“The death of the traditional bank has been greatly under exaggerated”

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has been greatly under exaggerated”. 5th July 2016. Five ways to protect and grow your customer base for 2020. [email protected]lexmark.com. Global Director ...

“The death of the traditional bank has been greatly under exaggerated” Five ways to protect and grow your customer base for 2020 [email protected]

Global Director, Banking & Insurance

5th July 2016

© 2015 Lexmark International, Inc. All rights reserved.

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© 2015 Lexmark International, Inc. All rights reserved.

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© 2015 Lexmark International, Inc. All rights reserved.

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The perfect bank?

© 2015 Lexmark International, Inc. All rights reserved.

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5 Ways to Stave off Certain Death

© 2015 Lexmark International, Inc. All rights reserved.

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Way Forward # 1: Redefine the Role of the Branch “Customers will always want to speak to a human being and the branches are a bank’s greatest asset.”

© 2015 Lexmark International, Inc. All rights reserved.

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© 2015 Lexmark International, Inc. All rights reserved.

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© 2015 Lexmark International, Inc. All rights reserved.

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FACT: The Capgemini World Retail Banking 2015 report states that only half of banks’ customers actually want to go to a branch to buy banking products. So today’s branches are a very expensive channel to maintain in order to serve 50% of customers.

© 2015 Lexmark International, Inc. All rights reserved.

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Way Forward # 2: Redesign Every Product “The banks’ platforms are able to meet the challenges of the digital age; with some small changes they can meet any market and customer expectation.” © 2015 Lexmark International, Inc. All rights reserved.

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Simplify the business and move to solutions

© 2015 Lexmark International, Inc. All rights reserved.

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© 2015 Lexmark International, Inc. All rights reserved.

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Way Forward # 3: Change the Perception of Bankers “It is difficult for a new bank to recreate the trust relationship that banks have built with their customers over the years.” © 2015 Lexmark International, Inc. All rights reserved.

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Perception of Bankers….

© 2015 Lexmark International, Inc. All rights reserved.

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FACT: research by PwC reveals that fewer than one in three customers now trust their bank, yet switching levels remain low.

FACT: a survey by EY highlighted that 38% of businesses will consider using an organisation other than a bank for banking services.

© 2015 Lexmark International, Inc. All rights reserved.

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Way Forward # 4: Go Digital “It’s fair to say that getting digital banking right is a door-die challenge.”

© 2015 Lexmark International, Inc. All rights reserved.

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Digital Strategy

© 2015 Lexmark International, Inc. All rights reserved.

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Where to Start on Going Digital?

© 2015 Lexmark International, Inc. All rights reserved.

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Way Forward # 5: Embrace New FinTech ”By 2023 fintech will account for 17% of consumerbanking services in North America, or $203 billion.”

© 2015 Lexmark International, Inc. All rights reserved.

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Banking Disruption was a Matter of Time

© 2015 Lexmark International, Inc. All rights reserved.

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FACT: in 2014, banks spent $180bn on IT alone, in the same year Accenture estimated that the whole Global VC spend on FinTech was $12.1bn (up from less than $4bn the previous year).

© 2015 Lexmark International, Inc. All rights reserved.

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Way Forward Key Takeaways

“Customers love branches”

“Only 50% do and this is declining”

“Rethink their purpose & converge physical with digital”

2. Product

“Our platforms are good enough”

“>75% of IT spend goes to keeping the lights on”

“Rethink every product in your portfolio”

3. Trust

“Banks are trusted more than the new guys”

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