The Fintech Challenge and the New Face of Banking by Austin Okere (Part 2)

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Business Education, Resources and Opportunities

This is the concluding part of the two part series written by Austin Okere, Founder & Executive Vice Chairman, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York. Austin Okere also sits on the GBSN Advisory Board.   Money is going Digital Around the world, central banks from England to China have publicly floated the notion of issuing their own national digital currencies. Conceptually, they like the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up. Practically, they expect significant cost savings, a reduction of operational … Read More

The Fintech Challenge and the New Face of Banking By Austin Okere (Part 1)

and

Business Education, Resources and Opportunities

This article is written by Austin Okere, Founder & Executive Vice Chairman, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York. Austin Okere also sits on the GBSN Advisory Board.   Should Banks be changing? After centuries of conservatism in receiving deposits and making loans, should banks be changing? There are two main issues stirring the yearning for change: The first being that it is a very difficult Club to join, and hence the large population of unbanked adults. Secondly, even for the members of this elite club, the relationship is acutely skewed in favour of the banks; naturally … Read More

Austin Okere’s Five Forces Model for Analyzing the Future of Banking

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Business Education, Resources and Opportunities

This article is written by Austin Okere, Founder & Executive Vice Chairman, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York. Austin Okere also sits on the GBSN Advisory Board.   Having enjoyed centuries of monopoly, assured by the support of regulation, including through stringent requirements to new licensees, the erstwhile secured future of traditional banks is facing a heightened threat of disruption from Financial Technology companies (or FINTECHs), who are exploiting pent-up customer dissatisfaction and new technologies such as block chain, coupled with the significant boost in smartphone adoption and pervasive broadband to disrupt the sector. The foundation … Read More