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Exponential Performance in a Millennial, Mobile and Programmatic World Contents Exponential Performance In a Millennial, Mobile and Programmatic World Contents Foreword 04 1.0: Thriving in an exponential financial services world 06 1.1: From the branch to the back pocket – the Telstra Millennials, Mobiles and Money Index (3MI™) 06 1.2: Transforming from legacy to peak profit performance – the Exponential Organisation 11 1.3: Making enterprises programmable – software-controlled, data-driven automation 18 2.0: Country analysis 20 2.1: Methodology – the Telstra Millennials, Mobiles and Money Index (3MI™) 20 2.2: Country insights and analysis 22 2.2.1: Australia – Telstra 3MI™ 22 2.2.2: China – Telstra 3MI™ 24 2.2.3: Hong Kong – Telstra 3MI™ 26 2.2.4: Indonesia – Telstra 3MI™ 28 2.2.5: New Zealand – Telstra 3MI™ 30 2.2.6: Singapore – Telstra 3MI™ 32 2.2.7: United Kingdom – Telstra 3MI™ 34 2.2.8: United State of America – Telstra 3MI™ 36 3.0: Transforming to an exponential business model 38 3.1: Global studies – Exponential Organisations and exponential fintechs 40 3.2: Exponential – traditional financial services institutions versus pure play online/mobile banks/fintechs 43 4.0: Programmatic technology for exponential performance 46 4.1: Technology investment models 46 4.2: Enterprise technologies driving exponential ecosystems 49 4.3: Customer interaction technologies 58 5.0: Conclusion 62 6.0: About the author 65 7.0: Acknowledgements 66 8.0: Notes and references 68 02 03 Foreword Rocky Scopelliti Global Industry Executive – Financial Services Telstra Welcome to an ‘exponential’ Whilst we can no longer reliably The three important questions In this report, we review the effects financial services world predict how financial services will be we address in this report are: of this ‘exponential’ world, where structured, provisioned and consumed digital transformation will provide 1. How do Millennials and mobile Over the past ten years, I’ve been in the long run (nor the entities that will organisations with the ability to technologies collectively influence privileged to research the spectacular provide them), we can consider how to harness a new economic physics. exponential growth? We present impact of technological innovation, adapt. Digital transformation, therefore, The analysis challenges our linear- the results from an eight-country investment, growth and the resulting is the genesis of this report. based assumptions relating to growth, study of 27,000 consumers disruptions to the financial services investment and performance as we In last year’s Millennials, Mobiles and (including 8,000+ Millennials) industry, which can only be described witness the reprogramming of the Money report2, we detailed how the using the Millennials, Mobiles and as ‘exponential’. industry for an exponential financial three ‘M’ forces are reshaping the Money Index (3MI™)3 developed services world. Throughout this report, we define an financial services industry and how by Telstra. Millennials and their Exponential Organisation as one whose platform-based, data-intensive and use of mobile technologies have The insights presented in this report impact (or output) is disproportionally capital-light business models would undoubtedly become lead indicators were only made possible through the large – at least ten times larger than have the greatest disruptive impact. of performance and the Telstra 3MI™ generous participation of the financial its peers because of the use of new In response to those forces, we also enables us to analyse the competitive services industry, the contributions organisational techniques that leverage detailed our vision for a ‘distributed, dynamics of institutions as of our research partners and the 1 accelerating technologies . These software-controlled, autonomous they prepare for the battle for many wonderful people I interviewed; accelerating technologies create a and real-time digital financial customer relationships. I am sincerely grateful to all. new economic physics, enabling the services world’. marginal cost of both supply and 2. How do legacy business models While we encourage you to peruse our demand to reduce to virtually zero. For this report, the twelfth in my need to transform to perform in detailed examination of the specific thought-leadership series, we expand an exponential world, and what are actions institutions can take, we also The accelerants of this new exponential on those topics. Importantly, we’ve also the inflection points that will drive welcome the opportunity to provide environment that organisations developed some unique behavioural these transformations? We consider you and your management team with either commence in, or adapt to, economics and digital technology the business and operating models an in-depth briefing