One of the issues for incumbents when facing a new digital reality is the burden of legacy technology. Why exactly is this a problem, how do we end up with legacy IT, and how should we approach it?
Author: Christoffer Hernæs
Building a personal brand
Even though my primary driver for writing this blog is to gain a better understanding of various topics related to my everyday job as well as some out of pure curiousity. In my mind, if I am able to make enough sense of a topic to create an understandable text, I have gained a higher level of understanding than if I just were to read a book or an article. It is no secret that building a personal brand at the same time has been intentional and carefully planned. For those who wish to do the same, here is my advice.
The Norwegian fintech scene illustrated
The Norwegian fintech scene is rapidly expanding. For those wish to stay updated, here is a great visualization provided by The factory.
Nye digitale forretningsmodeller eller digitaliserte raskere hester?
Digitalisering er ingen engangsøvelse, og der vi tidligere har vært dyktige til å digitalisere eksiterende prosesser for å løse kjente oppgaver raskere og mer kostnadseffektivt handler det å være digitalt om å re-tenke sine prosesser og forretningsmodeller ved smart bruk av ny teknologi. Norske banker har lang historikk for å bruke teknologi til å løse kjente problemer, men hvordan skal vi rette blikket fremover og løse morgendagens problemer for våre kunder?
Radical innovation requires discipline
One of the hardest activities in both startups and established companies is radical innovation. While incremental innovation is all about improving the existing, radical innovation is often related to coming up with the next big thing. How shoud both incumbents and startups approach this the mystery of radical innovation?
Do you have a data strategy?
In a world of digital ecosystems, data is the raw material that fuels the digital economy. In order to be a part of this value creation, there is a need to have a clear data strategy. How does one go from the traditional approach to collection, storage and reporting to strategic use of data?
What Bitcoin Did
Bitcoin as a computer system just turned 10 years. Satoshi Nakamoto fired off the system by hand-coding the first block in the system, block #0, and the rest is history. However, the history is still short, and we still do not know what impact cryptocurrencies and blockchain technology will have on our society as a whole, or the financial sector in particular.
Are incumbents seeking comfort in infrastructure
A metaphor describing the challenges incumbent banks were facing at the dawn of fintech was whether the banks were destined to maintain the rails or operate the train in competition with nimble startups and tech giants. Even though every bank out there were and still is unified in their quest to resist disintermediation and maintain ownership of the customer relationships, actions speak louder than words.
Gjør det enkelt
This blog post was originally published at Dagens Næringsliv (in Norwegian) Det sies at en gjennomsnittlig … Gjør det enkeltRead more
Open banking: Going from vision to execution
By now, open banking has become the talk of the town in the banking industry. However, going from strategy to execution is the tricky part. Moving too fast without sufficient understanding your surroundings may result in unforeseen consequences, and on the other hand playing it (too) safe may result in a never-ending strategic analysis of what you could have, would have and should have been done. In order to get started, one must be able to refine and restrict the scope, focus and deliver.
Sbanken continues to deliver on open banking with student loan integration
Starting this week, customers of Sbanken will be able to view outstanding student debt in their mobile- and online bank.
Building a killer team
Flying solo is a bad idea when facing change. Whether the task is accelerating growth, digital transformation or a turnaround case, a team effort is required to create sustainable change. Knowing who you need by your side and how to make your team act like one singular unit is crucial for success.
Strategic choices in a new world of banking
Fintech has gained momentum in the banking industry and changes in the competitive landscape are already becoming observable. As the majority of players are increasing emphasis on the user experience, the competition is likely to increase. Who are the potential players, and how will this affect customer mobility and profitability in the market.
Threats to marine life we need to be concerned about
This is a guest contribution by Anna Kurcirkova. Though we share this big, blue planet with thousands … Threats to marine life we need to be concerned aboutRead more
Sikkerhet er inngangsbilletten for å lykkes digitalt
I takt med digitaliseringen øker behovet for kompetanse og fokus på digital sikkerhet eller cybersikkerhet. For … Sikkerhet er inngangsbilletten for å lykkes digitaltRead more
64 tiltak for økt digitalisering av Norge
Det siste året har jeg hatt gleden av å delta i regjeringens styringsgruppe og ekspertutvalg for næringslivets evne til å utvikle og ta i bruk ny teknologi. Resultatet er 64 konkrete råd for å styrke Norges konkurransekraft gjennom digitalisering. Vi ikke bli best på alt, og vi anbefaler derfor strategisk satsing på de fire teknologiområdene kunstig intelligens, stordata, tingenes internett og autonome systemer.
Hva skal vi egentlig med kontanter?
Selv om det gir mening å kvitte seg med kontanter for å forebygge økonomisk kriminalitet, korrupsjon og hvitvasking, må vi være oppmerksomme på de uforutsette konsekvensene.
Facebook is still a force to be reckoned with in financial services
Facebook’s potential in financial services has been a recurring topic on my blog for the last couple of years. With this month’s announcement that Facebook has approached leading US banks with a request to access transaction data, another piece of the puzzle falls into place.
Norwegian banks spearhead PSD2 collaboration
Even though the technical implementation of PSD2 has been delayed, there is no doubt that opening up the banking infrastructure will change the face of retail banking as we know it. While Norwegian banks are not required to open up until the second half of 2019, Sbanken and the SpareBank 1 banks are getting ahead of the curve and are making PSD2 happen long before it is required.
Banker i Finance Innovation-klyngen starter PSD2 i forkant av hva som er påkrevd
Fintech-klyngen Finance Innovation ber norske banker bli mer offensive før PSD2 trer i kraft, og Sbanken, Sparebanken Sogn og Fjordane og Sparebanken Vest går ut i forkant av ny lovgivning og går nå sammen om å utveksle kundedata med hverandre.