Banks Embracing FinTech:

Dear Friends and Colleagues,
I am asked by bankers more and more often (and more and more vehemently) how they should change the ORGANIZATIONAL STRUCTURE of their bank to become more competitive, innovative, FinTech embracing.
Do you know any good models? Any ideas? Any best practices? Any Organizational Development or Organizational Structure articles on banking-innovation, banking-transition or so?
Many big thanks,
David

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Great question @DavidGyori. I think that @oscar was adressing this issue when he used the novel term (novel at least to me) ORGTECH.

@oscar does Orgtech encompass the new organizational structure needed to allow for the other closely linked innovations (Regtech, Legaltech etc) to work in a profitable and sustainable way? And if, which companies are innovating in this space?

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Evidently, we have reached the point where many banks have concluded that the “parallel universe” model isn’t working. That is, a separate innovation team within the bank which is a world unto itself. It’s not uncommon that the incumbent bank departments and innovation teams ask the help from us FinTechs to help them bridge… Looking forward to any answers or new thinking on the topic, our bank clients will be keen to hear it. Great topic @DavidGyori thanks for posting.

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Dear @MichelleKatics, thank you so much for your reply. This is a very important topic exactly for the reason you mention: “isn’t working”. But this “isn’t working” is not only true for the ‘parallel universe’ model, but it is equally true for all models. One of the expressions I have learned from a SV company regarding this ‘parallel universe’ model is ‘the model of the ambidextrous organization’.
Recently I have talked to a remarkable Dutch bank. They want(ed) to ask me for some work with them. I was so happy. But they started to ask me if I know one single silver bullet way to organizationally turn a bank more innovative. And I have very clearly explained them that there is no perfect way, there are models which I can explain. They were absolutely not happy and I think they lost from their enthusiasm to ask me for this project. I am sad; maybe they will still ask me, but I sensed the disappointment when I let them know that I do not have a perfect model. (This is a very simplified explanation of this story.)
And this issue comes up more and more. I perfectly agree with @MichelleKatics “our bank clients will be keen to hear it”. Let’s keep our eyes open! Let’s keep up the communications about this! :slight_smile: