JP Nicols: How banks can thrive in an era of digital disruption

Video feature

13 December 2017

At Efma’s recent Innovation Summit in Rome, JP Nicols, managing director at FinTech Forge in the USA, told us about the future of banking and what companies must do to thrive in an era of digital disruption.

At Efma’s recent Innovation Summit, JP Nicols explained that new banks should not fear insurgence, but learn to partner with it.

“I think ten years ago we framed this as encumbrance versus insurgence and if you were an incumbent you thought about how to make my castle walls thicker and how to dig my mote deeper. And that has really changed over the last few years and the largest and most successful organisations are looking at how we partner with those insurgents.”

When asked about how teams can thrive in the digital age, Nicols talked about the qualities of good leadership and management.

“I think one of the most important roles of a leader is the allocation of resources. Financial resources, human resources, managerial time and attention and the organisations that are really thriving in this era of digital disruption are thinking about ‘how do we not just do the same old things a little bit better?’ but how do we really understand what the needs of our customers are.”

“Instead of banking being a discrete third party or a separate step, it’s becoming increasingly integrated and I think by 2030 we’ll see a lot more of that,” he concluded.

Watch JP Nicols’ interview:

Keywords : Digital/Mobile channels , Business strategy/Model , Bank Products & Services

Geography : USA