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Rethinking banking for an Always in Beta world
Report | September 2015
©iStockphoto.com/RawpixelLtd
Paul is a 29 year old living in
London. He’s a typical example of
digital natives’ emerging financial
behaviours around the world. He sees
his bank merely as a place to store
money, and uses a variety of apps to
meet his specific transactional needs.
Among others, he has experimented with You Need A Budget
(Ynab) to track his budget, Paypal to pay for purchases, Venmo
for peer-to-peer exchanges, and Acorns to invest. He has not
settled on the financial service offers he currently uses, but
constantly keeps an eye open for new ones that may be more
convenient.
Online payment processor
Digital wallet
Micro investment app
Budgeting app “Ynab helps me have control over what
I spend, but it’s also a great tool to
learn about my own behaviour. If I can
stick to it and make it work, it will be
life changing for me!”
2 | Claro Partners + Anthemis Group
The new generation of banking
customers have radically different
behaviours and expectations.
A growing crowd of FinTech startups
have recognised this market
opportunity.
To stay relevant in this context,
banks must rethink their business
models and the orientation of their
value propositions.
Phil (24, London) uses
his phone as his wallet.
He mostly uses mobile
payments, but keeps some
cash and his debit card in
his wallet just in case
3 | Claro Partners + Anthemis Group
Claro Partners and Anthemis Group
have partnered to help financial
institutions understand and be
responsive to the changing lifestyles,
values, and behaviours of 21st
century customers, and the new value
propositions emerging to serve them.
We’re pleased to present our perspective on
how banks can reimagine their offers and
business models to serve a customer base that
is increasingly shaped by the digital world.
4 | Claro Partners + Anthemis Group
Partner banks of Always in Beta
project came together in Barcelona
There is a growing gap between banks and their
customers. FinTech is rapidly filling it.
The Digital Revolution has had a huge impact on the business landscape by lowering cost,
distance and time to bring an offer into market. The resulting lowered barriers to entry
have allowed many small, agile players to enter the financial services market. Players in this
disrupted, competitive landscape do one job very well, rather than trying to bundle mediocre
offers together. In the digital context, users have access to information and increasingly expect
cost transparency and clear value propositions from the services they use.
The financial industry is at a
critical point.
- 1/3 of millenials are
disinterested in banks, and
believe they won’t need a bank
at all within five years.
- 2/3 would “rather go to the
dentist than listen to what
banks are saying”, and describe
their banking relationship as
merely transactional.
- Meanwhile, from 2013 to
2014, global investment in
FinTech ventures tripled to
$12.21 billion.
- By 2020, more than 30% of
banking revenues could be at
risk, thanks to new competitors
and new trends.
The Digital
Revolution
Cost
Distance
Time
Barries to entry
Competition
Information
Access
Transparency
Debundling
5 | Claro Partners + Anthemis Group
Payfast provides
online payment
processing for the
South African market
including Bitcoin
payments
Emerging FinTech players meet customers’
changing needs and expectations much better
and faster than incumbent banks.
Initially ignored as marginal players, Fintech startups that hit the right note are growing
exponentially. Once established, they are hard to compete with, too expensive to acquire and
often feel no need to partner with banks.
On top of this, competition is coming from everywhere in the digital space; not just other banks
or FinTech startups, but tech companies such as Facebook, Amazon, Google, Apple, and Uber are
also making aggressive moves to enter financial services.
Your challenge as a bank is to define your unique purpose and capabilities to meet the
needs of a radically different customer profile.
As of June 30, 2014, over
$5 billion in personal loans
have been issued through
the Lending Club platform.
Although still a small portion
of the whole loans market,
Lending Club has more than
doubled annual loan volume
each year since 2007.
Uber, a P2P taxi service, has
it’s own integrated payment
service which elegantly and
invisibly integrates payments
into the user’s experience -
an early indicator that many
financial functions that are key
revenue sources for banks will
soon be free or disappear into
higher-value experiences.
Apple Pay is the Tech giant’s
first move into financial services
6 | Claro Partners + Anthemis Group
Image source: http://bit.ly/1FsNJ9H
Your next generation of
customers are shaped by an
“Always in Beta” world.
Banks, which are trying to respond to the changing landscape,
are focusing on digital natives as a customer segment, and are
trying to figure out what young people want. However, being a
digital native is not a life stage issue. Being shaped by a digital
world in constant and rapid change is not a phase people grow
out of, but is the essence of the new customer.
The behaviours, needs and expectations of this new customer
will go viral across older age groups, as we have seen through
other digital behaviours. Digital natives’ expectations will set
the banking experience conventions that many future customers
will come to expect as well.
Digital fundamentally
changed people’s
orientation to the
world they inhabit.
Google Maps enables
us to confidently act
in the moment in
unfamiliar locations,
without needing to
plan ahead
7 | Claro Partners + Anthemis Group
Image source: http://bit.ly/1Oawh13
Who are the digital natives?
In our research, we have
identified characteristics of
digital natives that define
them as a global profile.
Unlike previous generations of
customers, who would choose
among a few defined options
with fairly predictable endpoints,
digital natives live in a context
full of options and uncertainty.
Their lifestyle reflects a logical
response to this environment.
They seek flexibility, and choose
to keep their options open.
Their values and behaviours
support this lifestyle, and are
ways to cope with a world in
flux. They seek purpose, invest
in themselves, and put great
emphasis on growing their skills
to be equipped to navigate
the constantly changing world.
They are very opportunistic in
leveraging not only financial,
but social and personal
assets. This allows them to
be in a position to respond
to unexpected challenges and
opportunities.
Crystal (19, Singapore)
has recently been offered
a prestigious government
scholarship to study
abroad. She doesn’t
want to accept it as it
requires her to commit
to returning to work in
Singapore. “I don’t know
who I will be when I finish
studying” she says
Incumbent financial offers don’t work for digital
natives’ lives in flux.
Financial offers designed for customers with predictable life paths, financial stability and long-
term commitments don’t meet the needs of digital natives. Banks need to shift their thinking
to look beyond digital natives as a youth segment, to understand and develop totally new value
propositions that align with and support the lifestyle of this new generation of customers.
