Future of European Consumer Finance A joint Eurofinas Roland Berger Survey

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1 Future of European Consumer Finance A joint Eurofinas Roland Berger Survey Highlights of 1st Edition Cascais 15 October 2015

2 118 companies participated to the first Eurofinas - Roland Berger Survey - representing 21 European countries Participants by geography Northern Europe (CE) 14 Companies > Denmark > Finland > Norway > Sweden Western Europe (WE) 45 Companies > Austria > Belgium > France > Germany > Ireland > Netherlands > Switzerland > United Kingdom 118 European Companies Eastern Europe (EE) 21 Companies > Bulgaria > Czech Republic > Hungary > Lithuania > Poland > Romania Southern Europe (SE) 38 Companies > Italy > Portugal > Spain 2

3 Participants account for over 1/3 of the European CF outstandings and represent four different business models Business model and size of participating companies [2014] Niche players Captives 13% 14% > 20 bn bn bn 5% 8% 16% > 10 m 5-10 m m 0% 5% 23% Key Points > Participating companies represent >1/3 of the European market in terms of outstandings Retail banks 25% > The largest firms (> 10 bn) are mostly Consumer Finance Specialists bn 72% 250, m 73% Specialists 48% Business model 1 Outstandings (EUR) Active customers 1) Certain types of business models have been aggregated: (1) "Retail banks" include both Retail banks and Credit brokers/intermediaries. (2) "Captives" include both Retail captives and Automotive captives. Source: Eurofinas, European Consumer Finance Survey; Roland Berger 3

4 Consumer Finance executives shared their perspectives on 5 topics Survey's key dimensions Growth & margins Structure & competition 1 2 Trends 3 > Growth and margin evolution by product type and business model > Distribution channels and customer journeys across channels > End to end digitization > Consolidation and roles of different type of players in the consolidation process > Business models most likely to grow in market share The future of consumer finance > Key success factors by type of business and need for improvement > Major initiatives to be launched > Major trends and main threats (technology, regulation, new types of players) 4 Distribution & Operations Key success factors and change roadmap 5 4

5 1 Growth & financial margin Most players expect low single digit growth but declining margins across most product lines Market growth and profitability evolution from 2015 to 2018 [answer with highest %] Expected growth of the new business volume Expected evolution of the financial margin Discussion Car and motor loans Personal loans Revolving credit > Margin in other purpose loans expected to be relatively more resilient too complex to compete? > Margins in personal loans expected to decline the most is this the area where you are most vulnerable to new business models? Other purpose loans > 5% 0%-5% No change -5%-0% < -5% > 50 bps 0-50 bps bps < -50 bps 5

6 2 Market structure & competition Online banks and internet players are expected to be the greatest threats in the near future Level of threat expected from different types of competitors in the near future [% of responses threat/ high threat] Discussion Online brokers/ comparators "Peer-to-peer" platforms 1) Card specialists Retail and universal banks Online banks Internet players (e.g. Google, Paypal, ) 46% 16% 25% 59% 69% 68% > P2P platforms are hot but most players do not believe they will transform the business will regulation be a barrier? will increase in interest rates make it less attractive for investors? > Internet players, online banks, traditional banks are the most serious threat is it because they have 360 degree relationships with clients? will client relationship be more important in the digital future? 1) Platforms where investors bypass intermediaries (such as banks) and lend directly to the consumer 6

7 3 Market trends Digitalization and "Big Data" are regarded as the most important technological trends in the near future Assessment of the impact of technological trends by 2018 [% responses] Discussion Digitization 6% 94% "Big Data" 12% 88% Sharing economy 61% 39% Internet of Things 44% 56% Not important / Somewhat important Important / Very important > Is digitization more an efficiency opportunity or a customer experience and loyalty opportunity? > And big data - is it more relevant for credit decisions or marketing effectiveness? > How can sharing economy and Internet of things be revenue enhancement opportunities? Strategy Consultants 7

