It's not the technology | Why banking is broken ft. Ewan Silver | 11:FS Explores Lightboards

When people discuss 'banking being broken', they often refer to the technology itself. As Ewan Silver says - that isn't necessarily the case. The fundamental flaw within banking at the moment is the way that banking products are treated within the organisation. A customer can get a retail bank account, a credit card, and a mortgage from one bank. They would expect this to be a seamless process, as it looks like one entity - but from the bank's perspective, these are three different businesses entirely. They have no single-view of customer.
This was OK for a while. All banks worked in this way, so there wasn't exactly a high bar set for them, But now, with challenger banks offering realtime payments and notifications, and GDPR regulations enforcing banks to enforce KYC across entire organisations, the banks NEED a single customer view. And they can't seem to get there easily.
So what are the potential solutions? Ewan explains it all, with our 11:FS Lightboard.

[@krupakhargandeepan]

Just the change in data structure created so much value. Brilliant stuff!

[@yosha185]

Highly underrated video.

[@ashishrawal79]

Ewan - Beautifully explained. Thanks alot!

[@Edu4Dev]

I really like this channel, change my vision and open my possibilities to be a little more " equal ". Tks from Brazil.

[@11FS]

Thanks so much Milton! That's great to hear.

[@Edu4Dev]

@@11FS you'll hear about my book next year, i'm developing a bank, in a very different way

[@paymenttech125]

Very clear view about the old way and the way to do financial services

[@sundalmurugan4208]

thumbs up!

[@lmartin3761]

very well explained great video!

[@Hcaixeiro]

Great content!

[@cemkocainan1831]

Thanks!

[@shuyaoshi7091]

Great explanation! One question from tech perspective: how does this new financial structure prevent single point failure: if the multi asset ledger system is down, all financial activities will be shutdown, versus now we can still take out money from banks if the credit system is down.

[@bankingscrilla]

Does anyone know where I can all this concepts from. A book, course?

[@ananiaspereira8839]

in the future will people have the ability to operate a bank account? because even today in 2021 nobody knows what a bank account is! ... they just know they have the money.

[@BonanzaNLD]

This is too easy. Evidently banking is broken, but even more broken are the regulators, that force requirements upon banks to keep a certain amount of capital (and tons of other stuff) to remain "safe". And that makes it difficult for banks to change, not that they don't want to. Sure, this flic is nice for basic stuff and retail, but that's just a small part of banking.