The retail banking world today is full of technology challengers, from Apple Pay to start-ups like Venmo and TransferWise. These companies hope to do to banking what Skype did to telecoms or what Uber is doing to taxis. They want to provide services that are simpler, cheaper and connect more directly with the consumer and they could well take down some established brands along the way.
James Haycock, managing director of the digital agency Adaptive Lab, saw this trend and felt that retail banks needed a guide to help them understand what was happening, as well as a plan to deal with it. Late last year he asked me to collaborate on a book. Together we fleshed out his ideas, added some background and context and wrestled with the best way to explain a strategy we're calling The Beta Bank.
The result is Bye Bye Banks? How Retail Banks Are Being Displaced, Diminished and Disintermediated by Tech Startups and it is now available from Amazon.
While Bye Bye Banks? is not my first book, it was my first collaboration and the experience was a fascinating one. We learned as we went, batting drafts between us and mostly managing to avoid picking up the wrong version of a chapter or each writing a new draft of the same section.
If we were writing it again, we'd probably finish much more quickly. Nevertheless, the finished work is something to be proud of and I hope it's useful to those who are interested in the sector.