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START UP OF THE MONTH Leap of faith
Karen Rudich, Chief Operating Officer, Bank in the Box, tells IBS Journal about her passion for building things and challenging the status quo
Interview by Scott Thompson
yourself
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BS Journal: Tell us about
Karen Rudich: I had my first business when I was nine years old selling Garbage Pail Kids cards at school, which ended a few months later inside the Headmaster’s office. I love building things and came to the UK during the dotcom boom to help set up a company before moving into banking. I have never looked back since.
I was working at BNP Paribas when Thomas Soede (CEO of Bank in the Box) and I were introduced as “two bulls in a china shop who should get on well”. Never did I imagine at that moment that we’d end up where we are today!
IBS Journal: What’s your business model?
www.ibsintelligence.com © IBS Intelligence 2017
KR: In my opinion, the financial industry is at a tipping point, where within the next 10 years, we will see the majority of the players in today’s market either being consumed, disappearing, or if they still exist, looking very different.
Banks are overwhelmed with regulatory-driven change to the point where they are unable to think outside of the box enough to evolve their business models. Competition is coming from players they haven’t seen as a threat in the past, not other banks, but from cash-rich tech companies such as Alibaba, Google and Apple, and also players in FinTech.
But there are lots of things banks can change, particularly around “non- differentiating” shared services that
every bank must do, which don’t face-off to the client but impact customer experience (think KYC). A lot of those services are cost- and capital-intensive and have been difficult to update due to the banks’ legacy internal systems.
This is where Bank in the Box sits: orchestrating the best-of-breed providers to replace these non- special processes within a shared economy model. Banks can reduce the costs of running them (vs their existing in-house solutions which are usually duplicated across internal arms), access the top providers (including FinTech) and move to a more variable cost model. Ultimately, this will allow banks to change their business model so they can innovate and focus
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