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Ivo Jenik and Peter Zetterli DIGITAL BANKS How can they deepen financial inclusion? Anto nio A rag on Renu nc io | CG AP P ho to Cont es t February 2020 CGAP 2020 The world is rapidly changing. New technologies and business models are upending long-established markets across virtually every major sector. Financial services are no exception, as traditional retail banks are joined by a growing number of digital partners and other competitors. What are the implications for incumbents, regulators, and investors? And what will this evolving landscape mean for financial inclusion and the many stakeholders working to make universal access a reality? In mid-2018, CGAP launched an effort to understand this change and how it may alter the very nature and structure of banking. This presentation features our early findings concerning digital banking models. 2 Is retail banking changing at its core? We focus on three broad innovation spaces defined by different sets of actors. Digital banks from plain start- up competitors to radically new business models like banking- as-a-service. Fintech start-ups and funding + innovation ecosystems that enable them. Platforms like big tech giants in the United States and China and local goods or services platforms in emerging markets. This initial slide deck focuses on digital banks. For content on the other innovation spaces, please stay tuned to cgap/fintech as we publish more work across this agenda. Ph oto cr ed it: Deo S ura h, CGA P P ho to Con test CGAP 2020 Source: 3 Table of Contents Executive Summary 4 I. Introduction 7 II. Emerging Business Models seek to move customers from the latter to the former. Digitized Incumbents 19 Fully Digital Retail Bank CGAP 2020 20 Fully Digital Retail Bank: TymeBank (South Africa) Simple bank account with savings product (GoalSave) for some larger clients, customize white-label solutions Low cost compliance FSPs, fintechs, e- commerce Cloud-based core banking system + Banking license + Balance sheet Target Customers Business LogicServices Value Proposition B2B2X and white- labelling model relies on partnerships Has partnered with 50 companies since 2016 Parts of the BaaS stack are integrated with B2B providers (e.g., IDnow) Dependencies Revenue Model Monthly fee for use of the predefined white-label solution Higher charge for customization Who? What? How? Banking-as-a-Service: solarisBank (Germany) Originally focused on enabling fintechs to quickly acquire the banking capabilities needed to go to market without heavy CapEx High demand among e- commerce providers, established banks (digital brand offshoots), and comparison aggregators Popular among Chinese and other international providers seeking to enter the European Union market Example CGAP 2020 credit scoring credit check ID check E - signature Digital account check Other tech infrastructure Tech stack includes services and capabilities developed by solarisBank or 3rd parties solarisBank APIs Capabilities used by client (Kontist) Capabilities available to client (Kontist) Example Kontist offers bank accounts for freelancers and self-employed persons by leveraging solarisBanks license and tech stack accessed through APIs CGAP 2020 SpecializationB CGAP 2020 Models in Four Key Functional Layers 32 Balance Sheet Provision of capital, risk management, and underwriting of products at the retail or wholesale level, asset/liability management. Product Design and manufacture of individual financial products and services. Customer Relationship Customer acquisition, sales, servicing, and permanent primary interface. Distribution Physical touch points for distributing products and serving customers. These four layers offer a high-level view of the main elements in manufacturing and distributing financial products and services. A traditional bank typically builds capabilities to cover all four layers in a vertically integrated business. New business models instead focus on certain layers and partner on others. They gain competitive advantages around certain functions, while they optimize their costs in others. CGAP 2020 33 New models represent different choices for strategic focus across layers Traditional bank Balance Sheet Product Customer Relationship Distribution Fully Digital Marketplace BaaS Traditional banks are vertically integrated sometimes they rely on a fully licensed partner bank. They tend to look a lot like banks, and consumers typically cannot easily tell the difference. This trend illustrates how the financial sector is growing more modular and challenges our understanding of what is banking or a bank. 34 Fintechs increasingly offer “digital banking” services without a full banking license They fall outside the scope of our definition of banking, and hence we do not cover them in this work. CGAP 2020 35 Nonbank Versions of the Digital Banking Models These nonbank models are similar to the new digital banking models. FSPs share many elements and consumers may think they are the same as digital banks, except that they do not have a banking license. Since they are often easier to set up, they may outnumber digital banks in a given market. Fully Digital Retail Bank A large and growing number of nonbanks offer mobile wallets, prepaid or debit cards, other payments services, and simple credit products under a payments license and/or through partnership with a bank. They often refer to their services as “digital banking.” Marketplace Bank A broad range of nonbank fintechs, e-commerce providers, and “super apps” aggregate third-party financial services for their customers to increase consumer value, stickiness, and add a revenue stream. BaaS Several different models are analogous to BaaS. Some providers offer a similar service but rely on a bank partner that has a license. Others offer a combination of software and some sort of license (e.g., a payments license. Wirecard and Green Dot started this way, but eventually developed a full banking offering. This raises important questions for regulators to consider, not least since many of those providers focus on the customer relationship layer while heavily outsourcing or aggregating the financial product offering, underwriting, and compliance elements. How should (banking) regulation be applied to these models? CGAP 2020 Market DynamicsC CGAP 2020 37 The digital banking space is interconnected and evolving Fully Digital Retail Bank Marketplace Bank BaaS New business models in banking do not exist or operate in isolation. The space is dynamicsome business models depend on others, and some morph into others. While the market will likely remain in flux for some time, three aspects of the new digital banking models have emerged. CGAP 2020 38 BaaS Enables Digitally Native Challengers BaaS Fully Digital Retail Bank An important clientele of BaaS providers are fintech start- ups that have a clear idea of the client segment they want to serve and the value proposition they want to offer, but lack the capabilities (technical and/or regulatory) to do so without substantial investment. Instead of burning investor money to build such capabilities in house, many choose to implement an off-the-shelf solution offered by a BaaS provider, thus limiting the amount of resources and time needed to launch a marketable product. They may build their value proposition on the banking stack offered by BaaS providers, and then expedite their transformation into digitally native challengers. Big tech companies interested in entering financial services without acquiring their own banking license also can benefit from BaaS. Reduce cost and accelerate pathway to becoming a full banking provider + Fintech 1 CGAP 2020 39 Digital Retail Bank Expansion to Marketplace Models Fully Digital Retail Bank Marketplace Bank More and more providers are taking up marketplace models, because as a single provider, it is difficult for them to offer a variety of financial services and products. In particular, challenger banks expand their offerings and create stickiness by building financial service “grocery stores” by integrating financial services and products offered by 3rd party providers. This creates new sources of B2B revenue for the bank while allowing smaller, product-focused fintechs to reach a large customer base through the bigger players platform. Digital banks are able to offer contextual bankinghyper-individualized products and services offered at the right moment, often in the context of other financial or nonfinancial transactions. Aggregate financial services and increase revenue per account 2 CGAP 2020 III. How can digital banking advance financial inclusion? Muhammad Mostafigur Rahman | CGAP Photo Contest CGAP 2020 41 Two Pathways to Advance Financial Inclusion Firms that pursue digitalization provide the infrastructure needed to service unbanked and underserved customers. Providers see these segments as commercial opportunities and seek to make profits from serving them. 1. Intentional inclusion Firms pursue digitalization as part of a broad mass-market strategy primarily aimed at better serving customers who are already served by the banking system. Firms do not see financial inclusion as their objective; however, financial inclusion may be a byproduct of the low cost and large scale they reach. 