Always in Beta: Financial Services for the Digital Natives

Anthemis and Claro have recently launched www.AlwaysinBeta.org
Visit the website to download our project report.

The way people deal with money is fundamentally changing. In particular, Digital Natives are deeply skeptical about traditional financial institutions and no longer think of banks as the centre of their financial world.

A wave of new offers is emerging outside of banks that better meet Digital Natives’ financial needs, inspiring them to create their own ways of managing finances, whether it’s transactions, currency exchange or insurance. While these solutions are often experimental and continuously in flux, they match the lifestyle of Digital Natives – ‘Always in Beta’.

This brings the financial industry to a critical point. To remain relevant, cost-competitive and sustainable, financial institutions must reinvent themselves or risk being marginalised.

What new value propositions are arising from emerging financial needs of Digital Natives? Can your business meet the demand for industry transformation?

We have recently completed a multi-company consortium project in collaboration with six global players from the financial services industry. The project builds on global ethnographic research to explore the financial choices and habits of Digital Natives. We have developed a business perspective through a map of emerging assets and business models. In collaborative workshops, participants have used tools and frameworks to make these insights actionable and create meaningful new financial offers. The specific outcomes of the project will be defined collaboratively, and from these each client organisation will develop their final, independent initiatives.

This initiative is led by Claro in collaboration with financial investment and advisory firm Anthemis, who bring in their expertise in finance and business innovation.

Aldo presented a workshop based on Always in Beta at SIBOS, 2015, together with Samantha Ghiotti from Anthemis. The videos below show a summary of the event as well as an interview with Aldo about Always in Beta.