Bye Bye Banks

Just finished reading #ByeByeBanks, great insights and thoughts from executives on how the banks will get disrupted.It is a matter of when, not if, banking is reinvented. The triangulation of connectivity, technology and software (in addition to changing customer priorites) is disrupting the business. The key challenges that Big Banks face are Legacy systems, culture focused on maintaining P&L and banks spending 50-90 percent of budget in meeting regulatory requirements. The authors talk about some companies working around this hurdle by creating a "layer player" or "digital skin" that provides a modern customer experience but sits on top of another core banking system and licence. The authors talk about creating a Beta Bank,  a stand alone organization with a separate leadership and HQ. A Beta Bank is a fresh start, rethinking, redesigning and rebuilding a bank from her ground up to ensure it's fit for the future. It's a short book written in a casual style that you can read in a couple of hours. Good work by the authors!