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  • 2013/11/26

Financial services leaders must innovate in order to succeed in an industry which has undergone fundamental change in recent years. Now more than ever, the question begs, how do you achieve growth in an undifferentiated and highly competitive market? This breakfast briefing presents insights into how leading financial services organisations are overcoming this challenge. Participants heard from industry and academic leaders on how financial services organisations have increased market share by identifying, designing and implementing innovative ways to drive customer value, sustainable growth and long–term profitability.

Presentations – Key Findings and Downloads

Welcome and Opening Comments

Constantin Gurdgiev, Economist

Introduction:

Financial services are being reshaped by the twin forces of changing demand for and supply of investment, as well as by the regulatory responses to the crisis, both related to the demographic, macroeconomic and structural shifts in the global economy. Constantin explores how these profound changes require enterprise and industry-level innovation to deliver new business models.

Key Findings:
  • Financial, fiscal and growth crises associated with the Great Recession have left behind four core sources of risks and uncertainty relating to financial services
  • These sources present both significant challenges and opportunities for disruptive innovation in the sector
  • While regulatory and monetary policy pillars of risks will also shape the future of financial services, from the enterprise perspective core innovation-linked opportunities rest within the behavioural and strategic pillars of uncertainty
  • Behavioural changes in the marketplace imply the need for reshaping of financial services offers and platforms to increase institutional credibility, openness and transparency of services, as well as to increase customer participation in shaping product offers and pricing
  • Strategic responses to uncertainty will require delivering new and more customer-specific services via lower cost platforms to sustain profit margins
  • Doing more with lesser resources, on thinner margins and in the environment of growing demand for data and control from the clients requires shifting financial services models to allow customers build their own services offers, in effect empowering clients to build their own banks
  • This process will continue evolving until the clients will be provided with fully open architecture platforms on which they will be empowered to build their own systems of financial services - spanning their entire demand for financial products and matching their life cycle and preference-driven needs
Case Study: Turning Innovation into Assets

Furio Peitribaisi, Managing Director, Mediolanum

Introduction:

Furio discusses the concept of innovation as the process of creating ideas and turning them into real business value. He draws on his extensive industry experience of combining, aggregating and modifying new and existing technologies and/or techniques to make innovation permanent. 

Key Findings: 
  • Creativity is not enough. Successful innovation must be aligned to a company’s core business strategy and managed through a structured process under effective leadership
  • The Irish ecosystem, thanks to the immense presence of major financial services institutions and technology companies, could be an important accelerator for delivering innovation in organisations 
  • The boundaries between a firm and its environment have become more permeable and now innovations can easily be transferred inward and outward. For this reason, it becomes critical to access, manage and maximise intellectual capital by interacting and engaging with all contributors and stakeholders
  • Many technology innovations have reached the FS financial services industry in the last few years and many more are iminentimminent. Information flows and data streams continue to be strategic assets for organisations, and being able to leverage and use them effectively presents a competitive advantage
  • In the knowledge economy and information age, intellectual capital is a critical part of running a company. It is crucial to understand and protect the intellectual capital in an enterprise because it is an important asset that allows innovation to grow within an organisation
Advisory: Accelerating into the Digital Era with Co-Creation

Eric Falque, Partner and Firm-wide Leader of Service Lines and Customer Management

Introduction:

Having contributed to award-winning, innovative solutions for some of the largest financial institutions in Europe, Eric provides unique insights into the steps taken, the lessons learned and the opportunities for other institutions to consider.

Key Findings:
  • Understanding consumer psychology is key - especially in the after math of the financial services crisis
  • “Always On” banking and insurance enables new services but also accelerates disintermediation
  • Co-creation is the new paradigm to tackle banking and insurance
  • Financial services leaders need to develop new competencies

Financial Services Leaders' Briefing: Advisory

The Digital Financial Services Enterprise - From Insight to Engagement

Keith Saxton, Director Financial Services IBM Research

Introduction:

Enabling client interaction through the optimisation of digital channels coupled with sophisticated analytics and insights is the route to sustainable growth and profit. Cloud, mobile, social analytics are challenges and game changers.

Key Findings:
  • The financial services industry is faced with ongoing regulatory imperatives which continue to impact their economic business model. Standard cost cutting responses only will not prove to be a winning response and will make no impact on delivering new client-centric services.
  • Winners will embrace the opportunities presented by technology advances to become true digital enterprises. This represents a challenge to make sure that the core systems, infrastructure and processes are equally as modern and agile as the customer centric apps that are being developed. Security and privacy will stay front and centre as this develops.
  • As we move from systems of record to systems of engagement it is clear that banking has to be about the interaction, not the transaction. The customer may well be king again. With new entrants arriving at every point along the banking value chain, without an appropriate holistic response, Banks could find themselves further losingg profit and growth opportunities.
Speakers

Dr. Constantin GurdgievDr. Constantin Gurdgiev lectures in Finance with Trinity College, Dublin and University College Dublin, and serves as a Founding Partner with the IBRU Venture Capital Holdings, Ltd. He currently holds non-executive appointments on the Investment Committees of Sierra Nevada College (US), and Heinz Global Asset Management, LLC (US), and is a columnist with the Irish edition of the Sunday Times and the Village Magazine. In the past, Dr. Gurdgiev served as the Head of Research and Partner with St Columbanus AG (Switzerland), the Head of Macroeconomics with the Institute for Business Value, IBM, Director of Research with NCB Stockbrokers, and Group editor of Business & Finance Publications.

Furio PietribiasiFurio Pietribiasi is Managing Director at Mediolanum Asset Management and Mediolanum International Funds and member of the Board of Mediolanum International Life. He is also Chairman of Gamax Management AG and member of the Board of Mediolanum Specialities SICAV SIF. He is also Chairman of the Board of the Irish Association of Investment Managers and member of the Council of IFSC Ireland. Furio is also part of the Taoiseach Department Working Groups for the Funds and Asset Management and he is also Chairman of the Advisory Board of the Diploma in Innovation in Financial Services - University College Dublin (UCD). Furio holds a BA in Finance and Economics.

Eric FalqueEric Falque, BearingPoint Partner based in Paris, Firm-wide Leader of Service Lines & Customer Management and Member of BearingPoint's management committee. Eric has 20 years’ experience in sales, marketing and customer relationship management both playing a role in worldwide firm management and working for global accounts. Having previously held the role of Partner at PwC, he joined BearingPoint nine years ago, where he focused on helping the significant growth of BearingPoint's CRM business before leading the CRM practice on a global basis. He has led various projects with large-scale, relationship marketing and customer centricity strategy development as well as multi-channel, customer management programs. He holds an MBA from New-York /Laval University, Canada and is a graduate of Euromed in Marseille Investment.

Keith SaxtonKeith Saxton is Director Financial Services IBM Research, focusing on industry and line-of-business issues, alongside traditional technology research, to deliver increased business value to clients. Keith joined IBM after over 20 years in the financial Markets where he held a number of executive management positions in the front office of a number of large international investment and wholesale banks. Within IBM Keith has held various industry focused leadership positions for a number of business units at a country, regional and global level. Externally Keith is Chairman of the Financial Services Committee for Intellect UK, the trade association for the UK technology industry.

If you have any queries regarding this event, please contact Gary Mullane on +35314181179.