MagnaCarta-2019年金融科技颠覆者报告（英文）-2019.6-32页.pdf

1F I N T E C H D I S R U P T O R S 2 0 1 9REMOVING ROADBLOCKS THE NEW ROAD OF FINTECH F I N T E C H S N E X T W A V E2M E T H O D O L O G YFintech Disruptors Report EMEA 2018,in its fourth year,is a temperature check on the status of digital financial services and the role of traditional financial institutions and fintechs in providing consumers with secure,easily accessible and value-for-money services and products.The report,carried out by MagnaCarta includes the results of a survey of 5,000 professionals within banking,financial services and fintech across Europe,the Middle East and Africa.In addition,interviews have been conducted with 24 experts across the region.1C O N T E N T SSponsor Introduction 2Executive Summary 3BUILDING BLOCKSRelevance 6 Case study:Revolut 10Openness 11 Case study:Metro Bank 15Automation 16 Case study:Santander UK 20Data 21 Case study:Klarna 26Interviewees 28Imprint 29“IN THE PAST,A SHARED SUPPLY CHAIN HAS BEEN CRITICALLY OVERLOOKED BY BANKS,WHOSE SPEND WOULD RATHER GO TOWARDS CONSULTING HOUSES AND VENDOR SOLUTIONS.THIS IS THE FIRST TIME THAT WERE DEVELOPING A SUPPLY CHAIN OF FINTECHS THAT ARE PROVIDING SOLUTIONS THAT CAN EITHER PLUG INTO THE PRODUCTS THAT WE ARE DEVELOPING,OR THAT WE CAN PURCHASE AND INCORPORATE INTO OUR CLIENT VALUE PROPOSITIONS.”Liesl Bebb-McKay,Head of the FOUNDeRY,Rand Merchant Bank2S P O N S O R I N T R O D U C T I O NIn 2018 the term Fintech finally entered the dictionary.The term is part of our everyday industry speak but it is now in the wider lexicon.The definition is:“prod-ucts and companies that employ newly developed digital and online technologies in the banking and financial services industries”whichof course is factually correct.However,in my opinion,it is lacking a key dimension,what does Fintech actually solve?What does it contribute to society?Why does it actually matter to consumers?Technology is a tool but not an end in itself.That is why at Klarna,we do not start with technology,but first focus on the question“what are we solving?”It is on this point where we at Klarna believe the real journey has only just begun.Never before have people had this much technology at their fingertips.Despite access to faster internet,better devices and smarter services,people actually have increasing complexity in their lives and find it harder to solve their daily time equation.This is especially true when it comes to handling money and managing purchases.People now spend more and more time worrying and admin-istering their finances and less time doing what they love.We therefore need to eliminate this unneces-sary friction and complexity in an increasingly bureaucratic,slow and impersonal world.That means offering services that help people seamlessly pay,finance,manage and keep track of their purchases.It is my belief that we as an industry will have failed in many ways if we cannot have a meaningful impact in empowering consumers to manage their daily financial life.In the context of this report,the four elements of relevance,openness,automation and data identified as critical to the future development of fintech are also fundamental to building consumer orientated solutions.This is not coincidental.The consumer will simply no longer be forgiving when their bank or service provider does not leverage the insights available to make their engagement person-alised,intelligent and simple.This is not about betting on future prod-ucts but rather future behaviours.There is also a clear maturation of views on openness and the historical lines between competitors,partners and customers are blurring.The overall strength of the ecosystem and partnerships will continue to be of utmost importance,not least as the value in specialism becomes increasingly clear.Such is the breadth and complexity of technology as well as market and consumer demands across sectors.It is obvious,no one entity can adequately fulfill all needs to everyone at the level required.We will all need each other.Ultimately,we at Klarna believe that those who have the courage to act and change things based on customer needs are going to be the ones that are successful.I hope you will enjoy this years report and gain some new and valu-able insights into how the market will evolve in the coming year.Happy reading,Sebastian SiemiatkowskiBET ON FUTURE BEHAVIOURS OVER PRODUCTS“THOSE WHO HAVE THE COURAGE TO ACT AND CHANGE THINGS BASED ON CUSTOMER NEEDS ARE GOING TO BE THE ONES THAT ARE SUCCESSFUL.”Sebastian Siemiatkowski CEO,Klarna3A decade after the Great Recession a lot has changed in financial services.But much has also stayed the same.Not including regulator-enforced bank rescues,league tables of the largest financial services organi-sations in Europe,and across the Middle East and Africa,are much the same as before the crash.Despite a dent to revenues,and share prices between 2008 and 2010,global bank market capitali-sation has grown nearly 50%in the years since1.Trust in