Revolutionizing Banks (12 Days of Fintech #7)
David Shrier
Managing Director, Visionary Future | Professor of Practice, Imperial | author of BASIC AI
Our 12 Days of Fintech series looks more firmly to the future with a reveal of the "Digital Banking Manifesto 2.0". Updating the original Manifesto that Alex Lipton, Alex "Sandy" Pentland and I put together in 2016, we expand on the ideas that have been steadily reinventing the world of banking.
The only time I go to a bank branch is when they did something wrong or I did
Futurist Benjamin Palmer shared with me that "The only time I go to a bank branch is when they did something wrong or I did." We were in a brainstorm session with a fintech entrepreneur who was conceptualizing a new digital bank. She ended up folding the idea into a series of discussions that eventually led to PayPal's moves into the cryptocurrency space. But this electic group (that also included noted author Simon Sinek) had a rather engaging afternoon envisioning what a bank should and could be, versus what it so often is.
This brainstorm, and conversations like it that I have had over the past nine years with banks ranging from some of the very largest down to nimble, regional or national players like my client Peoples Group, have helped inform how we view the new, new world of banking. The "Digital Banking Manifesto 2.0" examines the evolution of banks, from old-world, to hybrid, to natively digital; presents a systems-level framework of the bank, stakeholders and functions when viewed from different perspectives; and articulates structural approaches like the narrow bank.
Further exploration of the potential of digital banking is found in Chapter 7 of Global Fintech.
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How the global financial services sector has been transformed by artificial intelligence, data science, and blockchain.
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The opinions in this column are my own, and do not necessarily reflect those of Imperial College Business School, Esme Learning, ADEX, or any other entity with which I am affiliated. My private investment & advisory portfolio is disclosed at www.VisionaryFuture.com.
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Catch up on the back posts in 12 Days of Fintech!
Managing Director, Visionary Future | Professor of Practice, Imperial | author of BASIC AI
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