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Post-Digital Innovation in Financial Services Table of Contents

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Post-Digital Innovation in Financial Services Table of Contents WHAT IS REALLY HAPPENING AT RETAIL BANKS AND INSURERS IN BELGIUM? EXPOSED Post-digital Innovation in Financial Services TABLE OF CONTENTS PAGe 1 PREFACE 2 INTRO: POST-DIGITAL INNOVATION IN FINANCIAL SERVICES 4 THE PIE SHRUNK, NOT THE SLICE 6 MY TAKE: STÉPHANE NACHTERGAELE, ASSURALIA 8 PosT-DIGITAL FRONTRUNNERS PERFORM BETTER 9 MY TAKE: OLIVIER DEBEHOGNE, KEYTRADE BANK 10 MOBILE DRIVES DIGITAL INNOVATION 11 MY TAKE: TOM KESTENS, HELLO BANK 12 FOCUS ON THE PRIZE, NOT THE HURDLES 13 MY TAKE: MICHEL VERMAERKE, FEBELFIN 14 HARNessiNG THE poweR OF COMBINATIONS 15 MY TAKE: ANDRÉ VANDEN CAMP, AXA 16 THE VALUE-ORIENTED CIO PREMIUM 18 MY TAKE: DAVID TORNEL, ETHIAS 20 WARNING: THE RISK OF MISJUDGING RELATIVE PROGRess 23 CONCLUSION 25 APPENDIX 1: SAMPLE DESCRIPTION 26 APPENDIX 2: QUESTIONNAIRE Facilitated by: In partnership with: CEDRIC DELEUZE INTRO: PosT-DIGITAL INNOVATION IN FINANCIAL SERVICES WHAT IS REALLY HAPPENING AT RETAIL BANKS AND INSURERS IN BELGIUM? The further popularisation of business-driven Such a vision of digital business innovation technologies – such as big data, social, mobile, appears intriguing and promising. But it leaves cloud, and cyber – is putting pressure on companies a lot of questions open for individual companies to fundamentally rethink operating models, business in a specific sector such as the financial services models and executive roles, regardless of industry industry (FSI). Considering the importance of FSI or geographical location. In its ‘Tech Trends 2013’ to the Belgian economy, Deloitte Belgium and Vlerick report*, Deloitte addresses these evolutions under Business School decided to join hands to investigate the umbrella of ‘post-digital innovation’. According what post-digital business innovation actually means to this vision, technology-centric forces driving for financial services providers (see Box 1 for our business innovation will be a major strategic theme working definition of post-digital innovation). for the coming years. BOX 1: PosT-DIGITAL INNOVATION DEFINED Post-digital business innovation includes all investments for significant business transformations with the following characteristics: A THE INITIATIVE IS AIMED AT ONE OR MORE OF THE FOLLowiNG TYPES OF INNOVATION: • Structural innovations to the production and delivery of existing products/services (e.g. lean and work flow automation) • The introduction of new products/services (e.g. ATM finders and location-based insurance services) • The orchestration of new value-based eco-systems with 3rd parties (e.g. e-wallets, and peer-to-peer banking and insurance) • Structural innovations to management and support systems and processes (e.g. e-HRM, analytical marketing and paperless working) B THE INITIATIVE INVOLVES THE DEPLOYMENT OF ONE OR MORE OF THE FOLLowiNG DIGITAL TECHNOLOGIES: • Big data: capturing and analysing large and complex data sets (e.g. to identify commercial opportunities, to monitor social media, and to detect fraud) • Social: using social technologies to reach consumers and connect with employees and partners (e.g. advanced social media campaign/brand management systems and internal micro-blogging) • Mobile: providing mobile services to customers, employees and partners (e.g. mobile apps and location-based services) • Cloud: providing and managing cloud-based services for both core and non-core activities (e.g. cloud-based document services, or e-mail services, or CRM) • Cyber: the advanced use of electronic and cyber identification capabilities (e.g. the advanced use of e-ID and e-wallets) * www.deloitte.com/us/techtrends2013 2 / © Vlerick Business School w With the additional support of Belgian sector WE HAVE ORGANISED OUR federations Febelfin and Assuralia, we have FINDINGS AROUND 7 THEMES: investigated the nature and implications of 1 The pie shrunk, not the slice post-digital innovation as it takes shape in 2 Post-digital frontrunners perform better companies that provide banking and/or insurance services to retail customers in Belgium. 