PWC CONSULTING FINTECH E BLOCKCHAIN: COME COSTRUIRE VALORE - ROBERTO LORINI - BITCOIN SARDEGNA
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PwC Consulting
FinTech e Blockchain:
Come costruire Valore
Aprile 2016
Roberto Lorini
roberto.lorini@it.pwc.com
Marco Monaco
marco.monaco@it.pwc.com
PwC Blockchain Osservatorio
Overview
Commitment e FS 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. Focus Blockchain …………………………………………………………………... 21
PwC 2
PwC Blockchain Osservatorio
Overview
Commitment e FS 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 Blockchain Osservatorio
Overview
Commitment e FS Italiano
FinTech: chiari messaggi per coglierne le opportunità
Il 78% dei CEO supporta l’integrazione delle FinTech ai livelli Il 25% delle Firms non considera il panorama FinTech, il che
più alti del management 78% 25% 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
PwC Blockchain Osservatorio
Overview
Commitment e FS 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
70% Trasferimento fondi rappresentano i settori in cui Pagamenti e Trasferimento Fondi
è previsto il maggior impatto entro il 2020
60%
Asset & Wealth management
50%
Assicurazioni
40%
30%
20%
10%
0%
Consumer Pagamenti e Investimenti SME Servizi di Assicurazioni Commercial Intermediazione Market Fund Banche di Reinsurance
Banking Trasferimento e Wealth Banking brokeraggio Vita e Proprietà Banking Assicurativa Operators & Operators Investimento
Fondi Management exchanges
Fonte: PwC Global FinTech Survey 2016
La disintermediazione è l’arma principale delle FinTech
PwC 5
PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
Architettura di alto livello FinTech
Customer
DIGITAL EXPERIENCE
L’ecosistema FinTech
www
ENTERPRISE
interessa tutte le aree
ANALYTICS
Contact Online Mobile Social Emerging
Center Media Technologie
s
che impattano la CUSTOMER CENTRIC PROCESS
Marketing & Sales Online & Mobile Online & Mobile
struttura Legacy dei Data
Servicing Servicing
Digital
Analytics & Omni Channel
Capabilities
adapted
Financial Services Customer processes
Insight
conferendone una PRODUCT PROCESSORS
nuova morfologia. CORE BANKING PLATFORM
Omnichannel
experience &
digital services
PwC 6
PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
Player FinTech intervengono su tutti gli aspetti della ValueChain FS
• P2P payments • Alternative credit decisioning
• Mobile payment • P2P lending
• Crypto payment • Crowdfunding
• Remittance
Functions of the
FS industry
• Internet of things
• Smart Contract • Robo-advisors
• Cybersecurity • Low-cost Trading
PwC 7
PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
Strategia PwC FinTech
La nostra strategia prevede di creare un business innovativo che:
@PwC DeNovo
Blockchain platform
• Apporti una crescita significativa nel nostro mercato
FS e sviluppi nuove revenue streams.
• Ci abiliti ad assistere i clienti interessati alla
Robo
disruption agenda Advice
@scale
• Faciliti un allineamento globale
Shape of the New
• Interessi tutte le LoS Business
• Trasformi il ‘digital’ in realtà nei FS
Big Bets /
• Ci assicuri il mantenimento di un ruolo preminente nei FS Existing @Integrate
Focus Areas
• Infonda alla Firm una cultura imprenditoriale
PwC segue l’approccio ‘lean Startup’ favorito dal settore FinTech per ? Future
Areas that Engagement
mettere in campo la strategia descritta Emerge
PwC 8
PwC Blockchain Osservatorio
Overview
Commitment e FS 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
PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
@Scale è disegnato per guidare le revenue tradizionali, portando ai
nostri clienti le soluzioni più stabili tra il best-of-breed
PwC 10PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
@Scale crea relazioni stabili tramite Joint Business Relationship
Market-
place Banking
I criteri per l’inclusione in Lending
@Scale si verificano quando le Asset
Management Blockchain
necessità dei clienti, la tecnologia
@Scale
e l’Expertise PwC confluiscono Portfolio
contemporaneamente in una Compliance
Customer
Experience
‘strike zone’ – segmentata per
mercato Insurance Payment
Active JBR
PwC 11PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
DEMO DENOVO
PwC 12PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
PwC Offering
Digital Agenda Core Banking
Processi, Tools, Rivisitazione Modelli, Agile Open API, new Core Banking Platform
IT Governance RoboAdvisory
Global Enterprise Architecture, CMDB, KPI Algoritmi e Machine Learning
Big Data AML Technology
Modelli, Data Monitoring Crime, Anti Money Laundering
Fraud and
Cloud
Cybersecurity
IaaS, PaaS, SaaS – Hybrid, Private Cloud Security, Fraud Management
Customer Experience Blockchain
Nuove Customer Experience, Analytics Pagamenti, Smart Contracts, Decentralizzazione
PwC 13PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
Blockchain: why PwC?
