This unplanned encounter was timed in a curious fashion. I had just been having conversations with veterans in the industry about how the banking world (especially in consumer finance) has underutilised the power of connectivity and community advocacy. So, this begs the question: Are banks really such seasoned creatures of habit that they are blinded by the speed with which the rest of the consumer world runs?
As a member of the industry, it is not difficult to appreciate the difficulties for banks to jump on the bandwagon with similar speeds as the world of the FMCG, travel, or even hospitality. The fact remains that as a financial institution (despite all the fuss about it as an investment vehicle) the bank is, ultimately, the custodian of assets of the people, a.k.a., common folk like you and I. For all that is said and done, a bank simply cannot proceed with any new initiatives without having to satisfy the arduous and sometimes painstaking process of due diligence.
However, as both a consumer and bank employee, I believe that some manner of agility can be achieved. Life simply cannot be as rigid as it used to be when we needed to bring a pass book and stand behind a tall counter before we can get to our own money.
Brett King: Are Banks Innovating Fast enough?
