293B $237B $364B $260B $273B $228B $359B
- 5. 5 SOMETHING HAS CHANGED…. FIRM ESTABLISHED EMPLOYEES MKT CAP 1916 116,000 $53B 2009 7,000 $60B 1927 200,000 $17B 2008 5,000 $21B 1923 185,000 $165B 2004 12,691 $315B Source: Geoffrey Parker, 2016
- 6. 6 SOMETHING IS CHANGING…. FIRM ESTABLISHED EMPLOYEES MKT CAP YEARS EMPLOYEE 1692 130,000 $30B 1999 13,000 $48B 1870 101,000 $17B 2015 5,000 $60B 2011 400 $9.2B 5 $22M/EMPLOYEE 1799 235,000 $245B 217 $1M/EMPLOYEE Date: October 2016
- 7. 7 SOMETHING IS CHANGING…. FIRM ESTABLISHED EMPLOYEES MKT CAP YEARS EMPLOYEE 1692 130,000 $30B 1999 13,000 $48B 1870 101,000 $17B 2015 5,000 $60B 2011 400 $9.2B 5 $22M/EMPLOYEE 1799 235,000 $245B 217 $1M/EMPLOYEE Date: October 2016
- 8. 8 FIRM ESTABLISHED EMPLOYEES MKT CAP YEARS EMPLOYEE 1692 80,000 $40B 1999 18,700 $105B 1870 97,500 $21B 2015 7,000 $150B 2011 1,000 $20B 7 $20M/EMPLOYEE 1799 167,000 $385B 219 $2M/EMPLOYEE Date: October 2018 SOMETHING IS CHANGING….
- 9. FIRM ESTABLISHED EMPLOYEES MKT CAP YE 1692 80,000 $40B 1999 18,700 $105B 1870 97,500 $21B 2015 7,000 $150B 2011 1,000 $20B 5 1799 167,000 $385B 21 Date: October 2016 9 SOMETHING IS CHANGING…. FIRM ESTABLISHED EMPLOYEES MKT CAP EMPLOYEES MKT CAP 1692 130,000 $30B 1999 13,000 $48B 1870 101,000 $17B 2015 5,000 $60B 2011 400 $9.2B 1799 235,000 $245B Date: October 2018 167,000
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- 11. 11 BACK OFFICE
- 12. 12 MIDDLE OFFICE
- 13. 13 FRONT OFFICE
- 14. 14 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy
- 15. 15 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy RETAIL BANKING COMMERCIAL BANKING PAYMENTS WEALTH MANAGEMENT INVESTMENT BANKING INSURANCE
- 16. 16 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy People Process Product
- 17. 17 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy People PlatformPlatform Product
- 18. 18 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 19. 19 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 20. 20 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 21. 21 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 22. 22 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 24. 24 VENMO QUARTERLY US PAYMENT VOLUME & ANNUAL GROWTH 2013 volume is estimated by BI Intelligence. Source: PayPal, BI Intelligence Millions ($)
- 25. 25 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 26. WHY API MARKETS MAKE SENSE Revenues Expenses October 2011 Launch of X.commerce API October 2011 Launch of X.commerce API June 2013 Launch of mobile API June 2013 Launch of mobile API 26
- 27. AUTHENTICATION APIsTRADING APIsPAYMENTS APIsOPEN APIs A MARKETPLACE OF APIs APIness is the truth
- 28. 28 HOW TWO BROTHERS TURNED SEVEN LINES OF CODE … INTO A $9.2 BILLION STARTUP Now, Stripe’s Patrick and John Collison are teaming with Amazon to grab even more control over the global flow of commerce. 21 AND 19 YEARS OLD
- 29. 29 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 30. 30
- 31. 31
- 32. FUTURE JOBS
- 33. 33 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Experience Platform Product
- 34. 34 EVERYTHING YOU DON’T UNDERSTAND ABOUT TECHNOLOGY … COMBINED WITH EVERYTHING YOU DON’T UNDERTAND ABOUT MONEY
- 35. 35
- 36. 36 Foundational innovations must overcome many barriers – technological, organizational, governance, political. http://blogs.wsj.com/cio/2017/01/20/the-internet-blockchain-and-the- evolution-of-foundational-innovations/
- 39. 39 Supply Chain Trade Finance Smart Assets Smart Contracts (programmed transactions) Digital Identity Payments
- 41. 41 WROTE ETHEREUM WHEN HE WAS 19 YEARS OLD
- 42. 42 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy Apps APIs Analytics
- 43. 43 BACK OFFICE Manufacturing product focused upon innovation MIDDLE OFFICE Processing transactions focused upon quality FRONT OFFICE Retailing experiences focused upon intimacy
- 44. 44
- 45. 45
- 46. Carl-Nicolai Wessmann, CEO, Spiff, partnering with Nordea 46 My three year old son likes to play with dinosaurs… … so do we.