8 | Claro Partners + Anthemis Group
From a linear life-path
to an unpredictable one
Hakan (25, Istanbul) complains
about his bank’s digital offers:
“They give me some nonsense
graphic analysis of ratio in my
current account vs. my savings
account. Really!?”, he says, “If
they’re gonna do nonsense, I’d
rather they don’t do anything
and just keep my money safe.”
Digitising existing offers isn’t enough; banks need
new propositions tailored for digital natives
The way most banks are reacting to this new customer profile is to simply digitise their offline
offers. However, companies that are thriving in the digital business landscape are those that
are not just putting their existing offers online, but are creating totally new digital value
propositions and business models that address unmet needs of their users in a way that fits their
lifestyle, values and behaviours.
The challenge for banks is to really understand the inherent capabilities of digital, and create
completely new business models, value propositions and user experiences that are meaningful for
a customer base whose attitudes and behaviours have been shaped by a digital world.
eToro didn’t just put investing
online, it reinvented almost the
entire proposition of trading by
offering it within a social, peer-
to-peer context, and dropping
the barriers of entry.
New value proposition
Ability to invest in small
amounts, learn from peers and
manage your own trades
New user experience
Easy in - easy out, simple,
customisable, automated,
social and participatory
New business model
Free service where revenues
come from the spread of
individual trades
9 | Claro Partners + Anthemis Group
While banks struggle to understand
and engage their new consumer,
FinTech startups are taking the
opportunity to meet consumer
needs in new and innovative ways.
“When the crisis hit the UK, banks started
charging more to borrowers and giving less to
lenders. In this environment our rates became
the most appealing offer. In fact, the reason
we grew and are still growing in the UK is the
financial crisis!“
– Giles Andrews, Co-founder & CEO of Zopa
Giles Andrews at Zopa offices in London
10 | Claro Partners + Anthemis Group
We mapped out the FinTech
landscape to explore emerging
value propositions across different
financial functions.
The emerging FinTech landscape is an online
interactive tool that maps out 68 value
propositions across 8 functional areas, plus
enabling platforms and core technology
providers.
11 | Claro Partners + Anthemis Group
The FinTech landscape contains niche players using
new technology and sleek design.
Some of the most noteworthy
FinTech offerings and new types
of banks aptly fuse technology
and design elements to respond
to user needs.
- With P2P lending, consumers
can invest in strangers using
safe, social platforms.
- Robo-advisors use algorithms
to create the optimal
investment portfolio for
investors based on their goals.
- New digital banks and
payment apps feature personal
financial management elements
such as budgeting, spending
alerts, and savings goals.
Retail banking has traditionally centred around the current account, where deposit taking
enables highly profitable consumer lending activities such as credit cards, consumer loans and
mortgages. Besides allowing banks to price across portfolios instead of single services, this setup
helped maintain a relationship with customers and serve all their financial needs.
FinTech has turned this model on its head, fragmenting the financial services industry. Emerging
niche players focus on single-product offerings such as consumer loans or savings accounts.
Others provide adjacent services such as credit scoring, security software, and payment
interfaces. Consumers can now mix and match providers and choose from a range of options, not
only in their own market, but across the globe.
12 | Claro Partners + Anthemis Group
eToro team pitching at
Finovate 2015 in London
FinTech products combine attention to user needs,
technology, and design.
Betterment is a ‘robo-advisor’
that registers users by asking
three simple questions to
determine their investment
goals. The automated
investment tool then creates a
customised portfolio.
Polish mBank is more than
just an online offering, the
bank “has the internet in its
DNA”, and 86% of sales are
made online or through its
call centres. Its seamless and
speedy service are hallmarks of
mBank’s offering, where loan
approvals take just 30 seconds,
mortgage plans are discussed
over Skype, and paper
statements aren’t even offered.
Products and services for investing, savings, credit, and payments
have sprung up as standalone services….
… designed to achieve the simplicity, control, connectivity with
other services, integration with other devices, social sharing
capabilities, passive optimisation, and highly-informed control that
digital natives seek…
… driven by technology such as platforms, data analytics,
optimisation algorithms, and sleek interfaces…
… and responding to unmet user needs in new ways that align with
the expectations of the new consumer.
Niche
products
Design
Features
Technological
capabilities
User needs
13 | Claro Partners + Anthemis Group
FinTech entrepreneurs at work in
a co-working space in Dublin
Banks may be here to stay,
but who owns the customer
relationship is up for grabs.
The emergence of a new consumer profile which FinTech startups
are eager to serve has fundamentally changed the traditional
banks. Regarded by many digital natives with deep suspicion,
banks must work especially hard to prove their relevance in their
new customers’ world.
Digital natives are driven by purpose and are highly social.
FinTech startups recognised this early on by including social
connectivity, customised services, and transparent pricing
models into their core offerings. Some have even marketed
themselves as “anti-banks” that compete on honesty and
reputation.
Supporting this is an emphasis on simple, seamless user
interactions for registration, purchases, transactions, customer
service, and exit - through which FinTech offerings gain trust
and strengthen their reputations. At times creating their
services as an extra layer over banks, these new players win over
customers while still utilising existing bank infrastructure. Transferwise is a UK-based company that
facilitates low-cost cross-border currency
transfers. They organised “nothing to hide”
stunts in the UK and the US to attack
banks’ lack of transparency in fees
14 | Claro Partners + Anthemis Group
Image source: http://bit.ly/1Frw0j2
Commonwealth Bank of Australia created
a new customer proposition that looks
beyond the traditional mortgage product:
an augmented-reality app that lets
potential buyers see inside houses for sale
FinTech is now influencing the course of the
financial services industry; and banks face
a choice in how to participate.
The financial industry has a general tendency to turn a blind eye to new players until the
threat becomes too big. However, banks are approaching a crossroad where they will have to
choose whether to yield the customer relationship to emerging FinTech, or fight to maintain
it by competing or cooperating with the new upstarts. Taking a back seat doesn’t mean being
inactive: a new and viable option is API banking, “where banks allow third-party developers to
leverage institutional services to design new products.” On the other hand, banks that want to
maintain the customer relationship need to rethink their products, customer engagement, and
FinTech engagement models.
