Digital Bank

I was wondering today what would happen if my AI tool sent money to a third party and it was fraudulent. Who would be liable? So, I did a bit of research to find the answer and here it is. The general rule is that it’s your fault, as it’s not the AI that made…

In a new report by Boston Consulting Group, they conclude that the CIO is now the most important role in a bank. Not long ago, the CIO was the person who kept the lights on and kept core systems stable, costs controlled, projects delivered (eventually). That world is gone. According to BCG, the CIO now…

Over the past decade, the industry has aggressively optimised for cost and digital efficiency and, in doing so, it has quietly dismantled the human infrastructure that made banking work for millions of people. Start with the facts. In the UK alone, more than 6,000 bank branches have closed since 2015, according to consumer groups and…

I’ve just been reading McKinsey’s latest piece about the AI-powered bank. It reads like a polite consulting report, but underneath it is a fairly brutal critique of the entire banking industry because what they’re really saying – without saying it – is that most banks are structurally incapable of benefiting from AI. It not because…

I was recently working with WNS, part of Capgemini, on a few blogs. The posts are interesting so I’m sharing them here. Click on the headline links to read the full articles: Can AI Turn Regulatory Overload into Competitive Advantage in Banking? Regulation in banking is exploding, and most banks are handling it badly –…

I was recently interviewed by the International Finance Magazine about Revolut getting their UK banking licence and what this means to banks in general. Here’s the discussion: With Revolut securing a UK banking licence after years of scrutiny, do you see this as part of a broader shift where fintech platforms are evolving into fully regulated banks?…

We’ve moved from simplicity to fragmentation and now we’re struggling with the consequences. In short, we’ve built a highly fragmented financial world in the name of innovation and now the next phase is about reconnecting it, simplifying it, and making it usable again. By way of example, you have to launch several different apps to…

A chat with Wio Bank, a fully digital, platform-based bank – I recently had a nudge to talk to Wio Bank, who claim to be the Middle East’s first fully digital, platform-based bank launched in Abu Dhabi in 2022 (not sure about this as there are over 20 neobanks operating in the Middle East). Backed…

I’ve just read the regulatory roadmap that the UK’s Financial Conduct Authority released this week and realised that it is less a neat plan and more a recognition that the current system is broken and we’ve run out of road with Open Banking. For the past decade, Open Banking has been the poster child of…

We love to throw phrases around to try to ground the next generation of banking. I was lucky enough to coin the phrase “digital bank” and “banking-as-a-service” years ago, and have now moved on to “intelligent bank” (coming out soon). For those who read my blog regularly, you will know that I see this as…