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Banking
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?
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.
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.
Finansbransjens digitale revolusjon har så vidt begynt
Fra en beskjeden start for kun få år siden har norsk finansteknologi (fintech) blitt et sentralt tema i videreutviklingen av norsk finansnæring. Kombinasjonen av regulatoriske endringer som krever at bankene tilgjengeliggjør deler av sin betalingsinfrastruktur for tredjeparter gjennom betalingsdirektivet PSD2, endringer i kundenes forventinger og adferd og mulighetene som ligger i ny teknologi utgjør en perfekt storm som driver frem behovet for endringer i bransjen.
Greatness requires focus
Ever since I started analyzing how technology and new business models would significantly impact financial services, I’ve been eager to put that knowledge into action. Now that I’m in position that enables me do do that I need to focus mye time accordingly.
2017 has been an eventful year so far
It has been almost 6 months since I got on the plane and headed over to Bergen to take on the role as Chief Digital Officer in Skandiabanken. By now, fintech has exploded as a mainstream topic with an increasing level of interest from the general public. As customer expectations intensifies, so does the sense of urgency for banks to actually but those words into action and put their money where their mouths are. So far this year, I have done my part to make that happen.
Skandiabanken Capital Markets day webcast is now available
Banking used to be somewhere you go, seventeen years ago Skandiabanken made it something you do as the first online-only bank. During those years, we have continued to maintain our position as the leading challenger bank, and now we are stepping up the game and taking digital banking to the next level. The webcast is now available here.
Skandiabanken taking the next step
Banking used to be somewhere you go, seventeen years ago Skandiabanken made it something you do as the first online-only bank. During those years, we have continued to maintain our position as the leading challenger bank, and now we are stepping up the game and taking digital banking to the next level.
What makes a bank innovative?
The rise of fintech, changing consumer behavior and new technology are just some of the trends that puts innovation in the spotlight for banks these days. Even incumbents that were once considered the least susceptible to change are investing in innovation. But what makes a bank innovative?
Are banks ready to put their money where their mouths are when it comes to fintech?
By now, almost everyone in the banking industry agrees that we are facing a perfect storm of changes that will forever alter the landscape for financial services. However, it still seems like a long way from talking about it to acknowledging the potential threats and challenges. And an even further way towards putting that knowledge into action.
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.
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.
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.
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.
Challenger banks, so hot right now
A new breed of digital-only challenger banks is on the rise, and they are all going after the incumbent banks revenues. While the jury is out on whether these new entrants pose a real threat to the established banking industry, the challenger banks should not be underestimated.
You never get a second chance at making a first impression
As competition increase in a digital world, fast and frictionless onboarding becomes crucial for customer acquisition.
How would you design you processes if paper did not exist?
Imagine there was no paper. Would you design your processes the same way as you have today? Most likely you would utilise the possibilities given by technology to design a frictionless process with as few steps as possible. This is unfortunately not always the case when it comes to digitisation of legacy business processes.
Open banking: The nature of digital ecosystems
The banking industry is facing many of the same perils as the telco and media industry has been though in the latter years, and the primary challengers are the same ones that have been feasting at the media and telco’s profit margins for more than a decade. These are the four horsemen of the incumbents apocalypse (Google, Apple, Facebook and Amazon). While they are vastly different in many ways, they all share the traits of a succesful digital ecosystem.
A talk with ThoughtMachine on VaultOS and the future of core banking
Core banking is considered for many as the gordian knot in the digitization of banking. As a result, a vast majority of fintech companies are innovating around the core, leaving legacy IT to the banks. However, some entrepreneurs are audacious enough to attempt to renew core banking from scratch. I had the pleasure of meeting Tristan Fletcher of ThoughtMachine in London earlier this fall, and used the occasion to ask him a couple of questions of which problems ThoughtMachine is attempting to solve with VaultOS.