Bank X - a report on the "New New" fintech landscape

#1

If you are not as immersed in the world of “fintech” as we are … and why would you be? … then you may not have seen this recent report from Citi Global Perspectives & Solutions.

It is exciting to see @AC invited to answer questions about the origins of Dozens and our mission (much of which will already be familiar to our friends here), but it is also useful to see this in the context of all the other very exciting things happening in the UK and across the world in the world of Fin(ancial) Tech(nology).

It isn’t just the world of Finance and banking that is changing. In fact it is the way we, as consumers and citizens, interact with the world, and therefore how we control our financial relationships. Are “banks” (as we know them) the best way to do this, or do we need something new (or New New) and different?

Fintech may be about increasing inclusion and access to better tools for the many - but is the future about using technology to reduce costs, or is it about offering greater financial innovation?

As @AC points out, there are many different takes on this, so it’s “a race to the finish right now … but ultimately the customer will likely win!”

If you want to check out some of the thinking happening in this space, check out the report (click the image below), and let us know your impressions.

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#2

Very interesting read, kept me up way past my bedtime!

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#3

What did you make of it? Did you consider it encouraging about the industry, or did it maybe raise more questions?

#4

Thought it was positive overall. Also thought how much it showed that London/UK is still a very important center of innovation in finance and IT despite all the anguish that is Brexit. Personally I would never choose to embrace an American bank though I did once do so with an Icelandic bank and thereby became very much poorer.
The fin-tech bubble currently embraces about 27 companies. Some of them have valuations which seem crazy but that’s the Internet age - I see it much like traditional gambling (I’m not a gambler) but as an investment it seems a safer bet than crypto currency. I have children, millennial and almost 30 something. Neither of them can buy their own home though both have good job prospects and work hard. I see this problem as being universal for this generation. If I could wave a magic wand and help them (all) I would. Building up savings is the number one option, that is why I am so keen Dozens prospers, since this is the right mind-set to promote.

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