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3 months

The Debate on the Future of Banking is Not Over, But it Will be Soon

How does one predict the future? Admittedly it is easier to predict what will happen 5 or 10 years from now, than 50 years, but at the same time, we’ve got trouble predicting what the stock market or weather patterns will do a few weeks from now, let alone the banking system. However, when we look at long-term trends a few things are abundantly clear.

3 months

Digital Bank or FinTech? The Debate Continues

If you listen to this Breaking Banks AM Radio Show (also available via stream and podcast) you’ll hear a spirited rematch of the Great Digital Banking Debate that Michal Panowicz and I had on Twitter. The debate concluded with a split decision – Twitter declaring the FinTech team the winner, and an in-house count declaring the Digital Bank team the winner. This pretty much sums up the industry debate right now. Anyone who is in a FinTech, of course, believes that FinTech represents the future of the banking experience, but Digital Bankers, especially the more competent players like Michal Panowicz, aren’t ready to lie down and die just yet, and that’s good for banking.

3 months

Advice and Paper Pushing in Banking will be Killed by Artificial Intelligence

For over 100 years employment has been shifting out of big industry and into services. Whether agriculture, fishing, mining or in the last 50 years manufacturing, as processes become automated, we’ve shifted to jobs where humans matter. But in a world where the ability of a human is surpassed by artificial intelligence, there is a real risk that many humans will lose their jobs.

3 months

The Rise of FinTech and Death of Traditional Banking

Traditionally, if you wanted to move money around, save cash, pay a bill, purchase something at a store, or otherwise have some sort of systemic access to your cash as you moved around – you needed a “bank”. In fact, you couldn’t do any of these things in the past without a bank. Despite the fact you might have opted to just use cash and stay ‘off the grid’, at some point to do a significant transaction you needed a ‘bank’.

3 months

Financial Planning Analysis vs Business Planning Analysis

Maybe it is the nerd in all of us, but one of the topics I witness financial planning and analysis (FP&A) professionals discussing with the most passion is whether their positions should be called FP&A – or would a better descriptor of their jobs be BP&A (business planning and analysis)? I can honestly say I’ve seen the discussion of this issue get quite heated (though still polite and civil). At roundtables that I have hosted, whether in New York, New Delhi, or New Zealand, this debate usually comes up.

4 months

A Fierce Mobile Wallet Battle

Over the next couple of years, paying with your phone will become as commonplace as paying with cash, which is why every man, his bank and his phone company are in the battle to win the mobile wallet space. So who’s going to win?

4 months

Generation M: The Emergence of See and Hear Brand Engagement

Baby Boomers and Gen-X have in common the need to experience life in all its glory. Whether that is born out of a sense of adventure, the need for tactile feedback or in the sense of face-to-face social connections, at the core of much of our buying behavior historically has been the need to “touch and feel” a product before a purchase. There’s a subtle shift in this behavior with Gen-Y and Gen-Z/Digital Natives (sometimes collectively called Generation-M or, as Time Magazine called them, the ‘multi-tasking’ generation) that is critical to understand if you are going to engage this community successfully moving forward, and it emphasizes why the physical store is under increased threat.

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