Bank 4.0 and the Future of Financial Services
First principles of design thinking is changing the banking industry forever.
Hey guys,
As we enter the sixth week of our Concis weekly summaries, our team will be releasing specific insights tailor made for the creators of the banks of tomorrow.
What will the bank of tomorrow look like?
Before we try to answer this, let’s look at what’s really happening in the global banking industry.
Leading global banking giants like JP Morgan, Citigroup, BofA Merill Lynch and others are spending $10 billion on average each year to create the technology banks of tomorrow.
Customer experience is becoming central to the bank’s overall strategy. Bank’s which still believe they are a utility and don’t need to care about it will face customer backlash and possibly exodus.
Partnerships and ecosystems is the way forward for most banks which lack deep pockets to go all in by themselves.
So, the bank of tomorrow will be a technology company and the CEO should be someone with a technology bent of mind. We’re not talking some shitty e-commerce tech…we’re talking Google level tech mindset.
Tech companies like Amazon, Google and many more and knocking at the bank’s doorsteps and the only thing protecting them right now are the regulations. But, for the management teams sipping tea in their plush offices and planning how they will spend their year end bonuses should realize that regulations won’t protect them from tech disruption. It never has and it never will!
Bank 4.0: Laying the foundations
Our next summary to be released on Thursday will bring you the key takeaways from the below talk by author and entrepreneur Brett King on the future of banking.
Brett King is an Australian futurist, author, and co-founder and CEO of Moven, a New York-based mobile banking startup. He is regarded as an influencer in financial services globally, and his book Augmented was cited by China's President Xi Jinping as recommended reading on artificial intelligence.
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