
Breaking Digital Gridlock
Description
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Breaking Digital Gridlock empowers credit unions and community banks to make the shift to digital--even without a seven-figure consulting budget. From leadership, to technology, to security, and more, this book provides effective, real-world strategies for taking the leap without tearing your organization apart. With an emphasis on maintaining the culture, services, and features you have carefully crafted for your customers over the years, these strategies allow you to make your organization more resistant to digital disruption by adopting key technologies at key points in their evolution. Expert advice grounded in practicality shows how FinTech partnerships and strategic technology acquisition can foster new growth with minimal disruption, and how project management can be restructured to most effectively implement any digital solution and how to implement and leverage analytics. Specific implementation advice coupled with expert approaches offer the ability to modernize in an efficient, organized, financially-sound manner.
The companion website features a digital readiness assessment that helps clarify the breadth and scope of the change, and serves as a progress check every step of the way. Access to digital assets helps smooth the path to implementation, and a reader forum facilitates the exchange of ideas, experiences, and advice.
* Identify revolutionary versus evolutionary technology opportunities
* Empower employee innovation, and stop managing all risk out of good ideas
* Understand blockchain, machine learning, cloud computing, and other technologies
* Forge strategic partnerships that will drive growth and success amidst technological upheaval
It is widely accepted that digital is the future of banking, but knowing is not the same as doing. If your organization has been riding the fence for too long amidst uncertainty and budget constraints, Breaking Digital Gridlock provides the solutions, strategies, and knowledge you need to begin moving forward.
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Content
2 - Title Page [Seite 5]
3 - Copyright [Seite 6]
4 - Contents [Seite 7]
5 - Foreword [Seite 13]
6 - Preface [Seite 17]
7 - Acknowledgments [Seite 23]
8 - Introduction [Seite 25]
8.1 - Five Myths about Going Digital [Seite 25]
8.1.1 - Myth 1: We Are Too Small for Digital [Seite 25]
8.1.2 - Myth 2: Our Customers Are Too Old [Seite 26]
8.1.3 - Myth 3: Our Board Won't Get on Board [Seite 26]
8.1.4 - Myth 4: Digital Is Too Expensive [Seite 27]
8.1.5 - Myth 5: Digital Leads to Layoffs and Branch Closures [Seite 28]
8.2 - John's Story [Seite 28]
8.3 - Note [Seite 35]
9 - Part I: Processes [Seite 37]
9.1 - Chapter 1: How to Improve Internal Processes [Seite 39]
9.1.1 - Regulatory Gridlock [Seite 39]
9.1.1.1 - Regulatory Gridlock in Action [Seite 40]
9.1.1.2 - The Risk Spectrum [Seite 41]
9.1.2 - Flawed Bank Processes [Seite 43]
9.1.3 - Continual Improvement [Seite 45]
9.1.4 - Project Management [Seite 46]
9.1.4.1 - Waterfall [Seite 46]
9.1.4.2 - Agile [Seite 47]
9.1.5 - When to Use Agile versus Waterfall [Seite 49]
9.1.6 - In-house Staff and Outside Vendors [Seite 49]
9.1.7 - Process Management [Seite 52]
9.1.8 - Team Organization: Centers of Excellence [Seite 53]
9.1.9 - Cultural Considerations [Seite 54]
10 - Part II: Technology [Seite 57]
10.1 - Chapter 2: Tech Evolution versus Tech Revolution [Seite 59]
10.1.1 - Evolutionary Technology [Seite 59]
10.1.2 - Evolution in Banking [Seite 61]
10.1.3 - True Revolution [Seite 63]
