The smartphone revolution has radically restructured every industry from booking a trip (TripAdvisor), a room (Airbnb) or a taxi (Uber), but where’s the Uber of banking? There isn’t one yet and consumers will soon defect to new players unless high street banks wake up, says Chris Skinner, chairman of the Financial Services Club Technology is…
A brainstorming session with a group of banks raised this question: are we going through a Kodak moment in banking? Are we seeing a Nokia change? Will banks miss the tipping point and die from the reformation of the internet, or will we respond and change in time? As it's Friday the Thirteenth, it's a…
I was asked this question today and, after thinking about it a while, I think banks are moving towards being lifestyle choices rather than payments processors. Historically, we chose a bank because it was physically local to our home. It didn’t matter what they charged or how they priced, as all banks are the same. …
I tweeted yesterday that bank branches are still important as, for many, digital only is too nerve wracking when it comes to money. I knew it would get some pushback, and it did, but here’s the logic and how this started. We’ve just seen JPMorgan hold their investor day, where they announced three things that…
I’ve developed a whole new presentation on the ValueWeb, which I’ll share at some point soon, and tried it out today for the first time. It was interesting to gauge the audience reaction, which was overwhelmingly positive. We then had a panel discussion at the end of the session, and one of the panellists summarised…
So yesterday, I identified the three biggest challenges to banking today based upon a major dialogue on social media with the Next Bank Facebook community. Those three barriers are regulations, legacy and culture. The three barriers are intertwined in a vicious circle. Regulations stop banks from innovating; legacy systems stop banks from innovating; a risk…
