How Banking-as-a-Platform Propels Cross River Bank


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Banking industry is ripe for disruption. The interesting thing is that Banking comprises of a host of different services and each of these service lines can potentially have its own Uber or Airbnb.

Nair: You’ve been in this space for some time. What do you think are the most exciting trends in fintech?

Gade: Financial inclusion is probably the most exciting trend for me. … We are providing access to credit to more than 2.2 million people on an annual basis. This is a source of satisfaction that is very unique. … We are the settlement bank for a number of fintech players, and we execute anywhere between 3 million to 5 million transactions a week. That’s also a very big source of satisfaction. These numbers are important not because they’re associated with dollars and earnings, but more because we are providing people the ability to transfer money to their families, to their friends, on an international basis or even domestically.

The complete interview

Knowledge@Wharton

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Blockchain, the Bard and Building More Inclusion for Banking


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The world moves in cycles. Some new technology comes, rapid growth, negative repercussions, rules & regulations, stifling of business, and then something new comes up..

Our best bet to drive inclusion and catalyze necessary change is fintech and reg-tech innovation. We now see huge leaps in financial sector disruptors creating and transacting in “assets” and “stores of value” (e.g. cryptocurrencies), and furnishing technologies that drive transparency, and security and privacy –- the basic building blocks of secure financial intermediation.

The complete article

Steven Hopkins, Amit Sharma, John A. Squires & David N. Lawrence — Knowledge@Wharton 

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Is the Rise of Contract Workers Killing Upward Mobility?


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Employee cost is often looked as a sticky fixed expense. Having contract workers sounds like a solution. But, contracting might be costly for the company too.

Moreover, there is reason to believe that just as contract work is not a panacea for workers, it is also not a panacea for companies. “Contract workers have a fundamentally different relationship with the companies they work for than employees do,” says Gartenberg. “Just as companies under-invest in contractors, there are ample studies that suggest that contractors likewise under-invest in the companies. This could definitely hit the bottom line in areas like innovation and customer service.”

If we are in fact in the process of solidifying two distinct classes of workers — one employee in which firms invest, and another that is in a sense more disposable — what are we as a society losing?

“A lot,” says Gartenberg. “This is what the American Dream is built on — upward mobility. Contract work and outsourcing, among other factors, appear to be disrupting that engine, and it is not clear what the best policy response, if any, should be.”

The complete article

Knowledge@Wharton

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Why Amazon’s ‘1-Click’ Ordering Was a Game Changer


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The 1-Click technology will be remembered as “a very important event in the history of e-commerce,” said Hosanagar. “First, it was a very simple and intuitive system and generated a lot of controversy — could something so simple and obvious be patented? Second, it became an important part of the experience that Amazon offered and became a flag bearer for the convenient shopping experience that Amazon came to be known for. And finally, it showed how e-commerce was as much about technology and data as it was about retail.”

The complete article

Knowledge@Wharton

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Using the Blockchain to Clean Up the Niger Delta


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I have been hearing a lot about Blockchain recently. According to Wiki – Functionally, a blockchain can serve as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” Today’s needull is an example of Blockchain being used for social impact.

Kevin Werbach, a Wharton professor of legal studies and business ethics who has studied the blockchain, says there’s been an “explosion of blockchain-based applications and systems. It’s still very early. It’s still not as solid and reliable as where they need to be, but it is clearly where we’re going to see more activity.” He notes that the blockchain has been used in various social impact efforts. In May, the United Nation’s World Food Programme conducted a pilot that gave cryptocurrency vouchers to 10,000 Syrian refugees in Jordan that they redeemed at certain markets.

The complete article

Knowledge@Wharton

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How Honest Apologies Can Help Leaders Bounce Back


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In today’s needull former Medtronic CEO Arthur D. Collins, Jr. discusses how honest apologies can help leaders redeem their credibility.

Collins cited Johnson & Johnson’s response during the Tylenol contamination incident of 1982 when then CEO James Burke took personal responsibility for an unknown saboteur’s work, launched a nationwide recall and returned to market with tamper-proof packing to reclaim and strengthen the company’s reputation. Collins also praised General Motors CEO Mary Barra for apologizing in 2014 in the case of faulty ignition switches. “She did it in a very specific way: It was timely; she showed genuine remorse for the resulting injuries and any lives lost, and she came out of that in a much better situation.”

The complete article

Knowledge@Wharton

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Why We Need to Kick Incivility Out of the Office


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Most of us would have had a supervisor or a colleague who was just plain nasty. And you would also remember the unnecessary stress these characters added to the work environment. Today’s needull is a discussion with Christine Porath, author of “Mastering Civility: A Manifesto for the Workplace”.

Knowledge@Wharton: Is part of what’s leading to these changes the fact that HR departments are coming to understand that they need to hire not just excellent workers but also excellent people, and that culture fit really needs to be a key component when they add people to an organization?

Porath: I think that’s exactly right. There’s been some really great research coming out of Harvard that has shown that one toxic worker is much more costly than two superstars. The idea is that it really pays to recruit and select well, and that’s probably the place where I’d encourage leaders in organizations to invest in the most. That’s where I think they get the biggest return. Because unfortunately, again, this stuff spreads. If you select someone who is toxic, it’s not only going to probably affect their coworkers, it’s also going to infest the organization.

The complete discussion

Knowledge@Wharton

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