Internet Innovation and the Future of Banking

by Jörgen Eriksson on September 8, 2010

Global Banking and Financial Policy ReviewBanking policy tends to focus on banking in an economic context. In reality the future of banking and banking policy is now a consumer and customer context. This is not simply because of the role the public has played in maintaining stability in the recent crisis. It is because the commercial and enterprise world is becoming customer-centric.

Whereas in banking we tend to think that sophisticated CRM systems give us an insight into customers’ requirements, the reality is quite different. Customers, the public sector, small firms and large, are changing their requirements and structures in radical ways that policy makers need a greater awareness of.

Internet innovationBearing Consulting expert Haydn Shaughnessy has written an article on Internet innovation and the future of consumer banking, prepared for the Euromoney Global Banking and Financial Policy Review Yearbook 2010.

The article explains how in the fields of mobile and in purchase versus subscriptions the non-banking world has a head start, free from policy constraints. For traditional banks to embrace innovation of this nature requires a willingness to reject old-fashioned viewpoints. Working in this open platform world banks can rejuvenate their revenues, and their relationships and generate a sense that they are the place to be.

The article can be downloaded below:

About Jörgen Eriksson :

Jörgen Eriksson is the founder of Bearing and is the Chairman of the firm since it was created. He has successfully expanded Bearing into covering projects on four continents. He is also Adjunct Professor of Innovation Management at the International University of Monaco and at Universitat Politècnica de Catalunya in Barcelona and he is an active member of the Founders Alliance organisation.

Working with consulting engagements across Bearings practices, he has over the past fifteen years participated in and supervised a large number of client projects, from innovation system development and place development and branding, to merger and acquisition assignments and leading edge research and business development activities for key clients.

His new book, Branding for Hooligans, will be published in 2015. It is about how innovation and branding are key survival factors in our modern times of hyper competitive markets.

Prior to Bearing, he was Director of Europe, Middle East, and Africa for Trema Treasury Management, a technology and consulting services provider, supplying financial software solutions for the global financial industry, Clients included The European Central Bank, Citibank, SEB, South African reserve Bank, Deutsche Bank, Abu Dhabi Investment Authority (ADIA), as well as many other large financial institutions and Fortune 500 companies.

Early in his career Eriksson was educated at the Stockholm School of Economics, where he studied economics, financial economics and philosophy. He then worked in Scandinavian investment banks and also for the Swedish Institute of National Defense Research.

You can contact Jörgen on e-mail jorgen.eriksson@bearing-consulting.com, connect on LinkedIn on http://fr.linkedin.com/pub/jörgen-eriksson/0/38/8a0/ and follow him on twitter on joreri508.

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