United States of America · 10 Days · 54 Moments · March 2017

Jamie's adventure in United States of Amer...


31 March 2017

Capital one Renee asked question - do they test with consumers? Very limited Lab started about five and a half years ago Historically created an idea Core characteristics for design thinking -wanted a small quorum of people who could the. Teach the rest -lot of the experts had to be good teachers - had to be good with people and be empathetic Question on accountability - framework set up with not much. More focus on remaining two steps ahead Found cycle of setting quarterly objective does not have the right effective impact
Capital One Labs - Started by Rich (CEO) Different approach to credit cards Started in the 70s Also banking and finance Creating a cafe strategy Bringing humanity into banking Change banking for good is their motto Provide transparency around credit score Phil and Melanie and Orleena Phil Kym joined four years ago from small acquisition of start up, called bundle Data analytics lab Orlena Young - joined 18 months ago Bring teams together to build global brands Also has a commercial bank Been focussed on bringing people into the company with diverse backgrounds Develop products and capabilities Jungo about understanding spouse information 45,000 people Break out small teams to test in labs rather than have it slowed by legacy infrastructure Setting up to fight the bad guys Big data academy - problem solving with data Community driven education This team has limited interaction with external parties Ideas should be able to come from anyone Discipline around selecting the right ideas
Yau Cheng - BNY Diversity and Inclusion Lot of drivers include regulation Talent war continues to heat up globally BNY manages a third of the world's assets Creating awareness of importance of girls learning skills like coding Recruiting bankers from mechanical entering as an example due to analytical and problem solving mindset Validate increasing trend towards less full time people Men's role to ensure there is a path to progress women in the senior ranks. Sponsorship Nomadic learning - community based platform Confidence is the issue - perception that men are promoted on potential Suggestion by Matt getting networks Hr managers together to tackle this and get Ros Coffey involved Not so much about the composition of teams, but more the psychological strong feel of safety discussion across the group around challenges each firm faces

30 March 2017

IBM Watson - wealth management Able to read data and predict Integrates with Salesforce Partnership with Apple developed a lot of apps Everything API driven Not yet developed video link Regulatory overlay, compare verbal notes of a meeting and pull apart an soa and working back if there are gaps Dynamically segments on personality profiles Target clients by behaviour More clients and better quality clients - less Pita clients Suggest we get collectively together as a group and discuss what this may look like Start small case you can build out in 12 - 16 weeks One option is to build together and go to market together - licensing model Could be per soa cost Key is to define the rules
IBM Watson Psycholinguistic - how someone thinks, acts feels API driven Natively taught other languages Learning different accents Very open API Phycplynguistics based on 52 variables Assume anything you give it is it is from person Sentiment analysis and flipped it. Tone analyser - how are people going to emotionally respond Taught Watson to speak Transcribe audio Cocktail party algorithm Web - Watson Developer Cloud Wifi IBM internet
IBM Watson - Dan and Percy AI / Predictive How do we make sure quality of advice is standardised Dan is a data science Start with people. How they think, how they learn, biases Run through examples share in common is a commitment for excellence Biases influences their decisions What happens when you get complacent with decisions Doctor example Watson is taught as opposed to program Humans still make decisions Dan was quick to respond to question around removing need for a doctor, which was no Principals as a guide: 1. Purpose - not being designed to replace people (also don't believe it is possible) 2 transparency (aware importance this could do evil with competitors) 3. Skills - help develop the new collar jobs (technical writing skills - journalism) Based on statistically derived algorithms Characteristics of cognitive computing - constantly evolves Go into Watson website Systems not hard coded but rather take technology under Watson and create service General versus narrow AI
Focus Financial - Rajini and molly Rajini cofounder - value added investors in high value wealth management firm Difference to private equity 1. Invest in one industry - fiduciary wealth adviser 2. Not a passive investor - non controlling investors 3. No time frame to exit 12 years old 49 partner firms $500m revenue f2015 Plan to ipo M&A funding Funding source - number of American banks Look for a fragmentation Number of COIs Largest Dimensional client Invited by Tony Fenning An ecosystem that they plan to build Started out just wanting to do one thing - invest in RFAs 18,000 firms in Example of $5m acquisition 50/50 structure - $2.5m loan interest and repay in six year payback out of pretax Deal that failed in 2007 - too small and when gfc hit Stock $1.42 in 2006 2008 in gfc - $5.4 11 2015 - $17

29 March 2017

Strategy 1. Clear positioning 2. Structure 3. capital plan 3. Standard process while customise outcome 5. Keen eye on profitability Experien great example Most firms struggle with all five particularly human capital
Persing Psychology of client and asset base fee gives a Book called Black Edge Point on life beyond retirement - wanting to stay engaged and something about this trip HITS THIS POINT If not witching. 25-30% evict then you are either lifestyle or inefficien AC question - what business would he get into. Either FS or education Question is how Six drivers First ask: Gross margin Operating margin Then: Pricing Service mix Cost mix Revenue volume Client mix Productivity Not 80/20 rule Reverse Need to be $30m 650 firm north of $1bn Sophisticated buyers paying 5-6 times Anything more it is on terms or price What's core is everything you do for that client Class of client - own what's core and rents what not. Medico versus GE Old. Default to product sales Key trend is on financial Not about making more money but about making impact. Creating community.
Mark T - Count. Disparate firms - culture is key Lot more take overs and imbed their cultures Merging off the charts Multiple of historical eebitda which is dangerous particularly during client base Would you buy their stock going public Mergers make more sense then acquisitions as acquisition admits the principals are out and too much dependence on client relationships Lot of technology lacking in workflow and data Question around mortgage play in this - four years ago looked at private banking. Average loc $15m and average mortgage $1m Retain things you own and certain things you rent Goal base or cahsflow adviser Ones back to goal base Ensure client experience superior - very complex to understand Personal Capital is fastest growing business in IS Very Human experience Awareness of obvious and planners cannot rely on this anymore Only profession he knows where client brings value of relationship (ie fun drives asset based fee) versus adviser brings value (retainer)
Mark T - Persing Eight years with Persing Father fought with Aust in WWII in png Huge difference between professional sellers and professional buyers Professional sellers old world and grid style advisers Professional buyers around fiduciary standards 40,000 fewer professional advisers yet More CFP over 70 than 23% women and 8% black Persing represent 30% of us market Enduring adviser book Gen Z turning 20 Not price compression more margin compression Average yields last 10 years, 77bpts Either reduce price or enhance value Called out Justin's model Opportunity Validate bank approach outdated Huge trend to independent firms Completely replace bank world Very best firms being employer of choice is key and people business All technology - not about technology and more about client experience $15trn of which $3trn managed by ifa and small practices
Training centres - New York, Munich and UAE
GE cont Matt Cassidy asked question about Richards advice to their advice businesses He referred to the simplicity of Grass Roots around their beliefs. Start small Focus around coaching and people around people Leader can create climate and you can feel the difference. Not willing to tolerate command and control leadership Avoid promoting individual performers straight into leadership where they lack ability to lead Small incremental changes Created a brand that has become a destination - kept for the best and the brightest Fast works It's about creating a culture of experimentation It is ok to fail Encourages co creation Framework for learning metrics Next evolution to Six Sigma/Lean/Agile Key is the mindset Book - The Lean Start up - Eric ??? (B has it) Example was around MR machine for kids and thinking about the customer experience. Rather than change the machine they changed the experience Deliberately not heavily resourced Learning needs to be experiential Other three training c
GE Cont. Coaching Mindset, not skill Building a coaching core curriculum Coach model from Blue Point - Coaching Core Curriculum (have to earn the right to be someone's coach by being authentic, trusted, living your values) Build a best in class coaches Think about attributes of key people who have challenged or inspired you and numbers small. If we share attributes likely get the same person/attributes Then why don't we act like that Most powerful leadership stories are ones where people have embraced change More about telling stories rather than present slides Culture has changed where leaders now openly admit when they don't know but they will figure it out. Everyone talks about their failures Lancionis Model of Trust - five layers Outcomes at the top Lencioni Crotenville epicentre of GE culture Move from Connecticut to Boston
