Banks are now big complex machines that risk losing sight of why the existed in the first place. Banks protect your money (take deposits) and in return are able to lend some of that to help the economy grow. Somehow we ended up with organisations employing 100s of thousands of people & riddled with complexity.
Time is passing these organisations by in their current form. What should really worry you if you’re running a bank is how customers are trending to not recommend you and want to leave.
I read a great quote from Seth Godin this morning:
“…Jefferson, Edison, Ford… most of these radicals would not recognize the institutions that have been built over time.
The question each of us has to answer about the institution we care about is: Does this place exist to maintain and perpetuate the status quo, or am I here to do the work that the radical founder had in mind when we started?
First principles. The quest for growth, or for change, or for justice. The ability, perhaps the desire, to seek out things that feel risky.
All of us are part of organizations that were started by outliers, by radicals, by people who cared more about making a difference than fitting in.” – Seth Godin
There are 5 Myths Preventing Banks from embracing the Fintech revolution
I put it to you that there are a set of beliefs about banking that is holding back the entire industry. Banks, consultants and their vendors…
- We Are Already Very Innovative
- We Can’t Use “new” Technology Because it’s Not Secure
- Our Future is an “Omni Channel” Strategy
- Regulation Prevents Innovation
- We Will Become a Tech Company
Join our London Fintech Startups #TMUFintech @ Thursday, 24 September 2015 from 18:00 to 21:00 (BST)