After a group of fintech
companies organised and
advocated for it, the UK
government instituted regulatory
changes that favoured financial
services innovation. We expect
regulation changes in other
markets to follow this trend.
At ten years old, Zopa has
proven its staying power in the
UK’s loan market; and with its
IPO in December 2014, Lending
Club has demonstrated that it
has the size to compete with
major banks.
Credit Agricole was one of the
first banks to launch an open
API initiative, which is now
the Credit Agricole app store.
Applications allow customers
to budget their finances and
manage their credit card
accounts. The API also uses
its own Geolocation service for
enhanced customer data on how
the apps are being used.
15 | Claro Partners + Anthemis Group
Image source: http://bit.ly/1bbd4g8
Align your engagement model
to your new consumers’ mindset
Banks that choose to play in the B2C space need a
new approach to building relationships with digital
natives, and designing and delivering offers to them.
We have identified four preconditions for banks to successfully
create customer-facing propositions for digital natives:
Think beyond segments;
address financial modes
Tailor your offers to their
lifestyle, values and behaviours
Define your
FinTech strategy
16 | Claro Partners + Anthemis Group
Singapore Impact HUB
1.
2.
3.
4.
Digital natives have high expectations from the products and
services they use, and no mercy for offers that are not relevant
to them. They rely on their networks, want to understand the
implications of their choices, and to have control over their
own decisions. Banks need a new engagement model to align
their offers and communication with this new customer’s
expectations, their way of thinking and decision-making.
1. Align your engagement model
to your new consumers’ mindset
Rob owns and runs a chain of restaurants in Singapore. Last year
he needed to take a loan to invest in his business. However,
he was offered very low amounts as he hadn’t taken a loan
before. “They offer a low amount with the logic that I should
build a relationship with them”, he says, “Why should I build a
relationship? They should build a relationship with me!” Rob (28, Singapore) talking
to us in one of his restaurants
17 | Claro Partners + Anthemis Group
New players are already
engaging their customers
in ways that respond to
their changing lifestyle and
mindset.
Kapitall enables its users to
manage their own investments
portfolios. It uses video game
mechanics to develop a playful
user experience. Through
experimenting, users can create
their first virtual, then real
brokerage portfolios.
Even helps its users prepare for
financial downtimes by saving
their extra earnings at good
times to balance the lows. It
meets a key need for people
with increasingly unstable
income streams by providing a
consistent paycheck every week.
1. Align your engagement model
to your new consumers’ mindset
There are five key engagement elements that are fundamental for banks to create a successful
relationship with their customers. However, there is a misalignment between how banks
presently approach these elements and the mindset of the digital native (DN) customer.
Banks expect their institutional
authority to equate to trust
Banks provide offers that lock in
their clients, and call this loyalty
Banks emphasise offers to help
plan and build a financial future
Banks encourage customers
to delegate all their financial
decision making
In attempt to be transparent,
banks push all the information
they have on to their customers
DNs want to get smarter about
choices and be enabled to make
their own financial decisions
DNs don’t want information
overload, but to get to relevant
meaning in the moment
Traditional approach New imperative
Trust
Loyalty
Planning
Financial
management
Communication
DNs develop trust based on shared
interests and experiences
DNs need offers that prepare them
for challenges and opportunities
DNs expect banks to prove their
relevance at every touch point
18 | Claro Partners + Anthemis Group
Digital natives don’t have pre-defined life paths, nor do they
have steady financial behaviours. Segmentation based on
demographics, or profiles based on life-stages aren’t enough
to define their financial needs. Banks need a new model to
complement and expand their existing segmentation models.
2. Think beyond segments;
address financial modes
When it comes to investment, Sean seems to be very conscious
about managing his money. He has taken a financial trading
course to avoid relying on a broker, and he checks his portfolio
daily to make sure he’s building his future capital. He reveals
a different story when it comes to managing his daily budget.
He spends most of his salary in the first half of the month, and
spends the second half patching by “surviving on pasta”. Sean (27, Dublin)
in his apartment
19 | Claro Partners + Anthemis Group
2. Think beyond segments;
address financial modes
Innovative offers are already
addressing tensions in their
users’ financial behaviours.
Payoff motivates its users to
move towards their dreams even
though they haven’t financially
built for it. The social aspect
of the product includes sharing
of dreams, the ability to tag
friends in dreams, and the
posting of accomplishments on
your Facebook wall.
Saved+ helps its users save
while they spend. Once users
link their account and card to
Saved+, in each transaction
an extra percentage is added
to be transferred from a source
account into a saving account.
Banks traditionally have a segmentation model based on income or financial performance. Some
banks, in an attempt to be customer-centric, segment their customers based on life stages,
which is a good step forward, but is still not enough to meaningfully address the digital native
customer. These models do not apply to the digital native’s lifestyle, which is based on constant
change and adaptation to the environment. With a life-path defined by choice and uncertainty,
digital native customers cannot merely be boxed into segments. We need a new model to address
the variations in their financial behaviours.
We have created a modal framework that addresses
the four key financial modes of digital natives.
These modes are groups of financial behaviours
based on goals and orientation, and would apply
to most customers. What is unique to digital
natives is that they very rapidly switch between
different financial modes, or even inhabit multiple
modes at the same time. This multi-modal state
often creates tensions in their lives. However,
offers available from banks today are designed
to address only one mode. The opportunity for
banks is to create financial offers that help their
customers resolve the tensions between their
multiple financial modes.
Now
Future
Myfinances
Mylife
P I
B D
20 | Claro Partners + Anthemis Group
3. Tailor your offers to their
lifestyle, values and behaviours
Maria is very conscious about reducing spending, especially after
her son was born. She gets frustrated about unjustified costs,
and expects clear, transparent communication from her bank.
She has recently changed her bank because of high account
fees. “Why do I have to pay commissions on a savings account?”
she says, “A savings account is supposed to make your money
grow, not shrink”.
