Digital Bank

What happens when the cost of payments reaches zero, the speed of payments is instant, and everyone globally can make and take a payment, what happens then? I just had an interesting chat with someone and realised two things: one is that we’re talking about moving away from batch to real-time, and that’s where the…

I presented at a great conference last week on how ot start a bank.  The conference featured some fine discussions of the challenges and opportunities of opening a new bank in Britain, and included a presentation from Victoria Raffé. Victoria was, until recently, the go to person fornprocessing bank licence applications with the Financial Conduct…

I picked up a few amazing quotes this week.  The first was someone telling me about the payments conference they attended where one of the large UK banks (HBOS, part of Lloyds Banking Group) said that their customers were now moving to mobile only.  Apparently, in the last yaer, one in five of their customers…

I was upset to be unable to join the recent debate in New York on digital banking.  The debate was framed around the theme: "This House Believes Fintech Will Eat The Bankers Lunch", and I was going to oppose the motion. It ended up that I was conflicted and had to defer to a far…

I regularly use the line that banks will become Value Systems Integrators, but haven’t blogged about this much, so here’s the explanation. Banks have historically controlled the value chain of finance from deposits to credit.  Because of this, banks have become control freaks, believing they have to build and manage everything.  It’s the reason why…

So I was talking about the big challenges of creating a Digital Bank, and am reminded of the approaches that banks take to do this. The first is the hardest, and it’s the one I described last week: transformation. A transformational bank process – where the whole bank’s business model is turned on its head…