1、WORLD FINTECH REPORT 2020 2 Preface 3 Executive summary 4 Banks must board the last train to relevancy the Open X express 6 BigTechs and challenger banks have opened a Pandoras box of customer expectations. Can banks compete? 6 Why collaboration counts: FinTechs specialized tools and expertise can e
2、mpower banks 7 Open banking was just the beginning 8 The last mile is merely the visible result of customer experience 12 But behind the scenes, middle- and back-office operations affect customer perception 12 Back-end transformation can be a bumpy ride avoid potholes with collaboration by design 14
3、 FinTechs offer innovative enhancements for middle and back offices 16 Structure is essential for bank/FinTech partnership effectiveness 19 The disappointing reality of many bank/FinTech partnerships 19 Effective collaboration requires people, business, and process maturity on both sides 21 Players
4、that collaborate at scale to industrialize innovation will shine within the Open X sharing economy 25 Appendix 28 Methodology 32 About Us 34 Acknowledgements 35 TABLE OF CONTENTS World FinTech Report 2020 Its now or never. The financial services industry has been dealing with the impact of open bank
5、ing since we published the inaugural World FinTech Report in 2017. Fast forward to the World FinTech Report 2020 and the imminent Open X, a multi-sectoral open platform era maximizing the eXperience, and the harsh reality is that FinTechs have moved “from disruption to reality,” and banks that haven
6、t embraced effective collaboration with startups are struggling to retain and acquire new customers. Shaped by hyper-personalized service and mobile-only experience offered by unstoppable and ever-powerful BigTechs and agile challenger banks, consumer expectations are changing in real time. To keep
7、pace, incumbents must embrace Open X and become Inventive Banks, prepared to adopt specialized open ecosystem roles and complementary support from qualified FinTech partners. No longer simply disruptors, FinTechs have matured to become respected, global players with robust acquisition rates and prof
8、itability potential. It is up to incumbents to decide whether to consider FinTechs formidable competitors or enabling allies. Most banks understand that a positive last-mile experience and an engaging front end are critical to keeping customers happy and loyal. However, less visible middle- and back
9、-office operations also essential for customer satisfaction are often neglected. Thats why, despite substantial front-end investment, many banks continue to fall short of delivering seamless and personalized customer experience. Bringing back-end operations up to speed can be an extended journey. Ou
10、r World FinTech Report 2020 offers proven methods for banks to join forces with mature FinTechs to map, prioritize, and innovatively enhance their most-critical open platform processes. Despite synergies and the win-win potential of bank/FinTech collaboration, the frustrating reality is that most pa
11、rtnerships have not paid off. Why? Relationship stumbling blocks and differing corporate cultures prevent collaboration at scale, and innovative solutions are rarely solidified let alone brought to market. Effective collaboration requires people, business, and process maturity from both incumbents a
12、nd FinTechs. Late-stage FinTechs (scaleups) can drive productivity and value based on their last-mile expertise, data management know-how, and mobile-only mentality. Inventive banks can leverage their reach, trust, and business expertise to optimize their assets and remain relevant to an increasingl
13、y diverse customer base. This is especially important given the highly uncertain economic outlook caused by never- seen-before risks. Players with readiness to collaborate at scale and industrialize innovation are the most likely to prosper within the shared Open X ecosystem. We encourage a focus on
14、 business outcomes to help both banks and FinTechs move from proof of concept to the profitability of applied innovation or innovation industrialization. First movers will shape Open X roles, standards, and management. Anirban Bose Financial Services Strategic Business Unit CEO World Retail Banking
15、Report 2019 Voice of the Customer Survey. 70% attracted by low-cost off erings 68% seek ease of use 54% want faster service 39% pursue better features 39% want personalized products Non-traditional firms have been tackling some of the pain points customers face with incumbent banks. For instance, Bi
16、gTechs and challenger banks such as N26 offer KYC and onboarding with a fully digital and seamless customer experience; and that is pushing banks to rethink, revamp, and reshape their customer journey.” Laurent Herbillon Director, Open Innovation, BNP Paribas World FinTech Report 2019World FinTech R
17、eport 2020 BigTechs and challenger banks are born digital, born data. They can have a data-driven relationship, leveraging data in creative ways to drive customer insights. In contrast, traditional banks are product-driven, with data used for risk behavior only.” Carlos Lpez-Moctezuma Global Head of
