Royal Bank internet banking

PwC Consulting
FinTech e Blockchain:
Come costruire Valore
Aprile 2016
Roberto Lorini
[email protected]
Marco Monaco
[email protected]
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Agenda
PART I
1.
FinTech: Overview ………………………………………………………………..
3
2. FinTech: PwC Commitment ………….………………………………………..
8
DeNovo DEMO ………………………………………….……………….……
12
3. Blockchain e FS………………………….…………………………………………..
15
4. Osservatorio Italiano FinTech ..…….………………………………………..
18
PART II
1.
PwC
Focus Blockchain …………………………………………………………………...
21
2
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Cosa vuol dire FinTech e perché è importante
All'incrocio fra finanza e tecnologia
emerge un fenomeno che sta
accelerando il ritmo dei
cambiamenti e rimodellando lo
status quo del settore - si chiama
FinTech.
Le FinTech (start-up e nuovi operatori del
mercato) innovano i prodotti e i servizi
attualmente forniti dagli operatori
tradizionali con effetto disruptive
sulla catena del valore tradizionale.
FinTech non solo startup: un ecosistema
complesso
PwC
3
PwC
Commitment
Overview
Blockchain
e FS
Osservatorio
Italiano
FinTech: chiari messaggi per coglierne le opportunità
Il 78% dei CEO supporta l’integrazione delle FinTech ai livelli
più alti del management
78%
25%
Il 25% delle Firms non considera il panorama FinTech, il che
porta ad una sottostima dei potenziali benefici o rischi
Le FinTech stanno
La disintermediazione
Blockchain: una nuova
I Financial Services
ridisegnando i FS
è l’arma principale
tecnologia che può
devono far leva
dall’esterno
delle FinTech
riscrivere le regole dei FS
sull’ecosistema FinTech
Le FinTech stanno avendo
Punto di attenzione: le
Le FinTech possono
successo nell’innovazione
FinTech mettono a
aiutare a ridurre i costi
del mercato FS
rischio circa il 20% dei FS
dei FS primari
4
Fonte: PwC Global FinTech Survey 2016
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Chi è impattato?
Il grafico mostra l’impatto previsto delle FinTech nei prossimi 5 anni sui diversi segmenti dei FS
90%
Banking & Capital Markets
80%
Consumer Banking e servizi di Pagamento o
Trasferimento fondi rappresentano i settori in cui
è previsto il maggior impatto entro il 2020
70%
Pagamenti e Trasferimento Fondi
60%
Asset & Wealth management
50%
Assicurazioni
40%
30%
20%
10%
0%
Consumer
Banking
Pagamenti e
Trasferimento
Fondi
Investimenti
e Wealth
Management
SME
Banking
Servizi di
brokeraggio
Assicurazioni
Vita e Proprietà
Commercial
Banking
Intermediazione
Assicurativa
Market
Operators &
exchanges
Fund
Operators
Banche di
Investimento
Reinsurance
Fonte: PwC Global FinTech Survey 2016
PwC
La disintermediazione è l’arma principale delle FinTech
5
PwC
Commitment
Overview
Blockchain
e FS
Osservatorio
Italiano
Architettura di alto livello FinTech
Customer
interessa tutte le aree
che impattano la
struttura Legacy dei
Financial Services
conferendone una
nuova morfologia.
Data
Analytics &
Customer
Insight
ANALYTICS
L’ecosistema FinTech
www
Online
Contact
Center
Mobile
Social
Media
Emerging
Technologie
s
CUSTOMER CENTRIC PROCESS
Marketing & Sales
Online & Mobile
Servicing
Online & Mobile
Servicing
Omni Channel
Capabilities
ENTERPRISE
DIGITAL EXPERIENCE
Digital
adapted
processes
PRODUCT PROCESSORS
CORE BANKING PLATFORM
Omnichannel
experience &
digital services
PwC
6
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Player FinTech intervengono su tutti gli aspetti della ValueChain FS
•
•
•
•
P2P payments
Mobile payment
Crypto payment
Remittance
•
Alternative credit decisioning
• P2P lending
• Crowdfunding
Functions of the
FS industry
•
•
•
Internet of things
Smart Contract
Cybersecurity
PwC
•
• Robo-advisors
Low-cost Trading
7
PwC
Commitment
Overview
Blockchain
e FS
Osservatorio
Italiano
Strategia PwC FinTech
La nostra strategia prevede di creare un business innovativo che:
@PwC
Blockchain
DeNovo
platform
• Apporti una crescita significativa nel nostro mercato
FS e sviluppi nuove revenue streams.