01 02
Il Network Globale PwC permette L’opportunità di poter lavorare
di poter trasformare qualsiasi con le migliori aziende Cross-
problema in opportunità industry
03 04
L’opportunità di assistere una delle L’opportunità di essere ‘outcome
più importanti organizzazioni ad driven’ invece che ‘’technology
essere in prima linea nell’era digitale driven’
PwC 14PwC Blockchain Osservatorio
Overview
Commitment e FS 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 Trading and Capital Markets
o Clearing and settlement - Pagamenti interbancari
o Gestione identità e Strong Authentication
o Sicurezza e Rischi
o Remittances e Transfers
o Loans
o Programmi Loyalty
o …
ASSICURAZIONI
o Trading e Mercati Internazionali
o Gestione rete commerciale (agenti ed intermediari)
o Gestione Sinistri
o Healthcare
o Store distribuiti (sinistri, cartelle cliniche…)
o Notarizzazione
o …
PwCPwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
Esempi di iniziative Blockchain nelle aree Trading e Stock Exchange
2015
Nasdaq is testing the blochchain March 2016
technology to see if it can use it for March 2016
March 2016 trading private company shares. The Toronto Stock Exchange has
become the latest bourse to recognize The Korea Exchange is looking to
Japan's Mizuho Bank carried December 2015
the potential importance of distributed use distributed ledger technology for
out a trial using blockchain SEC approves plan to issue Stock ledger technology, hiring blockchain a new OTC trading platform. The
tech to streamline cross- via Bitcoin’s Blockchain. SEC has specialist Anthony Di Iorio as its operator has begun the process of
border securities approved a plan from online retailer chief digital officer. working out how a blockchain-
transaction settlements. Overstock.com to issue company based system could link sellers
stock via the Internet. October 2015 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 R3 and 40 banks run parallel trials
collaborative "Open Ledger" project to advance of five different blockchains to
blockchain technology, teaming with tech firms such October 2015 facilitate issuance, secondary
as IBM and Intel, stock exchanges and major trading and redemption of a fixed
Goldman Sachs jumped in late in
banks including Wells Fargo and Mitsubishi UFJ to CME Group has met with Euroclear, income product in the largest known
2015 by making a patent
build blockchain-like technology that can bring a new LCH.Clearnet, London Stock Exchange, trial of the technology to date.
application for a cryptocurrency
level of automation and transparency to a wide range Société Générale and UBS to form a working
settlement system, called
of services in the business world, including stock group looking at using blockchain for
SETLcoin, which it reckons will offer
exchanges and other financial markets. settlements
“nearly instantaneous execution and
PwC settlement” of trades including stocks
and bonds.PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
Esempi di iniziative Blockchain nei Servizi Finanziari:
Remittances, Transfers, Loans, Programmi Loyalty…
February 2016 February 2016
Bank of Tokyo-Mitsubishi is experimenting with BNP Paribas completed its first 'Blockchain
distributed ledger technology, creating its own Bizhackathon' in the transaction banking arena.
February 2016 digital currency as it seeks to find ways to bring The aim was to assess real-world potential
RBC tests distributed ledger for down the costs of transactions. The bank began blockchain technology applications for use in
remittances and loyalty programme. its project last Autumn, using blockchain technology both trade finance and cash management.
The Royal Bank of Canada (RBC) is the and building its own 'MUFG Coin' that can be used
March 2016 for things like international remittances via a
latest financial services giant to go public
Russian central bank has established a with its distributed ledger progress, smartphone application.
