Open banking: A playbook for banks and fintechs
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Open banking: A playbook for banks and fintechs

The landscape for financial services is changing, and the jury is still out as to how the endgame is going to play out. One of the concepts shaping this future is open banking. After looking into the subject, it is becoming clear that there is no one size fits all open banking strategy. Rather, there are several tactical moves that are being played aout by a variety of both banks and fintechs. No matter which strategic option(s) you choose to follow, open banking will fundamentally change banking the same way internet banking once did.

by Christoffer Hernæs••7
Cash is no longer king
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Cash is no longer king

The idea of a cashless society is one of the topics that stirs up a heated debated when it comes to digitalization of banking and society. On the one hand, physical cash is the common denominator for corruption, tax evasion, money laundering and other various illegal activities. While the anonymity of cash acts as an enabler for the illegal economy, many fear that the lack of said anonymity will inevitably lead to an Orwellian society where individual freedom is limited.

by Christoffer Hernæs••2
Why Amazon is the most likely western tech giant to fully enter finance
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Why Amazon is the most likely western tech giant to fully enter finance

Rumors of competition from the technology sector has been going on for a while in the financial industry, and last week the debate heated up when it was rumored that Amazon was considering acquiring Capital One. There may be some obstacles regarding this specific scenario, but it does not change the fact that Amazon already is well positioned to take a strong position in financial services regardless of regulatory barriers for structural growth.

by Christoffer Hernæs••7
The Next Generation of Robo-Advisors
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The Next Generation of Robo-Advisors

The traditional defense for human financial advisory boils down to a deep faith in the excellence of human reasoning and intelligence, coupled with more or less positive view on the emotional capacity and intuition of human beings. This is now challenged by the changing customer behavior and needs, the emergence of financial technology, and especially, an increasing number of robo-advisory services, perhaps redefining the concept of financial advisory altogether.

by Christoffer Hernæs••1
The digital talent arms race
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The digital talent arms race

One of the most fashionable business fads these days is for incumbents from traditional industries to claim that they are no longer an (insert your industry here), but a is now tech company. As an example, Domino’s is now claiming to be “a tech company that happens to make pizza.” This may sound noble, but do these incumbents have what it takes when it comes to delivering upon that promise?

by Christoffer Hernæs••2
Fintech and the disruption of banks – where are we now? Part 1: Payments
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Fintech and the disruption of banks – where are we now? Part 1: Payments

The landscape for financial services is changing, and while some trends stand out as inevitable, the endgame is still unclear. Fintech is not one single discipline, but a collective term descibing diferent ways of improving and/or disrupting traditional financial services through use of technology, hence the term FinTech. Payments is still the biggest and most mature field within fintech, what is the state of payment innovation, and how is this affecting incumbents?

by Christoffer Hernæs••2
It is not your opinion, you’re just dead wrong
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It is not your opinion, you’re just dead wrong

I usually try to confine my blog to industry related subjects within finance, technology and innovation. But every once in a while I feel that am faced with such great levels of ignorance that I an unable to restrain myself. With all the information in the world only a few keystrokes away, one should imagine that the ability to distinguish rumors, gossip, propaganda and beliefs from facts and scientific proof should be a natural trait for everyone with a smartphone and an internet connection. Unfortunately that is far from the case.

by Christoffer Hernæs••0
What could Facebooks European payment license mean for banks?
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What could Facebooks European payment license mean for banks?

Early December, Facebook finally unveiled their newly acquired licenses for e-money and payment services out of Ireland. The rumors of Facebook entering the payment space in Europe has been going on for a while, ever since it was reported that Facebook applied for a money transfer license a while ago. Facebook is already in a unique position to disintermediate retail banks as the most powerful digital ecosystem out there for consumers. The key to Facebooks powerful position is the ability to evolve alongside changing user behavior, and so far, Facebook is excelling at this. According to a study conducted by pwc, 68 percent of bankers are concerned with losing control over their customer interface. A regulatory compliant Facebook should definitely make those concerns turn into worries.

by Christoffer Hernæs••2
The death of omnichannel banking
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The death of omnichannel banking

Omnichannel is the king of the buzzwords in retail banking. It’s the idea that “customers should receive a consistent seamless service across all channels”. In this utopia the branch, phone, web and mobile app all come together as one. But if you’re a fan of omnichannel, you might want to sit down, because I’ve got some bad news.

by Christoffer Hernæs••0
Fintech predictions for 2017
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Fintech predictions for 2017

Another exciting year for fintech has passed, and I will once again attempt to say something about the how fintech and the future of financial services will develop in the coming year. By now it is clear that the changing landscape for financial services is an evolution rather than a revolution, and many of these as well as my 2016 predictions will have a long-term perspective before we see any potential impact. No matter the case, attempting to predict the future is a surefire way to be mistaken.

by Christoffer Hernæs••2
Bitcoin is dead – long live bitcoin
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Bitcoin is dead – long live bitcoin

It has been a while since the bitcoin community claimed that bitcoin was the one currency that would replace fiat currencies. For many people, the idea behind bitcoin was to decentralize the traditional financial system, favoring a fully decentralized one. However, it’s quickly became very unlikely that the world will ever switch from using government-issued money to using bitcoin. The last two years has been all about the blockchain. Now, bitcoin is gaining momentum as a potential new asset class.

by Christoffer Hernæs••4
Det digitale klasseskillet i fremtidens arbeidsmarked
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Det digitale klasseskillet i fremtidens arbeidsmarked

Alt som kan digitaliseres vil digitaliseres og smart bruk av teknologi kommer til å gjennomsyre alle funksjoner i samfunnet. Denne utviklingen er eksponentiell av natur, og det er nødvendig å tilvenne seg stadig raskere endringstakt. Det som anses som innovativt i dag er morgendagens hygienefaktor, og dagens unge er ikke automatisk morgendagens digitale vinnere. Digitalisering er ingen engangshendelse, men en kontinuerlig prosess. Det samme gjelder for kompetansebehovet i en digital verden.

by Christoffer Hernæs••0
How technology is changing asset management
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How technology is changing asset management

There is nowhere to hide in the changing landscape of financial services, and asset management is no exception. With the rise of robo advisors and intelligent automation, asset managers and financial advisors are potentially facing the same fate as the retail stock brokers. According to a survey conducted by the CFA Institute, the majority of respondents, which included more than 3,000 chartered financial analysts around the world, view asset management as the industry most at risk from disruption.

by Christoffer Hernæs••0
The end of the console market as we know it
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The end of the console market as we know it

Ever since the first generations of game consoles, the concept of console wars has been prevalent by both fanboys and industry analysts. The first occurrence of console wars was Intellivision vs. Atari VCS in the early 1980s, but the concept gained public attention during the rivalry between Sega and Nintendo in the 90s with catchphrases like Genesis does what Nintendon’t. For every generation of consoles this has been repeated in cycles. Now, this pattern seems to come to an end.

by Christoffer Hernæs••0
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