Maria (22, Mexico City)
with her one year old son
Your new generation of customers have been shaped by a
digital world, and have radically different expectations from
the products and services they use. With so many alternatives
available, they have no tolerance for offers that don’t meet their
expectations. Banks need a set of guiding service principles for
creating products or services matching the lifestyle, values and
behaviours of digital natives.
21 | Claro Partners + Anthemis Group
Beincl
uded in their considera
tionset
Addmea
ning to their e
xperience
Offer
relevant
benefit
3. Tailor your offers to their
lifestyle, values and behaviours
Financial offers are designed for an archetypical customer with a linear life-path. Unfortunately,
these offers don’t meet the needs and expectations of digital natives whose lifestyle has evolved
to keep options open and avoid long-term commitment, nor their unique values and financial
behaviours. Banks can meet the needs of digital natives by adhering to service principles that
are designed to match their lifestyle. These service principles are fundamental to creating
relevant and valuable offers for them.
We have identified principles that define an offer’s characteristics at three levels. Banks must
address all three levels to successfully translate an opportunity area into a product, service or
communication for digital natives.
Successful financial services
match the lifestyle, values and
behaviours of their users.
Ininal card from ING Turkey is
a pre-paid card for users who are
averse to committing to long-
term deals. It is very easy to
start using and equally easy to
stop. Users can buy it from, and
top it up at the supermarket,
and there are no implications if
they decide to stop using it.
Upstart gives personal loans
based on users’ potential even
if they don’t have a credit
history. For users who are not
interested in building financial
capital in conventional ways,
it looks beyond conventional
measures of credit-worthiness
and sets individual rates based
on other types of capital such as
education and job history.
Principles that define the baseline characteristics an offer
should have for digital natives to even consider trying it.
Principles that define the quality of the user experience and
interactions that digital natives expect from their services.
Principles to provide digital natives with a clear and
relevant benefit that addresses their financial and non-
financial assets, and future potential.
22 | Claro Partners + Anthemis Group
While the financial services landscape is poised for a revolution
in the form of financial technology, value proposition and
business model innovation, banks have several options for
participation in this new world. Any choice they make can form
a strategic hedge against becoming obsolete or losing their
relevance to consumers.
4. Define your
FinTech strategy
“Banks have a sustained belief that people will still want to come
into a bank branch. Meanwhile new entrants are entering into the
market. It takes a few years for banks to realise this is affecting
their revenue. So in the end you will split distribution … like
what happened to books with Amazon. This is what is happening
in banking now.” - Brett King, Founder of Moven Bank.
Brett King is the co-founder and
CEO of Moven and a venture
partner at Anthemis Group
23 | Claro Partners + Anthemis Group
Image source: http://bit.ly/1Nc6uEM
For banks that want to maintain the customer relationship, engaging with the FinTech ecosystem
is a critical part of the strategy. Banks can learn from the FinTech ecosystem on how to acquire
new customers, how to engage them and retain their trust, and how to build propositions that
deliver what digital natives expect.
However, banks can also play a pivotal role in the FinTech ecosystem, either by competing with
startups or by supporting the ecosystem’s development overall:
- Build: Banks that have strong innovation capabilities can build new innovations in-house,
investing in the innovation and design needed to create products that rival the best of FinTech.
- Collaborate: Perhaps the richest way for banks to explore the FinTech opportunity is to
collaborate directly with them. Joint research and product development, or establishing a vendor
relationship, can allow banks to go-to-market with the leading propositions.
- Invest: Banks that want to profit from the rise of FinTech and learn about how they win
customers, can invest in startups via venture investment funds, direct investment, or supporting
one of the growing number of startup accelerators in FinTech.
- Acquire: Banks that want to gain access to market-leading capabilities can acquire FinTech
startups outright, integrating them into the bank or running them as standalone entities. For
some, this is a good way to target tech-savvy consumers who are suspicious of traditional banks.
Different banks pursue
different strategies for their
FinTech engagement.
Citi’s internal innovation team
has built its own cryptocurrency
similar to Bitcoin and aimed
at cross-border transactions,
branding it “Citicoin”.
Fidor, Western Union, and RBS
are collaborating with Ripple
Labs to use the Ripple protocol
for low-cost cross-border
payments in any currency.
Barclays partnered with
Techstars to invest in an
international FinTech accelerator
in London. The programme gives
a small amount of seed funding
and mentorship by Barclays
staff in exchange for a small
equity stake.
BBVA acquired Simple - a
branchless digital bank that
uses online and mobile apps,
allows users to set savings
goals, and enables location-
based spending monitoring.
4. Define your
FinTech strategy
24 | Claro Partners + Anthemis Group
We understand your new generation
of customers, the emerging FinTech
landscape, and how how their
convergence impacts your business.
We’ve created a set of tools to help you identify, develop and
activate new value propositions for digital natives, and take
steps to extend your offers to them. We can work with you to
analyse your specific challenges and opportunities; to develop
new value propositions and service designs within the financial
services landscape; and to identify potential partners and paths
to collaborate with the FinTech ecosystem.
Contact us to learn more:
www.alwaysinbeta.org
25 | Claro Partners + Anthemis Group
Always in Beta final
workshop in Barcelona
About this project
This document is an outcome of a consortium project conducted
by Claro Partners and Anthemis Group, in partnership with ING,
BBVA, Garanti Bank, Standard Bank of South Africa, Bank of
Ireland and Credit Suisse.
We conducted global research to understand what digital natives
mean for financial services, and how the emerging FinTech
landscape is responding to it.
Although the project scope was defined as consumer-facing financial
services, the outputs have direct critical implications for other
financial services sectors, such as private banking and wealth
management, commercial banking, and insurance.
In our research we focused on three user-centred stories that
each gave us insights into different aspects of the digital native
experience: transition to financial independence, entrepreneurship
and pioneer users. We have complemented user stories with extensive
industry research on both the incumbents and FinTech startups.
