Co-innovate for FinTech Success
A few years ago, if I asked you what comes to mind when you hear “Innovation Lab,” what would you think? Most would have responded with “a place where the best R&D brains come together to develop a new product.” But times have changed. Recent digital disruptions are demonstrating how innovation can spring up just about anywhere in a […]Read More
The Byzantine Generals: Key to a Blockchain Future?
A castle under siege defeats the besiegers? It sounds like an episode of Game of Thrones. But it’s not. It’s a retelling of what’s commonly referred to as the Byzantine Generals’ problem. In its essence, the problem is one of unprovability. The four attacking captains can only communicate through a messenger. The messenger could be […]Read More
Feeling Disrupted, Lenders? Don’t Follow: Lead!
Don’t Follow – Lead “What got you here won’t get you there.” – Marshall Goldsmith Readers who visit Digitally Cognizant often may have read one or two of my earlier posts. One discussed the importance of finding a new way to lead in the digital age, re-stratifying to a horizontal organizational model to empower smaller, more […]Read More
A Friend in Need? Lending Goes Digital
At its most fundamental level, retail banking means accepting funds on deposit and paying interest on them, then lending the funds to others, who in turn pay to the bank interest greater than what it pays to depositors. A simple equation. And it typically contributes more than 60 percent of a bank’s total operating income. So the lending […]Read More
Open APIs in Financial Services: Making Peace? Or Trouble?
Could this be the year for open APIs in the finance industry? It just might be. Since the 2008 financial crisis, banks have focused more on regulatory compliance rather than providing innovative services. But that’s changing, as are customers’ expectations. Take trading online. If you’re tired of paying fees for each trade, you’re not alone. And now you have options. Robinhood is a mobile […]Read More
Will Blockchain be the Tipping Point for Financial Services?
The art of being a business leader The Chinese calendar notes 2016 as the year of the Monkey. We all know monkeys are smart, curious — mischievous. So are business leaders: they’re smart and staying curious. (Let’s hope that the mischievous part stays at bay.) They have a lot to be curious about. In 2015, so-called “FinTech” […]Read More
Strategies for Banks: How to Disrupt and Coexist
With the explosion of financial technology (fintech) innovation, it’s becoming critical for banking giants to focus on a dual mandate: run their banks more efficiently, while transforming to appeal to the millennial generation and beyond. But how should they approach this? How much should they focus on neutralizing disruptors, and how much on copying them? After all, some disruptors will be flashes in […]Read More