Critical Review (2) on White Paper

White Paper: Banking in the Connected World – CRAFTING THE BANK OF THE FUTURE
Author: Oracle Corporation
Year: December, 2017


Even though there is no word called “Banking” before 1640, there has been act of banking in the form of safe-keeping (Smriti, 2019). The world would have been difficult to live without banks and its credit facilities (Andrew, 2018). The world of traditional banking is dated back to 1960 at which time comprises of London clearing banks, the Scottish and Northern Irish banks and the London discount market (Grady & Weale, 1986). ProQuest (2005) termed the evolutional changes that should happen and happen fast in retail banking as “cultural transformation and paradigm shift”.

With advent of technologies and specifically internet, traditional banking evolves into digital banking. The key areas which technologies have made banking digital are customer service, online banking and fraud detection (Information Age, 2018). Internet and mobile banking are now being integrated as services by most if not all banks so as to remain competitive and ensure customers satisfaction (Salvatore, 2018). In our world of today due to technological advancement, we now have “ATM as a bank branch” (Matt, 2017).

This white then focuses on way financial market are changing rapidly and those technologies banks plan to invest on which will shape the expectation of customers making the bank afloat with their customers and become relevant in business. Those technologies are “Data Analytics”, “Mobile”, “Artificial Intelligence”, “Cyber Security”, “Robotics Process Automation”, “Biometrics and Identity Management”, “Distributed Ledger (Blockchain)” and “Public Cloud Infrastructure” (Pwc, 2017).


This white paper is structured to discuss the subject under three headings: current state of changes in the world of financial market; the proposed future changes; and the business model that will change these future changes.

The author groups those changes affecting the current world of financial markets into four (4). These changes which have gone a long way to position the financial market towards an ‘Always-on, Hyper connected, Hyper-social’ environment are Concept of Identity has Evolved; Shift towards Industrialized Services; Ubiquity through Partnership and Differentiation by Narrow Service Focus.

The proposition of how banks should look like in the future are built on three (3) core pivotal blocks which are Componentization, Connectivity and Convenience. Fintechs are at the center of hyper connected ecosystem and banks should collaborate to own this ecosystem and tap from the potentials it exhibits either as an active partner or a platform enabler.

As banks keep innovating resulting from adoption cutting-edge technologies, the financial industry needs to brace up for emerging banking models. For banks to succeed the crafted future of banking, there are five (5) business model that banks can opt for and they include: Intra-Bank, App Market, Distributor, Aggregator and Platforms.

Critical Analysis

Overall, the message and flow of contents in the white paper is appropriate, clear and relevant. The author backed up points highlighted with explanations coupled with diagrams that are succinct and explicit in driving the point to the audience. The author also cited and referenced accordingly, other publication and reports by external organisations. The conclusion was also in tandem with the title and objectives of the paper.

Despite the well compacted and explanatory contents driven by the paper, the author focuses more on the positive changes for banks currently and in the future and sculpted the future banking business models towards those positivity. The author should have balanced it all by mentioning those challenges that might face the bank in the future and propose some measures to put in place to tackle them.

The issues of intellectual property protection in the wake of reeling out innovative ideas from technological advancement is not addressed. Without these, firms in the financial industry will not be encourage to adopt those changes. According to Po-Hsuan et al. (2013), government regulations should protect property and deal decisively with piracy as a way to encourage firms to invest into digital innovations.

The author did not also talk about cybercrimes arising from digital innovational changes which give rooms for criminals. Cybercrime has frustrated the kick-off of internet banking and other e-Commerce services due to loopholes in IT infrastructure (Yim, 2019). Cyber-attacks take different forms some of which are Phishing, Watering hole, Pharming and Credit Card Redirection, Malware based-attacks, and Man in the Browser (Infosec Institute, 2013). Cobalt, Carbanak, Lazarus, Lurk, Metel and GCMAN are cyber-criminals that have been so vigorous in the past three years (GlobalSign, 2018).

In the context of current change in the world of financial market, cybercrimes can be prevented by user awareness and creating synergetic alliances among actors in the financial industry as the tasks of combating cybercrimes cannot be done in seclusion (Deutsche Bank, 2017). In crafted future state of bank, ML (machine learning) and AI (artificial intelligence) are seen as the technology to help banks in tackling cybercrimes and preventing any possible data loss and breaches (Nick, 2017).


In this internet world of ours, banks needs to adopt more technologically driven innovations that will drive the current changes in the world of financial market, prepare the banks for expected future changes and assist the banks to formulate various banking models that depicts the future bank state. In doing this, the banks also have to be weary that all these potentials have some side effects and these have to be considered in the form of Intellectual Property (IP) theft and Cybercrimes.


  1. Smriti, C. (2019). Banking: The Evolution, Origin and Growth of Banking. Retrieved 17 February, 2019,
  2. Andrew, B. (2018). The Evolution of Banking over Time. Retrieved 17 February, 2019,
  3. Deutsche Bank (2017). Combating cybercrime. Retrieved 17 February, 2019,
  4. Grady J., & Weale, M. (1986). The Traditional Banking System. British Banking, 66-93. doi: 10.1007/978-1-349-07535-5_5
  5. GlobalSign (2018). Cyber Bank Robberies Contribute to $1 Trillion in Cybercrime Losses. Retrieved 17 February, 2019,
  6. Information Age (2018). How technology is impacting the finance and banking sector. Retrieved 17 February, 2019,
  7. Infosec Insitutute (2013). Modern Online Banking Cyber Crime. Retrieved 17 February, 2019,
  8. Matt, P. (2017). How the Evolution of Banking Services Enables Banks to Deliver Customer-Centric Visions of the Future. Retrieved 17 February, 2019,
  9. Nick, I. (2017). Cybercrime and the banking sector: top threats and secure banking of the future. Retrieved 17 February, 2019,
  10. Po-Hsuan, H.,Chong, W., & Chaopeng, W. (2013). Banking systems, innovations, intellectual property protections, and financial markets: Evidence from China. Journal of Business Research, 66(12), 2390-2396. doi: 10.1016/j.jbusres.2013.05.025
  11. ProQuest (2005). VIEWPOINT – RETAIL FINANCIAL SERVICES: The retail evolution in banking. Retail Banker International, 12-15.
  12. Salvatore, O. (2018). The differences between traditional and online banking. Retrieved 17 February, 2019,
  13. Pwc (2017). Redrawing the lines: FinTech’s growing influence on Financial Services. Retrieved 17 February, 2019,
  14. Yim (2019). Cybercrime threatens the rollout of Internet banking in Africa. Retrieved 17 February, 2019,

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