The Royal Bank of Scotland RBS has technology scouting networks in Silicon Valley, Israel, London, and Edinburgh to make sure it is up to date with the latest technology trends.Banks are facing a wave of competition from fintech — financial technology — startups that operate and look more like a Facebook or Google than a traditional lender — think app-only bank Tandem or international money transfer service TransferWise.
"RBS was the first financial services company to adopt Facebook at Work, the social network's corporate intranet product, and Hanley says the bank's presence on the ground in California helped get that deal done.
"While RBS looks to Silicon Valley for guidance on design-led thinking, Hanley says Israel produces more cutting edge ideas and technology around cyber security, data and analytics and blockchain technology.Hanley adds: "Close to home we have got our London and Edinburgh connections which are massively important to us, the broader entrepreneurial community in the UK.
"'Our executive committee are engaged'RBS, like most big banks, has been dogged with huge fines and also has to contend with the fact that is it taxpayer-owned.
The bank also faces mounting losses, delays selling off its William & Glynn arm and jobs are being cut.Despite this full in-tray, Hanley says the board and management are both fully on board with the tech and innovation agenda.
'"He adds: "Our executive committee is engaged with it as well.