Leda Writes for Fintech Futures: Digital transformation beyond the real estate
Banks, banking and banking products have come a long way. It’s evolved from matching those who need money to those who have it into the modern banking system. The hundreds of steps in between happened for a simple reason. There was a need in the market. Banks fulfilled that need and every other need they could conceivably take on and grew with them.
But then the bank transitioned from adaptive to prescriptive. It got too big to fail. And it became a blueprint for how banking should be done rather than independent companies doing their own thing.
The blueprint needs to change. Banks have become so static that they’re giving up on exciting actionable tech because it doesn’t fit the current floor plan. That’s where inertia in banking rests, in the inability to remove outdated processes and functions while relying on old skill sets. New functions and new skills will emerge in the face of removing the old outdated ones that’ll let banks return to a position of adapting to needs rather than deciding, incorrectly, what they are.
Read the whole story at Fintech Futures.