Originally posted on LinkedIn | 14 March 2021
Faced with relentless VC-funded competition from FinTechs - which are systematically unbundling profitable parts of the banking system - incumbent banks have been pouring money into digital transformation. $1 trillion over three years, according to Accenture research reported on Bloomberg.
Some have done a decent job - producing competitive digital products and services to retain their customers. Barclays made the running early, with innovative products like P2P payment service Pingit. Emirates NBD, DSBS in Singapore and Bank of America have all risen to the challenge. Yet many struggle to reap the rewards of this investment, and evolve from traditional bank to digital businesses. So why is this proving a challenge?
To tackle this question, we hosted a Round Table session last week: ‘Building an Agile Mindset’, with guests working with traditional banks and FinTech disruptors:
Sai Man of BNY Mellon, formerly Bank of New York, the merchant bank founded back in 1784
Lisa Gorski of HSBC, the international network with 7,500 offices in over 80 countries, founded in Hong Kong in 1865
Randy Heyrowsky of Klarna, Europe’s largest FinTech by valuation, founded in Stockholm in 2005
In advance, we sifted through questions submitted by over 40 banks, asset managers and insurance companies in 25 countries, and selected the most popular ones for our panel.
To download a recording from the Round Table, please email email@example.com
Here are key lessons from three questions tackled in session:
Q: What are the most important steps to take to help people reach a new mindset?
This may sound like the title of a meditation course, you may be thinking. Its importance really matters when you realise that whilst technology, data and automation are all vital ingredients of digital transformation, none o