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Elon, do not follow the Brazilian example of Eike to 'love' the letter X.

https://en.wikipedia.org/wiki/Eike_Batista

He's in jail now!

In Brazil, since the beginning of the Century, we have the "Sistema de Pagamentos Brasileiro (SPB)" Brazilian Payment System,
which allows the on-line clearing of operations carried out by the Reserve Transfer System (STR), reducing the possibility of a
financial institution facing difficulties in settling its daily commitments, affecting customers, investors and the Central Bank.

To make a transfer of funds from one bank account to another, the option called "Electronic Transfer Available (TED)" is used.
The funds will be available on the account in minutes and safely!

@Sameer

Fully agree on

"...Business and technology are getting so close to each other that they cannot be segregated..."

Business and Technology are becoming more and more intertwined as both evolve.

In my opinion, the digital strategy must follow an Enterprise Architecture (a single source of knowledge) rather than the business processes, now done by Business Segments (silo-based organization with multiple DWs), eliminating the back end systems.

This approach will turn the banking business drastically simple and nimble...

@Ketharaman Swaminathan,

The issue #1. Delivery Address Ambiguity, tends to never be solved.

Hopefully, there is a paradigm shift available for the points of delivery of the 'milk run'.

Instead of adresses, the Lat Long coordinates, with five decimals should be used.
The fifth decimal place is worth up to 1.1 m, in the Equator Line, which is about a size of one door.

Then, Lat, Long and Altitude should be included on the adresses records.

Yes, "most importantly it is about trust."

We have to take in account the behavioral profile of a Bank customer from that of the customers of other businesses: retail, services, tourism, etc.

The Bank's customer wants to keep its 'dark side' safe, discreet and confidential.
When its 'dark side' is spied - KYC - trust is lost.

Said that, is the Bank's customer who must have a 360 degree view of the Bank - KYB - and not the contrary.

"The greater and easier the control which a client has in understanding and handling its financial position, the greater the trust it will have in the Bank holding its assets."

Excellent work, Shriyanka!

In my opinion the biggest debt is the 'Design Debt' in the Bank's back office.

See my comment on:

https://www.finextra.com/newsarticle/30191/rbs-looks-for-digital-salvation-after-posting-ninth-successive-loss

@Bo Harald,

For sure there was lot of "e-bankings" in the 70s.

Here in Brazil, Bradesco Bank had corporate e-banking with dedicated lines, since mid 70s.

At that time, there were also the "e-banking" phone, where you dialogued with your bank - to obtain your balance - with phone key tones.

The "Basic Cosmos" electronic banking transactions and queries were conducted through computerized systems on the public network, via a terminal (there were no PCs at that time) in customers place and for all customers. Then customers managed its financial transactions and queries.

By the way, how TELEUBF interacted with the central data base?
Was there an integrated database to give customers full position, online, real time?
Was it on the public network?

I'm curious on that!

joao.bohner@gmail.com

@Dharmesh,

the first Electronic Banking in this Planet was implemented in Austria, Vienna, on February 16, 1981, by Citicorp's European and Latino systems groups.

The customer was Voest Alpine, the biggest steel manufacturing company in Austria.

Following the system was installed in Madrid, Dublin - Europe - and Montevideo, Santiago and Lima - South America.

Soon it was adopted by more than 100 countries.

I'll be glad to share information on that to whom is curious about the story of this saga.

joao.bohner@gmail.com

Very clever article, Bradd.
Congrats.

And a good job description for the Dictator you'll find in the Bhavesh Vaghela blog:

https://www.finextra.com/blogposting/13579/digital-transformation-awesome-product-owner


In my opinion it's not a Bank's task to transform/replace old legacies, nor Fintechs Startups task.

This burden is in the hands of technology vendors whom should invest in solution for the Banking Business.

The technology vendors, they have the power to handle this market as @Ketharaman Swaminathan mentioned in a previous blog:

https://www.finextra.com/blogposting/8570/6-reasons-why-banks-cant-transform-legacy-applications
           "However, that would be turning a blind eye to how technology vendors have thwarted the change to the status quo.

I know it's a daring task, so much so that the innovator Elon Musk has given up on disrupt banking, preferring simpler tasks such as colonizing Mars!

https://www.finextra.com/blogposting/13815/is-there-still-life-in-the-old-bank

I've some concrete ideas on the matter and I'm open to share them.

joao.bohner@gmail.com