When one read most of the Banking/Fintech blogs or articles, you come across one or the other - "Old Banking", "New Banking", "Electronic Banking", Digital Banking, Fintech, Bitcoin, Crypto-currency, Blockchain, Open Risk, and much much more words, phrases, concepts and even jargon.
For the so many experts in these diverse fields, I had a question or two:
1. Is their any guide or book or website that collate these old and new "words and concepts" that had put together a list of these words and with a short description or meaning?
The reason for my question is the following. I just think that in the fast changing world of Banking, Finance, Fintech, Technology and platforms one find the absolute experts, innovators, leaders and front runners. Then there is a vast majority of the average people that at least know something about this fast changing world.
Then lastly the people that may be recognizing or know the "old banking" words, concepts and worlds, but don't know anything of the "new banking" future.
2. Among these "three simplistic groups" of people identified above, there is at least two other very important groups - employees that work in the "old" and "new" banking and financial worlds - and customers or clients that currently use the products and services of the "old" and "new" banking and financial worlds.
How do we transfer the "new" knowledge, skills, expertise, products and services to the "old' employees and "old" clients and customers? And how do we share and transfer the knowledge, skills, expertise, products and services of the "old" employees and "old" clients and customers to the "new" employees and "new" clients and customers?
3. Is there any need, justification for or program that brings these "old" and "new" banking and financial "worlds" closer together? Or is it two very separate and different "worlds" that we don't have to bring closer together as there is no need and merit for it?
4. In the past we could always use word such as banks, branches, systems, staff, delivery channels on the one hand and on the other hand type of banks like Retail-, Private-, Business- and Corporate Bank. Now with the “new” words like Fintech, Electronic, Digital, Branchless and Virtual, what is the name of the “Bank of the Future”? Is it still a Retail Bank or rather now a Digital Bank? Or Bank of the Future or Future Bank? Please can you give me your ideas?
Yes I do know of and see various conferences, workshops, etc, but who are attending them - the "old" the "old" and the "new" the "new" with a minority that crosses the line?
I would love to hear the views, opinions, solutions and arguments of various people in order to find answers to my questions and to convince me what is not only right and wrong, but also needed and a prerequisite for growth and development in these various
Banking and Financial sectors and Businesses? Or is sharing of knowledge and re-inventing the wheel not an issue?
Is it then ultimately just a personal choice and option between the status-quo or quo vadis?
i think one should focus on the roots - fundamentally, and principally, what has changed, and to what extent? are the fundamentals, principles, premises the same or different?
Thank you Brian. I think that all these aspects make the future still unclear and uncertain.
Regards.
The banking sector has evolved a lot since the 1970s, that is, you can not talk about something abrupt happening now. The introduction of Information and Communication Technologies has impacted the industry dramatically. Mergers and Acquisitions have made the scale of the largest banks grow large, performing hundreds of times their original number of operations without major staff growth. With Internet Banking, new developments have taken place. There is a single financial sector, although formed by old companies that have evolved alongside new groups - all digital. This occurs in all segments of the economy.
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