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FinTech Disruption –What a CEO Needs to Know
Mark Sievewright,Founder, Sievewright & Associates
May 15, 2019
Putting FinTech into Context
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Accelerating Consolidation and Business Model Change
Demographic shifts could have a profound impact on business growth, CU relevancy and talent management
Technology is redefining financial services delivery, member service experience and money movement
New entrants are challenging incumbents –and new forms of distinction will be needed to compete!
Business Model Change
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We are living in a “World of Bytes”…….Who will enter Financial Services next?
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The Blending of Physical and Digital Delivery Leads to New Business Models
Technology is RedefiningFinancial Services
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The Pace of Technology Adoption is Accelerating Rapidly!
Source: The New York Times
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“Being Digital is different. It is almost genetic in nature, in that each generation will become more
digital than the preceding one.”
“Digital Transformation is about reimagining how you bring together people, technology, data and process to create value for your customers and
maintain a competitive advantage.”
We are Living in an Experience-Driven World
Embracing the Future of Intelligent Experiences
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More Fertile Ground for FinTech Innovation
Consumer Demographic& Behavioral Shifts
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Do Consumer Behavior Shifts Favor the FinTech Model?
“Born Digital” consumers demand new ways to interact
Buying decisions influenced by insights gathered from vast amounts of
data and information
Value creation occurs in shorter cycles driven by digital interactions
“Situational Context” becomes a vital component of effective marketing
“Digital Life” requires new forms of I.D. management and authentication
The Changing Nature of Competition
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Where do FinTechs Play?
FinTechs are Reimagining Lending
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FinTechs are Reimagining Payments
Payments Competition is Being Redefined
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Challenges Facing FinTechs
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Regulatory Authorization and LicensingRegulatory Compliance
Cross-Border RegulationsPartnering with Financial Firms
Customer Service/Problem ResolutionTalent, Staffing
CyberSecurityReputation
Consumer Adoption
% of Respondents
Source: The Economist Intelligence Unit
What FinTech Means at Berkshire Hathaway and JPMC
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FinTech Collaboration at USAA
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FinTech Collaboration at Tandem Bank (U.K.)
FinTech Collaboration Among Australia’s Banks
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FinTech Collaboration at CUNA Mutual Group
Other CU-FinTech Collaboration Models
Thank You!
Mark SievewrightFounder, Sievewright & Associatesmark@msievewright.comwww.sievewrightandassociates.comTel: 617-852-9626