banking has also bounced back UK consumers trust in banks is at the same level as high street retailers2.At a time when the number of bank branches in Europe has declined by a fifth,and the number of banks by nearly a quarter3,since 2008.But all is not quite as it seems.As banks have declined,numbers of new entrant fintechs have swelled estimated to be anywhere between 5,000 and 12,000 depending on your definition.Including several thousand across Europe,the Middle East and Africa4.Up the scalePlenty have gone on to become scale players.From mobile money providers in Africa a global pioneer to advanced payments services and challenger banks in Europe,fintech as a sector and a mindset has proved its here to stay.Its also proved its customer-cen-tred,data-rich operational model is more relevant than banks in a digital age.Its a model where relentless focus on smooth customer expe-riences triumphs over traditional industry channel or distribution metrics.And where the best pros-pects of success are in enabling commerce in its broadest sense over the selling of margin-first products.Fintechs no legacy advantage is no longer a given.Progress will be determined by an ability to respond to new technologies and emerging regulations and to scale the organi-sation accordingly.Whether the question is where to draw the line between data use and abuse,or how to scale an organisation for inevitable change,fintechs will struggle as much as banks to provide the answers.A failure to do so could quickly turn the building blocks of the new road into potentially fatal roadblocks.E X E C U T I V E S U M M A R YFAIR GAMEOR FAIR PLAY?IN THE DECADE AHEAD THE SUCCESS OF FINTECHS AND BANKS WILL DEPEND ON THEIR ABILITY TO PROVIDE ANSWERS TO QUESTIONS POSED BY FOUR FOUNDATIONAL BUILDING BLOCKS.“IN THE NEXT DECADE RELENTLESS FOCUS ON SMOOTH CUSTOMER EXPERIENCES WILL TRIUMPH OVER TRADITIONAL CHANNEL OR DISTRIBUTION METRICS AS A DETERMINANT OF SUCCESS.”Fintech Disruptors 2019 44 building blocksIn a break with tradition,this years research aban-dons a now arbitrary conflict between fintech innovators and incumbent banks.Four years into the fintech journey,the distinction between them is no longer so helpful,particularly as larger technology firms trying to drive their own re-positioning efforts are also calling themselves fintechs.Mainly though its because rapid advances in technology like artificial intelligence,and new regu-lations on data and data-sharing,are opening a new chapter for regulators as much as for innovators and traditional institutions.Its a chapter defined by the questions it poses-and to which no side has the answers.As the report explains,all sides will have to work together to come up with them.When it comes to data in particular,confronting opposing perspectives of its value,of how to use it and who should own it could grow the market for financial services at the same time as it improves customer safety.This report identifies four building blocks of a new fintech road.Although not individually new,a combination of economic and regulatory pressures,and accelerating technological change,will sharpen the attention of providers of all sizes on them in the decade ahead.They are defined as follows:1 Banks in the changing world of financial intermediation,McKinsey&Company,November 20182 Trust in banks highest since 2012,Accenture,May 2018 European Banking Federation data 2017,September 2018 www.ebf.eu/regulation-supervision/banking-in-europe-ebf-publishes-2017-facts-figures/4 Fintech by the numbers,Deloitte Center for Financial Services,September 2017FINTECH UNICORNSC H A R T 1BUILDING BLOCKSOF THE NEW ROADC H A R T 2$1.3 billion$1.6 billion$1.7 billion$2 billion$2.3 billion$2.5 billionOpenAPIsDataanalyticsAutomation/digitisationAImobile$20 billionTop opportunities for banks and fintechs 201920185BUILDING BLOCKSOF THE NEW ROADR E L E V A N C EUnderstanding their purpose.And how to deploytechnology to define,and re-define,it.IMPACTCustomers&distributionKEY ATTRIBUTESConvenience|ResponsivenessO P E N N E S STo partnership.Of culture.And a firm grasp of the new dynamics of competition.IMPACTStrategy&CultureKEY ATTRIBUTESCollaborative|Open mindsetA U T O M A T I O NHow,when,and(when not)to automate processes.IMPACTService&systemsKEY ATTRIBUTESAgility|Flexibility D A T AIts use.And its value as a profit pool or a source of purpose?IMPACTManufacturing&modellingKEY ATTRIBUTESSensitivity|Security62018 was a turning point for the financial services industry.And not only because it marks a decade since the Global Financial Crisis brought advanced world economies to a standstill.Having re-built their balance sheets and restored the confi-dence of investors global banking industry market capitalisation has grown nearly 50%since 20101 banks have also fared well,surprisingly so,against a barrage of new competitors from every corner of financial services.In the UK alone there have been applications for new banking licences from 37 retail“challenger”banks