Digital Bank

Building on my recent thoughts, I cannot for the life of me understand how a bank can spend so much on technology and yet be so inefficient. By way of example, let’s take a bank cost-income ratio. That’s the measure of how much a bank spends to operate, and the profit it then makes. In…

I often contact companies due to issues with their services. When I contact them, it inevitably means that something in their digital services has broken. It is then an opportunity to delight and provide a customer experience that exceeds exceptions. However, it normally means anger and annoyance as you wait on the phone for an…

I had a few recent experiences that showed me how bad developments are in the digital world today. One was trying to cancel a subscription to a news app and, when logging in online, couldn’t find anything to show me the answer. The second was my bank who changed my international bank account numbers but…

IPO-yay! It’s Fintech Float Season 🙂 Investment bankers must be lining their pockets as Fintech Float Season has arrived. After a decade of FinTech developments with a few floats, of which the biggest have been companies like Square and PayPal, who were recently worth more than Goldman Sachs and Bank of America respectively. Now, there are…

I was thinking about this article in The Telegraph saying what a rotten job supermarkets have made of competing with banks. Tesco sold its mortgage book to Lloyds two years ago owing to “challenging market conditions” and is now closing all personal current accounts. Marks & Spencer this year decided to close all of its bank…

I’ve blogged a bit about the Finverse – where the metaverse and crypto come together – and was reading Jemima Kelly’s column on the FT about the Metaverse and crypto. She states: As far as I’m concerned, the hypocritical fantasy that underpins crypto also lies at the heart of the metaverse. This isn’t about building…

McKinsey estimate that payment processing will generate $2.6 trillion a year in fees by 2025, which raises this stream to 40% of a banks overall revenues. Whoopy-doo! But why are they forecasting banks have these revenues? I searched the article, and maybe my search missed something, but I didn’t see FinTech mentioned once, and yet FinTech…

Four years ago, I was using this slide in my presentations. As I blogged at the time: “Those who recognise that banks are doing 1000 things average, will naturally come together to do 1000 things brilliantly.” The idea was that FinTech start-ups would start to align with each other to create global platforms. The first…

There was a good report the other day from Wells Fargo. The headlines: Banks spend $200 billion a year on technology, more than any other industry 100,000 banking jobs will disappear through automation in the next five years Most will be the low-paid roles in the bank that provide administration services 1 in 5 workers…

I just stumbled across a great article about ethical banking. We can call it socially useful banking or green banking or whatever, but it’s all about a bank’s role in society and the scheme of things. Are banks doing the right or wong things? My gut feeling is that banks have been doing the wrong…