GE - cont Richard joined - head of learning and development Design for the learners experience The campus is your classroom FIO - Figure it out Story about Susan - GE five beliefs Customers determine our success Stay lean to go fast Learn and adapt to win Empower and inspire each other Deliver results in an uncertain world Culture of coaching and about the conversations 38,000 people lead three or more people HR app. Priorities Touchpoints Insights Summary Settings Philosophy of trust and getting people to be open and transparent Got rid of the bell curve 12 years ago Matt Cassidy - break out to discuss collectively
GE cont. Only you can see feedback Trust is a big anchor Program called authentic leadership Talent calibration run annually and factors in succession Diversity run separately Every year bring 10 ministers from ASEAN. Eight days at Crotenville and two days in Washington Three sessions a year to cover business performance. Limited to five slides PE business A lot less power point deck. Getting to being more pragmatic Refer to plans as a blue print Narrowing down to three priorities rather than a laundry list A learning culture -Ge Beliefs -Performance Development -Fastworks Better customer outcomes faster
GE Cont. GE Store - Shared Services Moved from Six Sigma solely to now being used where appropriate, particularly lots at stake like aircraft engines About six tools deployed as appropriate Differentiators are soft stuff. Products can be commoditised Demetri talked about his journey. Joined in 1999. Moved from Command and Control, to more coaching Moved away from ratings - now have ongoing discussions. An app that is updated. Have Consider or Continue The app gathers data over a year and download once a year This app is gradually moving to drive performance bonus Lot of pushback from HR and People Leaders. New generation wants constant feedback and not once a year Fastworks - centre of that is centred around the customer Moved from a lot of goals and objectives that are fixed to having less that are flexible and fluid and can change so long as they are focussed on right direction More recognition around the world changes App captures feedback across the group
GE debrief Most leaders don't have technical backgrounds Worked with Entrepreneur called Eric Rees. GE Ventures - mimics a VC organisation. Put together a case. Old way was too slow so big on being nimble. Want to be a top 10 software company by 2020 Big shift to new world. Moving away from command and control to inspire and lead Real shift to flexible work and moving away from time at the desk Doing a lot of encouragement for independent operators to come up with new designs Subtractive manufacturing (traditional manufacturing) versus additive manufacturing (3D printing - less wastage) GE Lighting was the first business back to Thomas Edison LED lighting that can sensor how many customers in a certain area in Walmart GE Capital scaled back. Was 70% of their revenue. GE Digital is the newest business Shaping the future of work 1 Industrial Internet 2 Advanced Manufacturing 3 The Global Brain
GE - tour around campus Leadership for both internal and external Six regional training centres India, Rio, China, Execs based in Boston 110,000 people in USA, rest across 180 countries Work closely with New York City Fire department Since 9/11 offered to use facility to run their own leadership time All 240 rooms are identical Brian been with GE for 29 years Leadership development best done face to face However they also now blend in digital to get to more people Auditorium holds 200 people Jeff took over from Jack four days before 9/11 Centre turns over $25 -$26m pa and sustains itself Spend circa $1bn pa on leadership development
GE - Demetri 300,000 employees globally Facility opened in 1956, property bought in 1952 Looks after customer education - take their employee offering and provides ip to clients Use ip as a differentiator Been with GE 16 years Brian - Operations leader 59 acres Jack Welch in the 1980s used centre to drive culture Build an environment where people to come together and innovate

