桑坦德银行报告：重启金融服务.pdf

1、The Fintech 2.0 Paper:rebooting financial servicesWhy a paper for Fintech 2.0?This paper for Fintech 2.0 has been created by Santander InnoVentures,in collaboration with its partners Oliver Wyman and Anthemis Group.The purpose of Santander InnoVentures is to help Santander deliver better services to

2、 our customers through innovation,and to support a new generation of fintech start-ups on their growth journey.We believe these goals are inextricably intertwined.Oliver Wymans Innovation Platform has been established to advise both its traditional client base and fast growth fintech firms on the tr

3、ansformational change that is currently underway in the financial services industry.Many fintechs have succeeded but today they are still operating only at the edges of banking.To help engineer more fundamental improvements to the banking industry,they must now be invited inside,to contribute to rei

4、nventing our industrys core infrastructure and processes.That can succeed only as a collaborative endeavour,with banks and fintechs working together as partners.This paper highlights the benefits of collaboration and identifies some of the opportunities for profitable change in realising Fintech 2.0

5、.We hope the whole industry both banks and fintechs recognise the value of this approach and join us in this collaborative journey to Fintech 2.0.2Mariano Belinky,Managing Principal,Santander InnoVenturesEmmet Rennick,Head of Innovation,Oliver WymanAndrew Veitch,Director,Anthemis34681.Fintech 2.02.A

6、pplications for the Internet of Things2.1.Cutting costs in trade finance2.2.Improving valuation accuracy of real assets in leasing and asset financing 103.Being smarter with smart data124.Embedding distributed ledger technology145.Creating frictionless processes and products165.1.Opportunities to re

7、duce friction in the mortgage process165.2.Frictionless saving and investment186.Conclusion:achieving Fintech 2.0 together19Contents4Over the last decade,however,a new source of innovation in financial services has emerged from financial technology start-ups(“fintechs”)and technology companies(“tech

8、os”).These new firms have been quicker than banks to take advantage of advances in digital technology,developing banking products that are more user-friendly,cost less to deliver and are optimised for digital channels.This relative success is unsurprising.These new players are less burdened by the d

9、emands of regulatory compliance which banks are subject to.They are unencumbered by complex and costly to maintain legacy systems.They can focus on creating single-purpose solutions,designed to offer an improved experience within just one product or service.They are more in tune with the peer-to-pee

10、r(P2P)culture engendered by the explosion of social media.And they are smaller organisations,designed for the purpose of innovation.Capital has flowed into the fintech sector:$23.5 billion1 of venture capital investment in 2013/14.Of this investment,27%has been in consumer lending,23%in payments and

11、 16%in business lending.Fintechs have two unique selling points:better use of data and frictionless customer experience.But to date these have been limited to relatively simple propositions such as e-wallets and P2P lending.The impact of fintechs to dateAfter a slow start,fintechs are now capturing

12、a growing market share in these areas.Yet their overall effect on the banking market has been minor.Banks have not crumbled in the face of this new competition.We characterise this first phase of fintech as Fintech 1.0.Yet the conditions for significant change are present:policy shifts towards open

13、data and APIs2,the emergence of enhanced technologies such as cloud computing,changing customer dynamics and intense pressure to cut costs in banking.We believe that by extending the use of data and frictionless processes Fintechs can and will expand well beyond the confines of payments and consumer

14、 credit.It will move deeper into middle and back office processes providing new,richer propositions for end customers.Fintech 2.0 is just around the corner.It will deliver fundamental changes to the infrastructure and processes at the core of the financial services industry.In this report we conside

15、r some important banking innovations based on the“Internet of Things”(IoT),smart data,distributed ledgers and frictionless processes beyond payments and consumer credit.1.Fintech 2.0Banks can boast of some important innovations.ATMs,credit cards,securitisation,swaps and mobile banking are now taken

16、for granted,but each was ground-breaking when first launched.1 Source:Oliver Wyman analysis.2 Application Programming Interfaces.5Fintech 2.0 will cause a major disruption of the banking market,as digital technology has in other markets,such as travel and entertainment.Pre-digital business models and processes will be rendered obsolete,and billions of dollars of value will shift to“new model”suppliers.Banks are aware of these changes and the opportunities they present.Many have decided they need