8 3 Market trends From regulators and economic policy little help for the industry is expected Assessment of the impact of regulatory changes [% responses; in 3 years] Discussion Interest rate restrictions/ rate caps Privacy and credit bureau restrictions Insurance cross selling regulation 65% 58% 68% 4% 11% 11% > Will there be a market for installment and revolving credit in Continental Europe? can regulation shrink the business? Price and commission transparency Capital and liquidity requirements ECB and other central banks' regulations 37% 48% 54% 25% 22% 14% > What role will insurance have in Consumer finance business model? what to do with insurance in a "UK like" environment? Fiscal incentives to consumer spending 11% 64% Strategy Consultants 8

9 4 Distribution Different customer journey models will continue to co-exist specific challenges for each business model in B2C Evolution in customer journey models B2C specialists and retail banks TO FROM Proximity centric Integrated mix Remote focus Key challenges Proximity centric Majority of contracts are finalized in a physical outlet either originated remotely or not Integrated mix Less than 30% originated in the branch and balanced mix of contracts finalized in physical outlet and remotely Remote focus More than 50% of contacts are finalized remotely 50% 15% 9% 66% 21% 1% 12% 13% > PROXIMITY CENTRIC addressing decreasing utilization of sales reps maintaining market share in spite of digitization especially prime and young customers > INTEGRATED MIX rightsizing / making proximity footprint flexible reskilling proximity salesforce to make them multi channel right channeling > REMOTE JOURNEY FOCUS building relationships avoiding disintermediation 9

10 Improvement needed 5 Success factors What will it take to win in B2C? Improvement Importance plot for B2C business capabilities [ ] Diversity of non-credit services Social networks as after sales tool Leveraging Big Data for targeted client offers Omni channel customer journey management Social networks for sales enhancement 100% self care* Excellence in physical network sales Excellence in call center capabilities Real time/ fast cycle Customer Relationship Management* Multi channel direct marketing excellence Pricing segmentation Competitive time from application to approval Importance Discussion > Can Big Data and Omni Channel be the "things" to do for all specialists? > What are the hygiene factors necessary to be on the market and those that qualify your unique positioning in the market? > What will sales excellence in physical networks mean in the future? how digital will proximity skills need to be? > How sustainable is repeat business with clients hooked purely on credit? 1) Percentage of respondents that indicated that a certain business capability will be (Very) Important in ) Percentage of respondents that indicated that a certain business capability will need (Very) Significant Improvement in

11 5 Success factors What will it take to win in B2B2C? Improvement Importance plot for B2B2C business capabilities [ ] Improvement needed Pricing and commissioning segmentation by end customer value Range of complementary products for end customer (e.g. insurance, shopping guides, deals,..) Range of complementary products for dealer (e.g retailer financing) Web/ mobile marketing support to dealers/ partners Omni channel customer journey management Competitive time from application to approval in e-commerce channel Competitive time from application to approval in the Point of Sale (POS) channel Importance 1 Discussion > How do you set the boundary between promoting your company and the dealer? > How do you build integrated omnichannel journeys with multiple players each with their own brand and marketing mix? 1) Percentage of respondents indicating a certain business capability will be (Very) Important in ) Percentage of respondents indicating a certain business capability will need (Very) Significant Improvement in

12 Summary The consumer finance industry is expected to grow in the next years whereas financial margins will shrink Online banks and internet players are seen as a major threat in the future and, at the same time, market consolidation is expected Digitalization will be the most significant technological trend with impacts from back-office to front-office operations Insurance cross selling regulation and interest rate caps are expected be the regulatory changes with the most severe negative impact on the industry, while fiscal incentives are expected to have a positive impact Securitization will become a more important source of funding in the near future Online channels are more relevant than ever but physical channels will remain key for the majority of participants Leveraging "Big Data", enhancing CRM and providing a multichannel experience will be key in determining success 12

13 Thank you 13

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