3 Mobile drives digital innovation 4 Focus on the prize, not the hurdles For this report, we collected insights by combining two methods: 5 Harnessing the power of combinations 6 The value-oriented CIO premium • First, in an exploratory phase, we interviewed several CIOs and business leaders of leading 7 Warning: The risk of misjudging relative progress financial institutions as well as non-financial This report primarily looks at post-digital innovation companies in Belgium. from the CIO’s point of view. ‘My Take’ sections add • Second, on the basis of these interviews, we built the perspectives of several business leaders with and launched a web-survey aimed at the highest regards to the content developed in the report. ranked executives responsible for ICT in banks Business leaders of all kinds should find this report and insurers active on the Belgian retail market. interesting and informative. Out of 81 invitations sent out, we received 44 responses, which covered about 85% of the Belgian insurance and banking market in terms of banking assets and insurance premiums paid annually. Therefore, the results we present in this report are very representative of the Belgian financial services market (see appendices 1 and 2 for a description of the data-set and a copy of the web-survey). Vlerick Business School, Brussels Campus © Vlerick Business School / 3 1 THE PIE SHRUNK, NOT THE SLICE It has already been 5 years since the outbreak – which is comparable to pre-crisis levels. As one of the global financial and economic crisis of the interviewed CIOs put it: “The crisis forced sent shockwaves around the world, with major us to reduce the size of the pie – i.e. our entire ICT consequences for the financial sector. However, investment budget – but we refused to reduce the repercussions of that storm have not yet been the relative slice of innovation investments.” completely mitigated. Two strongly interconnected For 40% of our respondents, the crisis actually themes still dominate the executive agendas invoked an upward trend in the relative share of of companies providing financial services to spending on innovation. retail customers. Moreover, CIOs in FSI remain optimistic about First, many financial institutions still need to find innovation spending levels in the coming 5 years: ways to recover severe asset depreciations and nearly all agree that the share of innovation in the direct income losses. Second, the crisis, the bailouts, ICT budget will be on the rise during this period. and the scandals (e.g. LIBOR*) in the aftermath We also surveyed which kinds of innovations are of the crisis all but obliterated consumers’ trust in high on the agenda (see Figure 2). For the most part, financial institutions. Finding ways of regaining that financial institutions are looking at rather internally- trust has become, and will remain, one of the key focused and less radical types of innovation. challenges in the foreseeable future. We polled CIOs of financial institutions on the Belgian retail market about the impact of these crisis conditions on their companies’ attention to 84% innovation in the ICT budget. From the results, we 80% learned that some companies have found themselves 67% compelled to reduce spending on innovation (see Figure 1). However, for a large majority, it seems that 45% the percentage of spending has remained at least at the same level as before the crisis. Support & Operational New Eco-system A Our share of investments in innovation was Management Innovations Services Innovations significantly reduced when the crisis broke out System Innovations 24% Figure 2: What types of innovation are banks B Our share of investments in innovation has been and insurers investing in? growing since the crisis Key examples are innovating support and 40% management systems for better risk management or marketing analytics (84%), or streamlining the C Our share of investments in innovation will be operational side of existing services (e.g. straight- growing in the coming 5 years through-processing) (80%). 93% More radical innovations – such as introducing new services to the market or pursuing eco-system Figure 1: What is the evolution of the relative share innovations – are lower on the agenda in the financial of innovation in the total ICT budget? services industry. Eco-system innovations entail radical shifts in how These results are confirmed by the observation financial services are purchased and enjoyed by that the share of their ICT budget designated for consumers (e.g. through disintermediation). For innovation has remained between 10% and 20% example, a number of interviewed CIOs mentioned * LIBOR = the London Interbank Offered Rate. The LIBOR reflects the average interest rate charged to banks if they were to borrow money from another bank. In June 2012, large scale fraudulous manipulations of the LIBOR by leading banks such as Barclays Bank were uncovered, i.e. the LIBOR-scandal. 4 / © Vlerick Business School w the entry of third parties into specific financial services niches in which they are currently not even recognised as market players, let alone market Banks Insurers makers (e.g. Google Wallet). However, a subtle distinction should be made 24% between banks and insurers: while most banks are 40% YES NO 60% investing in eco-system innovations, insurers are YES 76% currently much less keen to do so. NO The results presented in Figure 3 show that nearly 2 out of 3 banks are investing in innovations to develop or adapt to new eco-systems for providing financial
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