Digital Disruption.Electro Fed Nov 4pptx
Digital disruption is transforming industries as new companies use technology to create new business models and compete without traditional assets. By 2020, 50 billion devices will be connected to the internet, changing how consumers interact with companies and brands. Traditional industries like transportation, media, retail, and hospitality now have competitors that own no vehicles, content, inventory, or real estate. This widespread disruption is changing consumer behavior and the payments landscape, threatening traditional banks and financial services while opening opportunities for new alternatives and players. Companies must focus on customer experience, partnerships, convenience, community engagement, and relevance to stay competitive in this new digital environment.
Digital Disruption.Electro Fed Nov 4pptx
- 2. Disruption 2 ≒ 50B devices will be connected to the internet by 2020 ≒ There are almost 2B people on social networks ≒ 52% of Fortune 500 firms since 2000 are now gone ≒ 90% of consumers want more from their brands ≒ $4.7 trillion traditional financial services revenue at risk from disruption ≒ The re-imagination of everything
- 3. New ways to transact 3 Courtesy of Wetpaint The worlds largest taxi company, owns no vehicles.
- 4. New Relationships 4 Courtesy of Wetpaint The worlds most popular media company, owns no content.
- 5. New Retail Destinations 5 Courtesy of Wetpaint The most valuable retailer, has no inventory.
- 6. New Experiences 6 Courtesy of Wetpaint The worlds largest accommodation provider, owns no real estate.
- 9. Digital Commerce Trends 9 ≒ Omni-channel convenience ≒ Content as a path to commerce ≒ The optimization of checkout ≒ All access ≒ Recognize and personalize ≒ Consumers influencing consumers ≒ The rise of the sharing economy ≒ Secure identity as new currency
- 10. Changing Payments Landscape 10 ≒ Market focus on FinTech - $2.1 Trillion by 2023 ≒ Invisibility of payments ≒ Blurring of lines between physical and virtual ≒ Payments and Banking are no longer synonymous ≒ Multi factor authentication will become the norm ≒ Trends impacting the payments ecosystem ≒ Mobile ≒ Tokenization ≒ Cloud/HCE ≒ Blockchain ≒ Big Data ≒ Faster Payments ≒ IOT ≒ Crypto Currencies ≒ Social Payments
- 12. New Alternatives 12 New players entering the Canadian payment space
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- 14. 14 Big Data ≒ Data is the new form of power ≒ Big Data delivers both scope and depth ≒ Allows for deployment of data-enabled services at a large scale ≒ Tailoring product characteristics to the needs of individuals ≒ Significant implications on policies and potentially regulatory requirements
- 15. What does this mean to you? 15 ≒ The customer experience is now part of your value proposition ≒ Leverage partnerships can extend your ecosystem ≒ Create convenience and eliminate obstacles ≒ Engage your consumer community ≒ Significant opportunities for Financial Inclusion ≒ Stay relevant