Enterprise hits and misses – gonzo banks vs incumbents, radical candor vs corporate inertia

diginomica hit: Gonzo banks versus ‘technologically bankrupt’ incumbents by Phil Wainewright quotage: “Incumbent banks in the UK have now reached such a crisis point in their technical debt, according to the young CEO of a challenger bank. Just as it’s become imperative for them to refactor their IT systems for the digital age, they’ve been forced to retrench.” myPOV: If you’ve struggled with your bank’s archaic procedures, predicting their downfall is tempting: big banks are about to be Ubered and Lyfted into obsolescence. But banks aren’t taxis. Bringing a highly technical new term, “gonzo banks,” to the discussion, Phil takes the position that the big banks, once threatened by lack of capital reserves in the 2008 crash, are now facing the obstacle of technical and process debt. Driving the point…


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