An online forum for thought leaders to discuss the challenges and opportunities impacting the changing world of banking.

January 20, 2016

Bank in an Ecosystem

Creating the world's largest transportation company without owning cars or the world's largest hospitality company without owning a single property - digital technologies have not merely transformed entire industries, they have managed to upturn many established business models and mindsets.

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January 5, 2016

The customer isn't one

Identical individuality is a pre-digital concept. Digital customers expect their banks to recognize their individual identity, their contextual needs and create personalized solutions that are relevant to their unique financial life stage. Customers want financial partners, rather than financial service providers, who will help them achieve their financial goals and aspirations. And so forth.

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December 31, 2015

Dealing with the Risk of Disintermediation

Mobility has transformed the underlying calculus of banking. As a generation grows up accustomed to ubiquitous access to yesteryear's supercomputer on their person, mobility becomes more than a channel; it becomes the focal point around which a majority of customers construct their expectations of banking.

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December 8, 2015

Partnerships are the Future of Banking

Mobility is no longer a concept whose potential can be defined merely by enumerating handsets shipped, connections created, apps launched or data consumed. It is a phenomenon that is estimated to have generated a total economic value of almost US$ 10 trillion last year, which makes it the third largest economy in the world after the U.S. and China. I should also probably mention the 11 million jobs that it was directly responsible for creating around the globe.

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November 25, 2015

Get, Set, Digitize

The race to future banking glory between banks and credit unions has the makings of a David versus Goliath contest. And the reason the credit unions are in with a chance is that the (American, but globally representative) millennials have leveled the playing field by proclaiming (in the Millennial Disruption Index study) among other things that one bank is pretty much like the other, that Google, Apple and Amazon are likely to come up with more exciting financial offerings than banks, and that they don't really care about big banking brands.

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November 5, 2015

Focusing on experience to drive revenue

Credit Unions are fully invested in the potential of digital channels like mobile and online to transform their member experience. But their focus has predominantly been on enabling self-service and ensuring security. Success with more advanced opportunities like cross-selling, targeted marketing, member education or ensuring a consistent cross-channel experience has been rather limited.

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October 20, 2015

Is the shift to digital creating a new layer of complexity in credit unions?

Complexity - in the form of legacy architectures, system silos and un-orchestrated applications - was one of the biggest challenges that the banking sector had to address en route to a digital future. Now it seems that we might inadvertently be cloning digital versions of some of those very same complications into our digital ecosystems.

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October 5, 2015

Innovating to serve

Digital banking opens up pathways for traditional banks to pursue new opportunities within new ecosystems, markets and communities. Access can now be taken for granted. Rising mobile penetration, and freedom from the limitations, or need, for a physical presence, means that banks can now expand into areas that previously did not meet the cost-benefit cutoff. And it is not merely about access. Given the innate flexibility and versatility of the digital model, banks can even purpose-design and deliver products and services to fit the needs and circumstances of even the smallest of communities.

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September 28, 2015

From efficiency to experience

In an omnichannel banking world, the quality of experience enjoyed by a customer is actually built backstage, where internal processes are hard at work. It is process innovation that ensures that every transaction in every channel is optimized to maximize customer expectations as well as business objectives.

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September 10, 2015

Tracking Mobile Banking Innovation - II

The emerging markets have the numbers and the ambition, but innovation is not necessarily or innately indigenous. That was where I signed off in my last post, so let me pick it up from there.

What works for the developing can also work for the developed. Emerging markets typically innovate around constraints - like weak infrastructure or low literacy for example - that may not be applicable to more mature markets. The innovation process in emerging markets is often defined by a search for fundamental utility rather than indisputable excellence, which has driven frugal innovation in many of these countries.

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