4 Prepaid accounts FIGURE 1 UNBANKED ADULT POPULATION WORLDWIDE AS A PERCENTAGE OF TOTAL POPULATION 2

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3 Prepaid accounts 3 Developing attractive prepaid account provision is nothing less than a chance to start again in retail banking for established financial services brands. And with a market estimated to offer potential value up to $2.4 trillion by , the scale of the opportunity is simply too big to ignore.

4 4 Prepaid accounts Prepaid accounts could prove to be the greatest single catalyst for taking out cost and enhancing customer experience that the retail banking industry has ever seen. Why? The scale of the commercial opportunities is immense. The horizons for revenue growth, margin improvement and profit are vast. Prepaid accounts have the potential to transform the retail banking landscape. Established players, if they have not done so already, must develop and deliver their own prepaid strategy. And they must start now. Prepaid accounts offer the customer a simplified range of services on a highly technology enabled platform with an emphasis on digital channels and mobile. There is typically a prepaid card facility. Customers cannot exceed their funding limits and thus they avoid debt and interest payments. Institutions do not extend credit and therefore avoid exposure to bad debt. - In the mature and hyper mature markets, target customers include students, people traveling abroad extensively, and older customers with reduced product needs. Prepaid accounts are an opportunity for established financial services brands to develop extensive and profitable customer segments, in both hyper-mature and emerging markets. Established players can benefit from the first-to-market work already done by innovative challenger brands. With careful strategic thought, followed up by well-planned implementation, a prepaid account offer can revitalize revenue streams in mature markets and attract new, high-margin business in fresh geographies. There is also a significant proportion of mainstream banked customers turning to prepaid as an increasingly attractive option. The appeal is based on flexibility, simplicity, lower fees and the need for an alternative to overstretched conventional banking activities. In emerging markets with much larger numbers of unbanked or under-banked people, prepaid accounts provide an opportunity to participate in conventional banking. FIGURE 1 UNBANKED ADULT POPULATION WORLDWIDE AS A PERCENTAGE OF TOTAL POPULATION 2

5 Prepaid accounts 5 They represent nothing less than a chance to start again with retail banking provision. Key indicators right across the retail landscape show promise of prospective success. In every area, from strategy, through product and service evolution, to device proliferation and industry development, all the important trends are coinciding. They will create over time a highly fertile market for prepaid provision. Prepaid will significantly impact the retail banking landscape because it exhibits a number of important strengths and attractors, such as: New and engaging customer experience based on flexibility and ease of use. Reduced complexity due to a state-of-the-art technology platform maximizing simplicity and security. Increased efficiency delivered by leveraging leading-edge technologies. Increased security achieved by incorporating best practices in data management and protection. Increased incorporation of relevant and exciting technologies taking full advantage of the best of existing and near-future technologies. Increased touchpoints developing continuously between banking and other consumer services - notably in the mobile communications sector (figure 3).

6 6 Prepaid accounts Mobile channel strategy Customer individualization Multi-device services and products Digital network products Personalization possibilities Interactive, mobile banking platforms Mobile banking as daily phenomenon Mobile payment systems Unpredictable technology enhancements Big players completely dominating the industry Multi-dimensional customer individualization in terms of channels and products Customized banking for individuals Penetration of emerging markets Ongoing globalization Provision of online services Mobile devices as new channels Customer retention Migration of unprofitable customers Demise of unprofitable segments Industry consolidation FIGURE 2 THE EVOLVING INDUSTRY LANDSCAPE TIMESCALES AND KEY DRIVERS

7 Prepaid accounts 7 Today, classic full service retail bank accounts present established financial services players with at least four major challenges: FIGURE 3. PERCENTAGE OF NATIONAL POPULATION (OVER 25 YEARS OLD) ENGAGING WITH PREPAID Relevance to customer lifestyles through alignment with an open and easy style of service that has proven very attractive in areas such as mobile phone contracts. Profit opportunity due to scale and demographics of potential markets and volume of potential revenues (figure 4). Burden of cost The annual cost per customer for a checking account can be anywhere between $250 and $350 or higher. Over-optimistic opportunity assumptions Cross- and upselling over time of more sophisticated and more profitable products and services is assumed. But consumers can simply depart to a competitor just when they might start to yield a profit. Declining card margins The cost of providing conventional cards free of charge to classic account customers continues to increase, while interchange fees decline, typically from ~1% to %. Loss of protected status European legislators 'Access to the Account' (XSA2) proposal will allow regulated entities mandatory access to bank accounts to enable direct payments. FIGURE 4. PROJECTED GROWTH IN GLOBAL PREPAID MARKET

8 8 Prepaid accounts

9 Prepaid accounts 9 Prepaid is here to stay as evidenced by the size of its predicted market value by Financial institutions who have yet to decide whether a prepaid offer is right for them must now ask themselves a series of frank questions: Can we afford not to participate in an area of huge growth, not just in developing markets but in our own backyard as well? Is our cost base today sustainable for tomorrow and, if not, what plans do we have in place to correct it? Do we have the mechanisms to achieve resilience against the factors that are transforming the payments landscape? If we do not go the prepaid route, what alternative strategies are we considering and why? Regardless of the individual institution s responses to these questions, two issues are certain. First, prepaid is not going to go away. Second, it is not going to leave the retail banking landscape in the same shape that it found it. Prepaid is an agent of change. The choice now is whether to play an active role in that change, or simply to react to its impacts. A $2.4 trillion market suggests only one viable option. 1. Source: Global Industry Analysts, Inc, November As of the year Source: Global Industry Analysts, Inc.

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11 Bernd Richter Lara Fries Capco an FIS TM company is a global business and technology consultancy dedicated solely to the financial services industry. We work in this sector only. We recognize and understand the opportunities and the challenges our clients face. We apply focus, insight and determination to consulting, technology and transformation. We overcome complexity. We remove obstacles. We help our clients realize their potential for increasing success. The value we create, the insights we contribute and the skills of our people mean we are more than consultants. We are a true participant in the industry. Together with our clients we are forming the future of finance. We serve our clients from offices in leading financial centers across North America, Europe, Africa and Asia. Amsterdam Antwerp Bangalore Bratislava Charlotte Chicago Düsseldorf Edinburgh Frankfurt Geneva Hong Kong Johannesburg Kuala Lumpur London New York Orlando Paris Richmond San Francisco Singapore Toronto Vienna Washington DC Zürich To learn more, contact us in the UK on , in Continental Europe on , in North America on or visit our website at CAPCO.COM 2015 The Capital Markets Company NV. All rights reserved. T EU

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