What does Aliko Dangote’s refinery investment mean for Kenya’s economy and fuel prices? @IEAKwame@vivian_ochola@EPRA_KE
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2. Today is tough, but the day after tomorrow is beautiful
3. Focus on the customer and the rest will follow
4. Find opportunity in a crisis
5. Don't dwell on mistakes
6. The team should work for a goal not the boss
4 lessons from Jack Ma shared in the Banking 4.0 book that you can apply to your personal life today
1. The bigger the problem, the greater the opportunity.
First principles thinking is
prioritizing utility
focusing on the core needs of customers
redesigning services accordingly.
Traditional banking products, retrofitted for digital channels, are becoming outdated.
This is Brett King
He teaches people how to rethink banking.
He has written a book Banking 4.0. You don't have to read it because I will be sharing with you lessons chapter by chapter.
Chapter 1
First principles thinking -Here are 10 of his insight
Real efficiency and great progress is possible if we adopt the first principles thinking in everything we do including Banking.
Are you ready to take the challenge?
Banking 4.0 is based on first principles thinking and customer needs.
Most of the concept, and products in the web and phone are iterations of branch based manual processes.
Example
A mortgage application form on the web has a digital version of the paper based form.
They have been iterated to fit the channel. Nothing much has changed.
There are 2 kinds of designs - design by analogy and first principles thinking.
Design by analogy
It's creating something from an existing template - improving what is existing.
First principles thinking
It's starting from scratch - revolutionary things adopt this mindset.
iphone is an example of first principle product design.
Starting from analogy would have meant that the iPhone would have incorporated a keyboard and no ecosystem.
The challenge is to adopt the first principle mindset into the banking, social and personal things we do.