NextGen Payments Forum 2017 - Fintech Disruption

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Technology Applied to Financial ServicesZooming in on the “FinTech Disruption”

Theo Priestley, Technology Evangelist@tprstly

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WHY FINTECH?WHY NOW?

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David Braer11FS

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Innovation in Financial Services was little more than Nokia 3210 snap-on covers

Financial Services industry is now having its “iPhone moment”

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“Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate.”

Tom Goodwin, Head of Innovation, Zenith Media@tomfgoodwin

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“Banks, the world’s foremost financial service providers, produce no consumer value.”

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Banks are the new Kevin Bacon.

Consumers want 6 degrees of separation from them.

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Banks are the new Kevin Bacon

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Facebook Messenger now allows payments in its 30,000 chat bots.

Messenger has over one billion active users.

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Facebook Apple Google Amazon

Least likely to be a major FS player

Most likely to be a major FS player

Source: Citi Research

The traditional definition of Financial Services has blurred

AlibabaWeChat

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Customers want lifestyle services.

They don’t want products.

Real timePredictive

Contextual ValueIntelligent Assistance

Current AccountsMortgagesInsurance

Credit Cards

AmazonGoogleAppleFacebookPayPalStarbucks

HSBCSantanderRBSAMEXetc

“Banks are like dinosaurs and the world needs banking services but not necessarily banks.” – Bill Gates, 1994

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Data has always held the key to Financial Services disruption.

The banks have never turned it to unlock the value.

Now the data is being captured elsewhere. And you won’t see a single kilobyte.

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FinTech is about Focus, not just Money or Disruption.

FinTech can help Financial Services incumbents find Focus.

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Cooperate or Compete?

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Cooperate or Compete?

Innovation leapsReduction in operational cost on digitising existing services

Competition is tough.Startups account for only 5% of consumer revenue.

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When every Bank and FinTech offers an A.I. assistant or Chatbot, where does the competitive advantage lie?

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123456 still tops the survey charts as the most used password.

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Until authentication and security become passive and invisible, it’ll always be P.I.T.A.

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PSD2

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NOKIA 3210 AGAIN

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Blockchain

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PSD2 + Open Data + Contextual Services

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FINTECH MATHS LESSON

CONNECTION + ENGAGEMENT + TRUST + TRANSPARENCY

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Blockchain

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Innovation Hubs

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“By definition you won't ever get innovation if you need to show ROI beforehand.”

Tom Goodwin, Head of Innovation, Zenith Media@tomfgoodwin

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FinTech

A mile wide, an inch deep.

Today’s FinTech challengers will become tomorrow’s incumbents

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Thank You

Theo Priestley, Technology Evangelist@tprstly