27 March 2017

Reflection on the day Humility of Tim versus Joe Technology as enabler Lot of discussion around application of what Joe talked about and application of self awareness Takes about loyalty attribute Comment "we limit ourselves by our own self esteem" Efficient use of time - thinking about creating more space and delegation. Use of meetings - Running a business - communication Justin - set purpose of meeting Perry - Giants; focus on culture; linked it to Joe; create a culture and that's what drove the software development; as leaders we are inspirers, Brian - quote on Simon Sinek Call by Gareth that this day was the best out of the three years Justin feedback on Tim and simplifying Lisa how to deal with different generations James - rethink how we approach growth compared to United Capital Laurel observed values based but still fun pricing Sean about finding the Grogan horse Pat - designed outside and worked back
Joe cont. client experience Use sales force as integration point Try understand biases upfront Base around Fear, Commitment and Happiness Not a risk profiler more behavioural science Honest conversation exercise Designed to make sure both spouses have a voice in the process White label of system Top five cards out of honest conversation list (15 in total) Training module Ima about 35bpts including custody, then 1-1.25% all up about 150bpts Joe does things he likes to like Does three things: 1. Innovate 2. Communicate 3. Allocate If I have anyone in my team I need to tell how to do then they are not the right people Study Vindanta - decisioning and self awareness Your experience and your opinion gets in the way of the truth Ask yourself a different question - what could I have achieved rather than what I have achieved? culture is key Three things on hiring: 1.loyalty 2.humility 3.responsibility
Joe cont. forward medical group model First time in history if man kind where children are teaching parents Trust is now validated more online then friends Baby boomers - priority is Trust Gen X - convenience Mellenials - customisation Traditional planning - gives away most valuable part- Advice 1live where your clients do - mobile divide 2be omnipresent and on demand 3.live where clients live + money intersect 4.be a guide and a coach 5. Practice at the top of your license 6. Charge for what clients value 100s of firms he has done dd on and never ever found a firm that has outperform the market Hire me for my understanding of people
Joe cont Buy at five times and growth of 40% got to three times Starbucks model that firms wedded to firm not the adviser Spent a decade on process Built around Salesforce Compare to the industrial revolution Compare building pyramids to now buildings and shorter time and people "We are at the most dangerous moment in the development of humanity" - Stephen Hawking The Guardian 12/2016 Machines gone from replacing sweat power to replacing brain power Five key point to distruption 1. The digital consumer feels more powerful than ever 2. The Amazon-ing of Business is unavoidable 3. Technology is radically altering the role of Humans 4. Client experience drives pricing and profits 5. Each generation has unique value drivers 30% meeting video conference and increasing Shifting from teacher student to coach player Digitising right up to the meeting Human can deal with Empathy and discipline When complexity and cost of being wrong are both high human interaction needed
Joe Duran - United Capital 80 office, 600 employees $18bn Fum Launched white label platform about a year ago Mike - nephew of one of the business owners Joe bought first time round $180m revenue Two thirds acquisition one third organic Sold first company for $120m Joe owned 15% of the company Interviewed 100 people YPO how they felt, they all felt the same Same symptoms of all entrepreneurs raging drive Too often think about money as a destination It is fuel and gives you choices but it is not the thing Live rich rather than die rich Joes thing was to make an impact on people's lives Thing he wanted to change was to make people wake up Look in the mirror and say "what makes me happy"? How do we make better choices? How do our biases impact these decisions Paying us to make small incremental changes you can live with while you have time Helping people to use Time as an asset as opposed to a liability When they got big enough bought four firms with $380m Fum
Bill - Giants Played in the 80s
Tim -Cont Talked about identifying succession CEO
