July 7, 2009
Banking Review podcast with Jeff Carter
Jeff Carter is a former Bank of America executive who founded the Centre for Future Banking with MIT in April 2008. Jeff is currently the CEO of Azigo, a start-up specialising in electronic identity management.
Jeff recently visited Australia for Amplify, an internal innovation event run by AMP. I was lucky enough to see Jeff’s presentation and was fascinated by his discussion on how banks will evolve in an environment where every person, place and thing is connected.
In this 15 minite podcast we discuss what the future proof bank will look like, and where the next disruptive innovation is likely to come from in financial services.
Jeff raised the interesting point that Facebook has 100,000 developers working for it, and questioned how banks will be able to respond to platform providers like Facebook, Google & PayPal when they are doing such a good job of turning the services banks provide into commodities.
This got me thinking, what if a bank were to open up development to others in the same way Facebook does? Is this even feasible? And if it was, where would you apply it? To Internet or mobile banking apps perhaps?
Written by: Charis
Filed Under: Innovation, Payments, Podcasts, The Better Banking Blog
Tags: AMP, Amplify, Bank of America, Banking Review podcast, Center for Future Banking, disruptive innovation, facebook, Jeff Carter, PayPal
Trackback URL: http://www.bankingreview.com.au/2009/07/banking-review-podcast-with-jeff-carter.html/trackback
sustento
July 7, 2009 at 3:09 pm
Now I know how to pronounce your name
Some comments:
- The possible link between Telcos and Banks makes complete sense. If mobile becomes the platform of choice then the 2 business almost merge. Throw in micropayments and systems like MPesa and you can see the mobile platform becoming the bank.
In NZ I could see Kiwibank and a Telco hooking up. The big 4 are just way too slow to move in that direction.
- Banking should certainly be a much cheaper operation to run. After all what is a bank? It used to be somewhere to store money but now its more a business processing centre. Well why can't that operate in the cloud? With a cashless economy anything is possible. Expect more restaurants and fewer banks!
- Financial literacy. What is money? Where does it come from? What does a bank actually do? Certainly these questions deserve proper answers and may well help us to understand what banking in the future may look like.
It's good to hear someone from the banking industry talk more openly about the future.
More of this would be great.