Banking 3.0

I’ve been in banking a while now, and have concluded the time is ripe for Banking 3.0.  What do I mean by this?

After what anyone would say has been a real learning experience in the industry,  the fundamentals of how banking works for customers, stockholders, and society need a major overhaul.  It’s similar to the paradigm of land line phones being totally leapfrogged in ASEAN countries.  Why build what you don’t need?  Why keep what has been outdated?

Why Banking 3.0?

Because too many folks had a variant of Banking 2.0 – mobile banking, social networking, and more.  With the new regulatory challenges, capital adequacy, payments process changes, I wonder if it isn’t time to redesign banking from its core – including process and policy standardization, common IT connectivity via hardware and software protocols, overhauling the maze of regulations to a new simpler and easier to understand uniform code.  Throw in a little Basel 3.0 and Internet 2.0 with G4 mobile phone and next gen image.  Well the fun is just starting!

This will actually take looking a core infrastructure, policies, practices, and quite a bit more – recognizing the FDIC and central banks are the hub.

One area to start with is the notion of collaborative workflow.  It’s odd to see an industry so locked into Taylorism – siloed functions and work – inherently to ensure checks and balances – but often bogged down in manual work flows.  It’s really interesting to peak through the emerging thinking about financial services from the World Economic Forum, especially as its relates to the new technological trends (including leapfrogging).

Maybe the overhaul will do something really great – like help customers bank the way they would like to bank.

Such possibilities!