- 47. 47
- 49. “ The only thing of real importance that leaders do, is to create and manage culture ... It is the ultimate act of leadership to destroy culture when it is viewed as dysfunctional.” Edgar H. Schein, former professor at the MIT Sloan School of Management, 2004
- 50. 50
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- 52. 52 Banker Digital Banker Ex-Banker now Investor FinTech Start-up The Crypto Guy
- 54. Ashok Vaswani, CEO, Barclays Bank UK Li Wang, Head of Alipay and Ant Financial, EMEA Each employee of Alibaba generates $16 million a year Wow! Ours generate less than $400,000
- 55. 55 CHINA’S MOBILE PAYMENT TRANSACTION VOLUME HIT US$15 TRILLION IN 2017 WITH ALIPAY AND WECHAT PAY TAKING 92% OF THE MARKET
- 56. 56 2 BILLION USERS BY 2025 WORLD ECONOMIC FORUM, JANUARY 2017
- 57. 57 ANT FINANCIAL 2 billion customers 100 billion transactions a day Systems refresh every 3+ years 5th gen systems >1m transactions per second
- 59. 59
- 60. 60 RANKING BANKING GROUP MARKET CAPITALISATION (USD bn) 1 JP Morgan 388 2 ICBC 330 3 Bank of America 315 4 China Construction Bank 270 5 Wells Fargo 268 6 HSBC 198 7 Agricultural Bank of China 200 8 Citi 183 9 Bank of China 180 10 Ant Financial 150
- 61. More Than Just Cloud Source from : www.alibabagroup.com Alibaba The Largest Retail Commerce Company Worldwide, And Much More Than A Sales Channel DIGITAL MEDIA AND ENTERTAINMENT CORE COMMERCE LOCAL SERVICES Data Technology Data Technology Payment and Financial Services Logistics Marketing Services & Data Management Platform Cloud Computing
- 62. 62 ANT FINANCIAL IS THE TIP OF THE ICEBERG…
- 63. 63
- 64. 64
- 66. 66 Banks Tech giants Start-ups have no customers, little capital and no history, but are driven by vision
- 67. Carl-Nicolai Wessmann, CEO, Spiff, partnering with Nordea 67 My three year old son likes to play with dinosaurs… … so do we.
- 68. 68 Banks Start-ups have no customers, little capital and no history, but are driven by vision Tech giants have billions of customers, billions of capital, decades of history and have vision and drive
- 69. 69
- 70. 70 Start-ups have no customers, little capital and no history, but are driven by vision Tech giants have billions of customers, billions of capital, decades of history and have vision and drive Banks have millions of customers, billions of capital and centuries of history, but are hampered by heritage
- 71. 71
- 72. 72 215 128 124 99 85 47 45 37 27 0 50 100 150 200 250 Manufacturing Finance Transportation Media & Telecom Natural Resources Utilities Education Health Care Technology & E-commerce US federal government regulations (thousands)