on what these have included the convergence of: research methodologies that have of financial institutions and share insights mean for your institution’s • digital technologies that are allowed us to discover fascinating new insights from 77 institutions studied transformation. At the end of this information-enabling financial insights into how financial institutions across eleven countries. We also document, we’ve provided a list of services to deliver disruptive new can transform digitally to compete and present the results of a global survey contact numbers you may find valuable. win in this new ‘exponential’ world. of 164 financial services executives growth opportunities (both economic Please also visit: We share the results of the inaugural using the Exponential Quotient and social), and www.telstra.com/3MI Millennials, Mobiles and Money Index Methodology developed by the for further information. • behavioural dynamics associated (3MI™) with you too. Singularity University4. This enables with demographic change, specifically us to identify inflection points and Millennials (18-34 years), who are locate gaps that must be addressed now the largest demographic group. when transforming to an exponential As consumers, workforces, investors business model. and policy makers, they experience the world in a different way to 3. What technologies enable an past generations. institution’s transformation for exponential performance? Here we consider the impact of an exponential environment on investment models, the ‘platformification’ of institutions, enterprise technologies and customer interaction technologies. These include programmable infrastructure, processes and intelligence. 04 05 1.0: Thriving in an exponential financial services world Exponential Banking at BBVA Banking that draws upon exponential technologies to exponentially expand the area of contact with our customers and information about them; banking that multiplies both the variety and the quality of the services we offer; and, in sum, exponentially expands our business on a global scale5. 1.1: From the branch to the back pocket – the Telstra Millennials, Mobiles and Money Index (3MI™) In this report, we look at the value and In a Millennial-led, mobile-first world, 1.1.1: International comparison The adoption of a mobile-first attitude On the other end of the scale, Asia- Whilst no countries studied are in this mobile banking usage of Millennials we can now assess an institution’s – Telstra 3MI™ by Millennial consumers has not only Pacific countries such as New Zealand, quadrant (due to averaging), some (18 to 34 years) and how well- or not performance based on its capacity increased digital engagement with Australia and Hong Kong have a lower individual institutions from Australia, well-positioned institutions are to to attract Millennials (Millennial Transformed quadrant. Relative to their main banks, but also contributed proportion of Millennials in their China, Indonesia, Singapore, the UK capture exponential growth as this penetration), their ability to engage global averages, this quadrant reflects to the success and evolution of digital population (20 per cent, 26 per cent and the US are positioned here. Players generation becomes the main source them through mobile devices (mobile a higher proportion of Millennials in payments specialists such as Alipay and 28 per cent respectively). When it in this quadrant are exposed to those of industry profit. Population growth banking usage) and, importantly, how a country’s population and the higher and Tenpay. comes to smartphone-based digital in the Digitised and Transformed and economic development has created much Millennials are investing in that degree to which the population engages engagement, Hong Kong Millennials are quadrants. The quadrant title implies Digitised quadrant. Relative to global a consumer group who, in terms of relationship, defined as total balance institutions using mobile channels. least engaged (61 per cent), followed that remaining within this quadrant averages, this quadrant reflects a lower both number and purchasing power, value of deposits and lending (average by those in New Zealand (66 per cent), is a non-sustainable position, and Of the countries examined, Indonesia proportion of Millennials in a country’s are unlike any other in history. wallet size). These metrics make up the Singapore (67 per cent), Australia that a transition will be imperative. and China have the largest proportion population, but a higher degree to which Telstra Millennials, Mobiles and Money (68 per cent) and the UK at (69 per cent) From a banking perspective, this is of Millennials in their populations, the population engages institutions Index (3MI™). We’ve created the Telstra (see Figure 1). critically important as it is in
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