There was a time when banking was a respected profession, when banks had a cast-iron, gold-plated reputation. Banks recovered from the Wall Street crash, the Ponzi scheme, the savings and loans real estate scandal: but the twenty-first century has changed everything.
Leading bankers dwelt on a “financial archipelago” - a cloistered society which ran for its own profit and convenience, turning over billions of dollars a day, and removed from the real world in which the monies lent and owed became real problems for real people.
The 2000 recession and 2008 crash have left shattered public faith in the banking industry, and the environment in which they secure, loan, invest and recover money is no longer run on their terms.
The banking industry is built on paper statements, loan collateral and hard copy records serving as hard copy evidence of worthiness for credit, which are turned around in batches at the end of a business day. The modern world is built on digital data and abstract worth, on services which process transactions and accumulate value in real time.
All too often, using a bank's system feels like going back in time. Banks need to modernise to address a fundamental disconnect between their processes and the modern world.