I just started a Digital Transformation Course in partnership with CFTE. It's a course all about Digital Transformation of financial firms. You can sign up here: https://courses.cfte.education/digital-transformation-with-chris-skinner/, and here's what you get:
Week 1: What is a bank?
This week discusses the history of banking and finance, how it is formed, why it is regulated the way it is and more. These basics are required before we can talk about how banking is changing in the future, as finance is not the same as other industries. It has unique features around trust and exchange which elevates finance to the same level as pharmaceuticals and flying.
Week 2: What is a digital bank?
Banks were built for physical distribution of papers through buildings with humans. That model worked for almost a thousand years but, when the internet appeared, the model was destroyed. Banks need to rebuild for the digital distribution of data through software and servers. Can they do this and, if yes, how?
Week 3: How is fintech changing banking?
With the rise of digitalisation, the shakeup of the banking industry has been far-reaching. It was particularly evident with the move to internet commerce in the 1990s, but was not taken seriously by many banks who were stuck with 1970s technologies. Then cloud computing and the smartphone arrived to change banking forever. This led to the integration of finance and technology, or fintech for short. How did fintech develop? Where is it now? What will it look like tomorrow?
Week 4: How are technologies like AI and blockchain changing banking?
Although fintech is broad, there are specific technologies that will have greater impact than others on the banking sector. Specifically, AI and blockchain. What is happening in this space and how are things developing? More importantly, which banks and technology companies are leading the way?
Week 5: How should a bank approach digital transformation?
Realising that the FinTech world is creating a drive to change, along with cloud computing and smartphones, banks have engaged in digital transformation projects for most of the last decade. The issue is that they have approach these changes as a project, rather than as a complete reinvention of the bank itself to place digital at the core. How should a bank do this?
Week 6: How should a bank approach partnering?
Every bank is now talking about a digital ecosystem where they partner with start-ups. The advantage for the start-up is that they can scale fast and reach a much wider audience. The advantage for the bank is that they get skills and capabilities fast, that would take a long to develop internally. However, how can a bank and start-up trust each other?
Week 7: Who are the best in banking and fintech?
In the book Doing Digital, Chris Skinner picked out Chase (USA), BBVA (Spain), ING (Netherlands), DBS (Singapore) and CMB (China) as banks that are leading the world of digital transformation for traditional banks. He also picks out Stripe, Revolut, Stable, Ripple, Starling Bank and more from the start-up unicorn world. The question is: why these companies and who else makes the list?
Week 8: What comes next: the bank of 2100
Looking further forward, the final week reviews the likely impact of Quantum computing, M&A of fintech firms, financing ESG and renewable energy, and other big events likely to happen over the coming years. This session presents a collection of the trends going forward based upon PEST – Political, Economic, Social and Technological – forces of change, scenario planning and SWOT – Strengths, Weaknesses, Opportunities, Threats – analysis.
The course starts in January 2023 and, each week, I will be presenting in-depth the past, present and future of banking and technology with a number of special guests including David Brear and Jason Bates, the founders of 11:fs; Michael Mainelli, Chair of Z/Yen and soon to be Lord Mayor of London; Philippe Gelis, CEO and founder of Kantox; and there will be more to be announced soon.
Sign up for the CFTE Digital Transformation programme here: https://courses.cfte.education/digital-transformation-with-chris-skinner/
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, 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...