2. Unintentional inclusion CGAP 2018 Cost Access Fit Experience 42 Impact on Inclusion: Cost, Access, Fit, Experience Does the business model make financial products or services more affordable for providers to offer and for underserved customers to use? Lowers end-user fees Offers more flexible payments Reduces the need for expensive devices Requires less or cheaper connectivity Reduces the need for collateral Does the business model make financial products better suited to the needs and wants of underserved customers? Addresses a customer need not served by traditional products Better aligns with the needs and wants of underserved customers Allows greater customization to different situations, user needs, and preferences Is better suited for target customers Has higher general trust and satisfaction from users Does the business model make financial products or services more accessible to underserved customers? Expands range of products on offer to underserved segments Expands eligibility through innovative CDD Expands eligibility through innovative risk assessment Requires less interaction at physical transaction points Expands or improves the distribution of physical transaction points Does the business model make financial products easier for underserved customers to use and understand? Has product features that are easier to access, understand, and compare Has an interface that most customers find easy to understand and use Delivers clear value to users Helps users identify, understand, and resolve problems Gives users control over data Provides stronger technical security CGAP 2020 43 Cost Access Fit Experience Lower cost of physical infrastructure Automation of back-end and front-end functions RegTech lowers compliance cost Cloud-based, SaaS services shift costs CapEx to OpEx Technology stack provides flexibility to add products and tailor functionality (including catering to niche customer segments) Integrated personal finance management tools help with personal finance Service-oriented architecture and open APIs create flexibility and efficiency in designing suitable products Digital channels & 3rd party distribution (including agents) bring services closer to customers and make them available 24/7 Alternative data expand eligibility (e.g., access to credit) Intuitive UI/UX makes the service easier to access Convenient 24/7 availability of services Behavioral nudging promotes beneficial consumer behavior Greater control and transparency increases customer trust Integrates into the lifestyle of digitally native customers Fully Digital Retail Bank Low operating costs and lower CapEx may enable a lower floor for pricing overall Getting banking closer to wider customer segments through technology & alternative distribution Improved business intelligence supported by technology leads to greater personalization Customer-centric approach improves confidence through intuitive interfaces, individual approach, and responsiveness CGAP 2020 44 Cost Access Fit Experience Shared features with fully digital retail bank Cost savings from specialization and efficiency at product level Pricing affected by increased competition among product providers Low cost of client acquisition and product delivery for partners A wider offering allows for better choice Personalized offering, recommendation, and advice Better access to a variety of services Lower search and switching barriers for consumers Easier comparison shopping and product discovery One-stop shop for a variety of financial needs Comparison shopping is easier Marketplace Bank Economic efficiencies create the potential for downward price adjustments Diverse offerings improve access to broader financial services and their comparability Diverse offerings enable better response to customer needs and individual circumstances Convenience of supermarket is applied to financial services For marketplace banks and BaaS, players such as mobile money providers (e.g., MTN, Safaricom, bKash) are likely to use a similar model to expand and deepen their product offering. CGAP 2020 45 Cost Access Fit Experience Commoditized banking solutions bring economies of scale Lower cost of entry for 3rd party providers Enables a wide range of providers to offer banking services Indirectlyproviders specialized in UI/UX customer-centric solutions may offer banking services Contextual bankinghyper- individualized products and services Banking-as-a-Service Shared infrastructure reduces costs for a variety of providers of banking services Banking utility enables wider reach by nonbank providers Enables seamless integration of financial services in nonbank contexts The BaaS model can streamline digitalization of FSPs who traditionally serve low-income customers such as MFIs and SACCOs. Providers such as Teknospire and FutureLink Technologies, which we would categorize as SaaS, currently serve these FSPs and over time may add a regulatory component to get closer to the BaaS model. CGAP 2020 According to interviewees: Customer acquisition cost can fall to around 515% of that of a traditional retail bank Some digital banks were able to spend just 15% of the cost of operating a branch by using alternative distribution channels Cost-to-income can be more than 20% lower for banks serving customers through digital channels when compared to serving them through traditional channels 46 Areas for Digital Banking to Strip Out Business Costs Interviews with 50 individuals. For detailed methodology see Slide #6. CGAP 2020 47 Digital banks can advance financial inclusion directly through efficiency/effectiveness but also through new market dynamics Partnerships can enable i
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