Digital Bank

I met a large bank’s CIO the other day who was told to reduce his IT budget for 2016 by 40%.  He was a bit upset, and asked me if I had any ideas? I had a few but it’s a tough ask, especially when most banks IT budgets are …

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 …

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 …

I had a fascinating conversation with a bank about digital strategies, and am now well versed in my approach.  A bank has to redesign itself from the ground up to be digital.  It’s not a channel or an add-on, but fabric and foundation of the new way to bank.  Old …

Six years ago, when #innotribe first started at #sibos, we were given the chance to pitch an idea.  My team’s idea was to integrate the trust you have built in the social network into the financial credit scoring system, and give you a trust score that could be leveraged by …

I often sit and think about the claim from my bitcoin friends that they’ve invented money without government.  I’ve blogged about it quite often too. The reason it is of so much interest is that if the blockchain and bitcoin can circumvent the financial system and the banks, then we …

I mentioned a few weeks ago that we had a great twitter debate between Brett King and Michal Panowicz, with others joining like Jim Marous and myself. The debate is now being staged live at Next Bank New York tomorrow.  It’s not so much a rumble in the jungle but …

I recently attended a conference in America, where the audience of mainly bankers could post questions to the speaker.  During the digital bank discussion, here are the questions that came in and, purely because they are fairly common in everyday dialogue, I thought I would post and answer the questions …

I introduced the business model debate about banks yesterday, as the discussion always comes back to the new competition.  Who are the new competition?  Are they the upstart fintech startups or are they Google, Amazon and brethren?

I regularly talk about the business model of banking and how it’s changing.  The business model is based upon three things: Manufacturing, which runs the product and services innovation and administration centres in the back office; Processing, which focuses upon operational excellence in processing orders from front office through back …

The real way to crack the onboarding and criminal activity is to create strong and secure digital identities.  We are moving in that direction, but it’s a long slow process.  For ages now, I’ve written about getting rid of passwords and improving authentication using mobile technologies: Why is KYC so …

I was talking about the internet of things again today, and realised that I have a grand vision of the not too distant future where everything communicates with everything.  We have chips as tiny as nanodots inside every brick, pavement slab, tyre, wall, ceiling … you name it.  We have …

In this world of choice that emerges from the integration of new technology models and old financial models, we see hybrid systems emerging that bring together the best-of-the-best.  A great example was announced today, as Metro Bank and Zopa join forces.  The deal allows deposits from Metro Bank retail customers …

One of my good connections via social media is Huy Nguyen Trieu.  Huy writes a regular blog at Disruptive Finance, as well as being a Managing Director for Macro Structuring at Citi.  He posted something in the last week that I felt was worth re-posting here as a guest blog.  Read …

I’m talking a lot about the ValueWeb – how the internet is changing the things we value in banking, trade and commerce as well as life, love and relationships – at the moment, as this is the subject of my new book. One of the most intriguing things about the …