10.1.4 - The Financial Revolution [Seite 65]
10.2 - Chapter 3: The Cloud [Seite 71]
10.2.1 - The Financial Cloud [Seite 72]
10.2.2 - What Are You Afraid Of? [Seite 75]
10.2.2.1 - It Is Hard to Control [Seite 75]
10.2.2.2 - It Is Insecure [Seite 76]
10.2.2.3 - Data Will Be Shared with Others [Seite 76]
10.2.2.4 - It's Unreliable [Seite 77]
10.2.2.5 - It's Super Expensive [Seite 77]
10.2.2.6 - There Will Be Staff Cuts [Seite 78]
10.2.2.7 - The Internet Could Go Down [Seite 79]
10.2.2.8 - It Is a Direct Expense [Seite 79]
10.2.2.9 - What about Our Data Center? [Seite 80]
10.2.2.10 - The Cloud Won't Conform to Regulatory Needs [Seite 80]
10.2.2.11 - The Cloud Kills Baby Seals [Seite 80]
10.2.3 - Types of Cloud Services [Seite 81]
10.2.3.1 - Infrastructure as a Service (IaaS) [Seite 81]
10.2.3.2 - Software as a Service (SaaS) [Seite 82]
10.2.3.3 - Platform as a Service (PaaS) [Seite 82]
10.2.4 - Major Players in the Cloud [Seite 83]
10.2.4.1 - Amazon Web Services [Seite 83]
10.2.4.2 - Microsoft Azure [Seite 84]
10.2.4.3 - Google Compute Engine [Seite 84]
10.2.4.4 - Commonalities between Each of These Platforms [Seite 84]
10.2.4.5 - How to Choose? [Seite 85]
10.2.5 - Capital One in the Cloud [Seite 85]
10.2.6 - Strategies for Moving to the Cloud [Seite 85]
10.2.7 - Note [Seite 88]
10.3 - Chapter 4: Artificial Intelligence [Seite 89]
10.3.1 - Computers Will Be Trainable [Seite 89]
10.3.2 - Machine Learning: Familiar Names [Seite 90]
10.3.3 - Artificial Intelligence versus Intelligent Augmentation [Seite 92]
10.3.4 - The AI Threat [Seite 103]
10.3.5 - Notes [Seite 106]
10.4 - Chapter 5: Application Programming Interface (API) [Seite 107]
10.4.1 - Why Create an API? [Seite 107]
10.4.2 - Getting Started [Seite 119]
10.4.2.1 - For the Technology Organization [Seite 119]
10.4.2.2 - For the Services Organization [Seite 119]
10.4.3 - The Second Step [Seite 120]
10.4.4 - The Third Step [Seite 120]
10.5 - Chapter 6: Blockchain and Cryptocurrency [Seite 123]
10.5.1 - Bitcoin: A Brief History [Seite 123]
10.5.2 - Decentralization [Seite 124]
10.5.3 - Security [Seite 126]
10.5.3.1 - Blockchain [Seite 127]
10.5.3.2 - Permissioned Networks [Seite 133]
10.5.4 - How to Use a Distributed Ledger [Seite 135]
11 - Part III: Security [Seite 139]
11.1 - Chapter 7: Sovereign Identity [Seite 141]
11.1.1 - Trust Frameworks [Seite 146]
11.1.2 - Encryption and Data Security [Seite 147]
11.1.3 - Sovereign Identity in Practice [Seite 149]
11.1.4 - Weaknesses in the Current Identity System [Seite 151]
11.1.4.1 - Phishing [Seite 151]
11.1.4.2 - EMV [Seite 151]
11.1.4.3 - Consumer Privacy Concerns [Seite 152]
11.1.5 - An Opportunity for Financial Institutions [Seite 152]
11.1.6 - Note [Seite 159]
11.2 - Chapter 8: The Hacker Threat [Seite 161]
11.2.1 - The Artificial Intelligence Threat [Seite 163]
11.2.2 - Planning for the Worst [Seite 164]
11.2.3 - Operation Ababil [Seite 168]
11.2.4 - DDoS Attacks [Seite 169]
11.2.5 - Be Afraid When Things Are Down. Be Very Afraid When Things Are Going Well [Seite 170]
11.2.6 - Security as a Process of Innovation [Seite 172]
11.2.7 - The Equifax Breach [Seite 173]
11.2.8 - Scenario Planning [Seite 177]
11.2.8.1 - Scenario 1: NSA Backdoor [Seite 177]
11.2.8.2 - Scenario 2: Ransomware [Seite 179]
11.2.8.3 - Scenario 3: Cyber Infrastructure Attack [Seite 180]
11.2.8.4 - Scenario 4: Internet of Things Breach [Seite 181]
11.2.9 - Notes [Seite 183]
12 - Part IV: People [Seite 185]
12.1 - Chapter 9: The Digital Change Is for Everyone [Seite 187]
12.1.1 - Human Resources [Seite 187]
12.1.1.1 - Remote Employees [Seite 187]
12.1.1.2 - Evaluations [Seite 189]