18、 Open Banking, BBVA Capitalizing on the growing demands for improved services, BigTechs and challenger banks are not wasting time when it comes to expanding their offerings and market penetration. Through an open and evolutive platform, they have strategically evolved and scaled their financial serv
19、ices (FS) capabilities and now pose a tangible threat to established banks. Many of these players broke into the market with a single offering (often payments) and then ventured into lending, savings, wealth management, and beyond. Tech giants and challenger banks now offer multiple financial servic
20、es and are aggressively growing their presence through investment in FinTechs globally. (For additional insights, see Figure A1 and A2 in Appendix). BigTechs and challenger banks have established their position playing on their strengths, leveraging the wealth of data through open and evolving platf
21、orms to offer customers a convenient, personalized experience (Figure 2). Figure 2. BigTechs and challenger banks leverage high-impact capabilities Sources: Capgemini Financial Services Analysis, 2020; CB Insights, 2019. BigTech World Retail Banking Report, 2019; Celent, 2019; The Financial Brand, 2
22、019; Signicat, 2018. Poor employee experience Low scalability banking services have not grown to the superstar levels they expect and receive from a few other sectors. The lack of perceivable CX improvement may stem from banks bare-bones attention to middle- and back-office operations. And, now, the
23、se ignored behind-the-scenes processes are blunting the positive impact of front-end investments and collaboration (Figure 5). 12 World FinTech Report 2020 As data and technology proliferate, banks are transforming their business models to keep pace with the changing industry landscape and customer
24、expectations. However, continued layering of processes to enable new business models onto legacy infrastructure can hamper efforts to channel investments that drive end-to-end optimization. Therefore, banks must funnel resources and attention to the middle and back offices and recalibrate these func
25、tions with customers last-mile experience. Banks digital renaissance often superficially focuses on the front end. Yet, to succeed in the Open X ecosystem, banks must optimize and streamline their end-to-end value chain. Based on the size and scale of operation, a bank could have more than 300 to 80
26、0 middle- and back-office processes.24 Manual, disconnected, paper-based, and siloed tasks often weigh down these procedures, and impacts new offerings speed to market and customer response time. The result is fragmented CX. Without changing internal processes, problem areas will be externalized, an
27、d banks will be unable to fulfill their customer experience objectives. Thus, it is important to digitize internal processes to generate effective results.” Carlos Lpez-Moctezuma Global Head of Open Banking, BBVA 23 Celent, “Global tech spending forecast, Banking edition 2019, Stephen Greer, Gareth
28、Lodge, Juan Mazzini, and Eiichiro Yanagawa, March 28, 2019, ” The Financial Brand, “Consumers demanding improved digital banking customer engagement,” Jim Marous, August 12, 2019, customer-engagement-digital-banking-cx/; BACS, “The battle to on-board II: The European perspective on digital on-boardi
29、ng for retail banks,” September 2018, https:/www.bacs.co.uk/documentlibrary/Current_Account_Switch_Service_discussion_paper_consumer_switching.pdf. 24 Banking Dive, “Why back-office automation is the secret to better banking,” August 1, 2019, How middle- and back-office functions became submerged: C
30、omplex business processes As a result of their traditional product-centric approach, incumbents often layer new models on top of old, which has led to complicated business processes that are difficult to automate. Compliance-centric architecture In response to regulatory demands, typical bank IT arc
31、hitecture is complex and implemented intermittently as quick fixes demand. Redesigning these ingrained systems may take years and cost hundreds of millions of dollars. Lack of agility Banks struggle to find the skills needed to introduce new automated processes. Historically, IT teams have practiced
32、 waterfall methodologies (linear project management) that limit middle- and back-office process automation. Out of the (business) loop Many IT transformation teams lack visibility to bank business priorities. Therefore, IT project decisions are made within a silo and without thought to the full spec
33、trum of integration options. 13 Back-end transformation can be a bumpy ride avoid potholes with collaboration by design In the Open X ecosystem, banks need data-driven and customer-centric partnerships to drive middle- and back-office transformation. 25 VSD systematically accounts for human values t
