Digital Bank

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 …

I’m often asked what I mean by a digital core and how to convince management to buy into it. What I mean by a digital core is that the bank has made itself cleansed and ready to join the new generation of fintech.  It has renewed and refreshed its core …

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 …

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 …

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. …

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 …

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 …

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 …

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 …

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 …

One of the comments that floated on the network in the last week was: banks can ignore digital. That made me sit up and take notice and so I asked the person, a banker, what they meant.  Their explanation was interesting and went something like this:

One of the comments that floated on the network in the last week was: banks can ignore digital. That made me sit up and take notice and so I asked the person, a banker, what they meant.  Their explanation was interesting and went something like this:

Following on from yesterday’s blog about traditional bank thinking versus digital bank views, there are three slides I use in my presentations that illustrate this big change.  This is the change in banks moving from being trade focused to community focused. The first points out that banks must be in …

Following on from yesterday’s blog about traditional bank thinking versus digital bank views, there are three slides I use in my presentations that illustrate this big change.  This is the change in banks moving from being trade focused to community focused. The first points out that banks must be in …

One of the things that is quite clear is that, as we move into a sharing economy, the role of banks is changing.  Banks historically focused upon profit and trade, but they now need to also focus upon community and dialogue.  It is no longer good enough to purely focus …