Banking Technology March 2017 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
A note from our editor, Tanya Andreasyan:
“The old path is dead. I repeat: the old path is dead.” The words of Ram Charan, an eminent business advisor, speaker and author, at the recent SunTec Confluence event held at the beautiful Leela Kovalam in India. Banks from around the world gathered to discuss how to grapple with digitalisation.
Undoubtedly, digital is the future. But how to apply it in practice, how to achieve it? And how to ensure that your bank remains relevant in today’s fast-changing world?
You have to completely change your mindset from “build it and they will come” to “outside in” – to have the customer pull. In another words, it is no longer about the product as it used to be. Now it is all about customer experience.
Charan called it “an unstoppable trend”. There is no escape from it – so banks must not resist it, but instead they should embrace and master it, and do it fast! To survive and thrive in the digitalised world, you must become “an attacker”, he said. Or you will perish.
So what needs to be done?
Make sure digital takes priority over traditional innovation, as it is digital that enables you to innovate, Charan stated.
Identify the right partners to create an ecosystem – as this is how all businesses will eventually operate. Gain competence to govern and manage it. Competition will come from the ecosystems.
Make sure you oversee the end-to-end customer experience.
Make room for new core competencies and technologies driven by algorithms.
Slash your internal costs by one third to free the budgets to invest in digitalisation. The speed of cost cutting is vital.
Create the talent pool that understands customer experience.
Make sure transition time to digitalisation does not take more than two years.
Do not resist the speed of change, see the opportunities, have the mindset to accept the new, attack. Don’t end up like Nokia, Charan warned.
The old path is dead. Long live the new path!
The March 2017 edition of Banking Technology features:
Regulation, regulation and more regulation.
Banking innovation in the US: who is doing what?
Case study: Munnypot
Seeking to address the financial advice gap affecting 16 million people in the UK.
Accelerating digital wealth management.
Analysis: mutual distributed ledger
Technology for fair play in a globalised world.
Comment: US chip and PIN card roll-out
Let’s shorten the time to process; where do I sign!
Challenger bank: ClearBank
Not for millennials! It’s for banks, FIs and fintechs.
Country spotlight: Hong Kong
Fintech world is welcome. Let’s do business.
And not to forget the Regulars of course:
Appointments – the movers and the shakers.
Industry events – mark your calendars!
Out of office – curiosities, frustrations and mishaps of the fintech world.