Learning expeditions
in six cities
Expert and startup
interviews
Ethnographic research
with digital natives
Mapping emerging value
propositions in Fintech
Workshops with
leading banks
Dublin
London
Istanbul
Mexico City
Singapore
Cape Town
Anthemis is an investment and advisory firm focused on re-
inventing financial services for the 21st century. We work with
a diverse group of customers and partners – from start-ups and
venture capital firms to financial institutions and private equity
firms – to catalyse and accelerate positive and disruptive change
across the financial industry.
Contact us at info@anthemis.com
Let’s continue the conversation!
Claro Partners is an international business innovation and
service design firm. We make sense of disruptive shifts in
business and society to develop new market opportunities,
strategies and business models. By combining social science,
design thinking, and business strategy, we lead our clients to
solutions that create value for both business and society.
Contact us at hello@claropartners.com

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Rethinking Banking for an Always in Beta World

  • 1. Rethinking banking for an Always in Beta world Report | September 2015 ©iStockphoto.com/RawpixelLtd
  • 2. Paul is a 29 year old living in London. He’s a typical example of digital natives’ emerging financial behaviours around the world. He sees his bank merely as a place to store money, and uses a variety of apps to meet his specific transactional needs. Among others, he has experimented with You Need A Budget (Ynab) to track his budget, Paypal to pay for purchases, Venmo for peer-to-peer exchanges, and Acorns to invest. He has not settled on the financial service offers he currently uses, but constantly keeps an eye open for new ones that may be more convenient. Online payment processor Digital wallet Micro investment app Budgeting app “Ynab helps me have control over what I spend, but it’s also a great tool to learn about my own behaviour. If I can stick to it and make it work, it will be life changing for me!” 2 | Claro Partners + Anthemis Group
  • 3. The new generation of banking customers have radically different behaviours and expectations. A growing crowd of FinTech startups have recognised this market opportunity. To stay relevant in this context, banks must rethink their business models and the orientation of their value propositions. Phil (24, London) uses his phone as his wallet. He mostly uses mobile payments, but keeps some cash and his debit card in his wallet just in case 3 | Claro Partners + Anthemis Group
  • 4. Claro Partners and Anthemis Group have partnered to help financial institutions understand and be responsive to the changing lifestyles, values, and behaviours of 21st century customers, and the new value propositions emerging to serve them. We’re pleased to present our perspective on how banks can reimagine their offers and business models to serve a customer base that is increasingly shaped by the digital world. 4 | Claro Partners + Anthemis Group Partner banks of Always in Beta project came together in Barcelona
  • 5. There is a growing gap between banks and their customers. FinTech is rapidly filling it. The Digital Revolution has had a huge impact on the business landscape by lowering cost, distance and time to bring an offer into market. The resulting lowered barriers to entry have allowed many small, agile players to enter the financial services market. Players in this disrupted, competitive landscape do one job very well, rather than trying to bundle mediocre offers together. In the digital context, users have access to information and increasingly expect cost transparency and clear value propositions from the services they use. The financial industry is at a critical point. - 1/3 of millenials are disinterested in banks, and believe they won’t need a bank at all within five years. - 2/3 would “rather go to the dentist than listen to what banks are saying”, and describe their banking relationship as merely transactional. - Meanwhile, from 2013 to 2014, global investment in FinTech ventures tripled to $12.21 billion. - By 2020, more than 30% of banking revenues could be at risk, thanks to new competitors and new trends. The Digital Revolution Cost Distance Time Barries to entry Competition Information Access Transparency Debundling 5 | Claro Partners + Anthemis Group Payfast provides online payment processing for the South African market including Bitcoin payments
  • 6. Emerging FinTech players meet customers’ changing needs and expectations much better and faster than incumbent banks. Initially ignored as marginal players, Fintech startups that hit the right note are growing exponentially. Once established, they are hard to compete with, too expensive to acquire and often feel no need to partner with banks. On top of this, competition is coming from everywhere in the digital space; not just other banks or FinTech startups, but tech companies such as Facebook, Amazon, Google, Apple, and Uber are also making aggressive moves to enter financial services. Your challenge as a bank is to define your unique purpose and capabilities to meet the needs of a radically different customer profile. As of June 30, 2014, over $5 billion in personal loans have been issued through the Lending Club platform. Although still a small portion of the whole loans market, Lending Club has more than doubled annual loan volume each year since 2007. Uber, a P2P taxi service, has it’s own integrated payment service which elegantly and invisibly integrates payments into the user’s experience - an early indicator that many financial functions that are key revenue sources for banks will soon be free or disappear into higher-value experiences. Apple Pay is the Tech giant’s first move into financial services 6 | Claro Partners + Anthemis Group Image source: http://bit.ly/1FsNJ9H
  • 7. Your next generation of customers are shaped by an “Always in Beta” world. Banks, which are trying to respond to the changing landscape, are focusing on digital natives as a customer segment, and are trying to figure out what young people want. However, being a digital native is not a life stage issue. Being shaped by a digital world in constant and rapid change is not a phase people grow out of, but is the essence of the new customer. The behaviours, needs and expectations of this new customer will go viral across older age groups, as we have seen through other digital behaviours. Digital natives’ expectations will set the banking experience conventions that many future customers will come to expect as well. Digital fundamentally changed people’s orientation to the world they inhabit. Google Maps enables us to confidently act in the moment in unfamiliar locations, without needing to plan ahead 7 | Claro Partners + Anthemis Group Image source: http://bit.ly/1Oawh13
  • 8. Who are the digital natives? In our research, we have identified characteristics of digital natives that define them as a global profile. Unlike previous generations of customers, who would choose among a few defined options with fairly predictable endpoints, digital natives live in a context full of options and uncertainty. Their lifestyle reflects a logical response to this environment. They seek flexibility, and choose to keep their options open. Their values and behaviours support this lifestyle, and are ways to cope with a world in flux. They seek purpose, invest in themselves, and put great emphasis on growing their skills to be equipped to navigate the constantly changing world. They are very opportunistic in leveraging not only financial, but social and personal assets. This allows them to be in a position to respond to unexpected challenges and opportunities. Crystal (19, Singapore) has recently been offered a prestigious government scholarship to study abroad. She doesn’t want to accept it as it requires her to commit to returning to work in Singapore. “I don’t know who I will be when I finish studying” she says Incumbent financial offers don’t work for digital natives’ lives in flux. Financial offers designed for customers with predictable life paths, financial stability and long- term commitments don’t meet the needs of digital natives. Banks need to shift their thinking to look beyond digital natives as a youth segment, to understand and develop totally new value propositions that align with and support the lifestyle of this new generation of customers. 8 | Claro Partners + Anthemis Group From a linear life-path to an unpredictable one
