Digital Bank Quotes

“The issue today is that branches were not designed for this purpose. They were designed to look after money and process monetary transactions. They were designed to handle physical forms of cash and cheques, as secure transaction centres. This is the core reason why everyone thinks that branches will disappear because they are not retail stores, engaging the brand community, but instead transaction centres run like some administration process.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“In other words, retailing has moved from selling products or services in stores to using the stores as a method of building a sense of community around the brand. A sense of belonging. A sense of ownership. A sense of loyalty.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“This focus on humans rather than money is best illustrated by the Apple store concept, which was the first to include the Genius Bar, a children’s play area and other features that critics thought were a waste of time. When the first Apple store designs were announced, Bloomberg reported: “(Steve) Jobs thinks he can do a better job than experienced retailers. Problem is, the numbers don’t add up. I give them two years before they’re turning out the lights on a very painful and expensive mistake.”15 However, after opening, it was obvious that the stores were engaging customers in an even more immersive, brand building experience. Eight years later, Apple’s New York store became the highest grossing retailer on Fifth Avenue.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“if you wanted to talk to a human, there would be a remote advisor video terminal for access to advice and, if you wanted to talk face-to-face with a human, the bank would offer an appointment making facility that would enable someone from the bank to visit the customer either at home or at work.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“The result is that most banks will eventually rationalise down to just one store for every 250,000 people—or one store for every large town, city and shopping centre—rather than the current structure which allocates about one store for every 20,000 people. The question then is this: What do you do with the 80 per cent of stores that are no longer needed? The ones in the suburbs and smaller high streets? The answer is that you replace them with satellite self-service hub stations, which allow people to self-serve with ATMs and deposit machines.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“There are a number of banks that get this such as eBank and Jibun Bank in Japan, Wells Fargo and Bank of America in the United States and BBVA, Caja Navarra and a few others in Europe.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“So we have a critical segregation between the designer, who will focus on processes, interactions, people and customers, and the architect, who will focus on building materials, infrastructures, networks and technologies.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“Social money and payments: iZettle, Payatrader, mPowa, SumUp, payleven, Inuit GoPayment, Square •   Social lending and saving: Zopa, RateSetter, smava, Prosper, Lending Club, Cashare •   Social insurance: Friendsurance •   Social investing and trading: StockTwits, eToro, Myfxbook, Fxstat, MetaTrader Trade Signals, Collective2, Tradeo, ZuluTrade, Nutmeg •   Social trade financing: MarketInvoice, Platform Black, the Receivables Exchange, Urica •   Payday Lending: Wonga, Cash America, Advance America •   Goal setting and gamification: SmartyPig, Moven, Simple •   Crowdfunding: Funding Circle, Kickstarter, Indiegogo, crowdrise, Razoo”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“Banking-as-a-Service (BaaS) is a new model of banking based on cloud computing structures of digital banking.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“PFM links you with other users who have financial behaviours like yours, and shows you how to improve your financial returns based on what people like you do. PFM might link to your mobile and social networks, allowing you to do a lot more intelligent financial structuring and operations. PFM can alert you to budgetary and balance issues, payments and billing notices, and interest saving or gaining opportunities. In fact, depending on which PFM provider you go with, PFM can pretty much do anything you want with your banking service ... and PFM providers are popping up all over the place to show different capabilities in what is an increasingly crowded space.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“Yodlee as it’s still around today and is successful, partnering with many of the key innovation providers of PFM.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank

“First, by having millions of us in their community. Second, by partnering with firms that advertise and provide services to their millions of financial community members. Third, by selling ancillary products and services such as hats, t-shirts, umbrellas and nice leather binders and folders.”
― Chris Skinner, Digital Bank: Strategies to launch or become a digital bank