12.1.1.3 - Career Paths [Seite 189]
12.1.1.4 - Incentives and Compensation [Seite 190]
12.1.1.5 - Recruiting [Seite 190]
12.1.1.6 - Training [Seite 191]
12.1.1.7 - Dress Code [Seite 193]
12.1.2 - Facilities [Seite 193]
12.1.2.1 - Workspaces [Seite 194]
12.1.2.2 - Wi-Fi [Seite 195]
12.1.2.3 - Equipment [Seite 195]
12.1.2.4 - Meet-ups [Seite 196]
12.1.3 - Accounting: Software Depreciating [Seite 196]
12.2 - Chapter 10: Who Can Break Gridlock? [Seite 201]
12.2.1 - Common Symptoms of People Problems [Seite 204]
12.2.1.1 - Lack of Consistency [Seite 204]
12.2.1.2 - Cost and Time Overruns [Seite 204]
12.2.2 - Human Solutions [Seite 205]
12.2.2.1 - Chief Digital Officer (CDO) [Seite 205]
12.2.2.2 - Chief Analytic Officer (CAO) [Seite 206]
12.2.3 - Data Is Money [Seite 207]
13 - Part V: Culture [Seite 211]
13.1 - Chapter 11: Culture and Innovation [Seite 213]
13.1.1 - Where Does Culture Start? [Seite 214]
13.1.2 - Culture Breakdowns [Seite 216]
13.1.3 - Culture and Talent [Seite 217]
13.1.4 - Steps to an Innovative Culture [Seite 221]
13.1.4.1 - Collaboration [Seite 222]
13.1.4.2 - Communications [Seite 224]
13.1.4.3 - Rewards and Evaluations [Seite 227]
13.1.5 - Achievement versus Alignment [Seite 227]
13.1.6 - Notes [Seite 230]
13.2 - Chapter 12: Culture and Technology [Seite 231]
13.2.1 - A Tale of Two Cultures [Seite 231]
13.2.2 - Having It Your Way-BYOP [Seite 236]
14 - Part VI: Strategy [Seite 241]
14.1 - Chapter 13: The Long View [Seite 243]
14.1.1 - The Problem: Banking and Financial Competitors [Seite 244]
14.1.2 - Threats: The - tions [Seite 245]
14.1.2.1 - Interchange Compression [Seite 245]
14.1.2.2 - Cannibalization [Seite 247]
14.1.2.3 - Digitization [Seite 248]
14.1.2.4 - Mobilization [Seite 248]
14.1.2.5 - Disintermediation [Seite 249]
14.1.3 - The Reality of Change [Seite 249]
14.1.4 - Changing Features or Services [Seite 251]
14.1.4.1 - Cost [Seite 253]
14.1.4.2 - Service [Seite 253]
14.1.4.3 - Security [Seite 253]
14.1.4.4 - Features [Seite 253]
14.1.5 - How Solutions Can Fail [Seite 254]
14.1.6 - Note [Seite 260]
14.2 - Chapter 14: Digital Governance [Seite 261]
14.2.1 - Review Proposed Products and Integration [Seite 264]
14.2.1.1 - Change Control [Seite 265]
14.2.1.2 - Review Security [Seite 265]
14.2.1.3 - Accountability [Seite 265]
14.2.1.4 - Business Continuity [Seite 266]
14.2.1.5 - Schedule Approval [Seite 267]
14.2.1.6 - Build versus Buy [Seite 267]
14.2.1.7 - Final Approval on Recommended Vendors [Seite 268]
14.2.2 - Data Governance [Seite 269]
14.2.2.1 - Data Quality [Seite 272]
14.2.2.2 - Data Security [Seite 274]
14.2.2.3 - Data Duplication [Seite 274]
14.2.2.4 - Data Engineering [Seite 275]
14.3 - Chapter 15: Using Data Analytics [Seite 279]
14.3.1 - Look Ahead [Seite 280]
14.3.2 - Credit Card Usage [Seite 282]
14.3.3 - Usage Monitoring [Seite 285]
14.3.4 - Digital "Why'' 101 [Seite 286]
14.3.5 - Digital Marketing [Seite 288]
14.4 - Chapter 16: Big Data and the Zombie Apocalypse [Seite 295]
14.4.1 - Apocalyptic Risk [Seite 297]
14.4.2 - Staffing in an Apocalypse [Seite 297]
14.4.3 - Creating Value [Seite 300]
14.4.4 - Digital Insight and Intuition [Seite 301]
14.4.4.1 - Data Is Valuable [Seite 302]
14.4.4.2 - Data Is a Discipline [Seite 305]
14.4.5 - Types of Analytics [Seite 309]
14.4.6 - Note [Seite 314]
15 - Conclusion [Seite 315]
15.1 - Cultural Issues [Seite 317]
15.2 - People Strategy [Seite 318]
15.3 - Process Changes [Seite 319]
15.4 - Technology [Seite 320]
15.5 - Security [Seite 322]
16 - About the Companion Website [Seite 325]
17 - Index [Seite 327]
18 - EULA [Seite 339]
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