  • 9. Hakan (25, Istanbul) complains about his bank’s digital offers: “They give me some nonsense graphic analysis of ratio in my current account vs. my savings account. Really!?”, he says, “If they’re gonna do nonsense, I’d rather they don’t do anything and just keep my money safe.” Digitising existing offers isn’t enough; banks need new propositions tailored for digital natives The way most banks are reacting to this new customer profile is to simply digitise their offline offers. However, companies that are thriving in the digital business landscape are those that are not just putting their existing offers online, but are creating totally new digital value propositions and business models that address unmet needs of their users in a way that fits their lifestyle, values and behaviours. The challenge for banks is to really understand the inherent capabilities of digital, and create completely new business models, value propositions and user experiences that are meaningful for a customer base whose attitudes and behaviours have been shaped by a digital world. eToro didn’t just put investing online, it reinvented almost the entire proposition of trading by offering it within a social, peer- to-peer context, and dropping the barriers of entry. New value proposition Ability to invest in small amounts, learn from peers and manage your own trades New user experience Easy in - easy out, simple, customisable, automated, social and participatory New business model Free service where revenues come from the spread of individual trades 9 | Claro Partners + Anthemis Group
  • 10. While banks struggle to understand and engage their new consumer, FinTech startups are taking the opportunity to meet consumer needs in new and innovative ways. “When the crisis hit the UK, banks started charging more to borrowers and giving less to lenders. In this environment our rates became the most appealing offer. In fact, the reason we grew and are still growing in the UK is the financial crisis!“ – Giles Andrews, Co-founder & CEO of Zopa Giles Andrews at Zopa offices in London 10 | Claro Partners + Anthemis Group
  • 11. We mapped out the FinTech landscape to explore emerging value propositions across different financial functions. The emerging FinTech landscape is an online interactive tool that maps out 68 value propositions across 8 functional areas, plus enabling platforms and core technology providers. 11 | Claro Partners + Anthemis Group
  • 12. The FinTech landscape contains niche players using new technology and sleek design. Some of the most noteworthy FinTech offerings and new types of banks aptly fuse technology and design elements to respond to user needs. - With P2P lending, consumers can invest in strangers using safe, social platforms. - Robo-advisors use algorithms to create the optimal investment portfolio for investors based on their goals. - New digital banks and payment apps feature personal financial management elements such as budgeting, spending alerts, and savings goals. Retail banking has traditionally centred around the current account, where deposit taking enables highly profitable consumer lending activities such as credit cards, consumer loans and mortgages. Besides allowing banks to price across portfolios instead of single services, this setup helped maintain a relationship with customers and serve all their financial needs. FinTech has turned this model on its head, fragmenting the financial services industry. Emerging niche players focus on single-product offerings such as consumer loans or savings accounts. Others provide adjacent services such as credit scoring, security software, and payment interfaces. Consumers can now mix and match providers and choose from a range of options, not only in their own market, but across the globe. 12 | Claro Partners + Anthemis Group eToro team pitching at Finovate 2015 in London
  • 13. FinTech products combine attention to user needs, technology, and design. Betterment is a ‘robo-advisor’ that registers users by asking three simple questions to determine their investment goals. The automated investment tool then creates a customised portfolio. Polish mBank is more than just an online offering, the bank “has the internet in its DNA”, and 86% of sales are made online or through its call centres. Its seamless and speedy service are hallmarks of mBank’s offering, where loan approvals take just 30 seconds, mortgage plans are discussed over Skype, and paper statements aren’t even offered. Products and services for investing, savings, credit, and payments have sprung up as standalone services…. … designed to achieve the simplicity, control, connectivity with other services, integration with other devices, social sharing capabilities, passive optimisation, and highly-informed control that digital natives seek… … driven by technology such as platforms, data analytics, optimisation algorithms, and sleek interfaces… … and responding to unmet user needs in new ways that align with the expectations of the new consumer. Niche products Design Features Technological capabilities User needs 13 | Claro Partners + Anthemis Group FinTech entrepreneurs at work in a co-working space in Dublin
  • 14. Banks may be here to stay, but who owns the customer relationship is up for grabs. The emergence of a new consumer profile which FinTech startups are eager to serve has fundamentally changed the traditional banks. Regarded by many digital natives with deep suspicion, banks must work especially hard to prove their relevance in their new customers’ world. Digital natives are driven by purpose and are highly social. FinTech startups recognised this early on by including social connectivity, customised services, and transparent pricing models into their core offerings. Some have even marketed themselves as “anti-banks” that compete on honesty and reputation. Supporting this is an emphasis on simple, seamless user interactions for registration, purchases, transactions, customer service, and exit - through which FinTech offerings gain trust and strengthen their reputations. At times creating their services as an extra layer over banks, these new players win over customers while still utilising existing bank infrastructure. Transferwise is a UK-based company that facilitates low-cost cross-border currency transfers. They organised “nothing to hide” stunts in the UK and the US to attack banks’ lack of transparency in fees 14 | Claro Partners + Anthemis Group Image source: http://bit.ly/1Frw0j2
  • 15. Commonwealth Bank of Australia created a new customer proposition that looks beyond the traditional mortgage product: an augmented-reality app that lets potential buyers see inside houses for sale FinTech is now influencing the course of the financial services industry; and banks face a choice in how to participate. The financial industry has a general tendency to turn a blind eye to new players until the threat becomes too big. However, banks are approaching a crossroad where they will have to choose whether to yield the customer relationship to emerging FinTech, or fight to maintain it by competing or cooperating with the new upstarts. Taking a back seat doesn’t mean being inactive: a new and viable option is API banking, “where banks allow third-party developers to leverage institutional services to design new products.” On the other hand, banks that want to maintain the customer relationship need to rethink their products, customer engagement, and FinTech engagement models. After a group of fintech companies organised and advocated for it, the UK government instituted regulatory changes that favoured financial services innovation. We expect regulation changes in other markets to follow this trend. At ten years old, Zopa has proven its staying power in the UK’s loan market; and with its IPO in December 2014, Lending Club has demonstrated that it has the size to compete with major banks. Credit Agricole was one of the first banks to launch an open API initiative, which is now the Credit Agricole app store. Applications allow customers to budget their finances and manage their credit card accounts. The API also uses its own Geolocation service for enhanced customer data on how the apps are being used. 15 | Claro Partners + Anthemis Group Image source: http://bit.ly/1bbd4g8
  • 16. Align your engagement model to your new consumers’ mindset Banks that choose to play in the B2C space need a new approach to building relationships with digital natives, and designing and delivering offers to them. We have identified four preconditions for banks to successfully create customer-facing propositions for digital natives: Think beyond segments; address financial modes Tailor your offers to their lifestyle, values and behaviours Define your FinTech strategy 16 | Claro Partners + Anthemis Group Singapore Impact HUB 1. 2. 3. 4.
