10 Trends For The Future of Banking

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1 10 Trends For The Future of Banking IBA Emerging Leaders September of 2015 Chris Nichols

2 Industry Homogeneity 2

3 Non-Bank Competition In 5 Years That is 81% of banks! 3

4 Preparing for the Disruptors 4

5 The New Normal Persists for Bankers 5

6 Trend of Fewer Banks/CUs Will Continue 6

7 Bankers Recognize Need to Change 7

8 Overarching Trends 1. Quantified Management 2. Scale / Efficiency 3. Speed 4. Value / Engagement 5. Culture 8

9 1. Build A Brand That Means Something 9

10 A Banking Vision What would a bank have to look like so there was a line of customers clamoring to do business with us? 1) Demand would have to exceed supply 2) The Bank would have to create additive value 3) The Bank would have to make people feel good about themselves. 10

11 2. Low Branch Drag 1. Rapidly declining traffic 2. Items processed reduction 3. Increasing expenses 4. Large fixed cost / Operational inflexibility 11

12 Future of the Branch Network: Split Opinions 12

13 Difference In Value 13

14 3. The Smartphone is Your New Branch Customer intimacy can be better achieved by mobile. Why? 1. More secure 2. More interactive (geolocation, context driven, voice, etc.) 3. Cheapest delivery channel available 4. Ability to gather user data 5. Banking at the point of inflection This will be more than just banking on your phone. 14

15 Greater & Cheaper Engagement Online Branch Cost Online / Mobile (1) Cost To Build (2) $750,000 To Maintain $949,000 To Serve 2,500 To Build (2) $650,000 To Maintain $324,000 To Serve 23,000 Cost per Customer $390/Yr Cost per Customer $20/Yr Engagement 24/Yr Engagement 122/Yr (1) Online Mobile: Online banking, bill pay, geolocation, payment, alerts, specialty apps (2) Depreciation: 30 years for building / 5 years for online/mobile 15

16 This Trend Will Continue Wire Fees: $11 v $2.7 16

17 Take Back Payments 17

18 Payment System and Credit Risk Starbucks 16% of US transactions use mobile app. Apple Pay, Google Wallet Swedish cash transactions 3%. Many banks do not handle cash. Shift to cashless society. Such societies exist South Africa, Nigeria, Angola 18

19 The Digital Wallet & Wearables 19

20 Microformat Branch Used by PNC, 5 th 3 rd, Huntington, etc. Kiosk footprint to handle basic transactions 20

21 Branching Trends More automated tellers Community focused / centered Traffic drivers Research, Bloomberg, etc. Smaller, open footprint Houses alternative channels to specialists Positioned for less transactions more sales / consultative focused 21

22 Banking Is Necessary Banks Are Not Banking is largely an information business Amazon, Apple, Google, Amazon have more information than most banks Alibaba raised $87Bn in deposits in 9 months Non-banks are gaining accessibility Facebook applied for banking license in Ireland and already has P2P payments. 1.4B customers with better information 22

23 4. The Battle Will Be Treasury Management The war for the high value customer will be won and lost in the trenches of treasury management. Why? 1. DDA NOT loans build bank value 2. Increase retention helps lifetime value 3. Cannot build C&I loans without TM 4. Ability to generate fees 23

24 Cash Management Applications The monitoring and management of cash is the key to establishing an intimate relationship with the business customer. Predictive Alerts Optimized Efficient Visually appealing Handles invoicing, payables and benchmarking for cost analysis 24

25 5. Picking The Right Customer 25

26 Keeping It Simple Care about the business of banking more than the customer Find customers that care about banking. 26

27 Segment and Target Market Not all customers are equal. Maybe we need to redefine community. A bank within a bank? 27

28 6. Speed Of Process And Variable Costs Speed and cost efficiency will start to become more of a defining factor in banking. Invest in customer facing and back-end processes that result in faster and lower cost decisions - Greater use of credit scoring - End-to-end loan process - Online account opening - Direct customer feedback - crowdsourced 28

