We’ve been thinking recently about a new form of financial services, which for the time being we are referring to as the Open Bank. This post is intended as a brief summary and strawman of our thinking to date.
The old model of financial services is increasingly out of kilter with the technological pace of change and the way the networked economy and society are evolving We think there is scope for radical rethinking and restructuring of the banking business model so that is open on these 3 levels:
These three levels are all obviously interdependent and we believe that the Open Bank would ultimately not only find the need, but also implemented the solution and get the kudos. A few examples of companies/projects starting to make inroads into this space include the following:
What have we missed and who else is doing interesting work in this space? And what do you think an Open Bank could and should look (and feel) like? As ever, we’d be interested in your comments.
David and Roland