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WEBINAR Forrester Futurology Episode III: Trends For 2016 And Beyond

WEBINAR Forrester Futurology Episode III: Trends For 2016 And Beyond. Banking, Peter Wannemacher, Senior Analyst Cybersecurity, John Kindervag, VP, Principal Analyst Blockchain, Martha Bennett, Principal Analyst. September 26, 2016. Call in at 12:55 p.m. Eastern time. The Future Of Banking.

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WEBINAR Forrester Futurology Episode III: Trends For 2016 And Beyond

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  1. WEBINARForrester Futurology Episode III: Trends For 2016 And Beyond Banking, Peter Wannemacher, Senior Analyst Cybersecurity, John Kindervag, VP, Principal Analyst Blockchain, Martha Bennett, Principal Analyst September 26, 2016. Call in at 12:55 p.m. Eastern time

  2. The Future Of Banking Peter Wannemacher, Senior Analyst

  3. For more than a century, banks have remained largely unchanged in their business models, revenue streams, org structures, and their role in people’s lives.

  4. For the past 20 years, banks have done a solid job – but most are still doing the same old stuff through new channels.

  5. But banks face a potentially bleak future…

  6. Disintermediation yields commoditization

  7. Bank brands’ relevance is at stake Source: Starbucks iPhone app

  8. Inaction will lead to a dark future for most BANKS THAT FAIL TO TAKE ACTION NOW WILL BECOME “DUMB MONEY PIPES” Utility relationships Utility relationships Lifestyle-Enhancing relationships

  9. Winning = 20+ years of sustained growth • Customer obsession • Embedded innovation and disciplined iteration • Real-time data, analytics, and action • Digital core banking and foundational digital initiatives • “Nudges” and digital money management • Context-driven personalization for each customer • Predictive banking • AI-enabled financial advice

  10. Success will be built on ecosystems Bear in mind: Ecosystems only work when one entity creates value from other entities’ unwanted waste.

  11. Disruptors are building ecosystems WINNING IN THE AGE OF THE CUSTOMER MEANS BUILDING ECOSYSTEMS…

  12. Disruptors are building ecosystems …AS WEALTHFRONT HAS DONE, ENABLING IT TO HIT $1B FASTER THAN SCHWAB

  13. Banking will fracture BANK BRANDS WILL FIND DIFFERENT WAYS TO ENABLE FINANCIAL WELL BEING (AND STAY RELEVANT IN PEOPLES’ LIVES)

  14. Lifestyle-enhancing brands Platforms for HNW clients Specialists for business banking Curators of a dynamic financial ecosystem of value Different brands will find their own paths FORRESTER HAS IDENTIFIED AT LEAST NINE MODELS FOR BREAKTHROUGH • Personal financial coaches • Digital product manufacturers • Data brokerages • Ultra-efficient utility providers • Subscription-based advisors

  15. “We’ve been wrong about what our job is in medicine… we think our job is to ensure health and survival. But really it is larger than that. It is to enable well-being.” - Atul Gawande

  16. Banks: Get ready to reinvent yourselves • What role will you play in customers’ lives? • Keeping bank brand relevant means thinking about where you fit in each customer’s life. • How might your business model evolve? • Operating models, revenue streams, service models, & digital strategy will need to be reinvented in the age of the customer. • Where does your bank fit in a customer’s financial ecosystem? • Obsess over customers’ needs to build ecosystems of value.

  17. You don’t need to see the future to win EMPLOY INNOVATION-BY-ITERATION, NOT INNOVATION-BY-PROGNOSTICATION >

  18. “The honest answer is this: The bank of the future might not be a bank at all.” - Bank executive

  19. Peter Wannemacher +1 617-613-6107 @P_Wannemacher pwannemacher@forrester.com

  20. Zero Trust Is The Future Of Cybersecurity John Kindervag, Vice President and Principal Analyst

  21. Breaches happen… Sensitive data was compromised or breached for 50% of firms in the past 12 months. For 43% of these companies, cyberattacks occurred more than once. Base: 189 director+ security decision-makers in the US in firms with more than 100 employees Source: Forrester's Global Business Technographics Security Survey, 2016 (Note: Not showing “Don’t know”)

  22. Cloud, virtualization, SDN, and BYOD are changing your network

  23. 20th century networking is a mess! Edge FW FW FW Core WCF WAF IPS IPS IPS Distribution Email DLP DB ENC VPN DAM Access WLANGW NAC

  24. Source: “Forrester's Targeted-Attack Hierarchy Of Needs: Assess Your Core Capabilities” Forrester report Expense in depth

  25. Trust but verify.

  26. Which one goes to the internet? Trusted Untrusted

  27. Zero Trust Untrusted Untrusted

  28. Core concepts of Zero Trust

  29. A new model of information security that identifies the fundamental problem as a broken trust model where users and traffic inside the network are trusted, and those external to the network are untrusted. Zero Trust is . . .

  30. Zero Trust is the answer!

  31. Zero Trust: scalable and segmented WL MCAP User MCAP WAF CHD MCAP APPS MCAP DB MCAP NAV SIM WWW WWW MCAP MCAP DAN MGMTserver

  32. WAN Augment hierarchal networks with Zero Trust WL MCAP WAF CHD MCAP IPS IPS IPS User MCAP IPS DAM MGMTserver NAV SIM DB farm Serverfarm WWW farm DAN MCAP

  33. Zero Trust network architecture is SDN- and fabric-friendly VM VM VM VM VM VM VM VM Hypervisor vSwitch Hypervisor vSwitch Open vSwitch vSwitch vSwitch

  34. Extend Zero Trust to the cloud

  35. "We've got to do something to protect our phony baloney jobs"!

  36. Prevention is dead? Y

  37. Zero Trust Is designed to stop malware propagation and data exfil All traffic in a Zero Trust Network is fully inspected by a segmentation gateway during each transaction Physical segmentation gateway (PSG) Virtual segmentation gateway (VSG)

  38. Rep. Jason Chaffetz on Zero Trust: “Zero Trust would have profoundly limited the attacker’s ability to move within OPM’s network and access such sensitive data.” Source: Adopting a zero trust cyber model in government (http://federalnewsradio.com/commentary/2016/09/adopting-zero-trust-cyber-model-government/)

  39. The current network is a mess Breaches are rampant Zero Trust is cloud- and fabric-friendly Zero Trust is the future of cybersecurity Summary Untrusted Untrusted

  40. John Kindervag +1 469.221.5372 jkindervag@forrester.com @Kindervag

  41. Blockchain: Technology Revolution Or Magical Thinking? Martha Bennett, Principal Analyst

  42. Defining “blockchain” • A blockchain is a store of records which is: • Write once, append only • Cryptographically secured • Distributed and wholly or partially replicated • There are two main types: • Permissionless – anybody can participate, no vetting • Permissioned – participants are known and validated

  43. There’s no such thing as the blockchain Source: Executive Q&A: Breaking Down Blockchain In Six Questions Forrester report

  44. The promise of blockchain • Cheaper, faster, more efficient processes • Elimination of fraud – any type of fraud • Irrefutable proof of provenance and ownership • Transparent government • A legal identity for everybody • World democracy

  45. Investment is proof of … what exactly?

  46. Blockchain-ready?

  47. Blockchain-ready? X ü

  48. The “smart contract” myth “Forget vague notions of trust – code is law on these new transactional platforms”* • “Smart contracts” are code – they do exactly what they’ve been programmed to do • Code isn’t law – the law is law • Just because it’s on blockchain doesn’t mean it’s legal * Byline in recent TechRadarareport

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