Every industry has an infrastructure over which they offered their services. Orange, a telco, started Orange Bank. Likewise, it is worth exploring what is the new service that banks will get into. DBS has launched car marketplace. HKMA has launched initiative for virtual banking – a fintech led business. SBI launched YONO, where convergence and lifestyle are coming together. MetLife into preventive healthcare. Among Google, Amazon, Allianz, Fidor, etc, who will be called a bank tomorrow?
The end goal is convergence of lifestyle and finance. There are 2 focus areas for us at Capgemini. First is digital happiness and how to measure it? It is one step beyond CX and it includes the emotions of the customer.
Second is Trust. How are you measuring trust? What is the trust P&L? Trust is built at human speed but lost at internet speed. Trust is beyond compliance. New business models are emerging in the ecosystem. Ecosystem is not just fintech or start-up. We are seeing increasing transaction with universities. Universities are getting in to applied research.
Technology disruption is an enabler of future of banking and we have listed 55 different technologies that are potential disruptors. While traditional banks are moving towards open banking, bigtech is moving towards banking. Banks can become an orchestrator of services or an aggregator of services, or a supplier of services or a combination of these.