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1、MASSACHUSETTS INSTITUTE OF TECHNOLOGY Digital Banking Manifesto: The End of Banks?Alex Lipton, David Shrier, Alex Pentland Connection Science they also have a poor handle of the risks on their books. While major industries, including retail, travel, communications, and mass media have undergone revo
2、lutionary changes in their business models in the last thirty years or so, banking remained static at its core, living on its past glories and ignoring the winds of changes. Existing banks suffer from numerous drawbacks, because competition among them is relatively weak. Moreover, their customers ar
3、e generally not happy with the level of customer service they receive, besides, they are exposed to the risk of losing their deposits (above and beyond the regulatory guaranteed minimum) in the case of their banks default. Zero or negative deposit rates, which became prevalent in most developed coun
4、tries in recent years, make keeping money in the bank both risky and unprofitable. Yet, at present, customers do not have viable alternatives.In addition, there are whole strata of people and SME, especially in developing countries, who are either underbanked or unbanked, due to the fact that tradit
5、ional banking methods are not flexible enough either to solve the know your customer (KYC) problem for them or to assess their credit worthiness.Thanks to new developments in data technology and in mobile telecommunications adoption, we see the potential rise of a third wave of innovation in banking
6、. We will outline in this paper the key features, benefits, and strategic imperative of the Digital Bank of the Future (DBF).To understand the opportunity that is promulgating this third wave, we define the first two waves of digital innovation in banking:First wave companies: the “incrementalists”D
7、igital technologies have been entering the banking industry for years. However, they have been added incrementally to existing operations, either as an overlay or a minor extension. We term these the “incrementalists” or First Wave companies. 2016 ALL RIGHTS RESERVED.5DIGITAL BANKING MANIFESTO: THE
8、END OF BANKS?In the mid 1970s, Citi began experimenting with the automated teller machine (ATM). Former MIT Chairman John Reed led the development of Citis efforts in this area, revolutionizing retail banking. The ATM story is a landmark study in corporate innovation. The concept was simple: deploy
9、machines that could process transactions such as cash withdrawals and check deposits. What was revolutionary was what followed: banks historically had been open with limited daytime hours, say 9am 3pm, which was inconvenient for people who had a job. However, in the 1950s, most householders in the U
10、.S. had a single earner, and the stay-at-home-wife was able to handle banking needs during the day. Mapping to a behavior change in society, as more and more women entered the workforce, the U.S. saw a rise in two-income households, which in turn led to a diminution in the ability of people to take
11、advantage of daytime banking services. Thanks to computerized banking, executives could see exactly when people most needed to use banking services. Evening utilization of ATMs surged. Banks, in turn, then began extending their hours into the evening to accommodate the working professional. By 2014,
12、 there were 524,000 tellers in the U.S.2, up from 484,000 in 19853.Online banking, likewise, was piloted in the 1980s by Citi, Chemical Bank, through Minitel (France), and Prestel (UK), but didnt really take off until the 1990s in conjunction with soaring internet usage. Simple, browser-based tools
13、gave consumers access to a number of key banking transactions such as money transfer, bank statements, and electronic bill payment. While the incumbent commercial banks initially were the purveyors of online banking, the rise of the internet also saw the rise of the internet bank most prominently Ne
14、tBank in 1996.Second wave companies: digital hybridsWe term the Second Wave companies like NetBank to be “Digital Hybrids”. Frequently taking advantage of front end systems to better market and connect with consumers, they remain shackled by legacy back and middle office infrastructure, risk modelin
15、g systems, and sometimes labor models. Often these hybrid banks will have an incumbent bank as their backend.For example, Simple Bank was founded in 2009 with a number of innovations to streamline account management and costs, but uses The Bancorp as its backend.Other emergent hybrid banks such as F
16、idor Bank (Germany), Atom Bank (UK), LHV Pank (Estonia), and DBS Digibank (Singapore) enjoy purpose-built IT infrastructure that is 60- 80% less expensive to build, and 30-50% less expensive to maintain, than legacy banks. Headcount is considerably lower, about 10-15% the levels of a traditional bank. 2016 ALL RIGHTS RESERVED.6 2016 ALL RIGHTS RESERVED.DIGITAL BANKING MANIFESTO: THE END OF BANKS?However, these “digital hybrids” still
