Enterprise ireland North American Fintech Advisory Panel Remarks Scott Wilkinson
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Presentation to Enterprise Ireland on Fintech trends in Canada and wealth industry by Scott Wilkinson
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Enterprise ireland North American Fintech Advisory Panel Remarks Scott Wilkinson
- 1. What does FinTech Mean to Us? View Points from a 1st Gen Canadian Fintech Enterprise Ireland North American FinTech Advisory Panel – June 21, 2016
- 2. Building on Other Presenters • Think Bigger! • Next wave is Artificial Intelligence • Key is rethinking business … technology is a tool for that
- 3. What does Fintech Mean? Incumbent DisruptorCustomer Depends on your POV
- 4. • 200 person private software company • Based in Toronto, Canada • Founded 1998 • Focused on Canadian wealth management solutions, primarily for large banks – Brokerage – Retail banking, core deposits – Registered accounts – Trust • Value proposition tied to quality execution, scalabilty, open integration
- 5. Our POV? • FinTech is an Evolutionary Step … Fuelling existing fires of change • But unlike previous steps … FinTech is global, consumer, and more than banking • Canadian Banks are Serious … but frictions remain
- 7. “FinTech” Evolution Dot- Com TechFin FinTech AI ConsumerImpact Device and Technology Readiness • Efficiencies • Service • Revenue 1990’s 2025
- 8. Operating Costs Experience Revenue (Markets) Forces of Disruption Globalization Regional Regulatory Inertia Incumbency Power Access to Capital & Shareholder Return Capacity of Consumers to Adjust Stakeholders Interest / National Agenda “Next Big Thing” Bandwagon Effect
- 9. Results Culture Still Dominates
- 10. Fuelling Existing Fires of Change
- 11. $34 Trillion Net Canadian Assets $8.3 Trillion Net Canadian Worth $4.9 tn Bank Assets $1.4 tn Broker/ Dealer AUM $1.1 tn FUNDS AUM $1.3 tn LifeCo Assets $3.2 tn Pension Sources: Statistics Canada December 2015 IIROC September 2015 IFIC October 2015 OSFI Q3 2015 $0.04 tn Hedge Fund Canadian Wealth Assets >$19bn spent on financial IT salaries and related costs annually
- 12. Trends in Wealth Legacy Technology Friction and Replacement Regulation and Business Model New Investor Models/ Competitors Globalizatio n and Consolidati on Changing Product Shelf and Service Offers Demographi cs and Wealth Transferenc e Knowledge Gap with New Managers Big Data and Analytics Agile & Digital Economics Key trends for Canadian Wealth Management companies: Changing Business Model and Competitive Framework Changing Technology and Project Frameworks Changing People Interactions Sources: Deloitte, Aite, PwC 2015
- 13. Fintech = Global, Consumer & more than (Banking), (Robo), (Payments),….
- 15. 3 Basic FinTech Strategies 1) Inflection Point 2) Operating Systems 3) Customer Ownership Own customer at point of purchase decisions to match provider Change value chain to enable lower costs, change established capital Controlling customer on ongoing basis
- 16. Amara’s Law •?? •Payments/Current •Money Transfers •Direct Lending •Merchant/Acquirer •Factoring •Virtual/Direct Lloyds •Virtual advisors •Comparisons •Robo Advisors •Hybrid-Advisors •Direct markets •Block Chain Wealth and Investments P&C Life Insurance and Pensions Banking Short term impacts of technology over estimated … long term impact underestimated
- 17. Same Problems … Different Takes TechFin Institutional Modernization FinTech Consumer Disruption of Existing Models AI Pervasive Ubiquitous Choice, Experience, Frictionless Transactions
- 18. Not this type of AI! OK, Maybe this… Artificial Intelligence?? What is the impact of 50 bn devices linked together??
- 19. Banks are Serious about Fintech … making direct bets … but peripheral to $19 bn annual spend
- 20. Incumbents Choices To React? Comb Over Strategy Marry Younger Accept Who We are Be a Better Version of Ourselves
- 21. Bets Are Being Placed… • Available bets, Changing the Odds: – Inside Bets • Active FinTechs • Intra/Entrepreneurs • VC – Outside Bets • Local Accelerators • Business Schools • Global Scanning Resources # Bets What is the Game Again? Between 2012 – 2015 there were Investments of C$1.4 billion for $600 million revenues in Canadian FinTech Sector
- 22. Enterprise Ireland Implications • Canada is Still Conservative … – Lip service, consensus, following crowd • Appetite exists, but scalability an issue – Partnerships, affiliations, alliances • Be more aggressive with Business and Technology Vision – “Solve the Biggest Problems”