Transformational developments are swirling around the banking industry — as they are in nearly every industry. Companies like Citigroup are reimagining bank branches. Startups like Simple are suggesting that it's time to get rid of branches altogether. Square, Swiff, Silver, and PayPal want to bring payments processing to smaller merchants. Mobile phone companies are getting into financial services. Microlending has exploded. Companies like Facebook and Tencent make hundreds of millions through microtransactions. The mobile wallet is coming, with Apple and Google lurking in the background.
Many of these trends seem to fit historical patterns of transformation, which means banks need to up their innovation game. Yet, here are some of the questions that audience members asked me at a talk I gave at a recent banking conference (courtesy of Pigeonhole, one of my favorite Singaporean startups):
To read the full, original article click on this link: First Mover or Fast Follower? - Scott Anthony - Harvard Business Review
