2018年-德勤中国_银行业及资本市场_2页_345kb

Deloitte Beyond Fintech: Disruptive Innovation in Payments Summary

Core Content

The Deloitte report "Beyond Fintech: A Pragmatic Assessment of Disruptive Potential in Financial Services" (2017) explores the transformative forces reshaping the financial services industry. It highlights how disruptive innovation is not only changing the way financial services are delivered but also redefining the competitive landscape and customer expectations. The report focuses on the payments segment, identifying key trends, open questions, and possible future scenarios.

Main Points

8 Key Forces Impacting Financial Services

1. Cost Commoditization: Financial institutions will focus on reducing costs, removing them as a competitive advantage, and differentiating through other means.
2. Experience Ownership: Customer experience will become a key differentiator, with the owner of the customer interface gaining more power.
3. Data Monetization: Data will be a critical asset for differentiation, with real-time, multidimensional data streams being more valuable.
4. Profit Redistribution: Technology and new partnerships will allow organizations to bypass traditional value chains, redistributing profit pools.
5. Platforms Rising: Platforms that integrate multiple financial institutions will become the dominant model for service delivery.
6. Bionic Workforce: Financial institutions must manage labor and capital as a unified set of capabilities, as machines increasingly replicate human behaviors.
7. Systemically Important Techs: Financial institutions are becoming more dependent on technology firms for critical infrastructure and innovation.
8. Financial Regionalization: Regulatory and customer differences will lead to distinct regional paths for financial services.

Payments Trends

• Disruption Has Occurred:
  • Payments are moving away from cash and becoming less visible to customers due to the rise of online and mobile channels.
  • Payments businesses face intense margin pressure from competition and regulatory challenges.
  • Payments ecosystems are evolving regionally, adapting to local customer behavior and regulations.
• Disruption Has Not Occurred:
  • Mobile payment solutions are not significantly better than traditional cards, limiting their adoption.
  • Customers have not widely accepted non-traditional payment schemes like alternative currencies.

Key Insights

Possible Futures

Key Takeaways

• Data Monetization: As traditional payment activities become less profitable due to competition and regulation, payment providers will need to leverage data monetization. Granular and multidimensional data (e.g., product-level and location data) will be more valuable, making data cooperation and partnerships essential.
• Local Payment Needs: Institutions should design payment solutions that align with local customer needs and behaviors. Emerging markets with underdeveloped payment ecosystems may lead in developing innovative solutions.
• Power of Large Merchants: Large merchants are gaining influence over customer payment choices, especially online. With access to product-level payment data, they will have more leverage to reduce fees and shape the evolution of payment ecosystems.

Conclusion

The report emphasizes that the payments industry is undergoing significant transformation driven by technological advancements, regulatory changes, and evolving customer expectations. Financial institutions must adapt by focusing on data monetization, regional customization, and forming strategic partnerships to remain competitive in this rapidly changing environment. The future of payments is likely to be characterized by fragmentation, the rise of platforms, and a shift in power dynamics, with merchants playing an increasingly influential role.