Digital Banking, Just an App ... Right?

By Chris Skinner via

I meet a lot of senior executive teams of large banks. Some are visionary, many are committed and a large number understand that life is changing. Few understand how.

I talk to them about the fintech world of change and how millennials are reshaping banking, from Stripe, started by two brothers who were 19 and 21 years old, to Venmo started by two friends in their 20s, to Klarna created by some guys who were working at a big-brand burger chain in Sweden.

I talk to them about how distributed ledger technology (DLT), also known as blockchain, is reinventing the back office of banks along with artificial intelligenceand machine-learning, and their eyes sometimes glaze over.

I talk to them about how new thinking about money is coming out of the cryptocurrency world and particularly how Africa is seeing changes by using mobile phones and DLT to move massive volumes of small transactions for no charge. They look a little non-plussed.

I related these things to you because I’m a great collector of statistics and I know for a fact that the majority of big-bank decision-makers have no idea what digital is. For example, a recent survey by CGI, an IT service provider, found that 80 per cent of the big-bank decision-makers believe they have done digital. Another survey by Gartner Group, an IT market research firm, found that 76 per cent of the decision-makers at most large banks do not believe digital requires any change to their business model.

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