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Another interesting debate is what drives banks’ investments in technology?
For years, it’s been cost reduction, cost avoidance, regulatory requirements for change, risk management and compliance, competitive imperatives and such like. Not one of these talks about customer needs however.
I’ve been a firm believer that banks rarely invest for revenue uplift and customer service. The reason for this is that it is hard to quantify: this may deliver an extra 1% market share; this could increase customer wallet share by a factor of 2; this is likely to create a 50 basis point improvement in profit per account holding; and so on, do not hold water in the bank’s boardroom.
May, could and likely are not words that deliver a successful business case.
For some years there has been a lot of discussion about which brands consumers trust for banking. Rather than banks, protagonists assert that it’s Apple who could win, as they have the #1 brand with millennials. Alternatively it could just as easily be a Wal*Mart, Virgin, Google or someone else.
For some years, I’ve joined in with these discussions, but I’m not going to anymore.
Just got an email from egress talking about people's attitudes to security. Purely because it's interesting and I've got a lot on the table today, I though it worth sharing with y'all. Hope you like it.
We have a Financial Services Club meeting this Thursday with a panel previewing what we will be talking about at SIBOS. Therefore, I thought I would conclude my background on this to say that it will be all the usual stuff: regulations, regulations and regulations, as discussed in my last post.
Looking at the SIBOS website, it’s clearly going to be the main agenda, as per every SIBOS, but there are some other major nuances outside this agenda that are worth noting.
We have a Financial Services Club meeting this Thursday with a panel previewing what we will be talking about at SIBOS. Therefore, I thought I would provide some background by noting that, for the past few years, we’ve talked a lot at SIBOS about regulations, and this year is no different.
With Dodd-Frank, the Liikanen Report, European Banking Union, the Banking Reform Act and, of course, Basel III reshaping the industry after the crisis, along with specific change structures targeting pieces of the banking system such as the Volcker Rule, MiFID II and PSD2, there has been plenty to talk about.
These things do not go away so I thought that I would give you a quick preview of the regulatory highlights in this year’s agenda for SIBOS September 29 through October 2 in Boston:
For the past three blog entries, I have tried to convey how the old world of products, processes and people - or manufacturing, operations and distribution if you prefer - is being re-engineered by technologies.
Cloud-based products and services can deliver the bank products anywhere, anytime; open source processing via APIs allow those cloud-based products to be integrated into anyone's front-end delivery; and the front-end distribution is now through the best app.
We can now see that the whole end-to-end production, processing and distribution of finance is being changed by this new technology capability.