A lot of people have lost confidence in bankers throughout the years. It seems those concerns are more than valid, as banks have no interest in being a serious brand, and they remain blind to the coming changes.
Very little has changed within the banking industry over the past handful of decades, and some serious questions need to be answered. From the look of things, no established bank has an interest in caring about customers’ feelings. Nor do they seem interested in being a professional brand. But what is even more disconcerting is how banks are in the luxurious position of not caring, with hardly any repercussion.
Ignoring Innovation & Disruption
Despite the sheer amount of innovation threatening the traditional banking system, established institutions turn a blind eye to the disruption they are faced with. According to a recent Finextra article, those blinds come on as soon as individuals become decision makers in banking.
When looking at the average board members of a financial institution, Generation X seems to be dominant everywhere we look. These people make up the pre-disruption generation who doesn’t like change all that much. Moreover, since things have been going well for multiple decades, there is no point in changing a winning formula.
Challenger banks are often touted as the ones to disrupt traditional banking, but that might not be the case. Rather than avoiding the pitfalls of their predecessors, they are lured in by the appeal of tamer business models. In fact, there is a good chance a portion of challenger banks will become a different “flavor” of traditional banking, despite trying to sound disruptive to the outside world.
Bankers Lie At Every Turn
Bankers have a strong tendency to lie, or turn words in their favor. Financial institutions are far less concerned with individual customers than they want to admit. Independent Digital Banking Consultant Duena Blomstrom witnessed the situation first hand, and told the world:
When we say we’re building disruptive new models that will integrate money into larger digital contexts, but we don’t have the backend technology to even begin to understand the data, we lie. When we know as a consumer, as a human, that our needs are nowhere close to met in our interaction with our money holder, but we spend no time seriously studying those needs and feelings but say we do, we lie.
That statement seems to hold a lot of merit where blockchain technology in the financial sector is concerned. Multiple banks are exploring Bitcoin technology to sound disruptive. But very few of time realize how the technology works or what it needs to yield results. Creating a new blockchain out of thin air will have no impact whatsoever, and it is nothing more than another empty lie.
In the end, it is important for consumers and bankers to keep in mind the current status quo will not hold forever. Change is coming, whether bankers like it or not. Consumers are directing these changes, and developers are creating the technology to accommodate these needs. The open standard, such as the Bitcoin blockchain, is becoming the new norm.
What are your thoughts on these revelations from the world of bankers? Let us know in the comments below!