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By Louise Brett, FinTech Lead, Deloitte
We are fast entering the second wave of FinTech.
In the first wave, start-ups ‘unbundled the bank’. Swashbuckling new entrants built exciting businesses around individual products in areas like business lending, FX and payments. The FinTech trailblazers weren’t interested in providing the full joined-up bundle of bank services – from current accounts to payments, lending and insurance. They wanted to do very specific things. And do them better and cheaper than incumbent banks.
Alex Curry, Leader of Doblin Western Europe states: “creating new products is only one way to innovate, and on its own, it provides the lowest return on investment and the least competitive advantage ”.
When I talk to clients about their innovation strategies, it is more often than not about the new products and services they are developing. In a recent Innovation survey we conducted with the CBI, 30% of companies surveyed said that product development was the main benefit of innovation. However, we believe that companies need a strong mix of cultural as well as product based innovation to achieve business growth. Indeed, it is those organisations who achieve a truly integrated innovation strategy that can expect to derive the most value for shareholders.
By Al Bowman, Risk Sensing Lead, Deloitte
In recent months, the public has continued to surprise pollsters. Following the surprise results of the US elections and Brexit, many are considering how we can better listen to what the public is saying. Social media is certainly part of the answer. The ability to listen is equally important for businesses. They need to be able to both listen to and influence social conversations to manage reputational risks and stay connected to their customers. Monitoring social conversations is especially important for organisations where reputation is fundamental to the value of their business.
By Justine Bornstein, Research Lead for Automotive and Industrial Products, Deloitte
Like it or not, the future depicted in all manner of 1960s science fiction films and TV shows is fast upon us, with the mass deployment of driverless vehicles expected to arrive in the next few years for many developed nations. The UK government is keen to get on board this autonomous train and it will be thanks in part to the innovative abilities of the start-up community that it moves full steam ahead.
By Alexander Shelkovnikov, Corporate Venturing & Blockchain Lead, Deloitte
Despite technological advances, the way we provide our identity to others remains reliant on paper and plastic documents, physical contact and handwritten signatures.
What if there was a simpler way to manage identity?
A Q&A with Alex Dunsdon, Co-Founder, The Bakery
Vimi Grewal-Carr, managing partner for Innovation interviews Alex Dunsdon, Co-Founder at The Bakery to explore how startups and corporates can work better together. The Bakery partners brands and corporates with the world's best tech startups.
By Amirali Mohajer, Forefront Lead, Deloitte
Roland Coase, the brilliant British economist, had a simple and yet profound insight on the nature of firms. He recognised that the reason firms exist is mainly to reduce the transaction costs of going to the market for every single input they needed for production. It is simply too costly to identify the right supplier, negotiate a price and sign a contract for every nut and bolt needed. It makes sense for the entrepreneur to hire people and bring things in-house. However, Coase also recognised that as entrepreneurs create and grow their companies, they will create their own internal transaction costs. The bureaucracy needed to organise and allocate resources will become less efficient as the firm grows.
A Q&A with Lawrence Wintermeyer, CEO, Innovate Finance
Q. Which developments have had the most significant impact on the FinTech industry over the last few years and how have these developments changed the direction of the industry?
By Al Bowman, Risk Sensing Lead, Deloitte
Decision making is an integral part of life. The busier we get, the less opportunity we have to create the time, space and capacity to self-inform the decision making process. There are different techniques we can adopt to narrow the number or complexity of decisions that have to be made, for example, Mark Zuckerburg famously limits his choice of what to wear in order to maintain some capacity for more important decisions.
By Carolyn Fairbairn, Director-General, CBI
The pace of change in the business environment is accelerating. It is no longer the strongest businesses that survive and thrive - but rather the ones that adapt. A perfect concoction of technological advances and evolving customer behaviour means businesses across all sectors must be prepared to change.