  • 17. Digital natives have high expectations from the products and services they use, and no mercy for offers that are not relevant to them. They rely on their networks, want to understand the implications of their choices, and to have control over their own decisions. Banks need a new engagement model to align their offers and communication with this new customer’s expectations, their way of thinking and decision-making. 1. Align your engagement model to your new consumers’ mindset Rob owns and runs a chain of restaurants in Singapore. Last year he needed to take a loan to invest in his business. However, he was offered very low amounts as he hadn’t taken a loan before. “They offer a low amount with the logic that I should build a relationship with them”, he says, “Why should I build a relationship? They should build a relationship with me!” Rob (28, Singapore) talking to us in one of his restaurants 17 | Claro Partners + Anthemis Group
  • 18. New players are already engaging their customers in ways that respond to their changing lifestyle and mindset. Kapitall enables its users to manage their own investments portfolios. It uses video game mechanics to develop a playful user experience. Through experimenting, users can create their first virtual, then real brokerage portfolios. Even helps its users prepare for financial downtimes by saving their extra earnings at good times to balance the lows. It meets a key need for people with increasingly unstable income streams by providing a consistent paycheck every week. 1. Align your engagement model to your new consumers’ mindset There are five key engagement elements that are fundamental for banks to create a successful relationship with their customers. However, there is a misalignment between how banks presently approach these elements and the mindset of the digital native (DN) customer. Banks expect their institutional authority to equate to trust Banks provide offers that lock in their clients, and call this loyalty Banks emphasise offers to help plan and build a financial future Banks encourage customers to delegate all their financial decision making In attempt to be transparent, banks push all the information they have on to their customers DNs want to get smarter about choices and be enabled to make their own financial decisions DNs don’t want information overload, but to get to relevant meaning in the moment Traditional approach New imperative Trust Loyalty Planning Financial management Communication DNs develop trust based on shared interests and experiences DNs need offers that prepare them for challenges and opportunities DNs expect banks to prove their relevance at every touch point 18 | Claro Partners + Anthemis Group
  • 19. Digital natives don’t have pre-defined life paths, nor do they have steady financial behaviours. Segmentation based on demographics, or profiles based on life-stages aren’t enough to define their financial needs. Banks need a new model to complement and expand their existing segmentation models. 2. Think beyond segments; address financial modes When it comes to investment, Sean seems to be very conscious about managing his money. He has taken a financial trading course to avoid relying on a broker, and he checks his portfolio daily to make sure he’s building his future capital. He reveals a different story when it comes to managing his daily budget. He spends most of his salary in the first half of the month, and spends the second half patching by “surviving on pasta”. Sean (27, Dublin) in his apartment 19 | Claro Partners + Anthemis Group
  • 20. 2. Think beyond segments; address financial modes Innovative offers are already addressing tensions in their users’ financial behaviours. Payoff motivates its users to move towards their dreams even though they haven’t financially built for it. The social aspect of the product includes sharing of dreams, the ability to tag friends in dreams, and the posting of accomplishments on your Facebook wall. Saved+ helps its users save while they spend. Once users link their account and card to Saved+, in each transaction an extra percentage is added to be transferred from a source account into a saving account. Banks traditionally have a segmentation model based on income or financial performance. Some banks, in an attempt to be customer-centric, segment their customers based on life stages, which is a good step forward, but is still not enough to meaningfully address the digital native customer. These models do not apply to the digital native’s lifestyle, which is based on constant change and adaptation to the environment. With a life-path defined by choice and uncertainty, digital native customers cannot merely be boxed into segments. We need a new model to address the variations in their financial behaviours. We have created a modal framework that addresses the four key financial modes of digital natives. These modes are groups of financial behaviours based on goals and orientation, and would apply to most customers. What is unique to digital natives is that they very rapidly switch between different financial modes, or even inhabit multiple modes at the same time. This multi-modal state often creates tensions in their lives. However, offers available from banks today are designed to address only one mode. The opportunity for banks is to create financial offers that help their customers resolve the tensions between their multiple financial modes. Now Future Myfinances Mylife P I B D 20 | Claro Partners + Anthemis Group
  • 21. 3. Tailor your offers to their lifestyle, values and behaviours Maria is very conscious about reducing spending, especially after her son was born. She gets frustrated about unjustified costs, and expects clear, transparent communication from her bank. She has recently changed her bank because of high account fees. “Why do I have to pay commissions on a savings account?” she says, “A savings account is supposed to make your money grow, not shrink”. Maria (22, Mexico City) with her one year old son Your new generation of customers have been shaped by a digital world, and have radically different expectations from the products and services they use. With so many alternatives available, they have no tolerance for offers that don’t meet their expectations. Banks need a set of guiding service principles for creating products or services matching the lifestyle, values and behaviours of digital natives. 21 | Claro Partners + Anthemis Group
