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* Menu * About Chris * Endorsements * Services * Books * Clients * Videos * Photo Gallery * Contact * 4Kids * Blog Index * Chris Skinner * Doing Digital * Digital Human * Digital Bank * ValueWeb Monday , May 30 2022 * Blog Index * Chris Skinner * Doing Digital * Digital Human * Digital Bank * ValueWeb CHRIS SKINNER'S BLOG SHAPING THE FUTURE OF FINANCE * Menu * About Chris * Endorsements * Services * Books * Clients * Videos * Photo Gallery * Contact * 4Kids Breaking News * Welcome to The Finanser by Chris Skinner * Things worth reading: 30th May 2022 * The Finanser’s Week: 23rd May 2022 – 29th May 2022 * Are FinTechs being valued as a financial or a tech? * Things worth reading: 27th May 2022 * What happens if bankers use WhatsApp for insider dealing? * Things worth reading: 26th May 2022 * JPMorgan’s billion dollar bet on banking Britain * Things worth reading: 25th May 2022 * Why HSBC’s head of ‘responsible’ investing is wrong * Things worth reading: 24th May 2022 Home / Digital Bank / Digital transformation or purpose-driven banking? DIGITAL TRANSFORMATION OR PURPOSE-DRIVEN BANKING? I was reflecting on the fact that I’ve been talking about digital banking for a decade and a half. That’s a long time. I’d claim to have fathered the phrase Banking-as-a-Service back in the 2000’s, and yet only a third of banks understand the concept of BaaS today. Wow. There’s a fundamental issue at stake here as we meet the juncture between the start of the century and head towards the mid-century. Those who don’t understand BaaS, digital and digital transformation are now too late. It’s over. You should have done that by 2020. As we approach 2030, there’s another agenda in play and you probably don’t even know it. Last decade, banks should have moved digital to the core. They should have replaced their old back office systems with a tech stack built of apps, APIs and analytics. If you didn’t do that, you’re too late. This decade, you need to move digital to purpose. What is the purpose of your bank? What is the purpose of finance? What is the purpose of commerce? I often point to Milton Friedman at this point and shareholder capitalism. People tell me I’ve simplified it too much, which I have, but Friedman’s economics was to focus on making profit at any cost, as long as it’s legal. Interestingly, even Friedman’s university disagrees with that view. The view today is that we need to move from shareholder capitalism to stakeholder capitalism. That’s what Jamie Dimon advocated when he delivered the Business Roundtable’s manifesto in August 2019, and this is the agenda for the 2020’s. But it goes further than this. It goes to the heart of what I’m passionately talking and writing about these days. It’s about how do we bring technology and finance together to make the world a better place? Putting this in context means that the last decade was about doing digital. This decade is about using digital. We should have moved from analogue to digital years ago. By that, I mean that you’ve moved to an open structure of apps, APIs and analytics that is network-based. You’ve moved from physical structures with buildings and humans to digital structures with software and servers. You’ve moved from a traditional structure, where products are centra,l to networked structures where customer experience is the key. That’s done and dusted. If you haven’t done that, you’re dust (bear in mind 1 in 3 banks still don’t understand BaaS). The next decade will be predominated by the cultural values of the bank and how they align with customers and investors. What is the purpose of this bank? Is it aligned with