Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Finance and banking sessions forAfricaONEShawbrook BankStandard Chartered BankThe Institute of Internal AuditorsWolters KluwerCrown Prince Court
Featured inBloombergThe Wall Street JournalThe Telegraph
Robert-Jan and Henk at NN Bank, part of the NN Group, invited Matthew to give their Inspiration Day keynote on the future of banking and building the finance organisation of the future, a topic on every financial services organisation's mind given today's rate of disruption.
He explained why new competitors are now everywhere. Digitisation is dissolving the boundaries that once kept industries separate; more governments are embracing open banking standards; and as the cost of starting and scaling startups plummets, incumbents find themselves attacked from every angle by all manner of foes.
"Banks, even fintechs, haven't changed their modus operandi since Medici times and are essentially value-less stores."Matthew Griffin, Netherlands, April 2021
Matthew discussed new operating and business models, and argued that banks, and even fintechs, have not changed their modus operandi since Medici times and are essentially value-less stores. He also covered 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 treated as golden cash cows.
With the global economy beginning to show green shoots after the pandemic, he closed with the hope that banks everywhere would take time out, as NN did, to re-think their role in the world and help everyone share in the rewards.
311 Intelligence
What this means for your leadership team
Expect rivals from outside banking.
As digitisation dissolves industry boundaries, competition comes from every angle, not only from other banks.
Rebuild value, not just channels.
Matthew described banks as value-less stores. New interfaces will not help unless the offer itself changes.
Treat customers as partners.
Banks that stop treating customers as golden cash cows can rebuild trust and share in the rewards.
Three questions for your next leadership meeting
Which non-bank could serve our best customers better than we do?
What value do we add beyond storing money?
How would our customers describe the way we treat them?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
The 311 Starburst tracks open banking widening into open finance as countries force banks to share customer data, and rates it Act now.
Are digital banks overtaking traditional banks?
Branchless digital banks are passing traditional banks on customer numbers in emerging markets. The 311 Starburst expects wide use around 2030.
How will AI change bank operations?
The 311 Starburst tracks big banks naming back office jobs to be cut as AI takes over routine operations work, and rates the trend Prepare.
How can 311 brief our leadership team on this?
Through a private executive briefing or leadership workshop, tailored to your sector, in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
Innovation re-invented for the exponential era.
311 Institute's How to Build Exponential Enterprises codex shows what it takes to build an organisation that grows at the speed of change, the kind of re-think Matthew urged banks to make.
