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Essential Fintech Reading: June 20-26

Jun 26, 2015 6:18:00 PM

The Bank as Life Coach: The Quest for 'Everyday Banking'
Mary Wisniewski outlines about the concept of "everyday banking," which she says may very well become the norm moving forward. She says, "the idea is that rather than interacting with customers only when they ask to store or move money, the bank becomes their round-the-clock financial advisor, almost a life coach." Bradley Leimer adds, "We are just starting to chip at the surface of what a bank will look like in the coming decades." See our interview with Leimer here.

Why Banks Are Sleepwalking Into Extinction & What To Do About It
Simon Taylor talks about how quickly IT spending is rising and what bankers should do about it. He says, "Banks are sitting on a gold mine of opportunity. They can give their customers the gift of advice, help and support to meet their ambitions..." To do this, he says, financial institutions must move the focus from the branch to legitimate innovation.

Question: Change the Bank or Launch a New Bank?
Chris Skinner addresses the difficulties banks face as they make the transition to digital. He says that what many banks don't realize is that digital " is a core foundation of the future bank, not an adjunct." As a result he says that banks should consider spinning off a new digital bank and gradually get customers to make the transition to the new way of doing things. This way the bank will truly be digital at its core.

Britain Just Gave the Green Light to a Bank With No Branches and No Website — Just an App
Business Insider tells the news of Atom Bank getting a license even without branches. This quite possibly represents a major shift in the industry, one where banking is primarily something that happens on a mobile device. CEO Mark Mullen says, "Our inspiration is not coming from banks. You don't go to the banking sector for technological excellence. You see a colouring in of balance sheets — we're not building an online balance sheet. We're working with tech companies with credits in the motor industry, gaming. What's important is creating a high quality experience." This is a bank that traditional players should keep an eye on. See our interview with Anthony Thomson, executive at Atom Bank, here.

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Also from this week:

 

Source: http://bit.ly/1Kg5HBe 

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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