New Book by Dan Schatt, VIRTUAL BANKING, is Released
Virtual Banking: A Guide to Innovation and Partnering offers a hands-on approach to competing in today's financial services environment. As a professional running virtually any financial company how can you position your institution to become a customer magnet instead of a repellent? This book is intended for those who would like to understand how to innovate and drive significant positive change in their organization though creative partnering. Written by Dan Schatt, the former Head of Financial Innovation for PayPal, this vital resource provides clear, actionable guidance for beating the new banking models at their own game.
"Part of the answer lies in creative deal making, Silicon Valley style. New technologies and platforms are now available on a wide scale and those financial institutions that can strike deals with nonbanks can meet their regulatory requirements while offering valuable new experiences that delight customers," says Schatt. "Virtual Banking also explores the divergent thinking that leads to innovation - how consumers rule the day and governments capitulate when an innovation catches hold."
Financial services innovation often implies heavy investments in technology or operational process, which may or may not lead to positive, transformative change. Real innovation can be very low cost and leverage existing technology assets and processes, but it can often come in the form of creative partnerships that aren't always obvious on the surface. An untapped opportunity exists between the tech world and the financial world, which can work together to achieve more than they could separately.
The book is filled with illustrative case studies from such industry leaders as PayPal, Google, Square, and Facebook. These examples clearly show the acceleration of innovation through banking partnerships, as well as the mechanics behind banking's most credible threats. Virtual Banking gives bankers and anyone determined to tap into the power of digital payments the inside track on managing the shift and dominating the new marketplace with insight such as: