rethinking banking

Rethinking banking

Question # 1

What if the purpose of banks is to help people

connect / exchange ideas?

Among the digital opportunities for European banks are integration with

social media.

http://www.mckinsey.com/Insights/Business_Technology/The_rise_of_the_digital_bank

Banks’ web 2.0 communication gap

http://www.strategyand.pwc.com/media/uploads/Strategyand-Web-2.0-Banking.pdf

Banks could start blogs, for example, enabling

discussions of specific economic developments, new services, or the latest research of interest to target customers.

http://www.strategy-business.com/article/11202?pg=all

The bank’s new role is not only to handle transactions but to

facilitate cooperation for

the common good.

http://kolindkuren.dk/2012/03/01/hvis-banker-blev-bev%C3%A6gelser/

Lars Kolind

Further inspiration

http://www.slideshare.net/frankcalberg/what-is-the-company-purposehttp://www.slideshare.net/frankcalberg/11-advantages-of-using-a-blog-for-teachinghttp://www.slideshare.net/frankcalberg/conversation-exercises

Question # 2

What if everyone could lend and borrow money

to / from everyone?

Further inspiration

http://www.slideshare.net/frankcalberg/crowdfunding-35835254

Question # 3

What if people pay each other through e-mail,

phone, and/or social media?

Sourceshttps://www.dwolla.com/https://www.klickex.com/https://www.paypal.com/https://www.pesapal.com/https://squareup.com/https://transferwise.com/https://venmo.com/

More than a billion people in emerging and

developing markets have cell phones but

no bank accounts.

http://mckinseyonsociety.com/downloads/reports/Economic-Development/Mobile-money-Getting%20to-scale-in-emerging-markets.pdf

Of the 700 end-to-end processes in banks, for example opening an account, about half

can be fully automated.

http://www.mckinsey.com/insights/strategy/strategic_principles_for_competing_in_the_digital_age

A key challenge for senior managers in banks will be sensitively reallocating the savings from automation to the talent needed to

forge digital businesses.

http://www.mckinsey.com/insights/strategy/strategic_principles_for_competing_in_the_digital_age

Further inspiration

http://www.slideshare.net/frankcalberg/going-digital-37899425

Question # 4

How should bankers be paid?

Fixing the culture will require creating a compensation system

that better aligns or balancesshareholders’ interests and the broader society’s interests with the individual’s interests.

http://www.bloomberg.com/news/2010-11-08/morgan-stanley-s-gorman-says-hero-culture-needs-to-change-to-limit-risks.html

Mr. James Gorman

CEO, Morgan Stanley

A shared value approach would have

led financial services companies to create innovative products that prudently increased access to home ownership.

http://hbr.org/2011/01/the-big-idea-creating-shared-value/ar/8

Further inspiration

http://www.slideshare.net/frankcalberg/how-are-people-paid-for-what-they-do

Question # 5

What if empathy is the most important

skill of bankers?

http://novemberlearning.com/an-interview-with-michael-wesch-part-2-of-3/

At HSBC, empathy is the most important skill.

Further inspiration

http://www.slideshare.net/frankcalberg/customer-needshttp://www.slideshare.net/frankcalberg/social-competence