stakeholders or purely profit-driven? How is this bank changing its values to support ESG, renewables and society? Does this bank have a moral compass? Is this bank ethical? Is this bank socially useful? There are so many things that feed into this, and most banks will probably respond with a view that, as they are a utility: does it matter? How many customers actually tick that carbon offset box on their flight booking? Do customers really care if their electricity is delivered by coal? Do customers care if their gas comes from Russia? Maybe or maybe not. But things are changing for sure, and so the key here is that the financial institutions who are truly digital and can clearly demonstrate purpose, based on stakeholder values, will be the ones that not just succeed in the 2020’s, but exceed. I’d like to be with one of those … Posted on: May 23, 2022 2022-05-23 Chris M Skinner Share * Facebook * Twitter * Stumbleupon * LinkedIn * Pinterest ABOUT CHRIS M SKINNER Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here... @Chris_Skinner Previous Things worth reading: 23rd May 2022 Next Things worth reading: 24th May 2022 RELATED ARTICLES THE FINANSER’S WEEK: 23RD MAY 2022 – 29TH MAY 2022 1 day ago ARE FINTECHS BEING VALUED AS A FINANCIAL OR A TECH? 3 days ago WHAT HAPPENS IF BANKERS USE WHATSAPP FOR INSIDER DEALING? 4 days ago CHECK ALSO JPMORGAN’S BILLION DOLLAR BET ON BANKING BRITAIN JPMorgan had their investors briefing on Monday. It was interesting, with lots of content (you … GET EMAIL UPDATES Your email address:* How often do you want to receive updates?* Daily Weekly Consent* Yes, I consent to being emailed Please enter all required fields Correct invalid entries Powered by FeedBlitz Email Terms & Privacy CHRIS’S LATEST BOOK CHRIS SKINNER’S ‘DIGITAL FOR GOOD’ BOOK LAUNCH EVENT – CFTE BEST FINANCIAL SERVICES BLOGGER NOMINEE OF MAD33 2021 KIDS CREATING THE FUTURE BANK | TEDXATHENS JOIN ME ON LINKEDIN FOLLOW ME ON TWITTER! Chris SkinnerFollow Shaping the future of financial services Avatar AvatarChris Skinner@Chris_Skinner· 34m I am moderating an event for Google on June 16 in London, with a keynote from Tamsin Shaw, Global Head of Data and Cloud, Finance IT at HSBC The focus is on reimaginging regulatory reporting using data Want to be there? Register (it's free) https://inthecloud.withgoogle.com/reimagining-regulatory-rep... Reply on Twitter 1531141459696570370Retweet on Twitter 15311414596965703701Like on Twitter 15311414596965703703Twitter 1531141459696570370 AvatarChris Skinner@Chris_Skinner· 59m Things worth reading: 30th May 2022 - Things we're reading today include ... The Bank of England is now the Treasury's poodle Bank of England ‘reluctant’ to https://wp.me/p77S7f-nbj Reply on Twitter 1531134950946267136Retweet on Twitter 15311349509462671361Like on Twitter 1531134950946267136Twitter 1531134950946267136 AvatarChris Skinner@Chris_Skinner· 17h Hackers wage war on Sberbank Russia https://apple.news/AwMEYNoYVTMmlmONN7Npkiw Reply on Twitter 1530893645381091329Retweet on Twitter 1530893645381091329Like on Twitter 1530893645381091329Twitter 1530893645381091329 Load More... FIND ME ON FACEBOOK UK’S MOST INFLUENTIAL PERSON IN TECHNOLOGY CAPTAIN CAKE AND THE CANDY CREW CAPTAIN CAKE WINNER OF A GOLDEN MOM’S CHOICE AWARD TWO-TIME WINNER OF A MOM’S CHOICE GOLD AWARD! THENEXTWEB – #TNW LEARN MORE ABOUT CHRIS About Chris Skinner * Recent * Popular * Comments * Tags * THINGS WORTH READING: 30TH MAY 2022 60 mins ago * THE FINANSER’S WEEK: 23RD MAY 2022 – 29TH MAY 2022 1 day ago * ARE FINTECHS BEING VALUED AS A FINANCIAL OR A TECH? 3 days ago * THINGS WORTH READING: 27TH MAY 2022 3 days ago * WHAT HAPPENS IF BANKERS USE WHATSAPP FOR INSIDER DEALING? 