May 18, 2017

Why These Times Are Calling For 'Coopetition'

Posted by Mohit Joshi (View Profile | View All Posts) at 5:01 AM

'Why These Times Are Calling For 'Coopetition'
Collaboration and symbiotic relationships are common in nature, such as the one between clown fish and sea anemone.

Recently, a friend told me about an interesting paper in Scientometrics, a journal on science, communication in science, and science policy. This paper by Caroline Wagner, Travis Whetsell and Loet Leydesdorff on collaboration in the scientific community states that cross-national collaborative research papers have doubled from 1990 to 2015. This increasing collaboration has been caused by the need to exchange and share information for scientific progress. One can well understand the reasons for collaboration, say in astrophysics, where expensive and specialized equipment are used, or in virology as viruses know no national boundaries. The paper notes that there is high level of collaboration in other sciences too, such as in social sciences and mathematics.

Collaboration, however, does not elicit the same response in the corporate sector. Rather, it makes many cautious and wary. Here we thrive on competition - for market share, mind share, wallet share. Yet I feel this sentiment is changing and the days of competition as we know it are numbered.

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January 16, 2017

Five Ways in Which AI Is Changing Banking As We Know It

Posted by Mohit Joshi (View Profile | View All Posts) at 5:10 AM

Sense, Analyse, Engage: How to Successfully Monetize Your Fan Ecosystem (Part 1)

There was a time when every neighborhood bank in North America and Europe was acquired by or merged with a larger institution. By 2000, global mega-banks offered fewer choices to consumers looking for competitive interest rates and other services. But the too big to fail banks are now facing competition because of a resurgence of customer-friendly, local banks. There is an even bigger challenge: Technology companies have been applying for financial licenses that would allow them to enter the digital payments space.

As traditional banks grapple with the challenges posed by FinTechs, legacy constraints and traditional operational models, artificial intelligence (AI) is emerging as the savior. In a recent survey that Infosys commissioned on AI adoption across industries, 23% of the nearly 250 respondents, in the financial services sector, confirmed that AI technologies have been fully deployed in their organizations, and these are also delivering up to expectations; 47% of the respondents view AI as being fundamental to the success of the organization's strategy.

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June 26, 2015

Here's How To Innovate Finance

Posted by Mohit Joshi (View Profile | View All Posts) at 6:29 AM

Innovate Finance: The Future of Money [Source:]

Think of a place where your workday involves communicating with businesses that are open in both Hong Kong and New York. I'm betting big bucks that the place you're thinking of is London. Its markets are open when the Far East's markets are revved up, and later in their day, the London exchanges are still open when New York's markets hear the bell ring and begin their trading. It is a city perfectly positioned to connect every investor and business on the planet.

Over the years, London has made a name for itself as a community that supports accelerators -- groups of startups in which the technorati deem worthy of investing. It is no wonder that Level 39, Europe's largest accelerator space, is housed in London, at One Canada Square on prestigious Canary Wharf. Among them is Innovate Finance, an organization whose mission is to promote British startups in the financial services sector.

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December 9, 2014

Why Banks Need An Internal Payment Utility

Posted by Mohit Joshi (View Profile | View All Posts) at 4:45 AM

The speed at which a bank carries out a transaction can be its main attraction over a competitor

We've all heard the saying: old habits die hard. When it comes to the world of banking, the laundry list of old habits that we hang onto can be impressive - especially when you're talking about American banks.

Most of my American friends conduct their day-to-day, personal banking not unlike Americans before them did, some two-and-a-half centuries ago. Think about it: the banking system in America is older than the United States itself! For example, if someone were to receive a bill for his electric utilities in the mail, he would take the checkbook out of his desk, write a check to the utility company for the amount due, and then affix a postage stamp to the envelope and drop the payment in the mail.

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November 14, 2014

IT Powers a Financial Services Revolution

Posted by Mohit Joshi (View Profile | View All Posts) at 5:39 AM

Mohit Joshi talks about the scope for digital transformation in the financial services industry

There's perception and then there's reality. Walk into any bank and you'll notice that there are probably no less than six teller windows. But even in the busiest of cities in the middle of a weekday, there are at most two or three windows manned by a teller. The perception is that the bank is ready to serve customers at a moment's notice. The reality is that there are never more than a couple of tellers on duty.

The automated teller made it so that customers wanting to deposit or withdraw cash - functions that account for 80 to 90 percent of a teller's duties - could swipe their ATM card and be done with the transaction in a minute or two. No waiting in lines at the bank. Yet for the better part of 35 years, banks continued to design their branches with spots for multiple tellers. It's not that someone forgot to tell the architect; banks intentionally wanted to appear to have a sizeable, physical customer service force by having all those teller windows.

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July 30, 2014

All Roads Lead To Digital

Posted by Mohit Joshi (View Profile | View All Posts) at 8:42 AM

Banks, in these challenging times, are embracing digital and data solutions

Without a doubt, banks have endured years of challenges since the onset of the global economic crisis. And there still is no end in sight. The low interest rate environment means banks have seen their most reliable means of income evaporate. What were once extremely lucrative businesses, like fixed income trading and mortgage origination, now yield much lower returns. Ancillary revenue streams such as proprietary trading desks have all but disappeared.

So what are banks to do? Well, as it is often said: never let a good crisis go to waste. Financial services firms are filled with brilliant people. With all these smarts, it is always hard to change a corporate culture very radically. Banks tend to be conservative institutions. However, the latest set of crises facing banks have made their top executives a lot more receptive to changing the ways they do business.

