I posted the below picture a few weeks ago on Twitter, annoyed that half my @FinTechMafia buddies were in Las Vegas for various banking conferences and the other were touching down in Singapore for similar purposes, while I was heading to the Dinosaur Park with my kids.
One of them (I think it was David Birch @dgwbirch) pointed out that I wasn’t missing anything and that all of those events would equally consist of a bunch of Dinosaurs and a lot of slides!
While I was walking around the Dinosaur Park, I got to thinking that maybe that comment wasn’t too far off the mark and felt there was a lot of similarity in the tales of the both the Banks and Dinosaurs.
65 million years ago, gigantic monster roamed the same places where today Starbucks and Costa Coffees are. Having dragged themselves out of the primordial goo and evolved themselves to the top of the food chain, the Dinosaurs were oversized in their appetites, attitudes and on top of the world.
Our current banking system has evolved over the last 300+ years to be dominated by similarly gigantic monsters with similar appetites.
What can the monsters of today learn from the monsters of the past to avoid the extinction events that wiped out the dinosaurs? Let us explore, with Jurassic Park puns and quotes aplenty… hold on to your butts.
We know how the Dinosaurs died right?
We all know the stories right?, some massive shift in the environment and a meteor and bang; Dinosaurs are gone?
Well that’s not really the whole story. Dinosaurs are around today, just not the ones we see in the movies. Crocodiles, sharks and lots of other animals have been around since the time of the Dinosaurs. They adjusted to the changing environments, food supplies and evolved.
Banks need to do the same. They have all of the resources in place to survive the meteor heading to earth if they choose to do so.
Banks have all the investment (more in many cases!) they need, nearly all the customers and enough resources needed to make the changes required to defend, evolve and become a new type of bank.
So banks do need to go the way of the Dinosaurs whether they like it or not; They need to evolve. Only they can decide whether they want to be a T Rex or a Crocodile.
What is your bank? Crocodile or T Rex?