Since I became BankNXT editor-in-chief (early 2015), I’ve benefited from the knowledge of some of the financial industry’s sharpest and wittiest minds, and I’ve met a fair few of the contributors I’ve worked with along the way. Sadly, the role of editor means I’m often chained to the keyboard, which means it’s great when I finally meet the people who have contributed to the success of this website.
I recently attended the Retail Banking Innovation Conference in London, where BankNXT was ‘lead media partner’, and was delighted to meet Daryl Wilkinson at last. As a contributor to BankNXT, he has led opinion on topics such as regtech, artificial intelligence, challenger banks, and has shared his thoughts on personal topics such as his decision to leave Nationwide (and starting his own company).
I spoke to Daryl straight after a panel discussion he chaired called ‘Open Banking and the API Economy’, which you can watch right here. We talked about open banking, and the approach to innovation taken by many financial institutions.
“I don’t believe banks are moving fast enough,” he said. “I think that’s a fair criticism. I think they hear the criticism and they’re making the changes, so it’s not like they’re ignoring it. I’m concerned that they’ve kind of lost themselves with innovation labs and design studios, and the PR and facade of being innovative, rather than the substance of doing it.
“The hardest thing about innovation is actually execution. There’s ideas everywhere, so if you’re still in the process of measuring ideas and how many new ideas you have, you’re already losing. You should be measuring your execution of ideas, and how quickly you go from idea to implementation. Fintechs obviously do that a lot faster because they’re smaller beasts.”
He politely challenged my cynical viewpoint about banks’ reluctance to share customer data, seeing optimistic alternatives based on a collective responsibility to manage our data. He’s sensitive to the situation whereby banks are chastised when it comes to any failure of data management, while the likes of Apple are sometimes easily forgiven.You can subscribe to this podcast on iTunes.
This post is brought to you in association with FinTech Network and the 2nd Annual Retail Banking Innovation Conference, of which BankNXT was recognised as ‘Lead Media Partner’.