Be more like a "Day 1" company - Banking Exchange

While it may seem like Amazon and commercial banks are worlds apart, Amazon's "Day 1" business model offers key success drivers for banks to consider. The Day 1 model, spelled out in CEO Jeff Bezos' 2016 shareholder letter, in essence means the company continually operates as a start-up. Also, Amazon--like other digital giants and fintechs--is raising customer expectations. And in small business credit, Amazon is competing directly with banks. Banks, instead, often operate like Day 2 companies and make good decisions slowly based on a maximum amount of data. While banks cannot completely emulate the Day 1 model due to their critical role in maintaining financial stability and security, and meeting attendant compliance constraints, they can adapt and adopt certain aspects of it.