We have been busy on working with four winner teams to test their prototypes, validate the underlying customer frictions and evaluate their business model. Two out of the four teams proved to be rock solid: We invited dwins and FinChild to pitch their refined solution and partnership request to Deutsche Bank senior management for final decision. Let me share some insights how it all turned out.
The final pitch event took place last Friday at our Digital Factory in Frankfurt Sossenheim. From the fourth floor of the Digital Factory, the view was stunning: the warm afternoon sun set the Mainhattan skyline aflame. However, dwins and FinChild probably did not notice. They focused on their presentations in front of the Deutsche Bank decision panel headed by Chief Digital Officer Markus Pertlwieser and Chief Information Officer René Keller. Both teams pitched that afternoon for funding and for the commitment of Deutsche Bank to support them with access to customers and expertise in diverse matters. It was a very friendly atmosphere with no direct competition between dwins and FinChild.
FinChild went first on stage.
They opened their presentation with a comprehensive showcase of their app. Since the API/Open, they have made tremendous progress on their prototype, which was already in a closed beta phase for android and iOS with a significant user base. They then presented their high aspirations: fast user-base growth and international roll out already at an early stage.
In the following short Q&A session, the decision panel challenged their solution as well as their commitment to pursue an entrepreneurial shift in their well-established corporate careers.
dwins was second to present.
The progress they have made since the hackathon was remarkable. They showcased a crystal clear value proposition for the MVP: contract management including cancellation and recommendations for contract optimization. In the meantime, they presented a compelling vision with extended feature backlog and clear monetization options and revenue sharing case for Deutsche Bank.
In the Q&A, dwins advocated their partnership concept: They requested customer access, monetary funding, and IT architecture support from Deutsche Bank for 2017 in return for temporary exclusivity and revenue sharing.
After the presentations, the management panel took some time to discuss behind closed doors. It was a tough call to make, but we understand that for the teams being fast is a crucial success factor and they needed certainty about the bank’s further intention.
For FinChild, the panel decided not to partner with the team mainly because the concept didn’t prove to be a strong dbAPI use case and therefore did not fit the bank’s strategic agenda perfectly.
Nevertheless, FinChild assured us, they would pursue bringing their solution to market. We want to encourage them to do so and wish them the best of success.
For dwins, the panel intends to fund them according to their proposal. In the next days we will sit together to work out the details. We look forward to this collaboration and to the milestone to bring the first dbAPI based solution to our customers.