Adaptive Lab is proud to announce the release of our first book, published under Wunderkammer, called Bye Bye Banks? Written by James Haycock, MD of Adaptive Lab and former Telegraph Technology Editor, Shane Richmond, Bye Bye Banks? provides an analysis of the forces shaping the future of financial services.

Bye Bye Banks? looks at the struggling business model of traditional banks. Despite billions of pounds of investment in digital transformation, banks struggle to keep pace with consumer expectations when it comes to digital experiences and wider market trends. Fast emerging disruptors in the form of tech startups and digital companies are clamouring to take their share of the financial sector market and doing so successfully. Free of legacy technology, processes and thinking, these disruptors are unbundling services offered by traditional banks and transforming them into a seamless digital service for tech savvy customers.

The key themes and messages that come out of the book are based on extensive qualitative and quantitative research that was carried out with 110 senior managers, directors, C-Level executive, CEO’s and Presidents within the retail banking sector, and a survey with over 400 nationally representative UK consumers. The book also features frank commentary with senior experts including, Anne Boden, CEO, Starling Banks; Alessandro Hatami, former Digital Payments and Innovation Director at Lloyds Banking Group; Tom Hopkins, Product Innovation Director at Experian and James Barty Head of European Equity Strategy, Bank of America Merrill Lynch.

On the book James commented “There is an increasing amount of conversation about the arrival of tech startups competing with the traditional retail banking business model which will clearly have the same impact of shortening corporate lifespan. If you step back from all this chatter there is a three stage scenario that looks likely to play out. Firstly the incumbents will get displaced by a better customer experience and price, second that their revenues will be diminished in a market of higher switching frequency, before finally their core competency is challenged- in this case the arrival of the blockchain will disintermediate the banks completely.”

James continues, “In speaking to the numerous executives during the course of our research we believe the obstacles banks face, legacy technology, culture and people, are too great for them to overcome from within. Instead, they must reboot and create an autonomous organisation outside the bank itself, something we call the Beta Bank.”

The book concludes with a solution to remedy the situation, which is to establish a Beta Bank. Put simply, this would involve establishing a standalone organisation with a separate leadership and HQ, what Adaptive Lab call ‘native leadership’, offering a fresh start and the opportunity to rethink from the ground up.

Bye bye banks

Bye bye Banks? is available to buy on Amazon and can be read in under 2 hours. But if you only have 5 minutes to spare, the introduction which can be read via our Medium page, sets the scene using the telco sector as an example of an industry that has already felt this scenario played out.

Bye bye banks

If you would like to find out more about how we can collaborate on building a Beta Bank then drop us a line at hey@adaptivelab.com.

You may also be interested in following our Bye Bye Banks? Flipboard magazine, which is curation of regularly updated articles around the topic of disruption in Financial services including new entrants, technology innovation and consumer behaviours.