My Digital FootPrint

This title is enough to excite anyone one. " Digital Transformation in Banking Requires Big Cultural Shakeups "  Source: The Financial Brand by Jim Marous The core argument is that: to succeed, banks and credit unions must support the elimination of silos, be willing to embrace risk, and have an obsessive focus on the needs of the consumer. ----- I have been saying for a while " that the next victim of digital will be the hierarchy " but I am more than every convinced that the first issue we need to address is consistency in data. Let me explain.  Do we trust the CFO for finance.  Yes we do but we verify.  We get and use b/s, p/l and cash flow as tools to help backed by faith in the accounting software and access controls.  We get reporting to the board in reports and use committees for SAP, remuneration and audit, then we have external audit for full verification.  We had consistency in finance and this gave us a culture....

This post is not should Amazon create a bank, just would BigTech companies do better at the retail FinTech/ banking functions because of the data they hold on you and me? --- All of Amazon’s reporting data is here , Q4 will be released on 31.1.2019. We know from the existing reporting that they have passed 500,000 employees, added $5Bn to cash and sales income of over £200bn. Whilst the Q10 reporting give numbers, facts and a short section on risks there is no mention of data. Can AMAZON or any other BigTech buy an existing international retail bank in cash – yes, but would they be able to do any better? Ignoring the specific relationship that customers have with Amazon and these same customers with their banks, the regulation frameworks and that Amazon has a range of credit/ gift card offers right now; the question:- “Is any of the BiGTech’s data set on me (and you) provide an advantage insomuch that it would enable them to make better decisions as a “bank” that say y...