Shaping the future of finance
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…
After blogging yesterday with my regular beat to get rid of old legacy systems, I then had another thought. Don’t get rid of them. That is a possibility. Maybe you don’t need to replace the core. Maybe you just need to create a new platform that is digital and gradually migrate customers across. In other…
After blogging yesterday with my regular beat to get rid of old legacy systems, I then had another thought. Don’t get rid of them. That is a possibility. Maybe you don’t need to replace the core. Maybe you just need to create a new platform that is digital and gradually migrate customers across. In other…
This post is stolen from Philippe Gelis's (CEO of Kantox) blog on LinkedIn, as it adds more insight to my similar post last week: Last week I was in Madrid where Actualidad Economica and CaixaBank awarded Kantox with a best start-up prize. It is paradoxical when I think back to 4 years ago. When I was looking for…
So Apple Pay finally launched in the USA on October 20 and there’s been mixed reviews. Some people couldn’t make payments, whilst some found they were double-charged. However, these are just teething issues and the overwhelming reports are positive. Even former Apple CEO and Financial Services Club keynote speaker John Sculley: I think Apple Pay…
I mentioned in a recent blog entry how processors are replacing third parties. The aim of these upstarts is to get rid of the bank-in-the-middle by placing the processor-in-the-middle (but hopefully not the man-in-the-middle malware attack!). This lowers margins considerably as the processor is doing the work of what would previously of been hands on desks. …
I've spent the last few days talking with relatively young banks on their digital strategies in several countries, and it's intriguing to debate and dialogue with them how they want to work. By young bank, I mean banks in markets that typically did not have banks operating in the 1980s or, if they did, they…
One of the big challenges in discussing digital is how to get there. It's a big leap for many banks hamstring by heritage and the question is can they get there? Should they start again? Should they launch digital as a separately branded bank, rather than trying to evolve the current organisation? These are all…
This question arises fairly often and I guess it’s because some people think of it as the addition of mobile apps and tablets; others believe it is creating a paperless bank; whilst others talk about a digitalisation of processes and products. We had a debate about this on Facebook during the summer when Jin Zwicky…
