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Breaking Digital Gridlock, + Website

Book Description

Strategic technology strategy for smaller financial institutions

Breaking Digital Gridlock empowers credit unions and community banks to make the shift to digital—even without a seven-figure consulting budget. From leadership, to technology, to security, and more, this book provides effective, real-world strategies for taking the leap without tearing your organization apart. With an emphasis on maintaining the culture, services, and features you have carefully crafted for your customers over the years, these strategies allow you to make your organization more resistant to digital disruption by adopting key technologies at key points in their evolution. Expert advice grounded in practicality shows how FinTech partnerships and strategic technology acquisition can foster new growth with minimal disruption, and how project management can be restructured to most effectively implement any digital solution and how to implement and leverage analytics. Specific implementation advice coupled with expert approaches offer the ability to modernize in an efficient, organized, financially-sound manner.

The companion website features a digital readiness assessment that helps clarify the breadth and scope of the change, and serves as a progress check every step of the way. Access to digital assets helps smooth the path to implementation, and a reader forum facilitates the exchange of ideas, experiences, and advice.

  • Identify revolutionary versus evolutionary technology opportunities
  • Empower employee innovation, and stop managing all risk out of good ideas
  • Understand blockchain, machine learning, cloud computing, and other technologies
  • Forge strategic partnerships that will drive growth and success amidst technological upheaval

It is widely accepted that digital is the future of banking, but knowing is not the same as doing. If your organization has been riding the fence for too long amidst uncertainty and budget constraints, Breaking Digital Gridlock provides the solutions, strategies, and knowledge you need to begin moving forward.

Table of Contents

  1. Cover
  2. Title Page
  3. Foreword
  4. Preface
    1. What Is Digital Gridlock?
    2. Riskphobia
  5. Acknowledgments
  6. Introduction
    1. Five Myths about Going Digital
    2. John's Story
    3. Note
  7. PART I: Processes
    1. CHAPTER 1: How to Improve Internal Processes
      1. Regulatory Gridlock
      2. Flawed Bank Processes
      3. Continual Improvement
      4. Project Management
      5. When to Use Agile versus Waterfall
      6. In-house Staff and Outside Vendors
      7. Process Management
      8. Team Organization: Centers of Excellence
      9. Cultural Considerations
  8. PART II: Technology
    1. CHAPTER 2: Tech Evolution versus Tech Revolution
      1. Evolutionary Technology
      2. Evolution in Banking
      3. True Revolution
      4. The Financial Revolution
    2. CHAPTER 3: The Cloud
      1. The Financial Cloud
      2. What Are You Afraid Of?
      3. Types of Cloud Services
      4. Major Players in the Cloud
      5. Capital One in the Cloud
      6. Strategies for Moving to the Cloud
      7. Note
    3. CHAPTER 4: Artificial Intelligence
      1. Computers Will Be Trainable
      2. Machine Learning: Familiar Names
      3. Artificial Intelligence versus Intelligent Augmentation
      4. The AI Threat
      5. Notes
    4. CHAPTER 5: Application Programming Interface (API)
      1. Why Create an API?
      2. Getting Started
      3. The Second Step
      4. The Third Step
    5. CHAPTER 6: Blockchain and Cryptocurrency
      1. Bitcoin: A Brief History
      2. Decentralization
      3. Security
      4. How to Use a Distributed Ledger
  9. PART III: Security
    1. CHAPTER 7: Sovereign Identity
      1. Trust Frameworks
      2. Encryption and Data Security
      3. Sovereign Identity in Practice
      4. Weaknesses in the Current Identity System
      5. An Opportunity for Financial Institutions
      6. Note
    2. CHAPTER 8: The Hacker Threat
      1. The Artificial Intelligence Threat
      2. Planning for the Worst
      3. Operation Ababil
      4. DDoS Attacks
      5. Be Afraid When Things Are Down. Be Very Afraid When Things Are Going Well
      6. Security as a Process of Innovation
      7. The Equifax Breach
      8. Scenario Planning
      9. Notes
  10. PART IV: People
    1. CHAPTER 9: The Digital Change Is for Everyone
      1. Human Resources
      2. Facilities
      3. Accounting: Software Depreciating
    2. CHAPTER 10: Who Can Break Gridlock?
      1. Common Symptoms of People Problems
      2. Human Solutions
      3. Data Is Money
  11. PART V: Culture
    1. CHAPTER 11: Culture and Innovation
      1. Where Does Culture Start?
      2. Culture Breakdowns
      3. Culture and Talent
      4. Steps to an Innovative Culture
      5. Achievement versus Alignment
      6. Notes
    2. CHAPTER 12: Culture and Technology
      1. A Tale of Two Cultures
      2. Having It Your Way—BYOP
  12. PART VI: Strategy
    1. CHAPTER 13: The Long View
      1. The Problem: Banking and Financial Competitors
      2. Threats: The –tions
      3. The Reality of Change
      4. Changing Features or Services
      5. How Solutions Can Fail
      6. Note
    2. CHAPTER 14: Digital Governance
      1. Review Proposed Products and Integration
      2. Data Governance
    3. CHAPTER 15: Using Data Analytics
      1. Look Ahead
      2. Credit Card Usage
      3. Usage Monitoring
      4. Digital “Why” 101
      5. Digital Marketing
    4. CHAPTER 16: Big Data and the Zombie Apocalypse
      1. Apocalyptic Risk
      2. Staffing in an Apocalypse
      3. Creating Value
      4. Digital Insight and Intuition
      5. Types of Analytics
      6. Note
  13. Conclusion
    1. Cultural Issues
    2. People Strategy
    3. Process Changes
    4. Technology
    5. Security
  14. About the Companion Website
  15. Index
  16. End User License Agreement