Deutsche Bank Executive Summary
Executive Summary
This report is written to describe the potential threat of digital disruption that Deutsche Bank is facing in 2016: new ventures and incumbents in the European market are building seamless digital platforms that are attracting a growing number of customers and challenge the traditional Retail Banking model and value proposition.
In the “Introduction”, an analysis of the evolution of the Retail Banking industry and new incumbents is provided. In the report is included a comparison between the theory of disruptive and big-bang innovation and the case of Number26, together with an inquiry about the technologies underlying such platform. In the “Conclusions” and “Recommendations” sections, the report identifies possible improvement
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Millennials have a different attitude towards banking: first of all, the pace at which they switch their bank is faster than other generations, as Table 2 shows. They are shifting fast because they want to manage less banking services, and they want to do it seamlessly and in a personalised way (Accenture 2015). New digital ventures offer them a platform with a set of technologies and tools that allow them to have an omni-channel, customised experience (Accenture …show more content…
Such companies are leveraging existing and new technologies that “don’t even seem related” (Downes 2013) to banks’ offerings, in order to offer better services.
Geolocation and machine learning to fight fraud: these platforms use geolocation, data analytics and proprietary machine learning algorithms to detect, identify and prevent online fraud and to get a holistic view of customer behaviours (Forese 2013). In this case, innovation and disruption come from the combination of non-related technologies (Downes and Nunes 2013) that are functional to achieve superior value for customers.
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