Community banking can flourish in the face of fintech and global competition with a fresh approach to strategy
Bankruption + Website offers a survival guide for community banks and credit unions searching for relevance amidst immense global competition and fintech startups. Author John Waupsh is the Chief Innovation Officer at Kasasa, where he helps spearhead financial product development and implementation across hundreds of institutions. In this guide, he draws on more than a decade in the industry to offer clear, practical advice for competing with the megabanks, direct banks, non-banks, and financial technology companies.
This is a useful, readable book, which zips along, covering, at points complex concepts in an accessible way. He also aims to keep the reader on board as much as possible, even to the point at times where it reads more like a film-noir script than a Fintech book. We did ask him about this, he replied “In my opinion, typical business authors repeat themselves like 15 times, and so I usually lose interest rather quickly. The prose was my attempt at regaining the reader’s interest to show that I was moving on to a different theme. Funnily enough, it may have worked too well; people seem to remember and remark on the prose more than anything else in Bankruption. I am deeply flattered by that.”
The book is broken into five chapters, an overview, the problems, the opportunities, advice from others, and where to next. The first three chapters are well considered and walk you through the current situation, with a series of almost ‘myth busting’ explanations to deconstruct some current potentially lazy simplistic explanations. Chapter four ‘other voices’, is a great resource in terms of the wide range of industry experts he counselled, though at times we perhaps yearned for some analysis of these often insightful, but disparate views. Despite this his has definitely captured some useful insights from a valuable range of people, and helpfully included their twitter handles where possible, which we appreciate as it makes it that much easier to then follow up and contact some of them.
This is a good book, we asked him if he was an outsider, but he gave a reasoned response as to why he was actually the opposite. “I have been afforded the ability to work from the inside (helping create accounts and banking tools that are truly enjoyed by millions of people), to the outside (using that experience to write Bankruption, to speak at conferences, to write articles, etc). Best yet, I alternate between the two at will. It’s a load of fun, but is also what makes me seem unavailable at times. That said, if you need to find me, I’m just a tweet away. ?”
We enjoyed reading this book, would recommend it to others, and if there’s anything you’re unsure about, probably best to tweet him yourself!
— John Waupsh (@waupsh) November 22, 2016