• Ci abiliti ad assistere i clienti interessati alla
disruption agenda
Robo
Advice
@scale
• Faciliti un allineamento globale
Shape of the New
Business
• Interessi tutte le LoS
• Trasformi il ‘digital’ in realtà nei FS
• Ci assicuri il mantenimento di un ruolo preminente nei FS
Big Bets /
Existing
Focus Areas
@Integrate
• Infonda alla Firm una cultura imprenditoriale
PwC segue l’approccio ‘lean Startup’ favorito dal settore FinTech per
mettere in campo la strategia descritta
PwC
? Future
Areas that
Emerge
Engagement
8
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
DeNovo rappresenta la nuova generazione di consulenza strategica
È una nuova piattaforma focalizzata sull’impatto del FinTech sulle Financial Services Firms
Il rapido sviluppo di tecnologie disruptive e la nascita di nuovi Business Models richiede una metodologia moderna
nello strategic advice: DeNovo aiuta i nostri clienti a capire in che modo l’innovazione impatterà i loro business.
I Key Decision Makers dei nostri clienti, utilizzano
DeNovo per rispondere alle seguenti domande:
1.
Quale BU è più impattata dall’innovazione?
2.
In quale pezzo della value chain l’innovazione
impatta il mio business?
3.
Quali sono le tecnologie abilitanti di queste
innovazioni?
4.
Come impatta l’innovazione sulla mia strategia
IT/Operations?
PwC
9
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
@Scale è disegnato per guidare le revenue tradizionali, portando ai
nostri clienti le soluzioni più stabili tra il best-of-breed
PwC
10
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
@Scale crea relazioni stabili tramite Joint Business Relationship
Marketplace
Lending
I criteri per l’inclusione in
@Scale si verificano quando le
Banking
Asset
Management
necessità dei clienti, la tecnologia
Blockchain
@Scale
Portfolio
e l’Expertise PwC confluiscono
contemporaneamente in una
Customer
Experience
Compliance
‘strike zone’ – segmentata per
mercato
Insurance
Payment
Active JBR
PwC
11
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
DEMO DENOVO
PwC
12
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
PwC Offering
Digital Agenda
Processi, Tools, Rivisitazione Modelli, Agile
IT Governance
Global Enterprise Architecture, CMDB, KPI
Big Data
Modelli, Data Monitoring
Cloud
IaaS, PaaS, SaaS – Hybrid, Private
Customer Experience
Nuove Customer Experience, Analytics
PwC
Core Banking
Open API, new Core Banking Platform
RoboAdvisory
Algoritmi e Machine Learning
AML Technology
Crime, Anti Money Laundering
Fraud and
Cybersecurity
Cloud Security, Fraud Management
Blockchain
Pagamenti, Smart Contracts, Decentralizzazione
13
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Blockchain: why PwC?
01
02
03
04
Il Network Globale PwC permette
di poter trasformare qualsiasi
problema in opportunità
L’opportunità di assistere una delle
più importanti organizzazioni ad
essere in prima linea nell’era digitale
PwC
L’opportunità di poter lavorare
con le migliori aziende Crossindustry
L’opportunità di essere ‘outcome
driven’ invece che ‘’technology
driven’
14
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Perché parlare di Blockchain in Banche ed Assicurazioni?
Svariate le iniziative bancarie ed assicurative nell’utilizzo di tecnologie Blockchain nelle aziende
finanziarie. Esempi di aree di applicazione:
BANCHE
o
o
o
o
o
o
o
o
Trading and Capital Markets
Clearing and settlement - Pagamenti interbancari
Gestione identità e Strong Authentication
Sicurezza e Rischi
Remittances e Transfers
Loans
Programmi Loyalty
…
ASSICURAZIONI
PwC
o
o
o
o
o
o
o
Trading e Mercati Internazionali
Gestione rete commerciale (agenti ed intermediari)
Gestione Sinistri
Healthcare
Store distribuiti (sinistri, cartelle cliniche…)
Notarizzazione
…
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Esempi di iniziative Blockchain nelle aree Trading e Stock Exchange
2015
Nasdaq is testing the blochchain
technology to see if it can use it for
trading private company shares.
March 2016
Japan's Mizuho Bank carried
out a trial using blockchain
tech to streamline crossborder securities
transaction settlements.
December 2015
SEC approves plan to issue Stock
via Bitcoin’s Blockchain. SEC has
approved a plan from online retailer
Overstock.com to issue company
stock via the Internet.