since the Prudential Regula-tory Authority was established in 2013 to increase competition in UK retail banking2.Despite their recovery,industry revenue growth is slow averaging 2%for the last five years according to McKinsey Panorama,a banking database,well below pre-crash averages of 5 to 6%.Bank valuations are also trading at a discount to peers in other industries going through their own digital disruption from healthcare to energy,consumer goods companies and telcos.Whats driving low investor confidence is more than just a period of unexciting results.In the decade since the crash,and despite weak growth,particularly across Europe,new entrant fintechs have proved that theyre here to stay.Theyve also proved they have the edge over banks in understanding what it takes to stay relevant in the age of digital-first finance.“Consumers today expect relevant,convenient and simple experiences its where these experiences come from that has changed dramatically.By 2020 Generation Z will be the biggest market segment to expect digital only services and are unlikely to ever step foot in a bank branch,”says Mitesh Soni,director of innova-tion and Fintech at Finastra.B U I L D I N G B L O C K 1RELEVANCEP R O G R E S S A L O N G T H E N E W R O A D To stay relevant financial services companies need to align culture with delivery and technology.Fintechs and banks moving at two speeds.Often simultaneously within the same organisation.A no legacy dividend for fintechs is coming to an end.BANKS HAVE RESTORED THEIR BALANCE SHEETS AND RE-GAINED THEIR CONFIDENCE AND THE TRUST OF CUSTOMERS BUT THEIR SEARCH FOR RELEVANCE IN THE ERA OF DIGITAL FINANCIAL INTERMEDIATION HAS ONLY JUST STARTED.“A KEY FOCUS FOR US NOW IS ON FURTHER BUILDING OUR CAPABILITY TO EXPERIMENT AND LEARN FASTER MEANING WE CAN RUN A GREATER NUMBER OF SMALLER BETS,DISCOUNT CONCEPTS THAT DONT WORK QUICKLY,AND FLOW SUPPORT TO VALUE.”Stephen Dury Santander7The legacy of no legacyAs the inter-generational wealth shift gets going,opinions on the new ingredients for success are converging.As such this years survey shows a market moving at twin speeds:Speed 1:Consolidating the gains and lessons from the first wave of fintech characterised broadly as deepening digitisation,extending partnerships and deploying agile techniques at scale to improve time to market and respond to new patterns of demand.Speed 2:Understanding the implications and potential of a new breed of advanced technology,especially artificial intelligence,and right-sizing organisational infrastructures both human and technological to be ready for a next,inevitable wave of change.With Brexit around the corner,the concept of a“two speed Europe”is not new.Whats different is that both speeds are as applicable to incumbent banks as they are to fintech innovators.Sometimes running simultaneously within different parts of the same organisation.The“no legacy”dividend of most fintechs is already coming to an end.You complete meThe business models of traditional banks and non-traditional fintechs are also aligning.Anders La Cour,chief executive officer at Banking Circle,“at the moment we talk about two groups banks and fintechs but within ten years they will look quite similar servicing clients with tailored solutions.”While that plays out in the years ahead,the old fault-lines of the bank-fintech axis remain.FROM MUST-HAVETO HYGIENE FACTOR BIGGEST CHALLENGES FOR FINTECHS C H A R T 3ACHIEVING SCALE AND REACHREGULATORY ISSUESDRIVING ADOPTION*GAINING VISIBILITY AND AWARENESSCUSTOMER RETENTION AND LOYALTYBUILDING SUSTAINABLE INCOME STREAMSWINNING CUSTOMER TRUST1 in 5VIEW MOBILE ASAN OPPORTUNITY0%50%100%0%50%100%201820190%50%100%0%50%100%0%50%100%0%50%100%0%50%100%*New 20198BIGGEST CHALLENGES FOR BANKSC H A R T 4 STILL THREATENINGC H A R T 5ESTABLISHING A CULTURE OF INNOVATIONLEVERAGING DATA AND ANALYTICS MEETING CHANGING CUSTOMER NEEDSINTEGRATING NEW TECHNOLOGIES TO REDUCE COSTSUSING TECHNOLOGY TO ENHANCE RELATIONSHIPSSIMPLIFYING DELIVERY CHANNELS0%50%100%0%50%100%0%50%100%0%50%100%0%50%100%0%50%100%2018201931%201931%201827%2017*%of bank revenues at risk from fintech competitionover next 5 yearsWhere fintechs score highly in digital relevance,they continue to struggle in achieving scale,driving adop-tion and building strong enough,trusted reputations to displace existing banking relationships in meaningful numbers.If anything it seems to be getting harder for them this year.Banks on the other hand,despite coming to terms with the impact of fintech on their own businesses,are still grappling with last mile digitisation to help them unlock the potential to build efficient,more agile,responsive organisations.In the survey this year,one in five banks view new revenue models as a primary opportunity,compared with one in ten fintechs,an increase of 50%over 2018.And the perceived direct threat of fintechs on banking revenues is as serious as ever(chart 5).Now more than ever,bank and fintech need one another.Just good hygieneThe surve