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Earth 2.0 - love that! I can share that everyone appreciated the talk today and all are discussing many aspects back at the office. Thanks again and great to see you. Colin
Dead on Chris. I'd add that it will not just be an 'outsider'. I believe it will be a misunderstood outsider that either noticed but not understood (Bitcoin) or not even noticed and just creeps up on the industry without originally appearing to be competition (examples, retail and Amazon, or advertising and Google)
I have to step in and disagree on this post. The example of: "Or you tweet "thinking about buying this used Aston Martin", and your bank says, "are you mad, you're already $20,000 overdrawn"." .. is the perfect example of the juxtaposition of personal outreach and bank confidentiality. The two cannot operate together. Even the most socially connected Gen M will not accept confidential information over social media. Its too contrite to speak of banks lack of outreach to customers in social media. This is not a defense of banks. Its a reality of shouting customers personal information across the branch. Its just not on. This is an old argument we had in 2006 and its still not clear. Banks need to carefully scour social media for information on what customers think but it is not clear how they would use social media to respond.
Nice job Chris, and not an enviable spot in any conference. On to your speech. It really brings home the changes in the world, yet as much as I watch the change which occur in pockets as documented by you and Dave Birch the less I am convinced any meaningful innovation is occurring. When we get right down to it, the world is run by credit cards, and to a certain extent debit cards. I wonder who will challenge Visa and MasterCard?
Wow .. Chris your posts amaze me. Way longer than even mine! But I am with @pragmatist. The expectations of Gen Y, GenX Bayboomers Gen blah are missing the point. Do not expect anything of banks. Its ok to expect service, capabilities, and a better money system, but why expect banks to do that? Remember the definition of insanity ... doing the same thing and expecting a different result. Banks with a few exceptions are becoming utilities the same way that your electricity and tap water is a utility. This argument will not be solved at SIBOS.
Can't disagree with that. It does beg the question of where the next crisis will come from though and how banks will feature in that crisis. - currency crisis? - bad loan crisis (US fraudclosure)? - inflation crisis? Or maybe it does not matter. What if (retail) banks become much less relevant as they are split off from risk taking investment banks, and take on a much more bureaucratic (government owned and regulated) face and the next crisis does not directly affect them, other than profitability ups and downs. Maybe the status quo is the boring but obvious thing.
RE: "America has been very good on process, and India is very good on process." Not a bad observation Chris. It lands squarely on something I have been seeing as an issue but had not singled out the root cause, and this is it. China and Brazil are 'managed' systems and economies, and there is no debate - stuff just happens. Which is better? Anyhow, this post covers so much, and stuff I think about all the time. It might just warrant its own post for me to answer semi intelligently. Some good stuff in the meandering here.
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Sep 22, 2010