4 days ago * THE TOP TEN TRENDS IN BANKING INNOVATION February 24, 2016 * THE IMPERATIVE FOR SELF-SOVEREIGN IDENTIFICATION (GET LOST EQUIFAX) September 11, 2017 * WELCOME TO THE FINANSER BY CHRIS SKINNER September 14, 2020 * HOW QUANTUM WILL CHANGE EVERYTHING (INCLUDING BANKING, MONEY AND SECURITY) March 21, 2018 * DO YOU WORK FOR A MONKEY TREE ORGANISATION? March 16, 2015 * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] with BaFin, the German regulator; I’ve seen the distress as China clos... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Europe; I saw the issues first hand at Wirecard, and the to’s and fro’... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Is new banking ten times (10x) better? […]... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Maximilian Tayenthal’s comments reminded me of Wal*Mart’s battles with... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Are Monzo’s growing pains, major pains? […]... DIGITAL BANK PRESENTATION Digital Bank, May 2014 from Chris Skinner Alex at the Financial Services Gaping Void's Hugh MacLeod worked with the Finanser CATEGORIES * Blockchain (285) * Blog Index (730) * Books (8) * Brexit (30) * Case Studies (307) * Chris Skinner (25) * Crime (190) * Crisis (65) * Digital Bank (743) * Elephant (12) * Fintech (702) * FSClub (220) * Future (886) * Green (10) * Grid (1,941) * History (111) * Humour (455) * Inclusion (19) * Innovation (426) * Introducing (4) * Mobile (303) * Numbers (274) * Opinion (887) * Payments (1,027) * Presentations (38) * Purpose (44) * Reading (4,303) * Regulation (749) * Songs (12) * Technology (942) * The SIBOS Blog (98) * Uncategorized (1,888) * ValueWeb (115) RECENT POSTS * REASONS TO BE CHEERFUL, BLOCKHEADS October 19, 2020 0 Comments * THE WILD WEST OF CRYPTO December 17, 2019 0 Comments * THE IMPERATIVE FOR SELF-SOVEREIGN IDENTIFICATION (GET LOST EQUIFAX) September 11, 2017 2 Comments * BANKERS DESERVE THEIR BONUSES February 5, 2009 27 Comments * HOW PRESIDENT OBAMA SOLVED THE FINANCIAL CRISIS January 20, 2009 25 Comments RANDOM POSTS * ALIBABA’S SECRET SAUCE November 23, 2015 * THINGS WORTH READING: 23RD NOVEMBER 2015 November 23, 2015 * THE FINANSER’S WEEK: 16TH NOVEMBER – 22ND NOVEMBER 2015 November 22, 2015 * WELCOME TO THE WHITECHAPEL THINK TANK November 20, 2015 * THINGS WORTH READING: 20TH NOVEMBER 2015 November 20, 2015 LATEST POSTS * THINGS WORTH READING: 30TH MAY 2022 60 mins ago * THE FINANSER’S WEEK: 23RD MAY 2022 – 29TH MAY 2022 1 day ago * ARE FINTECHS BEING VALUED AS A FINANCIAL OR A TECH? 3 days ago * THINGS WORTH READING: 27TH MAY 2022 3 days ago * WHAT HAPPENS IF BANKERS USE WHATSAPP FOR INSIDER DEALING? 4 days ago RECENT COMMENTS * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] with BaFin, the German regulator; I’ve seen the distress as China clos... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Europe; I saw the issues first hand at Wirecard, and the to’s and fro’... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Is new banking ten times (10x) better? […]... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Maximilian Tayenthal’s comments reminded me of Wal*Mart’s battles with... * The challenge for challengers (#Anna Money, #Monese, #Monzo, #N26, #Pockit, #Wirex +++) - Chris Skinner's blog: […] Are Monzo’s growing pains, major pains? […]... Designed by Utopian Designs © Copyright 2022, All Rights Reserved - Privacy Policy This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.ACCEPT View privacy policy Manage consent Close PRIVACY OVERVIEW This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the ... 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