Tim cont. Succession Got to get operation of business right before transacting Emotional - founder in most cases has an identity with the firm Most say seven to ten year process. Min five Usually 7-10 years to get to equity Senior adviser would be paid $400k to $450k pa Gender balance is 25% women and 75% men and has been for a long time Recognised as a problem Also a function of ethnic diversity Effort underway with CFP board to address this issue Andrew question on Robo Tim - don't think it is going to go away May not be as comprehensive advice solution Seeing evolution if advice which is a blend of flesh and blood and Robo Question - would you have done anything different Would have taken more than six month sabbatical Also would have been more clear on important role he played when he came back Deal with growth pains - recognise you don't know what you don't know so get help Delegation important. Willingness to let other people make decisions Recognition to know when your time is u
Tim Cont For client with $10m would charge circa 65 bpts Lot of firms started as planning and then moved into asset management Have small legal firm. Do do some tax work with cliemts James M - asked question around awareness of independent advice. Tim believes it is for some sort of clients Always work with clients that are smarter than you are Attracting talent. Scale gave them choice The merit of specialising - c suite execs Experient does not place insurance Don't sell insurance as it can only be sold commission which is against Experient focus Leadership - believes leadership starts early in someone's career. Willingness to make a decision in facing uncertainty. And then get people inspired to follow you Leadership right brain, management left brain. Management - someone is forced to follow Ownership and control. Ownership is about money. Important to seperate management and equity. Hardest decision is about giving up control Operational, financial and emotional dimensions of suc
Tim Kochis - Cont. important thing to guide everything the firm does For 18 years, Tim taught financial advice Involved in the CFP board and equivalent of FPA board Involved in development of educational n in a China Lot of mentoring Very philanthropic - no children Most oriented around education Risk of downturn of passive - used examp,e of four clients who called on March 10 and had had enough and got Tim to sell Importance of being a good citizen and holding high values Including staff, matching contributions, or giving them time Question around value in market where price is coming under pressure. Tim has heard of price compression for forty years. Feels the market has got to comfortable level of fee People who pay for advice are 40% Long term impacts for valuation of firms. Could over time, move more to economics of accounting or legal Debate on fees and asset based, commission and fixed retainer. Dangerous to legislate uniformly as different methods work for different clients
Tim Kochis - Cont Permitted to buy in (min 0.5%) Down payment Existing owners guarantee the bank loan They have an active market Cultural compatibility most important. Don't need to be identical Example cannot have a firm that puts profits before clients merge with a firm that values client service San Fran had 370 (average $8m) clients and La had 70 clients (average $30m) Deloitte firm was more transactional versus Experient had discretion Post Deloitte acquisition there were 1,300 clients Objectives: 1. Great client experience 2. Great opportunities for staff 3. Maintain ongoing independence Dedicated professional management of the firm was important COO came from non profit group that served food to needy on scale. Wanted a change. Had experience in process and logistics Three examples of innovation 1. Need to specialise and have dedicated management team 2. Technology - first to develop to implement a discretion portfolio 3. Doing the right thing by the client is the most
Tim Kochis - Former CEO and Chairman Aspirant Graduated from law in 1973 Financial planning at a bank Went to university of Chicago Moved to California - Bank of America Mid 80s left BOA and joined Deloitte (big eight) Then Deloitte ran into trouble so left with their blessing Built their own firm 2007, merged firm with a friend - bought together in Jan 2008 Both firms were 2.5bn Fum, making $5bn entity Tims firm in San Fran and other firm in LA Achieved scale and able to do things they couldn't in their former structure Made them one of the top four independent firms Today it is $11bn Fum with 10 offices around the Us Tim still shareholder and only one not an employee 15 months later bought Deloitte business $3bn business (had approached them when they merged and was $4bn ) Talked to valuation - multiple measures but most reliable is discounted cash flow Multiple of free cash flow - need to adjust for salaries Have a program for employee buy in Measure on tenure, contribution, people

