WHY THIS MATTERS IN BRIEF
Banks have the opportunity to re-invent themselves for the modern era and re-vitalise their relationships with customers, but will they?
Firstly, thank you to Robert-Jan and Henk at NN Bank, part of the NN Group, for asking me to be their Inspiration Day keynote to talk about the future of banking and building the finance organisation of the future – a topic that, unsurprisingly given today’s global rate of disruption, is on every financial services organisations mind.
Today new financial services competitors are everywhere. Firstly, industry digitisation means that all the individual boundaries that used to keep industries distinctly separate from one another, are vanishing. Secondly more governments around the world are embracing open banking standards. And thirdly, as the cost of starting and scaling startups plummets the incumbents in the sector are finding themselves under attack from every angle, and from all manner of foes.
See the keynote in full
During the presentation I discussed new operating and business models, discussed how banks, even fintech’s, haven’t changed their modus operandi since Medici times and are essentially “value-less” stores, and all manner of additional topics, such as the future of fraud and banking interfaces, Bank 4.0 and how banks can fundamentally right their relationships with customers who in almost all cases are still just banks golden cash cows.
As the global economy now starts to see green shoots after all the damage the pandemic has done it’s now my hope that banks everywhere will take time out, as NN did, to re-think their role in the world and help everyone everywhere share in the rewards.