Banks are Undergoing a Massive Digital Transformation

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Let’s talk numbers.

In 2017, mobile banking grew by 18% compared with just 9% in 2016 enabling businesses to realign their channels through the phone. This trend of “not-queuing-in-the-bank-anymore” among millennials is drastically increasing.

According to the forecast by the end of 2018 various banks and financial institutions in Scandinavia, the United Kingdom and Western Europe will have half (or even more) of their new inflow revenue in most products coming from digital sales.

With the rapid technological advancement and changes in consumer behavior, banks have 3-5 years at most to become digitally proficient.

A sneak peek to the total revenue of global mobile payment market was astonishing. Annual transaction volume reached $450B in 2016 which more than doubled in 2018 with a total sum of $930B. And the forecast shows steady growth with the expected $1080B by year 2019.

Not so long ago it was announced that JPMorgan, an American multinational investment bank and financial services company, has spent nearly $20B in the past 2 years to scale its technology and prepare itself for the next generation of banking. Its strategy, also known as “Mobile First, Digital Everything” is already showing positive early results.

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And this is just scratching the surface. One thing is clear - the urgency of acting on digitalization is acute.

Digital transformation of any enterprise is a herculean task, and you shouldn't do it alone.

Moving away from offline legacy platforms and into the digital age is no walk in the park. It takes a massive shift in attitude to become “digital to the core”. Well stated in the interview with DBS Bank CIO David Gledhill: “The digital transformation of any enterprise is a herculean task requiring a willingness to embrace cultural change, the ability to immerse the entire organization in the customer journey, and a total commitment to digitize to the core.”  

At the verge of digital transformation, banks and, naturally, other industries, need to start from understanding the consumer needs and, ultimately, finding relevant technologies and solution providers across the globe to step up the digital game. Catapult, being already “digital to the core”, finds the most valuable solutions by scouting through 100.000 growth companies across Europe, using advance AI and ML algorithms.


Stay tuned for more industry insights and digital sneak peeks!

Yours, Catapult team.


Europe’s billion-dollar success stories

By 2017, Europe has yielded over 40 tech companies that have achieved over billion dollar valuations, through private market investment rounds, acquisitions, or a valuation in the public markets, post-IPO.

Below is a graph showing the number of companies founded in Europe since 2005.

Number of B$ companies founded in Europe since 2005

The UK is home for the most startups that have achieved a valuation of over one billion dollars, but today, Europe's biggest success stories come from 11 different countries across the union. 2017 was the year we saw seen some tech companies surpass the billion-dollar valuation for the first time. The total combined M&A exit value in Europe exceeded 75 billion dollars. 

Seven companies eclipsed the $B valuation in Europe last year, here are the billion-dollar success stories

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Here's what these billion dollar companies do!

The HutGroup:

The HutGroup started as a white label e-commerce website provider for grocery retailers. Since then they have come a long way, and have acquired a series of entertainment and fashion brands, such as Zavvi, AllSole and MyBag. They have also expanded into health, beauty and lifestyle websites. The HutGroup trades in almost 200 countries in over 20 languages and 24 currencies.

PurpleBricks: 

PurpleBricks is the world's first 24/7 real estate agent. This UK based company allows buyers and tenants to book viewings, make offers and agree sales / leases day or night. PurpleBricks wants to distance itself from the typical real estate agents by not taking a percentage cut from property sales prices.

Rovio:

Rovio is a global company that creates world-class entertainment experiences through their games, animation, licensing and other businesses. Rovio's game business started as a student project back in 2003, and has since developed dozens of crowd pleasing game hits such as Battle Bay, Nibblers, and a game that has something to do with slingshots, stolen eggs and birds being really mad at green pigs..hmm what was that one called again?

Trivago:

Trivago, is a German-born multinational tech company specializing in internet-related services and products in the hotel, lodging and meta search service fields. Trivago was the first hotel search engine in Germany and is one of the fastest growing companies in the country. The company makes its money through advertising partners using CPC business model. The site includes over 190 million hotel ratings, 14 million photos, and reviews from over 120 million visitors per month. 

Improbable:

Improbable is one of the world's most powerful game development platforms. The British tech company, founded in 2012, focuses on large-scale simulations in the cloud, enabling virtual worlds of unprecedented scale and complexity. The company's goal is to power previously un-makeable games and solve unanswerable problems. Since its launch, Improbable has grown to over 200 employees, with offices in London, Washington D.C. and San Francisco.

Talend:

Talend is a software integration vendor that provides big data, cloud storage, data integration, data management, master data management, data quality, data preparation and enterprise application integration software and services. Talend was founded in 2005 when it was the first commercial open source data integration software vendor.

Oütfit7:

Oütfit7 is one of the fastest-growing multinational family entertainment companies, best known for its global phenomenon Talking Tom. Talking Tom grew from an instant app success, into a fully-fledged media franchise a few years since its launch. The company was founded in 2009, in Cyprus, and has since put together a successful portfolio that now includes free mobile apps and games, CGI animated series & web shorts and a global licensing and merchandising program. Their apps have been downloaded over 7 billion times.

Want to be building billion-dollar success stories? 

Our team helps businesses find innovative solutions for their business development needs through digital innovations and validated growth companies. We go through vast amounts of startup data to find the best startups/scaleups for our clients’ business development needs.

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