Banks can avoid 'rogue' behaviour by their employees by repurposing the technology already used for customer data to monitor staff exposures. Chris Skinner explains.
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Fintech companies are an odd mix of 'boomers' that tend to have the financial knowledge, and 'millennials' that bring the technological expertise. The success of such a company, however, seems to depend on how the two mix.
Techfin or fintech? Incumbent banks think in terms of the former – applying technology to the financial process – while for start-ups it's the latter, in that they take the financial process and apply technology. It is a subtle difference, but an important one, says Chris Skinner.
As identities increasingly move online, the 'bank account' will eventually become a place where virtual money is kept in a digital 'bucket' with access allowed to trusted parties.
Layers of resistance, from hard-to-update legacy systems to hard-to-break user habits, make the timeline for seeing a new technological innovation hit the mainstream surprisingly long.
With a global majority preferring digital access to banking, the cost of serving a dwindling number of customers through expensive analogue channels is growing, something that will eventually lead to banks disposing of these channels altogether.