FinTech Won’t Revolutionise Banking

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(excerpt from my book)

In my experience technology has always overpromised and underdelivered. At work, the IT projects I’ve been part of have almost always over-run and not delivered the promised functionality. Outside of work, my smartphone’s battery dies too soon and voice recognition comes up with the strangest answers.

In a move reminiscent of the dot-com frenzy of the late 1990s, many bankers have left to enter the financial technology (fin-tech) sector. This in itself is not a problem, but the fact that many of them rarely were able to harness technology well when they in a bank is worrying. It seems that a fondness for the latest Apple product is conflated with being tech-savvy.

What I think is being mistaken is that technology is a symptom of innovation not the cause of it. Let’s take Silicon Valley, the home of innovation, what is clear is that the work methods are the source of innovation. These include flexibility, creativity and speed. Put simply having an IPhone doesn’t make us Steve Jobs. Rather, it will be the Silicon Valley mindset that will revolutionise banking.

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