Page 35 - February 2018 Disruption Report Flip Book

DIGITAL BANK 2.0 FJEABNRUUAARRYY 22001188
open API strategy. As the fin tech ecosystem develops and matures in 2018, it would not be surprising to see banks acquire many of these startups to target ‘switchers’ and increase wallet share.
In 2018, Open API banking will finally come of age with the Payment Services Directive 2 (PSD2) going live January 13 [in the EU], impacting the last-mile payment process
by allowing third parties to initiate payments directly from a person’s account as a bank transfer, potentially losing banks 9% of retail payments revenues by 2020.
2. Redefining ‘Work’ and the 21st Century Banker
...2018 wilt see a first step toward building a new culture and productivity model within the banking workplace in a move to “Google-like office environments” to attract skilled talent and drive greater productivity as the war for attracting and retaining technology talent gets only more competitive. Subsequently, banks will spend time reshaping their employer value proposition and work atmospheres, geared toward the values and environments they believe millennials will favor -like bringing out the “intraprenuer” in every employee. This is critical for workforce planning given in the next 8 years, millennials will constitute roughly 72% of the global workforce.
The adoption of cloud applications like Trella, Asana and Slack, BYOD (Bring your own device), instant messaging, video-chat and social-media like platforms for team collaboration will drive a new minimum toolset for this workforce with the digitally-enabled flexibility to which they are accustomed. Reporting structures, hierarchies, and bonus/incentives will also need to be re- structured to mirror more innovative approaches that challenger banks are taking to create
© 2018 by Canfield Press, LLC. All rights reserved. www.canfieldpress.com
35