24 March 2017

John Hagel - Cont Leon Fong 100 years old. More merchants They set up a Kelvin Klein division. That started the concept in 1970s The first Centre of the Edge Customers becoming more and more demanding. Customers not willing to settle for mass market product Apple cam into mobile phone business with a view to building App Store Apple only has 13% of the market Discussion around Ed Catmull and Pixar
John Hagel - cont. Complete opposite to centralisation Strong trend to outsource. First wave short term cost reduction. Opportunity not to outsource to lowest cost but world class operator. Early outsourcing very transactional. What Leon Fong is based on deep trust and learn faster. They are prt of that because they learn faster with community Leon Fong in 9/11 had a lot of partners in Pakistan. They moved in three months. Analogy if Walmart who turned over all their outsourcing to Leon Fong Different approach to growth With growth, make or buy. Third path to growth - leverage in the form of connecting to third parties Not broken by industry but by business type 1.Infrastructure Management - first sort of growth businesses 2.Platform Businesses - another concentration. Must have scale. Example - Facebook. Staged their entrance through Harvard then cascaded out 3.Third - trusted adviser business. Because of technology makes this available to more Process of building trus
John Hagel - Deloitte Centre From the Edge Big Shift From Stocks to Flows Refresh the knowledge flows About being open and giving rather than taking Focus on Push versus pull Push people in right direction to meet demand In a world that is more unpredictable. Those that participate in a pull direction will be successful Differentiate three levels 1. Accessing knowledge when we need it (Google) 2. Attraction - how do you attract people and ideas to you. I got some insight that was really valuably 3. Pulling out of each of us more of our potential. More insightful No pattern in industries. Platform based businesses. Air BNB pulling out logic based data China has a lot of pull based businesses Liam Fong - apparel based business. Serves designers by taking care of everything else. They don't do any of the activity themselves. Operates through global network of 15,000 business partners. Small amount in china Orchestrating the capability and ensuring there is a quality assurance overlay
First Republic Manufacture their own Question around other providers and not clear around family office structure Bought into business management company which impacted other referral services Build relationship with other centres of influence Good question around the message and not a lot of formality around that. Big focus on NPS Try to breed their own Bigger pool of candidates the higher chance of getting the right people Student loan debt $1.3trn debt over young employees Created all in one product - to address student debt and get the next generation Also attractive for employee pool 410K typical in Us Believe advisers will need to add more value in the future
First Republic cont. Ike to find people who can manage relationship and grow NPS 72 and if clients have multiproducts it is 82 Wells Fargo got in trouble for poor practice on selling products Whoever is originator of relationship stays with account Use proprietary crm Typically use outside vendors Target best of breed vendor Tends to take time to test vendor before using one, use multiple vendors for custodian Try to customise the solutions but challenges scale Biggest challenge is data Robo advice shifting the relationship Davids personal view is Robo has not been tested by a bear market They have partnered with a Robo adviser to test it Used ebanking analogy back in dot com No two portfolios look the same Everything customised and one client at a time Traditional fee pricing Don't benchmark performance, quarterly meetings Use addpar Most offerings discretionary....? Reporting across all assets including banking and outside assets Select products through a process and don't
First Republic - Nicholas Styles (Managing Director) and David Tateosian (President) David joined in 2003 Nick from Sydney Established in 1985 Jim Herbert still leading the company (founder) Originally mortgage business Premier private bank in the Us Focus on Service Think of themselves as a service company that happens to be a bank Strong credit culture. Because of this, sets them up well for WM business Spread income very steady due to conservative approach Low losses in 2008. 4bts losses 140 client facing advisers Rigorous interview process. Nick met 12 people Respect of team members Culture key Want people who are going to have fun and not take themselves too seriously Low turnover of employees and clients Acquired by Merril Linch in 2008 In the end bought back in July 2010 Tried to grow wealth management Six markets, California, New York, Connecticut Households with at least $1m of investable assets Industry specific 50% growth from existing clients
Cisco cont Dynamic processes Netflix - one of best algorithm Book - Digital Vortex How do you reduce friction? Collaboration Digital Maturity Journey Traditional Mobile Agile Work more unstructured Trust - eYe to eye Share/search information ??? Average meeting at Cisco is five people, three local and two remote Workplace analytics 50% of innovation from customers Your office design is the body language of your company SJC Spark Board People centric communication Ability to link a number of third parties to join in White board ability real time Links into Docysign A lot of apis can plug in Andrew Sydney rep
