The Rotten Core: Banks Need to Reinvent From Inside Out

June 10, 2018

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MONTHLY ANALYSIS

Today we’ll discuss a huge crisis that needs attention and action.

Why is it that big banks are forced to open separate digital banks when they want to go fully digital? Why do most banks end up with lipstick on the pig pilots and POCs when trying to be truly digital?

Why are banks unable to ‘plug-and-play’ startups in or on their systems? Yes, it’s never that easy but new, neo-banks are successful: N26 has 17+ external integrations for remittance, loans, insurance, etc. Monzo, just this week, showcased integrations with IFTTT.

Digital is the new reality and that isn’t a surprise for anyone. However, for incumbents, digital transformation is a big challenge. Customers are demanding that everything must happen in four clicks on their phone, anytim ...

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