Driving New Revenue Streams through Personalization & Solution Bundling in the Digital Open Banking era

2:30 PM – 5:30 PM EST
Andaz 5th Avenue, 485 5th Ave, New York, NY 10017
MAY

09

The Banking industry is driven by major changes: digitalization, regulations, big data and new (startup) competitors are factors that are transforming the industry and forcing companies to adapt their business models.

Simon-Kucher & Partners is the world’s leading consultancy on advising financial services firms on how to maximize topline growth and profitability. Experts from Simon-Kucher and SunTec Global Business Solutions will host an evening of speaking sessions and panel discussions on May 9th at Andaz 5th Avenue to address these challenges and share learnings on how financial services companies can adapt their business models and deliver higher profits. The key topics presented in this session will be:
 

  • How banks can stay relevant in a rapidly evolving open banking era
  • Case studies and challenges on banks moving towards an API ecosystem in the digital economy
  • Creating a highly tailored experience for each customer. Banks should be open to the idea of Segmentation-of-one
  • Panel discussion: Value based engagement in the digital led ecosystem – Customer owner VS. Service provider
     

This 3 hour event is geared towards executive leadership and senior management looking to network with peers and gain new insights into commercial excellence. We look forward to welcoming you at the event and will be happy to discuss your specific questions with you!

If you have any questions, please reach out to EventsUS@simon-kucher.com

Agenda

2:30-3:00pm
Registration
3:00-3:10pm
Welcome and Opening Remarks
3:10-3:40pm
How Can Banks Stay Relevant in a Rapidly Evolving Open Banking Era?

With the introduction of API led eco-system and open banking, the landscape is rapidly changing. In this constantly evolving, competitive and complex landscape, how are banks fairing in achieving their goals around robust performance and meeting market expectations? With complexities comes new opportunities to harness new revenue streams while keeping your focus bank customer centricity.

In addition to catering to a digital consumer, banks are realizing that they need to be hyper-agile in focusing on ‘customer delight’ strategies and implementation without straining the legacy back-end systems.  How is it critical for the banks to have a product innovation & pricing layer in the mid office that can help them to create human-centred, need-based solutions to focus on driving customer value across the entire ecosystem.

3:40-4:00pm
Finding the Optimum Balance Between Perceived Customer Value and Solution Pricing

With customer expectations moving towards real-time personalized experiences, and platformification becoming a reality, banks need to become nimble to enhance customer value exponentially. In fact, platforms magnify profitability by offering what is called a non-linear ecosystem growth. As the ecosystem grows to add more users to participate in interactions, the value of the ecosystem increases. This new co-creative enterprise model aims to satisfy the needs of all the stakeholders, primarily the consumer.

We have to increasingly look at improved time to market through using rapid deployment frameworks, plug-and-play FinTech and third parties, etc and at the same time reduce Operational Costs through a straight-forward process driven ecosystem. The most critical aspect while forming partnerships on the go is being able to support the partnerships with different kinds of complex pricing models with partners outside of the industries. The legacy infrastructure needs to be enhanced to be agile enough to match the dynamic business scenarios of the open banking economy. Being able to price the most optimum such that it is win-win for both banks, partners and customers is extremely critical.

4:00-4:30pm
It Is Now or Never - Customers are Looking for Experiences! Welcome to the Age of Segment-of-One!

Customers have never been more fickle and less loyal as today. They are not hesitant to switch to another service provider that provides them the best experience at any given point in time. The future of banking is being shaped by the new-age customer who no longer view their experiences in silos, but compare it with other experiences across industries.

Gone are the days when banks could create standard, cookie cutter products & offers and expect customers to be satisfied with it. Today’s digital savvy customer expects their bank to go above and beyond what they actually do – just banking. They want frictionless products that are uniquely tailored for them.

It has become critical that the banks now have the ability to create a new product innovation layer, centralise products/services information, and pricing details across LoBs and couple with underlying analytical capabilities, to dynamically segment every customer in real-time and create personalised products, from standard base products at the core, thereby catering to the exact requirements and unique value of every customer.

 Welcome to the age of Segment-of-One - Stay relevant with dynamically personalised experiences that cater to the entire value chain of the customer in real-time.

4:30-4:40pm
Short Break
4:45-5:20pm
Value Based Engagement in the Digital Led Ecosystem – Customer Owner vs. Service Provider

To truly take advantage of the opportunities the new age financial services era has to offer, financial services organizations need to become curators, managers and true owners of customer experiences. Financial services organizations, being at the focal point of financial transactions, have an added advantage over other organizations (across any other industry) to truly own the customer value chain.

5:20-5:30pm
Closing Remarks and Summary Perspective
5:30-6:30pm
Cocktail Reception