I'm in Silicon Valley today and beyond stoked that I'm heading over to the annual "Bank Innovation" 2-day conference as it's a very exciting time to be in banking.
As 2 of our most talented senior strategy heads, David Poole + Rina Pandalai, articulated on a recent webinar, we've entered a "perfect storm" tied to some key trends/success drivers associated with both the economy (i.e. Trump administration's pending de-regulation efforts) and the consumer (i.e. 95%+ CAGR in mobile payments 2016-2018).
To take this a step further, consider this:
"Millennial empowerment with $30T passing hands" +
"40% of millennials would switch to 'GAFA' (Google, Apple, Facebook, Amazon) if/when they roll out financial products/services."
Needless to say, it's a very "exciting" time to be in Banking.
Its especially exciting to be focused on Innovation and how the various players within the Financial Services ecosystem are adapting, evolving and thriving given the changes in play.
Below are my Top 5 categories of what I'm focused on and just in case anyone reads my Linkedin posts ;), I'm going to share what I learn and takeaway from the conference later this week as I'm thinking it will be quite useful.
Also, I might do so in a way that uses my "face for radio" to experiment with video as opposed to text because I've heard some people find video a bit more interesting... ;)
- Healthy Friction
- Consumer/customer expectations + behavior today vs. EOY vs 2018 vs 2019
- Doing more of the same vs doing something else
- Deepen existing consumer relationships vs. acquire new ones
- Innovation vs. expense reduction + efficiency
- Banks existing digital/tech capabilities vs. vision/corporate strategy vs. competitive landscape assessment
- Transactions vs. relationships vs. a little bit of both
- Traditional retail banking vs online only
- Traditional lenders vs. peer to peer
- Traditional asset managers vs. robo advisors
- Talent retention vs recruitment
2. Innovation Philosophy, Approach + Methodology
- Industry/ecosystem level
- Sub-category specific
3. Realizing the "Customer Experience" Promise
- A lot easier to realize this is what the future is all about than it is to move from strategy to execution
- Something tells me there will be a bunch of the world's finest in the room sharing their results and path forward
4. "So, Why Are You Here?"
- This question of panelists, participants and attendees never gets old and the answers are always interesting...
- For example, someone might say, "Alec, bitcoin is worth more than gold. Duh."
5. Through Lines
- As much as I'd like the conference to be all about my little bullets above, it's not (and that's obviously a good thing)
- So I can't WAIT to get in there and learn from the rockstars leading the way forward and see the world through their eyes and understand the insights/trends they feel are the keys to Bank Innovation today and going forward
Thanks for reading and keep an eye out for my face for radio post!
E: Alec.firstname.lastname@example.org; T/IG: @Alec_Coughlin