Porn for Bankers: The Educational Kind
A new book released by former banker-turned-consultant Hans Eysink Smeets, based in Amsterdam, says that bankers could learn a lot from the porn industry-- especially in regards to dealing with "the information retail revolution." The beautifully entitled work, Porn for Bankers, claims that porn companies were forced to change their business model from selling primarily videos to selling "things that buzz," and also replacing physical porn shops with online retail options. Smeets argues that Wall Street will have to make adjustments as well, only it is easier: to create a healthier, wealthier financial system for everyone, all (banks) have to do is break up their operations.
What it takes to make a could investment bank can hurt a retail operation and vice versa. Ultimately, The Street suffers...In Smeets' financial industry, the needs of corporate clients don't have to compete with the needs of a trading operation. Risk is priced accurately so retail banks don't have to raise capital to guard against risks their not facing. All around, banks don't have to carry the burden of huge brick and mortar networks (even retail banks could do more digitally).
Smeets's argument is valid, but he definitely underestimates the magnitude of change it would take to see similar results to the porn industry. Pornographers simply had to change their inventory and make a website; the interconnectedness of the Street will force bankers to overhaul their entire profession. What are your thoughts on Smeets's idea?
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