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Open D3 - Dr. Markos Zachariadis

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Open Digital & Disruption Day 2019

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Open D3 - Dr. Markos Zachariadis

  1. 1. Warwick Business School Dr. Markos Zachariadis Visiting Professor in FinTech, Ivey Business School, Western University Associate Professor at Warwick Business School, University of Warwick FinTech Research Fellow, CDI, University of Cambridge
  2. 2. Warwick Business School  Currently: - Visiting Professor in Financial Technologies (FinTech), Ivey Business School - Associate Professor in Information Systems & Management, Warwick Business School - FinTech Research Fellow, Cambridge Digital Innovation (CDI), University of Cambridge - Visiting Professor, ALBA Graduate School of Business - Guest Lecturer, London School of Economics  Previously: - Research Associate at the London School of Economics, Dept. of Management, Information Systems & Innovation Group - Research Associate at Judge Business School, University of Cambridge - Visiting Scholar and Tutorial Fellow at London Business School, Dept. of Management Science and Operations - Research Economist at the Centre for Economic Performance, London School of Economics About me…
  3. 3. Warwick Business School Research in digital innovation - How does information and value move within modern economies and across borders? - How do information infrastructures and cross-border value transfer systems in finance (and elsewhere) emerge? - What are their key characteristics in terms of: standards, technology, architecture, community, governance, security, etc.? - What is the economic and organizational impact? - How do you study digital infrastructures and systems?
  4. 4. Warwick Business School Change rarely comes from technology alone! Trans-Atlantic cable in 1858 (Garbade and Silber, 1979) Customer Demand Organizational & Market Structure Technological Innovation RegulationLSE Big-Bang in 1986 (Clemons and Weber, 1990) Securities Immobilisation in 1973 (Donald, 2012) SWIFT Network (Scott and Zachariadis, 2014)
  5. 5. Warwick Business School Nature of the firm is changing FIRM YEAR FOUNDED EMPLOYEES MKT CAP (2016) BMW 1916 116,000 $53B UBER 2009 7,000 $60B MARRIOT 1927 200,000 $17B AIRBNB 2008 5,000 $21B WALT DISNEY 1923 185,000 $165B FACEBOOK 2004 12,691 $315B KODAK 1888 145,000 $30B (heyday) INSTAGRAM 2010 13 $1B (acquisition in 2012) Source: 2016 Parker & Van Alstyne, with Choudary - “Uber, the world’s largest taxi company, owns no vehicles; Facebook, the world’s most popular media owner, creates no content; and Airbnb, the world’s largest accommodation provider, owns no real estate” - Tom Goodwin (Havas Media)
  6. 6. Warwick Business School The emergence of platforms  Platform is: - Business model that creates value by enabling interactions between external producers and consumers (Parker, Van Alstyne, etc.). - Selling reductions in transaction costs not products – e.g. iTunes/Napster or UBER/P2P Austin Market where the platform bears the risk! (Munger, 2015). - Open infrastructure and set governance conditions (Gawer and Cusumano, 2002)  Platform can: - Scale more efficiently by eliminating gatekeepers (e.g. You Tube) - Unlock new sources of value creation and supply (Airbnb) 2016 Parker & Van Alstyne, with Choudary
  7. 7. Warwick Business School ? ? Blackberry Nokia 2007 20% 50% 2013 2% 2% Manage openness & create ecosystems…
  8. 8. Warwick Business School “Platformification” of Banking  Ability to create a business “ecosystem” and add value for clients.  How to go about and do that?  What are the choices banks and non-banks have in order to adopt platform strategies in financial services?
  9. 9. Warwick Business School “Unbundling” of the bank Source: CB Insights
  10. 10. Warwick Business School Open Banking & FinTech innovation “Unbundling” of the bank… Bank as a platform… “Re-bundling” of financial services…
  11. 11. Warwick Business School
  12. 12. Warwick Business School Market transformation
  13. 13. Warwick Business School Customer experience matters Regulation on Open Data Competitive Dynamics
  14. 14. Warwick Business School Buying/Selling APIs will be the norm! - In a two-sided market customers are both your “suppliers” and “consumers”! - Need to “sell” or “consume” APIs to/from your “suppliers” and “customers”! Rich APIs and comprehensive developer experience
  15. 15. Warwick Business School From banking on money… …to banking on data!!
  16. 16. Warwick Business School Customer experience matters - data is king! - Easy sign up - No fees - Works worldwide in Wallet app - 2% daily cash back - In-app chat for customer support - Enhanced transactions with maps & merchant logos - Card laser etched in Titanium
  17. 17. Warwick Business School Customer experience matters - data is king!
  18. 18. Warwick Business School Email: Twitter: @MarkosZach Linkedin: