Alternative facts of banking
2 min read

Alternative facts of banking

I’ve aimed for one blog post per week and have already missed out the second week. Cannot say it was the best start. Even though I can blame my first winter in Berlin that caused my illness, rather I will keep up to my promise and write an additional blog post this or next week.

I was wondering what to write about in my first proper FinTech related blog post and was hoping for some inspiration in the news but thanks to POTUS #45 there is just one discussion happening: is this the end of the world as we know it?


Nevertheless, the discussion around the newly coined term “alternative facts” from Kellyanne Conway was quite interesting – and not just from a political point of view. One statement and two groups of people (aka bubbles) with two extremely opposite interpretations of it: correct statements vs blunt lies.


While thinking about this I was wondering: do we also have alternative facts in the banking industry? Since the people in innovative FinTech and traditional banking are probably more different than Democrats and Republicans – there should definitely be at least a few statements that are seen as facts by the one side and lie from the other.

My favourite “alternative facts” in the traditional banking industry (in no specific order):

  • Hackathons are just milestones
  • Open innovation hubs are pure marketing
  • Our bank is innovative – we even have a department for that
  • Open banking is pure risk – no upside for banks
  • The concept of Bank-as-a-platform requires banks to change ‘everything’
  • With finally offering an API, developers will love us
  • Working with FinTech companies is like hiring contractors
  • Mobile is an interesting additional channel
  • Voice banking solutions are far fetched future
  • Identity is something for governments, but not for banks

Do you agree or do you have other ones to add? This list is surely subjective but I assume there will be plenty of people to agree.

And please don’t get me wrong. I’m not trying to compare traditional banking with the politics of DJT. But in a world where your point of view is changing the way you see facts, this cannot be ignored as the one who can play this game will win it. Personally, I believe this might especially be the case in FinTech and traditional banking.

And yes, there are also plenty of “alternative facts” in FinTech companies – but that might be something for another blog post…