Working group for analyzing prospective confirming that it is working with Ripple on
technologies and innovations in the financial cross-border payments and January 2016
market. Its priorities include the research of experimenting with a blockchain-based Bank of America is in the process of filing
distributed technologies (e.g., loyalty platform. 20 new blockchain-related patents,
blockchain).
adding to the 15 it has already
February 2016 submitted to the US Patent and
JPMorgan tests blockchain for Trademark Office (USPTO).
dollar transfers. The bank is
testing the use of distributed ledger March 2016
technology to move US dollars
February 2016 Recruitment for blockchain
between London and Tokyo,
Nasdaq is to use blockchain technology specialists at major banks and
working with about 2200 clients on
to streamline proxy voting on vendors is hotting up, as Visa,
February 2016 the trial ahead of possible live
companies listed on the US Exchange- Thomson Reuters and BNY Mellon November 2015
transactions later in the year.
held Tallinn Stock Exchange. Collaborative procurement platform post ads on job boards. Visa Europe's innovation hub is teaming up
BuyCo.io is to use permissioned January 2016
with distributed ledger specialist Epiphyte
distributed ledgers and smart contracts JPMorgan has begun a trial project on a proof of concept project looking into
to lower the costs of currency conversion to test the use of blockchain how the blockchain and bitcoin can be
PwC and money transmission for buyers on technology in its loan trading used for international remittances..
group purchasing marketplaces. operations.PwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
FinTech: cresce l’attenzione anche in Italia
Per non subirle vanno governate
AFFARI FINANZA
21 marzo 2016
AFFARI FINANZA
4 aprile 2016
Fonte: PwC FinTech Global Report 2016
PwCPwC Blockchain Osservatorio
Overview
Commitment e FS Italiano
FinTech: una realtà emergente anche sul mercato italiano
• Mobile payment • P2P lending
• Crypto payment • Crowdfunding
• Payment Processors • Acceleratori
Functions of the
FS industry
• Internet of things • Crypto Exchanger
• Mobile Security • Low-cost Trading
PwC 19PwC Blockchain Osservatorio
Overview
Commitment e FS 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:
Newsletter mensili (Key News),
Analisi opportunità-
minacce: Partner? Report Semestrali (analisi e schede),
Analisi trend Competitors? Idee di
derivante dall’analisi Eventi (presentazioni di scenario, pitch FinTech,
innovazione?
delle FinTech e Workshop, roundtables),
Verifica ecosistema
contestualizzazione competenze, capabilities
rispetto al mercato Studio di fattibilità di HUB FinTech
(tech-risorse umane- Italiano, Hackaton-Appaton
finanziarie), maturità
soluzioni… per poter Incontri custom coi clienti su temi/issues
selezionare soggetti di specifici
interesse
PwC 20PwC Consulting Part II - Focus Blockchain
2014 2015 2016
PwC US
• 26 Members
PwC UK
• 15 Members
PwC IT
• 6 Members
• Strategic JBR • Deep Technical Competences • Capital Markets, Payments, Trade
Finance, Security, IoT
• Capital Markets, Payments, Trade • Capital Markets, Payments, Trade
Finance Finance • International Partnership
PwC 22We continuously track the Blockchain ecosystem,
finding opportunities that may solve our customer’s
needs and prototype a solution…
…then evaluate and SCALE!
PwC 23Start 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 24Today’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 25Blockchain brings the trust in Trade Finance
…enabling more transparent, efficient and cheaper
processes, targeting Open Account users and
improving Financing opportunities
PwC 26BBO (Bank Blockchain Obligation)
We are implementing several
PoC on Trade Finance,
integrating SkuChain technology
with our customer’s Trade
Finance processes / back-end...
Improving efficiency
BBO is the equivalent of BPO (Bank Payment Obbligation),
but implemented with Blockchain Technology.
and business
Both Banks needs to be Blockchain-Aware.
PwC 27We also propose new use cases basing on our deep
knowledge of the protocol…
…and prototype them together with PwC UK
developers team.
PwC 28Public 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 29Strong 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 30Federated 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 31Additional Use Cases Shared Repository of known customers with AML
checks powered by Smart Contracts
Use of Blockchain for several Post-Trade Use of Smart Contracts to automatize pricing
activities (Corporate Proxy Voting, Asset calculations for Syndicate Loans and allow different
Management, etc.) creditors to participate on the pricing process.
Blockchain
PoC
Analyse Cryptocurrencies Blockchain to Develop Business Case where IoT device can be
provide intelligence insights on customer’s automatically managed by SmartContracts on
illegal behaviours Blockchain (i.e. Hotellerie, Security Boxes, etc)
Automatic monitoring of incident resolution timings Create a single authoritative source of information about
according to defined SLA. customer’s payments in order to provide a ratings on their
payment behaviour and evaluate credit risks.
PwC 32Educate 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
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