Cisco - David Joel Barnier - Cisco Strategy and approach to digitisation IMD #1 executive educator Analysis of 100 disruptors Workshops with 1000+ execs 37% of market incumbents displaced 3 years exp cited time to disruptions 1 in 4 companies actively responding Financial Services in the middle of this #4 Retail #3 Three categories of digital business models 1Cost / Value 2Experience Value 3Platform Value 1. Free /ultra low cost, buyer aggregation, price transperancy, reverse auctions, consumption based pricing 2. Customer empowerment, customisation, instant gratification, reduced friction, automation 3. Ecosystem, crowdsourcing, Making money in new ways Joel will share presentation New model is the platform model Traditional incumbents had capital, brand and Everything points to Agility - Hyperawareness, informed decision making, digital business Agility, fast execution Behavioural awareness - deep understanding of workers and customers Situational awareness
Apple / IBM Tracy Thomas - Director, Business Development, WW Enterprise Sales Tracy kicked off the IBM / Apple partnership July will be three anniversary User centric design, native iOS, data, cloud services, cognitive Early use cases - retail Sales Assist Risk inspect - helping to use data to ask better questions Demo on Watson technology Natural language processing Solve for industry pain points Vertical apps and horizontal apps Team approach to apps Gareth question around ip - depends who wears the cost. Data in the app and how it is used is key to differentiated Much better model for companies to develop apps Need to consider how this applies for group Good feedback. Suggested collaboration in garage in melbourne
Apple IBM cont. IBM Don't have an app just for information must be able to act All API enabled Brown Brothers Harriman - oldest private bank The future of wealth management is the integration of technology and human insights Developed apps in 8 - 12 weeks Moving away from scraping and now more apis - need to discuss with Gareth. Can Domo deal with actions Loan app and interaction apwith IBM to predict and real time. Example was rate movements Customising for what the customer wants IBM Watson analysing probability of loan approval Workflow - native push notifications Dynamic reporting and data visualisation Security and compliance - Touch ID, biometric. Use to authorise payments Geotagging - gps record time/date stamp Geofencing - if the app leaves an area, the app doesn't work Could some of this security address CMA interest In modern financial services, a "wait and see approach" or "ride out the storm", is no longer an option Five partners, IBM, Cisco, sap, Deloitte, ???
Apple IBM cont 79% of clients see banking as transactional Hidden defection - is rampant (silent attrition) Traditional churn, 11% in the last 12 months Millennial and mass affluent are most likely to defect Defectors are won over by exceptional products and salesmanship Mindset around relationship Three core challenges -1. Stronger client relationships, 2 attract and retain talent, 3. Digitise enterprise capabilities 1. Improve customer experience, be the trusted adviser, increase loyalty and share of wallet 2. Increase employee engagement, manage turnover, provide modern tools 3. Run simple integrated processes, maintain full regulatory compliance, continually enhance security Emphasised study that bankers sitting behind screens is a real turn off for customers Website - Glassdoor, rate employees 0 financial services in top 50 Think about enterprise value like the Map analogy Citi looking to deploy mobile apps to advisers HNWIs favour personal interaction Adviser alerts designed with
Apple / IBM Cont. 90% of mobile devices used solely for communication Their focus on devices and let others do what they do best like big data, cloud, iOt (internet of things), enterprise social, analytics Apple Values - environment, supplier responsibility, inclusion and diversity, privacy and security Environment - to make truly great products, we feel it's crucial to build them in ways Climate change, safe materials, resources Showed how they recycle an iPhone Focus on whole lifecycle of products Always looking five to six years out and anticipate what the clients want Privacy and security - build into everything they make Create the best products for the world Todd - transforming financial services Joined a year and a half ago from Standard Charter Bank Spend a lot of time with customers as well as time with Apples management to educate them on financial services Five other people like Todd across Health, Education, Transport etc Disruption - incumbents will be attacked where th
Apple / IBM Todd Schofield - Worldwide Industry lead for Financial Services Lisa Nakamoto –Sr Briefing Development Percy Martin - IBM Graham King - technical manager Apple overview "Our goal is to make amazing products that enrich people's lives" Tim Cook - CEO focus is on smaller amount of products "Innovation" - Late 90s challenged App Store 2008 The best possible user experience Stores now more social areas New campus - outgrown original plans. Old Hewlett Packard site Over 13,000 employees Net zero energy - 2.8m square feet and over 176 acres Very focussed on green concept. Size of the pentagon Not open plan. Reason is it is proven it is distracting John Madina - Brain Rules Key Markets - Enterprise, Education, Healthcare. Healthcare - Found the iPad was a better way to distract when going under than pre drugs Enterprise - transform the way we work 98% Fortune 500 companies, 200k+ business apps, 2bn+ business apps downloaded Charge $99 for an app. 30% of revenue charged - $60b

23 March 2017

Julie Keshia - VP Comms Domo Nate Silver - editor and chief fiveThirtyEight Called primary 2008 Obama Looking at the datasets can reveal different views Base theorem Real focus on using data to predict - Trump election
Chris Harrington - President Domo John Riley - Belfour Beatie Head of Winning Business 35000 employees Infrastructure Joined two years ago When joined they used 45% of systems No consistency The Bid Frog Passive resistance Report weekly What we won, what we lost, what in the pipeline for next month and who logged into Domo Focus on the win rate Important to target the right customer Very important to transform that customer - trusted adviser Customer lifetime value Management versus leadership Leadership drives culture Engage all the time
Ed continued Took four years for everyone to live up to. Josh interview Ed joined Lucas for the second movie Talked through Steve's journey and turning point was when he became aware President title three times - made point the most important part was what he was doing not the title How do I have a culture that continues after I leave?
Ed Catmull -President Pixar Creativity in Organisations - process of solving problems How do you make people creative? Wrong question What management and cultural things are blocking creativity? Brain Trust - group of people who gather together to help each other Four principals 1peers talking to peers 2remove power structure from the room 3to give and to listen to honest notes 4watch the dynamic in the room very carefully When ego disappears from the room, magic happens - this is what they aspire to Steve Jobs never came to a brains trust meeting as he new he would upset the dynamic Had to rethink failure. Two meanings. First is a professional one. Need to fail to succeed. Second meaning we learn in School. Not smart enough. Negative. Often danger is to mix the two meanings. Failures that made us strong are in the past. Failures of the future are what we fear. Important understand emotions and psychology of why people do what they do. Talked about project where they outlined values a

22 March 2017

Black Friday - Ben Schein Core capability Data strategy and governance Data science and engineering BI engineering BI and Analytics Testing and measurement 750 team Speed to market; scalability; Collaboration
Lunch discussion and discussion around a CFO function
Domo session cont. target cont. Currently in stage of awareness, but building out and gradually changing Key will be to get focussed Don't underestimate amount of change management required Theo Epstein - head of Cubs Baseball Talking about using data and analytics about making decisions in baseball Talked about early career with two scouts. One took subjective approach by watching player play. Other just wanted stats Emphasis on taking a lot of empathy About having a competitive advantage Getting very deep in data. Doing Neuro analysis in hitter brains About asking the right questions About getting information real time through the coaches on the field real time Hired older players to get to know analysts who could understand information and then used them to influence with players on field Importance of remembering human element Importance of character and team players - how they behaved
Domo - GE Kym - responsible for Domo app in GE Matt Belcn - Domo Johnny -Universal Studios App that identified where people were in their park What are "Quick Starts"? Ben Schine - BI analytics Target About mobile app and number of users it would support Three things 1. Speed to market 2. Scalability 3. Collaboration 2,000 stores Able to break down categories and year on year sales specific to stores Black Friday, cyber Monday hourly sales, 4 million rows every 15 minute increments Based on data feedback cyber Monday, adjust webste realtime St Patrick's day, lot of sales around cabbage - were able to run real time and deploy more stock. Nimble to design reports quickly to customise to information needed Lisa Roach - Vp Merchandiser Big business user Leading a transformative n in merchandising Last year imbed Domo Talked through history of merchandising and being a gut feel Can now get real time data in a format that helps make key decisions Real time data into hands of the buyers.
Had first day in Salt Lake City. Met Peter and Kev from Domo On the bus to dinner, met Eugene who works for a Dental roll up of 20 practices. Learned about how they value and tend to acquire at about 7 times ebit. Largest in the states is 800 practices. Most aim for a 10x and highest is about 12x subject to scale. At dinner, met Rod who is partnering with Domo with his data analytics business. After dinner met the CEO of Cars Guide. They are using Domo to help with their data play and to compete with Carsales.