IBS Journal January 2017
61
“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”
on creating new opportunities in an ecosystem where they can combine services and products from a variety of participants. In short, Bank in the Box’s business model is one of a platform economy with an initial focus on shared services, but a vision where we have a marketplace of producers and consumers for the financial services sector.
IBS Journal: What sets you apart? KR: Three things set us apart:
1. Our passion and our experience – Thomas, our team and I are all seasoned bankers who have not only built platforms inside banks but executed change to th e point where it reflects at the P&L level.
2. Bank in the Box’s unique service proposition is one of majority ownership by banks so it can become a part of their DNA, giving them the ability to shape their future and evolve. The banks are currently very reactive with everything that is being imposed on them, Bank in the Box is giving them the opportunity to be proactive in shaping their destiny.
3. Talk is cheap; our team is purely
focused on execution. We set up in April 2016 and now have a team of 40 people working on Bank in the Box so we can action what we set out to do. We are fully immersed in development and expect to begin releasing the first set of shared services modules on track this coming year.
IBS Journal: Who or what inspired you to set the company up?
KR: My passion for the financial services industry is why I do this. I didn’t set it up to get rich quick – I want this industry to survive and continue to be at the top of its game. I love building and bringing things to life; when Thomas told me about his idea, I knew we had to take a leap of faith and make it happen as this could be the answer our industry was looking for.
IBS Journal: What has been your smartest move?
KR: As a business, our smartest move has been to remain flexible – staying true to what you want to do but staying open to change. Sometimes going with the flow and not sticking to your guns can work out for the best.
In our case, we understand that banks have certain requirements so we have to get the balance right between the want and the execution. Being flexible about how we bring this to life without sacrificing the core principles and ethos of our business has been key for us.
IBS Journal: What was your biggest challenge/setback?
KR: Communicating what is quite a challenging concept for banks outside of their comfort zone (build and manage change from the outside-in and share with other banks) to the point where they can manage their internal governance processes to support us has been tough. We’ve had to adjust our approach and make it quite clear what our initial consortium banks get for their money in the first three phases of our journey.
IBS Journal: Where do you want to be in five years?
KR: Much to my husband’s chagrin, not retired and living on a desert island. I want to be creating beautiful things that we haven’t even come to think of yet. I love working with intensely creative and smart people and hope I’m still involved in challenging the status quo.
www.ibsintelligence.com
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