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Digital Bank

Fintech vs Banks is like the Mouse vs the Elephant

I’m often asked whether banks should be afraid of the threat of Fintech.  My answer is that most Fintech is enhancing what banks do, rather than threatening their core business.  I sum this up as wrappers, replacers and reformers, and that the only Fintech firms we should really fear are those that replace core bank…

Africa’s blockchain transformation

ValueWeb makes the contention that you cannot have an internet of things without a real-time and cheap internet of value.  A core part of this is focused upon building a cheap shared ledger structure for digital identity and digital currencies and guess what?  That cheap shared ledger is most likely going to be built in Africa. …

20% of Europeans would bank with Google, Facebook or Amazon

I got an interesting research report this week about consumer attitudes towards banks in Europe: More than a third of European consumers would move bank if they didn’t offer up-to-date technology to aid interaction Nearly a third are already embracing mobile payments, while a fifth are already using wearables and crypto-currency to pay Almost a…

Principles of The Reimagined Bank

So there are some clear lessons we can learn as base foundation principles when reimagining banking for the 21st century: Everything is peer-to-peer networked It’s all in real-time globally Commerce is not just person-to-person but more machine-to-machine We are looking at the exchange of value between machines and individuals, not just money Transactions are the…

Using intuitive interfaces for contextual commerce

As we start to reimagine the bank, it is obvious that focus on the platform design and user experience is key, as demonstrated by YouTube.  A second key factor is recognising that the world has changed thanks to the mobile network.  We probably go yea, yea, yea when we talk about mobile, as we’ve all…

In the digital age, printed proof of identity is ludicrous

I remember being involved in a business process re-engineering project for an insurance firm some years ago.  We looked at how the underwriting process worked on complex insurance risks and discovered that in the middle of the process, the documentation would move to the overseas desk.  It would sit there for a day or two,…

If you like change, don’t work for a bank

I just had a really interesting, off-the-record, discussion with a banker. Can’t give too much detail therefore, but here’s how the conversation went: “So, what’s it like working for MegaRetailBank?” “Shocking”, he said. “They are completely branch focused. Here’s an illustration. They launched a new retail bank subsidiary in a country in 2008. That country…

Challenger versus incumbent or challenger and incumbent

I guess my highlight of #Money2020Europe was moderating a discussion between Martin Blessing, CEO of Commerzbank, and Ricky Knox, CEO of UK digital-first start-up Tandem Bank. Really interesting back ‘n forth between ceos of Commerze Bank and Tandem Bank. #Money2020Europe — Kristian Luoma (@kluoma) April 6, 2016 We had a fascinating dialogue before the…

Three of Europe’s most innovative banks are in Germany

There are a number of hotbeds for innovation in finance – London, Singapore, Tel Aviv, Silicon Valley – may all spring to mind to begin with … but what about Berlin and Munich? Yes, Berlin is showing some interesting true colours with three standout start-ups: Fidor, NUMBER26 and solaris.  Two are full banks with banking…

Will MoIP impact like VoIP?

I’ve talked about open sourcing banking and finance by converting everything to components (APIs) that can be plug and played into any front-end user experience (UX) through apps and devices, supported by data analytics, cloud and blockchain to reduce and automate the back office. All of this can be summed up as MoIP: the conversion…

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