March 2016
The Toronto Stock Exchange has
become the latest bourse to recognize
the potential importance of distributed
ledger technology, hiring blockchain
specialist Anthony Di Iorio as its
chief digital officer.
October 2015
March 2016
The Korea Exchange is looking to
use distributed ledger technology for
a new OTC trading platform. The
operator has begun the process of
working out how a blockchainbased system could link sellers
and buyers directly.
The Australian Securities Exchange
(ASX) is considering to replace its
clearing and settlement system with a
blockchain-based alternative.
December 2015
March 2016
The Linux Foundation recently announced a new
collaborative "Open Ledger" project to advance
blockchain technology, teaming with tech firms such
as IBM and Intel, stock exchanges and major
banks including Wells Fargo and Mitsubishi UFJ to
build blockchain-like technology that can bring a new
level of automation and transparency to a wide range
of services in the business world, including stock
exchanges and other financial markets.
R3 and 40 banks run parallel trials
of five different blockchains to
facilitate issuance, secondary
trading and redemption of a fixed
income product in the largest known
trial of the technology to date.
PwC
October 2015
Goldman Sachs jumped in late in
2015 by making a patent
application for a cryptocurrency
settlement system, called
SETLcoin, which it reckons will offer
“nearly instantaneous execution and
settlement” of trades including stocks
and bonds.
CME Group has met with Euroclear,
LCH.Clearnet, London Stock Exchange,
Société Générale and UBS to form a working
group looking at using blockchain for
settlements
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Esempi di iniziative Blockchain nei Servizi Finanziari:
Remittances, Transfers, Loans, Programmi Loyalty…
February 2016
March 2016
Russian central bank has established a
Working group for analyzing prospective
technologies and innovations in the financial
market. Its priorities include the research of
distributed technologies (e.g.,
blockchain).
RBC tests distributed ledger for
remittances and loyalty programme.
The Royal Bank of Canada (RBC) is the
latest financial services giant to go public
with its distributed ledger progress,
confirming that it is working with Ripple on
cross-border payments and
experimenting with a blockchain-based
loyalty platform.
February 2016
February 2016
Bank of Tokyo-Mitsubishi is experimenting with
distributed ledger technology, creating its own
digital currency as it seeks to find ways to bring
down the costs of transactions. The bank began
its project last Autumn, using blockchain technology
and building its own 'MUFG Coin' that can be used
for things like international remittances via a
smartphone application.
BNP Paribas completed its first 'Blockchain
Bizhackathon' in the transaction banking arena.
The aim was to assess real-world potential
blockchain technology applications for use in
both trade finance and cash management.
January 2016
Bank of America is in the process of filing
20 new blockchain-related patents,
adding to the 15 it has already
submitted to the US Patent and
Trademark Office (USPTO).
February 2016
February 2016
Nasdaq is to use blockchain technology
to streamline proxy voting on
companies listed on the US Exchangeheld Tallinn Stock Exchange.
PwC
February 2016
Collaborative procurement platform
BuyCo.io is to use permissioned
distributed ledgers and smart contracts
to lower the costs of currency conversion
and money transmission for buyers on
group purchasing marketplaces.
JPMorgan tests blockchain for
dollar transfers. The bank is
testing the use of distributed ledger
technology to move US dollars
between London and Tokyo,
working with about 2200 clients on
the trial ahead of possible live
transactions later in the year.
January 2016
JPMorgan has begun a trial project
to test the use of blockchain
technology in its loan trading
operations.
March 2016
Recruitment for blockchain
specialists at major banks and
vendors is hotting up, as Visa,
Thomson Reuters and BNY Mellon November 2015
post ads on job boards.
Visa Europe's innovation hub is teaming up
with distributed ledger specialist Epiphyte
on a proof of concept project looking into
how the blockchain and bitcoin can be
used for international remittances..
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
FinTech: cresce l’attenzione anche in Italia
Per non subirle vanno governate
AFFARI FINANZA
21 marzo 2016
Fonte: PwC FinTech Global Report 2016
PwC
AFFARI FINANZA
4 aprile 2016
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
•
• P2P lending
Crowdfunding
• Acceleratori
FinTech: una realtà emergente anche sul mercato italiano
•
•
•
Mobile payment
Crypto payment
Payment Processors
Functions of the
FS industry
•
•
Internet of things
Mobile Security
PwC
• Crypto Exchanger
• Low-cost Trading
19
Overview
PwC
Commitment
Blockchain
e FS
Osservatorio
Italiano
Osservatorio Italiano FinTech: di cosa parliamo?
