NovaBanca.

I think there has never been a better time (well in at least 100 years or so) to build a new bank. A new sort of bank. I’ve been meaning to post (some of) my ideas on this since last spring but have never had the time. Plus given that this is something I would love to actively drive and participate in, I probably sub-consciously was a bit loathe to spell it all out. Until I get a day or so free to translate my vision and copious notes into something coherent, here are a couple articles that might give you a taste of how I am thinking:

1. Take full advantage of a blank canvas (cf “Silo but deadly”); and
2. Embrace the possibilities offered by 21st century ICT (cf “Doing IT wrong”)

It also seems I’m not alone in this thinking, at least not in the UK, with first Tesco and now Virgin Money aggressively entering the (retail) banking space.

(via The Guardian) Virgin Money has made its much-anticipated move into the retail banking sector by taking over a small private bank.

The £50m deal to buy Church House Trust was announced to the City this morning. It is a key part of Sir Richard Branson’s attempt to challenge the UK’s major high street banks, and comes two years after Virgin failed to win control of Northern Rock.

“Virgin Money aims to bring simplicity to the UK banking market, which has traditionally been a complex sector,” said Branson, who believes the move gives Virgin “a strong platform for growth”.

I’d love to meet the leaders of these two firms as I think a lot of what we are working on would resonate with them. That is, unless we decide to start a competitor!

Related articles by Zemanta

• Supermarkets will do a better job than our banks (telegraph.co.uk)
• Question 7 – Reforming the banking system in the UK (newstatesman.com)
• Platforms, Markets and Bytes (video) (parkparadigm.com)

Tweet This Post

Permalink||Comments|Filed under 'Banking, FaaS'