Digitalization of Banking

Despite several opportunities, banks face pressure from both external and internal forces that hinder full-scale digitalization. The complexity and width of digital initiatives vary upon infrastructure, customer preferences and policy framework of the region.

Why do we make bad decisions?

Like everyone else, we’re subject to cognitive bias, a limitation in our thinking brought about by errors of memory, miscalculation or social attribution. Not all biases are negative, however. The placebo effect, for example, is important in the search for new medicines. This cognitive bias can be so powerful that by simply telling a patient a new drug will make them better, they begin to believe it.

Peechhe Dekho, Aage Barho

Whenever in doubt, just look back and see what had been done in similar situation and then move ahead and act accordingly. What is even worse is that I later found that PDAB did not pervade only in my bank, other banks were also following the PDAB principle.

Time will stop for a second

Just as leap years keep our calendars lined up with Earth’s revolution around the sun, leap seconds adjust for Earth’s rotation. This kind of fine-tuning wasn’t much of an issue before the invention of atomic clocks, whose ticks are defined by the cycling of atoms. Cesium-based clocks, one kind of atomic clock, measure the passage of time much more precisely than those based on the rotation of our planet, so adding a leap second allows astronomical time to catch up to atomic time.