According to a February 2018 survey of US internet users by SurveyMonkey for Axios, 55% of respondents said they are concerned that the government will not do enough to regulate the way tech companies operate. These results indicate that public opinion is turning against the giant tech firms that have come to dominate the US economy. In November 2017, only 40% of those surveyed by SurveyMonkey/Axios said they were concerned about the government not regulating tech enough. Fintechs and Digital-Only Alternatives face a consumer backlash. “Retail banking providers need to address the growing digital divide,” concludes McAdam with J.D. Power. “Successfully navigating that transition will require banks and credit unions provide better, more personalized advice that is consistent across both digital and branch interactions and to ensure that customer needs are met, regardless of channel. Some of the best practices being pioneered today by digital leaders include highly personalized digital interactions along with branch transformation efforts that service the needs of both digital-centric and brand-dependent consumers.”

VC Firm Andreessen Horowitz shares thoughts on how to improve the mortgage origination process. “Tackling the mortgage market has clearly been a daunting challenge for all of the above reasons. But it’s also where the opportunity lies — as is the case with many software-based startups, the technology and strategy together provide a wedge into reinventing a very manual, error-prone, and slow process. And there are opportunities for startups to insert themselves at nearly every stage of the home buying process. Mary’s next mortgage, perhaps originated by a company that we have not yet heard of, will hopefully require very little of Mary’s time, cost Mary far less in fees, and close almost instantly… as she walks into her new home.” And, this video on the 3 billion Unbanked is worth your time.

How to become an elastic thinker and problem-solver. “Human thinking can be set out on a spectrum. “Logical analytical thinking is really good when you are trying to solve a problem you’ve seen before. You can use known methods and techniques to approach whatever issue you are dealing with. Elastic thinking is what you need when the circumstances change and you are dealing with something new. It’s not about following rules.”

Insightful McKinsey Report: Skill Shift: Automation and the future of the workforce: “Banking and insurance will face one of the most pervasive workforce transitions in the years to come. Jobs such as tellers, financial analysts, and brokerage clerks will decline substantially, while the number of technology professionals and customerinterfacing roles will grow. The need for workers who use mainly basic cognitive skills, such as data input and processing and basic literacy and numeracy, will likely decline, while the need for workers with advanced technology skills, and those with social and emotional skills, will grow.”

Shifting a corporate culture at scale and with speed. “Transformation is not a one-time thing. Today you’re transforming literally every day. Any company that says, “I’m done with my transformation” — it’s ridiculous. The key is to continuously drive that transformation without it becoming sort of an initiative or program, or creating that sense of panic in the company. You’ve got to instill in the people that this is a new life. You’re perpetually off-balance. You’re dead if you’re balanced. But you have to do it in such a way that you don’t topple off.”