In my opinion, banking is one of those industries which is soon to undergo a revolution as new technologies, consumer demand, a drive for efficiency and relaxing regulations all conspire to make banks’ traditional models uneconomic and eventually untenable. Banking 2.0 is a general term used to describe a new way of looking at an old business — one which leverages connectivity, cloud computing, the role of social networks and a more customer-centric view of the world to deliver better products and services.
I’ve done a bunch of consulting in the banking industry and have often been frustrated at the lack of innovation and agility within the systems. Those within banks like to blame government regulation for their inability to innovate, but my experience is that it has to do more with risk aversion and the caliber of the people inside — redesigning retail bank layouts or building new marketing collateral is about as far as they go when it comes to innovation. So much for thinking about banking as an engine around which an ecosystem of third-party products and offerings can be wrapped.
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