SEATTLE — Building a better bank? Do it in the sandbox. Financial innovator Kosta Peric’s concept of the castle and the sandbox, which is also the title of a book he wrote, means that while banks need to be protective and close themselves off from the world, and for good reasons, they should also maintain sandboxes — places where innovation and experimentation can happen. Peric, formerly director of Innotribe and now deputy director of financial services for the poor at the Bill & Melinda Gates Foundation, spoke about the need for sandboxes with Bank Innovation editor JJ Hornblass at Bank Innovation 2014 in Seattle earlier today, and Peric’s messsage was a loud one: banks today need both castles and sandboxes, but unfortunately many lack the latter. This theme was echoed by Michael Dooijes, Rabobank’s executive director, head of strategy & innovation, who said that a digital bank should be built “in parallel” to an existing bank, “not on top of it.” This way, the digital bank is not a reflection or reproduction of an existing set of processes, but an entirely new one. Dooijes both works at a bank and is the CEO of a startup, mobile ordering service MyOrder. A [...]
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