Google = Bank Of The Future; Future Of The Bank = ?

Google = Bank Of The Future; Future Of The Bank = ?. Author: Alexis Eisenhofer. Vorstand at financial.com AG. Download from SlideShare ➞ http://adf.ly/xKZbc Digital (R)Evolution In The Financial Services Industry; Financial Technology (Fintech) As A Major Disruptive Force In Banking Published in Economy & Finance , Internet Transcript: 1. Google = Bank Of The Future; Future Of The Bank = ? Digital (R)Evolution In The Financial Services Industry Alexis Eisenhofer, financial.com - Thomson Reuters, 21 January 2015 2. “Banking Is No Longer Somewhere You Go, But Something You Do.” (Brett King) “Banking Is Essential, Banks Are Not.” (Bill Gates) 3. The “New World” In 2015 4. Digital Business Models Aim At A Disintermediation Of The “Man In The Middle” ➢ Producers (brands) and consumers interact directly ➢ "Prosumer": customers influence product design ➢ "Non-physical production" (the core business model of a bank) is ideal for digital strategies ➢ Innovation in banks has been limited to financial instruments (financial engineering) ➢ Retail banks in Europe only have 20-40% of their processes digitized (McKinsey, October 2013) 5. More And More Customers Expect Changes In Banks ➢ Generations X (1964-1979) and Y (1980-1995) reach the age for wealth creation; "Millennials" (from 2000) do not want consultation ➢ Millennial Disruption Index: "Banking is at the highest risk of disruption." (71% would rather go to the dentist than to the bank) ➢ Rising equity markets with no risk-free investment opportunity ➢ "Paradox of choice": Too much supply reduces the total demand ➢ "Disenchantment" of financial advisors by two crises; Bad image of banks 6. New Technologies Offer Numerous Opportunities ➢ Big data: volume, variety, velocity, veracity ➢ Access: anyone, anything, anytime, anywhere, any device ➢ Social media (Collaboration and sharing) ➢ Technologies disrupt industries faster than ever (Skype, Uber, WhatsApp, Spotify, YouTube, Google Maps, Digicams etc.) ➢ One million users in 9 years / months / days: AOL / Facebook / Draw Something ➢ $ 3 billion in Venture Capital for Fintechs in 2013 (2008: $ 930 million) is still small compared to total bank IT costs ($ 485 billion) - but growing fast ... Make sure to subscribe to my channel if you liked the video! Music Supplied by NoCopyrighSounds: Artist Name: Disfigure - Hollah! [NCS Release] Video link: https://www.youtube.com/watch?v=m0ZXoiIZ40U NCS ➞ Twitch http://twitch.tv/nocopyrightsounds ➞ Spotify http://bit.ly/SpotifyNCS ➞ SoundCloud http://soundcloud.com/nocopyrightsounds ➞ Facebook http://facebook.com/NoCopyrightSounds ➞ Twitter http://twitter.com/NCSounds ➞ Google+ http://google.com/+nocopyrightsounds ➞ Instagram http://instagram.com/nocopyrightsounds_ Disfigure ➞ Facebook https://www.facebook.com/disfigureoff... ➞ SoundCloud https://soundcloud.com/disfigureofficial ➞ Twitter https://twitter.com/disfiguremusic Tags: Economy, Finance , Internet, Financial Services, financial services banking and insurance, financial services marketing, Financial Technology, financial technology partners, banking and finance, banking 101, banking trends 2015, financial planning, financial investment, financial 2015, ...