Futureofbankingwebinar 111007050316-phpapp01-1
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Digital natives are heavily using technology like mobile phones and social media. Younger generations will make up 42% of the workforce by 2020. Mobile banking usage is expected to grow significantly in the next few years. Many people, especially younger generations, trust their social networks more than brands. Transparency from financial institutions is important to build trust. The number of underbanked and unbanked individuals is large, showing opportunities for new approaches to banking outside traditional systems.
Futureofbankingwebinar 111007050316-phpapp01-1
- 1. @brettking The Future of Banking
- 3. 3,364average SMS messages/mth 13-17 year olds 18-24 send 109 texts/day
- 4. Things you dont need to teach Digital Natives
- 5. Up to 5% of banked consumers might be forced to leave the banking system if financial institutions must alter pricing to make up for reductions in debit card interchange JAMIE DIMON, CEO OF JPMORGAN CHASE & CO.,
- 7. You Tube is now the worlds second largest search engine
- 10. Behavioral Shift 42% of the workforce in 2020 will beY-Gen 97% own a computer 94% own a mobile phone 76% use Instant Messaging 15% of IM users are logged on 24/7 34% use websites as their primary source of news 28% author a blog and 44% read blogs 49% download music using peer-to-peer 鍖le sharing 75% of college students have a Facebook account 60% own some type of portable music and/or video device such as an iPod Source: Heidi Przybyla "Obama's `Youth Mojo' Sparks Student Activism, Fueling Campaign", Bloomberg.com (May 7,2007) Source: Generation Y, Business Week, February 15 1999
- 13. Transparency
- 15. CRED is about transparency
- 16. I trust my network more than I trust your brand...
- 18. 息 COPYRIGHT 2010 SAPIENT CORPORATION | CONFIDENTIAL Can you compete against Apple for cards in 2011? 1/5thof all US households are underbanked Thats estimated to be around 40-70 million people (source: FinancialTimes, FDIC)
- 19. 50% of those have college degrees
- 20. Date 25% of the unbanked have prime credit ratings Around 30% of the banked have sub-prime credit ratings
- 22. 50%+ Mobile Banking usage by 2015 16%+ Mobile Banking usage by 2015
- 23. 息 COPYRIGHT 2010 SAPIENT CORPORATION | CONFIDENTIAL Source: Packaged Facts $200 Billion in Pre-Paid Debit Cards ...by the end of 2011
- 24. RISE OF THE DE-BANKED
- 25. The loss of physicality
- 26. source: ABA, Nielsen Research, Javelin Strategy & Research
- 27. SMARTPHONE TRANSACTION VOLUME IS EQUAL TO 40 BRANCHES TODAY ST GEORGE BANK - THE AUSTRALIAN
- 28. @brettking 1m users $5m per day
- 30. 11,400 8,550 source: Novantas LLC, FDIC 20062010 Average In-Branch Transactions per Month Which will require a reduction in teller staff by 2015 50%
- 31. Checks as a percentage of retail payments in the US 59.5% 2000 4.3% 2010source: Federal Reserve, NACHA, National Retail Federation
- 34. Context...
- 43. Gami鍖cation is about behavior