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Financial services innovation is exploding in London however; there is the emergence of a two-speed innovation culture where banks and start-ups work together and against each other in an uneasy and sometimes volatile partnership. This talk shares the most exciting directions from the big smoke but also looks at the huge opportunities for the experience design skills of idea connection, cross-disciplinary action and collaboration. Find out how what you know is more valuable than you think.
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Connectors Enablers & ScoutsInnovation, Financial Services, Big Ben and UX Harriet Wakelam
@hwakelam
Once Upon a time
…in London town
Something wonderful Something puzzling A small winge A big wish And a dream ready for
the taking
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London 2014:“There is no better place in the world to set up a fintech firm…”Ismail Ahmen, World Remit.
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City of London
Canary Wharf Plc
Level 39 incubator
Alternative finance market worth 1.4 bn
The new world of finance
British Chancellor announces policy change on twitter and at L39
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All about incubators
Learning
Space Mentors Companies
Barclays Techstars
Innovate Finance
FinTech City
Level 39
Startup Bootcamp
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PaymMobile payments
A collaborative payments platform supported by the payments council. Just register a mobile phone number and go.
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Crowdfunded investment
The alignment of need – the recognition of maturity of the market
UP Investments
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“It’s not a question of whether a serious online advice service will happen but when it will..” David Severn, former head of retail policy at the FSA
15 minutes break
NutmegSimplicity & transparency
Finance for the people. Better and cheaper intermediation. A simple transparent service model that is up to 5 times cheaper than traditional asset managers.
15 minutes breakMeniga
Contextual data
Contextual accuracy – moving beyond data as numbers into data as service, emotional data – data that changes behaviour.
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HolviBanking in a new world
Current account, invoicing and accounting built in – every Holvi account has a built in online store with payment methods included and no programming required. Needs based commerce.
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Personalised human data
End users can ask anything in the language of their choice. FinGenius will find the answer and personalise it to a user profile
Artificial Intelligence
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Trends & patterns
Aggregation
Curation
Personalisation
Context
Understanding
Value
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Big changes in behaviour
BUT… ideas pipelines are still disconnected from delivery
The Banks
Lloyds Bank Simplification
1.7 billion
Retail customers get
voice recognition software
12 million
@ Barclays removed from branches as
mobile ambassadors
6,500cashiers
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“what we observe is not nature itself but nature exposed to our method of questioning”Werner Heisenberg
A Story
…about intention
…and translation A big bank A small start up Some misunderstandings MEH
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An extraordinary confidence, stupendous competition and…Features
Useful ideas for features stemming from innovation labs
CUSTOMER to COMPANY
Product job
Features that meet needs and purpose SeucrityRisk
COMPANY to CUSTOMER
Radical change in meaning
Evolution, evaluation, iteration, embedding
New unsolicited products that are sustainable and change meaning
COMPANY and CUSTOMER
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Start ups & end ups[thanks John Maeda for the phrase]
What if we..?Start ups
Why do we..?End ups
Identifying sub-optimal productsAnd services
Identify sub optimal practice
What’s the gap What’s working
Eliminate waste and confusion Challenge Orthodoxy
Solve problems in agile ways Identify the problems at scale in agile ways
TrendscoutingOptimal service
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Simulation & Collaboration at scale
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“The global internet is being optimised for relationships” Joshua Klein
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People join things upIdea connectors and idea scouts
The expertise of knowing who does what. Connectors not only know who is best equipped, but have the social capital to rapidly deploy a network.
Engage me! High performers, highly energised
High performers are not only more energised, but have contacts they report as more energising than usual
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Is a Design Team…..
…a connection hub
what if idea connection could be industrialised – with scouts as bridges between
Reinventing inside out…
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“Suit up and get back in the sky” John Maeda
