“One of our problems is our long-term employees”, said a banker to me. I have heard this so often that it probably applies to a significant percentage of Jeff For Banks readers. In an era of unprecedented industry change, if your employees embrace change like a cat embraces water, you might have a Problem.
It’s not that hard to train to someone to be risk-averse; even monkeys can be trained not to chase after rewards and benefits, Mick Simonelli, principal at Simonelli Innovation, said yesterday during a presentation at Celent’s Innovation and Insight Day in New York.
A step-by-step test to understand how your organization can become more innovative.
A new wave of technological change is right beyond the next hill, really in the next couple of years. Its most visible symptom is the hyper-connectivity to the Internet, which fuels the evolution of:
- bitcoin-inspired distributed systems
- open APIs (application programming interface) as a new way to consumer business services on the internet
- crowd-sourced identity schemes
- open source hardware and applications
You can find data to tell you just about anything about banking these days. That’s not a good thing.
This morning I came across two banking studies that, while not exactly contradictory, seem to be implying two opposing Trends.
The Future of Money Award was launched in 2009 and was created to bring previously unseen creative thinking to the financial industry, by asking artists and designers to think ‘out of the box’ when imagining the future of money and payments – pushing the boundaries of what might be possible.
The theme of the award this year was ‘Identity is the new money”, and it invited… “creative practitioners to imagine a future world where identity has become the new money… looking for either hopeful or woeful visions of this monetary future, which explore the social impact of this technological trend.”
I did my annual tour of the West, teaching Bank Profitability in the Executive Development Program for the Washington, Oregon, and Utah Bankers’ Associations. As part of the day-long curriculum, we discuss industry trends. And since I have dozens of next generation leaders in the class, I ask them, what is the next game-changing trend in our industry?
Disruption is the new normal in most industries and certainly this has been the case for financial services. The world of channels alone has been explosive, as has analytics and the world of data. Data, automation and customer interaction have all changed significantly in the last ten years — and this will continue to increase exponentially in the coming years with the Internet of Things (IOT)
In the last three years Tesco, Virgin Money and Metro Bank have entered the banking market as challengers to the big four UK banks – HSBC, Barclays, Lloyds and RBS. With customer trust in banks at all-time low following recent financial crises, does the banking arena need more new entrants and what differentiators do they have to offer?
Real-time payments could be moving a step closer to reality under pressure from forces both inside and outside of the financial services industry, say BAI Payments Connect 2014 panelists.
In this fast-paced, highly mobile, Internet-everywhere world, it’s not surprising that U.S. consumers and businesses have come to expect their transactions to post in real time. And soon, industry insiders say, they might finally get their wish.
Read more at BAI Banking Strategies
A visit to Chase and Umpqua branch-of-the future prototypes in San Francisco highlights two very different visions of the future of banking.
Few topics in banking inspire as much commentary as branch-of-the-future concepts, since it’s now generally accepted in the industry that today’s branch model is fated to go the way of the typewriter after the word processor made its debut. Everyone, it seems, has an opinion on what that future branch should look like.