  • 22. Beincl uded in their considera tionset Addmea ning to their e xperience Offer relevant benefit 3. Tailor your offers to their lifestyle, values and behaviours Financial offers are designed for an archetypical customer with a linear life-path. Unfortunately, these offers don’t meet the needs and expectations of digital natives whose lifestyle has evolved to keep options open and avoid long-term commitment, nor their unique values and financial behaviours. Banks can meet the needs of digital natives by adhering to service principles that are designed to match their lifestyle. These service principles are fundamental to creating relevant and valuable offers for them. We have identified principles that define an offer’s characteristics at three levels. Banks must address all three levels to successfully translate an opportunity area into a product, service or communication for digital natives. Successful financial services match the lifestyle, values and behaviours of their users. Ininal card from ING Turkey is a pre-paid card for users who are averse to committing to long- term deals. It is very easy to start using and equally easy to stop. Users can buy it from, and top it up at the supermarket, and there are no implications if they decide to stop using it. Upstart gives personal loans based on users’ potential even if they don’t have a credit history. For users who are not interested in building financial capital in conventional ways, it looks beyond conventional measures of credit-worthiness and sets individual rates based on other types of capital such as education and job history. Principles that define the baseline characteristics an offer should have for digital natives to even consider trying it. Principles that define the quality of the user experience and interactions that digital natives expect from their services. Principles to provide digital natives with a clear and relevant benefit that addresses their financial and non- financial assets, and future potential. 22 | Claro Partners + Anthemis Group
  • 23. While the financial services landscape is poised for a revolution in the form of financial technology, value proposition and business model innovation, banks have several options for participation in this new world. Any choice they make can form a strategic hedge against becoming obsolete or losing their relevance to consumers. 4. Define your FinTech strategy “Banks have a sustained belief that people will still want to come into a bank branch. Meanwhile new entrants are entering into the market. It takes a few years for banks to realise this is affecting their revenue. So in the end you will split distribution … like what happened to books with Amazon. This is what is happening in banking now.” - Brett King, Founder of Moven Bank. Brett King is the co-founder and CEO of Moven and a venture partner at Anthemis Group 23 | Claro Partners + Anthemis Group Image source: http://bit.ly/1Nc6uEM
  • 24. For banks that want to maintain the customer relationship, engaging with the FinTech ecosystem is a critical part of the strategy. Banks can learn from the FinTech ecosystem on how to acquire new customers, how to engage them and retain their trust, and how to build propositions that deliver what digital natives expect. However, banks can also play a pivotal role in the FinTech ecosystem, either by competing with startups or by supporting the ecosystem’s development overall: - Build: Banks that have strong innovation capabilities can build new innovations in-house, investing in the innovation and design needed to create products that rival the best of FinTech. - Collaborate: Perhaps the richest way for banks to explore the FinTech opportunity is to collaborate directly with them. Joint research and product development, or establishing a vendor relationship, can allow banks to go-to-market with the leading propositions. - Invest: Banks that want to profit from the rise of FinTech and learn about how they win customers, can invest in startups via venture investment funds, direct investment, or supporting one of the growing number of startup accelerators in FinTech. - Acquire: Banks that want to gain access to market-leading capabilities can acquire FinTech startups outright, integrating them into the bank or running them as standalone entities. For some, this is a good way to target tech-savvy consumers who are suspicious of traditional banks. Different banks pursue different strategies for their FinTech engagement. Citi’s internal innovation team has built its own cryptocurrency similar to Bitcoin and aimed at cross-border transactions, branding it “Citicoin”. Fidor, Western Union, and RBS are collaborating with Ripple Labs to use the Ripple protocol for low-cost cross-border payments in any currency. Barclays partnered with Techstars to invest in an international FinTech accelerator in London. The programme gives a small amount of seed funding and mentorship by Barclays staff in exchange for a small equity stake. BBVA acquired Simple - a branchless digital bank that uses online and mobile apps, allows users to set savings goals, and enables location- based spending monitoring. 4. Define your FinTech strategy 24 | Claro Partners + Anthemis Group
  • 25. We understand your new generation of customers, the emerging FinTech landscape, and how how their convergence impacts your business. We’ve created a set of tools to help you identify, develop and activate new value propositions for digital natives, and take steps to extend your offers to them. We can work with you to analyse your specific challenges and opportunities; to develop new value propositions and service designs within the financial services landscape; and to identify potential partners and paths to collaborate with the FinTech ecosystem. Contact us to learn more: www.alwaysinbeta.org 25 | Claro Partners + Anthemis Group Always in Beta final workshop in Barcelona
  • 26. About this project This document is an outcome of a consortium project conducted by Claro Partners and Anthemis Group, in partnership with ING, BBVA, Garanti Bank, Standard Bank of South Africa, Bank of Ireland and Credit Suisse. We conducted global research to understand what digital natives mean for financial services, and how the emerging FinTech landscape is responding to it. Although the project scope was defined as consumer-facing financial services, the outputs have direct critical implications for other financial services sectors, such as private banking and wealth management, commercial banking, and insurance. In our research we focused on three user-centred stories that each gave us insights into different aspects of the digital native experience: transition to financial independence, entrepreneurship and pioneer users. We have complemented user stories with extensive industry research on both the incumbents and FinTech startups. Learning expeditions in six cities Expert and startup interviews Ethnographic research with digital natives Mapping emerging value propositions in Fintech Workshops with leading banks Dublin London Istanbul Mexico City Singapore Cape Town
  • 27. Anthemis is an investment and advisory firm focused on re- inventing financial services for the 21st century. We work with a diverse group of customers and partners – from start-ups and venture capital firms to financial institutions and private equity firms – to catalyse and accelerate positive and disruptive change across the financial industry. Contact us at info@anthemis.com Let’s continue the conversation! Claro Partners is an international business innovation and service design firm. We make sense of disruptive shifts in business and society to develop new market opportunities, strategies and business models. By combining social science, design thinking, and business strategy, we lead our clients to solutions that create value for both business and society. Contact us at hello@claropartners.com