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December 27, 2013

Brewing Up Business Incubators

Posted by Mohit Joshi (View Profile | View All Posts) at 9:35 AM

Brewbound Session 2013 - Boston - Innovation Strategies with Jim Koch of Sam Adams [Source:]

One of my favorite lighthearted quotations comes from Benjamin Franklin: "Beer is proof that God loves us and wants us to be happy."

Nobody ever said that profitably producing all that beer was an easy, stress-free process, however. Jim Koch should know. He's the founder of the Boston Beer Company, which produces the upscale Samuel Adams Lager. Before his beer became a runaway success and pretty much created the craft-brew market, Koch faced the struggles and challenges common to many owners of small businesses.

Besides being an aficionado of crafting beer on a relatively small scale, Koch is an advocate of providing small-scale loans to budding entrepreneurs. Koch says that he wishes he knew everything he knows now when he was starting his brewery some 30 years ago. In that spirit, he lends out anywhere between $500 and $25,000 to entrepreneurs in the hospitality sector.

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November 22, 2013

The Internet of Now Changes Our Definition of "Experience"

Posted by Mohit Joshi (View Profile | View All Posts) at 4:30 AM

Why we made a new browser for the iPad [Source:]

The world becomes more palatable when we assign things numbers. We know the date and time by number. And everyone understands the development of the Web through its numerical sequences (1.0, 2.0, etc.) But what if we were to skip the numbers and simply refer to the online world as the "Internet of Now"? What would we discover?

For starters, we'd realize that numerical identifiers are a bit restrictive. The world of digital communications is always changing, so it's best not to limit the particular stage of its evolution by assigning it a number. If we really wanted to document that change, we'd find that every day we'd be experiencing a new Web (2.001, 2.002, and so on).

The Internet of Now, on the other hand, allows us to live in the moment and make innovations without being encumbered by monikers. A Scandinavian scientist uses the term to refer to the fact that Web sites are no longer the simplistic things they were when a URL address bar was all we needed to navigate the online universe. When you think about it, using a URL to negotiate the Web today is like taking to an expressway in a horse and carriage.

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October 9, 2013

Learn to Succeed in the Machine Age

Posted by Mohit Joshi (View Profile | View All Posts) at 8:12 AM

TEDxDirigo - Paul Josephson - Why We All Need to Be Neo-Luddites [Source:]

Think back to how the garment workers of early 19th-century England must have felt. Technological advances and the mechanization of textile looms were making their centuries-old jobs pretty much obsolete.

The garment workers were frightened that the onset of even more mechanized looms would leave them unemployed. Led by a young worker named Ned Ludd, the rebellion of garment workers - or "Luddites" - included smashing the mechanical looms in hopes that their human skills would continue to be of value to the owners of the country's wool mills.

A funny thing, the march of progress is. Despite the best attempts of Luddites to put a wrench in the mechanized looms, those factories did indeed modernize. Although their fear was that they would be out of work, the people in England's industrial trades experienced a century of economic expansion and industrial growth. It seems the age of the machine helped create more jobs that were of a higher quality as well.

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May 8, 2013

How to Look Around Corners

Posted by Mohit Joshi (View Profile | View All Posts) at 6:20 AM

Clayton Christensen on How Will You Measure Your Life 

Read Clayton Christensen's How Will You Measure Your Life? yet? After the wild success of his book The Innovator's Dilemma in the late 1990s, this Harvard Business School professor seems to have delivered another hit because the author once again requires the reader to make some tough decisions about how one relates to one's surroundings.

I came across a recent interview with Christensen in which the professor discusses making life decisions based on full value rather than marginal value. What does he mean by this distinction? For example, making a decision based on expediency is often based on the assumption that you will pay a small, marginal cost. But Christensen warns that in the end, you always end up paying up for expenses you never thought you would have to face. "This goes on in your personal life just as much as it does when you invest in setting up a sales force," he says in the interview.

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March 29, 2013

Four Themes Paving the Path Ahead for Banks

Posted by Mohit Joshi (View Profile | View All Posts) at 9:41 AM

Industrialization of banking  is driving the business to become simpler, more efficient and yet more robust. There's also the growing importance of developing a seamless multi-channel strategy, while optimizing banking infrastructure and managing challenges around evolving global compliance. These themes will  fuel and accelerate the growth of tomorrow's banks. Creating paths to new markets and giving birth to new products. It 'll shape thinking about how banks can thrive. And how leaders will look for answers as important as the right questions you ask. More and more of these answers will come from the world of technology. 

December 5, 2012

Embracing what must Pervade your Business. And Society.

Posted by Mohit Joshi (View Profile | View All Posts) at 3:41 AM


What never gets old are photographs of some the earliest computers first leveraged by banks. Some of the first models were so big....they occupied entire rooms! Of course, the size of those machines belied their computational power. The time it took that behemoth to process a handful of simple computations is longer than the millions of complex computations churned out by today's small and elegantly styled machines. But compare the evolution of computers with how banks have walked the evolution path themselves. The comparison can often be startling: Whereas financial institutions have armed themselves with computer and technological capabilities that were unimaginable just a few years ago, sometimes, some of them are structured so that their complexities remain an uneasy and awkward appendage to the organizations. Of course, pervasive computing aims to change all that. By embedding sensors and controllers into everyday devices used in the workplace, financial institutions can create seamless interactions between their employees, clients, partners, and the technology that powers it all. The notion here is that when the enterprise embraces pervasive computing, it can turn anything into an integral part of its technology-led business strategy.  Tech gurus might call this "becoming one with the computer." It's how we interact with the increasingly hardwired (or wireless, for that matter) world around us.

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