Digital Banking 29
API
Dear all,
as in previous occasions, let me start with some data I love …I believe I have already commented the fact that people use a limited number of apps, nevertheless spend an increasing and despairing-for-the-rest-of-the-people time in front of the screen – if you have teenagers, you know what I am talking about - …so get ready for the “war for your place in the screen”, in first place …and then get ready for the “war for awareness”, as behavioral data show the steeping trend to download the apps when needed and delete them afterwards ...specially financial services ones.
as in previous occasions, let me start with some data I love …I believe I have already commented the fact that people use a limited number of apps, nevertheless spend an increasing and despairing-for-the-rest-of-the-people time in front of the screen – if you have teenagers, you know what I am talking about - …so get ready for the “war for your place in the screen”, in first place …and then get ready for the “war for awareness”, as behavioral data show the steeping trend to download the apps when needed and delete them afterwards ...specially financial services ones.
"In the fourth quarter
of 2015, iPhone and Android smartphone users in the U.S. used an average of
27.1 apps per month, spending more than 40 hours with them. Interestingly, the
amount of time people spend with apps continues to increase, whereas the number
of apps they use pretty much stopped growing three years ago.
Apparently, there's a limit to how many apps
people actually use, regardless of how many apps are available and how much
time they spend using them. To put it differently: there's an app for every
need, but there's no need for every app."
Statista.com
And before we get into
banking, for all the tech lovers, and for the ones that only have 10 minutes
for reading …Google's biggest announcements from I/O 2016.
Some weeks ago I
read about the fever for acquiring AI startups. I reckon we are in a later
stage of the digital revolution, where the combination of cloud, big data and
big analytics are allowing us to do things we only dreamt about few years ago.
Is Sci-fi becoming real? Are we close to being able to replicate a human mind?
Will we suffer a created-by-machine Armageddon like in the movies? Doubt it.
The truth – or the reality - is that we are facing the opportunity to increase
our applied and aggregated knowledge. And make it more accurate.
Most human beings are different from the rest of the mammals because the aggregated knowledge they have inherited from their ancestors [ouch!]; and we all know that knowledge is power. Hence AI mastering will mean a new way (maybe the way) of seizing power in near future. Some will win, some will lose.
Most human beings are different from the rest of the mammals because the aggregated knowledge they have inherited from their ancestors [ouch!]; and we all know that knowledge is power. Hence AI mastering will mean a new way (maybe the way) of seizing power in near future. Some will win, some will lose.
Talking about AI,
or talking about robots [in my mind, it is difficult to segregate one another
…maybe too many movies], here you have a perfect example of how fintechs and
incumbent banks my work together - bankinnovation.net.
It has reminded me of IBM Watson and all the knowledge they are providing surgeons
with in order to fight against illness. And coming back to the article, I agree
with Sha’s reflection on the fact that many small and medium sized entities – in
case they are still around in the coming years and have not become part of a
larger one – lack the required resources to invest and develop these
capabilities by themselves.
Check this article
out, Open banking standards. It is a fascinating article that helps to understand
the importance of APIs and how they will enable the change in the way customers
use banking services. Do they mean the end of the banks? No, just the opposite.
I believe we go towards a deeper banking penetration in society (governments
are very keen on it, as a way to fight against black economy), but retail banking
- checking balances, accounts and card movements, transfers [be very attentive
to PSD2] will not be the same …digital is here …and retail banking will not be necessarily
done through branches.
And just a couple
things to read and reflect, in case you have longer than the 10 minutes I referred to
previously:
- Enjoy it with a good cup of tea …cbinsights research on fintech
- Homework for Mon (though Sun eve is a good time to meditate) …Nine questions to help you get your digital transformation right
Have a gr8 week!
