Chris Skinner's blog

Shaping the future of finance

Does the networked consumer imply incremental or fundamental change for banks?

Chris Skinner Author Avatar

A really interesting discussion with a group of banking
people this week about the impact of mobile and tablet computing on the banking
world.  I call this change the networked consumer, and it's a phrase that is meant to wrap up the whole discussion of the mobile internet and how it is affecting consumers attitudes to money, banking, relationships and life.

The take-away for me was that most of the people did not
believe that mobile was a fundamental change to the banking world, but just an
evolution in distribution.

That’s interesting as it is at opposites with my own opinion,
but then I’m biased as I think this is real change and it is fundamental.

So here’s the opposite opinions explained in a little more
depth and I’m interested to know your opinions too?

This is incremental

We have seen major technological changes throughout the past
decades from mainframe automation of the back office to desktop automation of
the front office.  Now, it is purely a
further evolution of change to see the internet and mobile developments giving
consumers the ability to self-serve and communicate 24 by 7.

For banks, this has demanded that we adapt, and we are doing
just that.  Our core systems are being
upgraded, we offer apps and mobile access, we are incorporating Facebook and Twitter
amongst our services and we are generating innovations in our other outlets –
branch, ATM and call centre – to ensure that this is all delivered

Therefore, we have not underestimated mobile internet
demands for change and, incrementally, we are upgrading to maintain
competitiveness in delivery.

This is fundamental

Banks historical structures are being fundamentally
challenged by technology.

It is not just mobile, internet, networks or computing
change that is creating this fundamental change, but the ability this change
gives to empower the customer.  That is
why so many industries have collapsed over the past twenty years – books,
music, films, entertainment retailing being the most obvious industries – and goes
further and deeper than this. For example, anyone, anywhere can now connect with
anyone else, anywhere else.  The whole
planet has become connected.  That is the
big change and banks are only responding to this change slowly and
incrementally because they have been protected from that change by their regulatory

If banks did not need licences, they would see far more
change.  Even with licences, new models
of finance are emerging to subvert or displace the need for banks such as Zopa,
Wonga and Bitcoin.  In other words, banks
will be dead meat if they truly believe this is just incremental change.

What do you think?

We will be debating this in depth at the opening session of
Innotribe at SIBOS on Monday 16th September in Dubai so please
provide views here, or there on the day, and we will see the truth. 

Innotribe opening plenary: The future of Money, the
evolution of business models

Monday 16 September
09:30 - 10:30
Innotribe - INN

Since Sibos Toronto in 2011, the "Future of Money"
has become a standard fixture of the Innotribe programme. With standing room
only at Sibos Osaka, this session is a perfect way to open our programme – the
first stop on our journey together.

Our industry is being challenged by aggressive new-comers
who experiment with creative strategies and dramatically different business
models. How can banks react? How can we make the ‘cake’ bigger for everybody?
Taking inspiration from other industries, there are several choices: unbundle
the current model and focus on excelling in one specific area, transform our
institutions into long-tail business model organizations, or partner with the
newcomers in the business.

In this session, we will identify how the current model is
being disrupted and how this impacts costs and revenues. We will co-create the
corporate banking business model of the future, using the Business Model Canvas
methodology of Alex Osterwalder (

To guide us, we have selected six dimensions of influence:
social and mobile, infrastructure (technology), transparency, transaction
costs, organizational models and big data.


Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog,, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

Intelligent Money - Chris Skinner Keynote @ Pay 360 conference 2024

What is the future?

Learn more

Learn more about Chris

About Chris Skinner

The Past, Present And Future Of Banking, Finance And Technology

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Join me on Linkedin

Follow Me on X!

Hire Chris Skinner for dinners, workshops and more

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Chris’s latest book

Chris Skinner’s ‘Digital For Good’ Book Launch Event – CFTE

Top 50 Global Thought Leaders and Influencers on FinTech 2023

Chris Skinner
Commentator, CEO of The Finanser and best-selling author at The Finanser

Thinkers360 Thought Leader

Contact Me

Global Awards

Lifetime Achievement Award

Global 100 - 2024 Winner

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best Financial Markets Advisor of the Year 2023

30 Best Regtech Blogs and Websites 2023

Kids creating the future bank | TEDxAthens

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award


Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser