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Strategy Briefing

New Product Development: The Rush To Innovate the Next Finance Star

42 pages, Dec 2014

US$1,325

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About This Report

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While investments into other industry start-ups have declined in recent years, venture capitalists continue to invest heavily within the financial services industry. The innovations can be categorised into three overriding themes: reaching the markets not served by traditional finance services companies; the rise of greater personalisation; and the shift toward complete financial mobility.

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Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

Fintech remains hot area for venture capitalist investments

While the dollars flowing into other industry start-ups have declined in recent years, venture capitalists continue to invest heavily in start-ups within the financial and technology services industry.

Three key themes emerge regarding innovations in financial services

Recent fintech innovations can be categorised into three overriding themes: reaching the markets not served by traditional finance services companies; the rise of more advanced payments personalisation; and the shift toward complete financial mobility.

Many innovations focus on bringing consumers into the financial fold

Innovations around this theme attempt to make it easier for un-banked consumers to join the financial mainstream or the undeserved to become more entrenched.

Greater personalisation emerges as a trend in financial services innovations

Payments players have come to realise in recent years that payments are a commodity, so in order to compete they must offer more services with the payment transaction. This trend is now extending to the in-store shopping experience, which is likely to go hand-in-hand with the payment experience.

Full financial mobility emerges as a common thread in many recent fintech innovations

Financial institutions are in the early days of being able to connect with consumers across all aspects of their financial life. Technological advances are allowing for more aspects of financial services to go mobile, and in time will usher in the concept of consumers being able to more readily make in-store payments using these devices.

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Introduction

Scope

Key findings

Three key innovation themes in financial services emerge

Tapping into the Untapped Market

TAPPING INTO THE UNTAPPED MARKET

Many innovations focus on bringing consumers into financial fold

First step into financial mainstream starts with introduction to plastic

A frequent hurdle to financial access is inadequate infrastructure

Innovators meet consumers at places they frequent such as stores

Converting the unbanked is about reducing the hurdles to entry

Credit-scoring algorithms assume consumer has a financial history

Start-up lenders add a human touch to the loan approval process

Earnest algorithm considers a borrower’s salary potential

New lending platforms target millennials due to their debt aversion

Several are leveraging social media to measure credit worthiness

Hyper Personalisation Emerges

HYPER PERSONALISATION EMERGES

Payments players realise that they must offer more than payments

Co-branded cards offer even more ways to earn and redeem

Products help consumers to maximise individualised card rewards

Instalment cards offer repayment options tailored to the individual

Mobile-driven technologies usher in a new level of personalisation

Beacons enable more personalised interactions with end-consumer

Mobile plays a key role in this new hyper personalised world

Emergence of Full Financial Mobility

EMERGENCE OF FULL FINANCIAL MOBILITY

First foray into financial mobility is often via mobile banking apps

New features continue to enhance mobile banking app functionality

Third-party providers also offering enhanced mobile banking tools

Mobile banking conditions consumers to use mobile for payments

First step into mobile payments is often through P2P mobile apps

Innovation is about increased ease of use in sending payments

Banks are well positioned to one day offer in-store mobile payment

Popular Danish P2P app now has in-store mobile payment features

Other banks have begun to offer in-store m-payment functionality

Few mobile banking apps today offer in-store payment functionality

Banks find themselves competing against numerous players

Some new mobile wallet aim to leverage existing infrastructure

Success of any payment product comes down to interoperability

Apple Pay launch in the US raises awareness of mobile payments

Quest for the mobile wallet that will ignite m-payments continues

Report Definitions

Data parameters and report definitions

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Megatrends

Strategy Briefing

New Product Development: The Rush To Innovate the Next Finance Star

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Fintech remains hot area for venture capitalist investments

Three key themes emerge regarding innovations in financial services

Many innovations focus on bringing consumers into the financial fold

Greater personalisation emerges as a trend in financial services innovations

Full financial mobility emerges as a common thread in many recent fintech innovations

Want to find out more about this report?

Table of Contents

Introduction

Scope

Key findings

Three key innovation themes in financial services emerge

Tapping into the Untapped Market

TAPPING INTO THE UNTAPPED MARKET

Many innovations focus on bringing consumers into financial fold

First step into financial mainstream starts with introduction to plastic

A frequent hurdle to financial access is inadequate infrastructure

Innovators meet consumers at places they frequent such as stores

Converting the unbanked is about reducing the hurdles to entry

Credit-scoring algorithms assume consumer has a financial history

Start-up lenders add a human touch to the loan approval process

Earnest algorithm considers a borrower’s salary potential

New lending platforms target millennials due to their debt aversion

Several are leveraging social media to measure credit worthiness

Hyper Personalisation Emerges

HYPER PERSONALISATION EMERGES

Payments players realise that they must offer more than payments

Co-branded cards offer even more ways to earn and redeem

Products help consumers to maximise individualised card rewards

Instalment cards offer repayment options tailored to the individual

Mobile-driven technologies usher in a new level of personalisation

Beacons enable more personalised interactions with end-consumer

Mobile plays a key role in this new hyper personalised world

Emergence of Full Financial Mobility

EMERGENCE OF FULL FINANCIAL MOBILITY

First foray into financial mobility is often via mobile banking apps

New features continue to enhance mobile banking app functionality

Third-party providers also offering enhanced mobile banking tools

Mobile banking conditions consumers to use mobile for payments

First step into mobile payments is often through P2P mobile apps

Innovation is about increased ease of use in sending payments

Banks are well positioned to one day offer in-store mobile payment

Popular Danish P2P app now has in-store mobile payment features

Other banks have begun to offer in-store m-payment functionality

Few mobile banking apps today offer in-store payment functionality

Banks find themselves competing against numerous players

Some new mobile wallet aim to leverage existing infrastructure

Success of any payment product comes down to interoperability

Apple Pay launch in the US raises awareness of mobile payments

Quest for the mobile wallet that will ignite m-payments continues

Report Definitions

Data parameters and report definitions

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