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Digital Bank by Chris Skinner

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WHY WE NEED DIGITAL BANKS

For half a millennia, retail banks have worked on the basis of physical distribution. For half a century, that model has been challenged to move towards electronic distribution. At the end of the first decade of the new millennium, we have finally reached the point where electronic distribution has matured, works and is proven. Unfortunately, most banks are stuck in the 20th century. It’s time for banks to turn their model on its head and focus on electronic platforms, where physical distribution is the cream on the cake, rather than the other way around.

This occurs regularly as a debate around the future of retail banking. The discussions go something like this: “So are things like Second Life and Facebook just passing ...

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