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Digital Bank: Strategies to Launch or Become a Digital Bank Hardcover – September 7, 2014
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goes into overdrive.” – Michael Mainelli, Emeritus Gresham Professor of Commerce, Gresham College, London
“Whoever reads this book without swiftly moving to action, may regret it.” – Guido Poli,
Head of Market Intelligence, Banca Monte dei Paschi di Siena
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Most bankers probably agree that change is inevitable. What they might not see, however, is how to make the transition to become a digital bank. To this end, Skinner gives a painful (though honest) answer. He says, "The only way to do this is to cannibalise the organisation and create friction within the bank."
Steve Jobs highlighted this same idea when he said, "If anybody's going to make our products obsolete, I want it to be us." Just as the iPhone has cannibalized the iPod, mobile banking is set to cannibalize other channels.
Forward-thinking bankers recognize this and embrace it. They're willing to adopt digital solutions and keep their customer base, even if it means that some customers are less likely to visit the branch as a result.
Another major argument of Digital Bank is that a truly digital bank negates the need for the phrase "omnichannel banking." Skinner says that "banks should stop thinking of channels and just recognize that they are digital enabled. Call centres, ATMs, the branch, Internet, mobile ... everything is digital enabled."
To a degree, it's a point well taken. Once a bank is totally digital at its core, there won't be fractured channels, each with their own set of information.Read more ›
His argument rests on the foundation that "[E]very single one of the 7 billion people living on the planet can now communicate, share, transact, and trade with each other electronically, one-to-one, globally... [This] is the reason why ... data is the new battleground for commerce...Unfortunately, this is where banks are failing. They are too slow to change...."
He outlines three major themes through the book.
Theme 1: Component-Based Banking - Banking will evolve to "banking as a service" in which each bank integrates best-of-breed specialists into its platforms as ICICI Bank, a full service bank in India, has done, rebranding Smarty Pig as iWish in its social banking offerings.
Theme 2 - Digital Core, Access, and Security - Banks should stop thinking about separate-but-related delivery channels (branches, call centers, Internet, mobile) and start thinking that there is just one, single digital core that provides the foundation for all of these through multiple access points used for both internal and external purposes. As a result of this shift to a digital core and dozens or hundreds of access points, the bank of the future will have shifted from being the safe keeper of money to the safe keeper of data. Digital cores will be more secure than current data bases. Data will become the new currency and real-time tracking of access and attacks will become the new competitive battleground.Read more ›
Break up the silos within the banks, harness your data and become the banks of information to serve your customers.
He blogs on this topic every day- and has for the last seven years- you can't be more on top of a topic than that!
Get the kindle version and in a few train trips you'll be a better banker or banking consumer than you were before.
Craig, Rye, NY
Most Recent Customer Reviews
Two original thoughts spun into a book. Lots of generalizations. An ok quick read but way too much common information for industry insiders regurgitated - maybe more useful to... Read morePublished 1 month ago by arbee
Loved it! If you are in banking and want to know its future, this is a must read.Published 6 months ago by Dennis Dalling
It tickles my imagination and somehow I can imagine what kind of digital bank that I want.
This book come with good case studies, written in very good structure that could... Read more
Great book especially if you want to know more about digital banking.Published 11 months ago by Kevin Rudahinduka