34、hroughout the design process through analyses of direct and indirect stakeholders, distinctions among designer values, values explicitly supported by the technology, and a commitment to progress (not perfection). University of Washington, Department of Computer Science http:/dmn.ca/embracing-journey
35、-analytics/. Seek complementary strengths in collaborative partners Figure 6. Collaboration by design in three iterative steps: Identify, Prioritize, Collaborate Source: Capgemini Financial Services Analysis, 2020. Collaborate Identify Prioritize Flag potential friction by mapping processes, custome
36、r journeys, and information fl ow Defi ne success and prioritize expectations, objectives The flow of becoming a customer is one of the most important for an online platform like Nordnet. To improve this all-important customer journey, we use progressive disclosure to not overwhelm customers with qu
37、estions and maintain clarity in all communications, including regulatory matters.” Rasmus Jrborg, Chief Product Officer, Nordnet Collaboration by design is an approach that draws inspiration from value-sensitive design (VSD) principles. It focuses on seamless CX by enhancing the most high-impact mid
38、dle- and back-end processes (Figure 6).25 Identify: Phase 1 requires the bank to assess its current end-to-end processes to detect friction or bottlenecks. Some banks base digital initiatives on the customer lifecycle to map customer interactions. However, this approach doesnt allow for the impact o
39、f the middle and back office on customer experience. A customer journey-led transformation is more realistic than a customer lifecycle approach. To connect and map disparate customer interactions, banks must comprehensively plan the journey itinerary (Figure 7). A data-centric journey map aligned wi
40、th middle- and back-office processes and information flow will capture impact at every customer touchpoint. Moreover, journey mapping helps banks organize uncoordinated processes spread across various functional silos around a single end-to-end route. While customer journey mapping as a tool is wide
41、ly used by banks, it is yet to achieve quality and integration maturity. For example, Bank of Montreal has a Process Center of Excellence that maps customer journeys and uses analytics to derive a data-centric customer route. The bank conducts data analysis on a vast number of customer journeys, whi
42、ch helps it evaluate various tasks and processes. This digital data highlights customer intentions versus actual behavior.26 14 World FinTech Report 2020 Figure 7: Onboarding is one of many customer journeys to be mapped Onboarding request Data capture Customer onboarded Customer account set up KYC
43、Customer JourneyInformation Exchange Customer Point of service Prospect management Data management* Regulatory compliance DocumentationCorrespondence Issue credentials/ Master agreement * Data types: Customer reference data, party data, location data. Sources: Capgemini Financial Services Analysis,
44、2020; BIAN Standard v7.0. Denotes fl ow of data within diff erent processes. Prioritize: Phase 2 begins with prioritizing middle- and back-office processes by assessing their operational efficiency and impact on customer experience (Figure 8). Moreover, banks can accept quick-wins or adopt a procedu
45、re that may be less impactful but easier to transform. By overlaying middle- or back-office Figure 8: Prioritizing processes to collaborate and transform the end-to-end customer journey Source: Capgemini Financial Services Analysis, 2020. CUSTOMER EXPERIENCE IMPACT HighLow OPERATIONAL EXCELLENCE IMP
46、ACT HighLow CHANGE TO ENGAGE Focus on front-end processes to enhance customer experience COLLABORATE TO LEAD Overall front- and back-end improvement to transform end-to-end customer journey TRANSFORM TO PERFORM Focus on middle-and back-offi ce processes to boost operational effi ciency LEGACY PROCES
47、SES Manual/paper-based tasks and functional silos can cripple traditional processes processes with the customer journey, banks can identify tactical issues such as paper-based and manual processes, overlapping and redundant processes, and high-cost processes. Next, the bank must align benefits and e
48、xpected outcomes with its overall business strategy and 15 priorities. Emerging technologies (such as second generation of RPA, AI, machine learning, and NLP) can be leveraged to optimize or replace existing processes. Banks then use their findings from phase 2 to envision and create a future-state
49、customer journey that addresses tactical issues and aligns with business priorities. A future-ready enterprise, equally focused on improving CX and achieving operational excellence, can outperform competition and improve its bottom line by up to 16% over industry peers, according to a recent MIT study.27 Collaborate: As part of phase 3 (collaboration by design), incumbents boost their agility and responsiveness to customer expectations by partnering with FinTechs. Data management, cost reduction, and agility are FinTech compe
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