23 November 2017
Bo Harald

Good for society at large

Bo Harald - ZEF, Transmeri, Real Time Economy Program

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Digital Banking Trends

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Pure lack of knowledge, marketing gimmicks, silly hysteria or hate speech ?

08 November 2017  |  3353 views  |  0

I have been following with consternation media and ”analyst” statements around the future of banks in face of block chain and PSD2. It is easy to agree that new technology and the data driven economy calls for big changes and that many banks have dangerously overslept.  But the opportunities to serve customers better and save costs are so substantial especially for the trust based banking industry that even latecomers stand a chance.



We have already noted that the financial industry in particular have seen block chain as a cost saver and eminent tool for a wider role in the automated real time economy.  To be able to benefit here of course calls for bankers understanding the opportunities in the full commercial value chains (starting from e-invoicing all the way to automated SME-accounting partnerships), trust-creating services (using the needed strong e-id-tools – also for signing), automated credit processes and comprehensive wealth management.

But that using block chain would reshape - not to say replace - deposit taking, interest payments and related automated tax reporting anywhere soon is a very long shot. 


PSD2 is a very important step in the data-driven economy. Even if some aspects of  MyData control are still to be solved it has already impacted all data driven sectors . It is soon self evident that I should have the right to empower any app to use my data as I instruct – in same Single Market standardised way -  be it in  Sevilla or Stuttgart . But that PSD2 would have a major impact on bank income from payments is beyond us in Finland as there are has been no charges for the last 20 years for payments – difficult to make it cheaper than free of charge. Banks are anyway clever enough to create open networks and team up with fast startups  - for better customer service.


So what is it about? Lack of knowledge for sure – banking  is a huge collection of services and payments infrastructures are not easy to understand . Marketing gimmicks for sure -  scare people and they will read. Silly hysteria?  May be – as a result of trusting limited knowledge. Hate speech?  There is a fair number of people - also in the media -  who for one or the other reason simply seem to hate banks and for them it natural to jump on the band wagon.


My take is that the change will be big – and that we should have more time to co-create the new ecosystems needed to connect the growing variety of data.  Hugely interesting – especially in the banking sector.


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job title Chairman/Founding member
location Helsinki Region
member since 2008
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