Duena Blomstrom
Passion, knowledge, honesty and courage first, technology second This is the 4th Money20/20 I’m attending or speaking at and over the past few years I’ve been asked many deep questions about the future of banking in its sessions or on the corridors. Should banking fear a Kodak moment? Is it going to be about the technology, the culture and people or the relationship to the customers? Is it really vanishing or just changing into wholesale and if so, are there business models around that and are banks honest and prepared? Where are the threats coming from? Better consumer models from experience layers such as challenger banks or the big tech giants? By Duena Blomstrom, Chief Growth Officer Temenos Marketplace, Founder of Emotional Banking™
All of these are valid questions and the mere fact that the discourse around them exists is extremely encouraging and indicative of the fact that we may see real, meaningful change in sufficient time for banks to still be competing in retail banking and wealth. Before this, in the years before Money20/20, the chatter would be almost exclusively around technology trends and what banks could build or buy and implement to gain some competitive advantage to the closest competitor. 8
It would be common to meet banks deeply preoccupied with whether the comparable bank in their geography would publish their ‘find an ATM’ feature before them. Or banks that remained convinced that introducing a ‘click here to find out more’ about our loans in their online banking portal should be the main lever for their yearly growth strategy. As years passed, it changed from small front-end improvements of their internet banking or mobile app to looking for solutions of more substance – personal financial management (PFM), onboarding, robo-advisory. Their full