Oggetto dell’Osservatorio
Mappa delle FinTech: chi sono, cosa fanno (aree di
innovazione es. P2P, Pagamenti, API, Blockchain…), dove
sono, con chi lavorano, investimenti, prospettive… con focus
decrescente: Italia, Europa (UK in primis), resto del mondo.
Deliverables:
Analisi trend
derivante dall’analisi
delle FinTech e
contestualizzazione
rispetto al mercato
PwC
Analisi opportunitàminacce: Partner?
Competitors? Idee di
innovazione?
Verifica ecosistema
competenze, capabilities
(tech-risorse umanefinanziarie), maturità
soluzioni… per poter
selezionare soggetti di
interesse
 Newsletter mensili (Key News),
 Report Semestrali (analisi e schede),
 Eventi (presentazioni di scenario, pitch FinTech,
Workshop, roundtables),
 Studio di fattibilità di HUB FinTech
Italiano, Hackaton-Appaton
 Incontri custom coi clienti su temi/issues
specifici
20
PwC Consulting
Part II - Focus Blockchain
2014
PwC US
2015
PwC UK
2016
PwC IT
•
26 Members
•
15 Members
•
6 Members
•
Strategic JBR
•
Deep Technical Competences
•
•
Capital Markets, Payments, Trade
Finance
•
Capital Markets, Payments, Trade
Finance
Capital Markets, Payments, Trade
Finance, Security, IoT
•
International Partnership
PwC
22
We continuously track the Blockchain ecosystem,
finding opportunities that may solve our customer’s
needs and prototype a solution…
…then evaluate and SCALE!
PwC
23
Start small, learn what works and
what doesn't, and build up from there
PwC 4 Step Strategy:
Find opportunities  Feasibility Study  Prototype  Evaluate & Scale
PwC
24
Today’s trade methods are paper-intensive and lives
in a completely trustless environment. The main effect
is the needs of expensive processes…
...that creates inefficiency and drive customers on
different and more lean trade methods: Open Accounts
PwC
25
Blockchain brings the trust in Trade
Finance
…enabling more transparent, efficient and cheaper
processes, targeting Open Account users and
improving Financing opportunities
PwC
26
BBO (Bank Blockchain Obligation)
We are implementing several
PoC on Trade Finance,
integrating SkuChain technology
with our customer’s Trade
Finance processes / back-end...
BBO is the equivalent of BPO (Bank Payment Obbligation),
but implemented with Blockchain Technology.
Both Banks needs to be Blockchain-Aware.
PwC
Improving efficiency
and business
27
We also propose new use cases basing on our deep
knowledge of the protocol…
…and prototype them together with PwC UK
developers team.
PwC
28
Public Blockchains (Bitcoin, Ethereum) provides a
near-free PKI infrastructure and computational
resource for low-transaction-volume
Both features are the swiss-knife needed to redesign some security processes
PwC
29
Strong Authentication process using Bitcoin
Blockchain to issue users’ keys and its PKI Infrastructure to
authenticate them
Replace OTP Devices with the same security level, cheaper process and without the
needs to manage RSA tokens or trust third party services like Google Authenticator.
PwC
30
Federated Digital Identity system using Ethereum
Smart Contract to enrol IDP and Users, its PKI Infrastructure
to authenticate Users and Whisper protocol to provide Users’ information
Users’ information are not stored on the Blockchain.
The concept may enable new business model for both IDP – selling users data – and SP
– providing better Customer Experience leveraging users’ data.
PwC
31
Additional Use Cases
Shared Repository of known customers with AML
checks powered by Smart Contracts
Use of Blockchain for several Post-Trade
activities (Corporate Proxy Voting, Asset
Management, etc.)
Use of Smart Contracts to automatize pricing
calculations for Syndicate Loans and allow different
creditors to participate on the pricing process.
Blockchain
PoC
Analyse Cryptocurrencies Blockchain to
provide intelligence insights on customer’s
illegal behaviours
Automatic monitoring of incident resolution timings
according to defined SLA.
PwC
Develop Business Case where IoT device can be
automatically managed by SmartContracts on
Blockchain (i.e. Hotellerie, Security Boxes, etc)
Create a single authoritative source of information about
customer’s payments in order to provide a ratings on their
payment behaviour and evaluate credit risks.
32
Educate
Evaluate
Evolve
Understand changing ecosystems
Identify potential solutions
Discover new possibilities
We also support our Customer to understand
Blockchain Technology with Workshop, case study,
teach session and white paper production.
PwC
33
Grazie per l’attenzione
PwC
34