29 7. Lifetime Value The 80% 20% Rule is more like 120% 10% rule in banking. Size Credit quality Relationship 29

30 Bundle Products Into Solutions Group packages of products and services together to provide solutions. Move away from being transactional Move away from risk-centered products More meaningful for the customer, higher cross-sell for the bank. 30

31 Financial Advisory Are You Showing Products or Selling Solutions? Do you have more expertise than a website? Take This Test 31

32 Showing Solutions 32

33 Transaction or Experience? If your bank is about transactions, don t be surprised if you have to compete on price. 33

34 How Cross Sell Impacts ROE 34

35 Managing Customer Value 35

36 Managing Customer Value 36

37 Managing Customer Value 37

38 8. The Ability to Generate Non-interest Income Loans are a commodity and margins will remain nearhistorical levels, even when rates come back. Need to offset margins and find ways to create more value for the customer that: Reduces lending risk Makes our customers smarter Helps achieve their goals 38

39 Fee Income Examples Invoicing / AR management Fixed asset management Alert functionality Budget management Contingency planning Risk management FX at Merchant Card Level Hedge Fee The list goes on. Strive for a goal of 20% plus from fee revenue. 39

40 9. Focus On Customers What is Quality Customer Service? 40

41 The Branch Hours Paradox The Long and the short of it Are longer branch hours with the cost? 41

42 Service, Revenue And Satisfaction Correlation 42

43 The Hero s Journey I am your customer. I m supposed to be the protagonist, for I am on a hero s journey. Your bank should be my mentor, my sidekick. If you just want a transaction, let s do it, but then get out of my way. 43

44 10. Getting The Right Culture Customers will never love a company until the employees love it first. - Simon Sinek 44

45 Composition Of Culture The Why? / Purpose Awards/ Recognition Hiring Compensation/ Promotion CULTURE Training Behavior Standards Communication Processes 45

46 Define Your Strategy 5 Questions Every Bank Should Be Able To Answer: What is the bank s value proposition? How does the bank WANT to make its excess return? What risks are the bank willing to take to achieve its goals? What customer types does the bank want and what is the desired outcome of the customer experience? What are the 3 things you want your customers to say about you? 46

47 How Are You Remain Relevant? Getting a pricing position Developing a sales culture Understanding a particular market How will you deliver your service? What are you doing to ensure a competitive position against the competition? 47

48 Strategy & Culture Matters What is your banking model what is your culture? 5 Models of Banking: 1. Loans drive profit 2. Leverage/fees drives profit 3. Trading/Investment drives profit 4. Fees drive profit 5. High margin / low leverage 48

49 Questions? 49

50 Conclusion In short, the future of banking looks faster, more mobile, and more quantitative. The current business model is inefficient. We need to leverage culture, data, process and product to sustain a competitive advantage. 50

51 Technology Expansion Plan 2016 Real-time Core Processing Social Networking / Sales Automation 2017 AP / AR Digital Processing Payment Engines Commercial Loan Origination / Monitoring Cloud Data Warehousing CRM Mobile/ Digital Banking 2018 Global Remittance Fraud/Cybersecurity Credit scoring engines AML/KYC Compliance Automation Commercial Financial Management Crowdfunding ERP Integration

52 The End Thank You! Chris Nichols CenterState Bank Chief Strategy Officer LinkedIn Thanks! Want more ideas and data? Sign up at: 52

53 Disclaimer This presentation is for general strategic information only and should not be relied upon as a substitute for independent research before making a material management decision. This presentation does not take into account any particular bank s performance objectives, financial situation or needs. All banks should obtain advice based on their unique situation before making any decision based upon this presentation or any information contained within. In addition, any implied projections or views of the bank market provided by the authors may not prove to be accurate. While all the information contained herein is believed to be accurate as of the date of source or publication, the information is subject to change and constant revision.

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