WHO’S BEEN SAYING WHAT
IBS Journal June 2016
49
Quality quotes from the banking tech world “Small challengers and digital only banks are building a personalised, transparent and data rich banking
environment, completely free from the restrictions of legacy systems and culture. But in a market where customer inertia is one of the most powerful forces, will they be different enough to reach scale?” Warren Mead, Head of Challenger Banking, KPMG
“Top European financial services firms see digital as a key component of their growth strategies, and, in many cases
have devised a partial plan on how to integrate digital activities into their businesses. But this often translates into a number of dispersed initiatives instead of a structured and holistic action plan to capture value from the digital market.” Massimo Proverbio, Senior Manager Director of Accenture’s banking practice in Europe, Africa and Latin America
we have to live with.” Royal Bank of Scotland Chief Executive Ross McEwan “The Competition and Markets Authority (CMA) report (into UK retail banking) falls a long way short of
fighting yesterday’s battles and shrinking in today’s markets.” Michael Grebe, BCG Senior Partner “The use of transactions at branch counters is a bygone day in most cases. Unfortunately, that is the harsh reality that
“The overly deliberate and cautious approach to digitisation taken by many banks is outdated, leaving them
introducing the radical reforms the banking industry needs. The CMA has missed a golden opportunity and is on its way to short-changing millions of Brits by failing to go far enough in its measures to break the stranglehold of the Big Five.” Paul Pester, CEO, TSB
“Despite Alasdair Smith’s (Chair of the CMA Retail Banking Investigation)
comments, new banks’ ability to highlight to customers how their offering compares with the current deals in the market is not the issue, but rather the fact that we face significant barriers to compete effectively against the incumbent banks. New banks such as OakNorth are disadvantaged by the fact that they have to adhere to the same tax surcharge and capital requirements as larger banks, despite posing no systemic risk. This coupled with a higher cost of deposits creates an un-level playing field and makes it harder for us to compete.
We agree that the size of banks and the number of banks in the market is not the issue, but rather, the type of banks. The CMA should be working with the Treasury and the regulators (PRA and FCA) to determine what can be done to ensure more specialist lenders such as OakNorth – that are willing to offer tailored and bespoke solutions to businesses in a way that the larger, incumbent banks simply can’t afford to do – are able to effectively enter and compete in the market.” Rishi Khosla, CEO, OakNorth
“Customers don’t really want change. People want convenience, price
and good service. What we can change is how we deliver those services.” Michael Panowich, Senior Vice President and Deputy Head of Digital Banking, Nordea
“Various pressures are pushing banks inexorably toward a new model. Today banks feel analogue in an increasingly digital world. Within the next decade, the leading banks will feel and operate more like tech companies with banking licences.” Don Raftery, Greenwich Associates Managing Director
www.ibsintelligence.com
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