Banks are changing dramatically

Banks are changing dramatically amid an avalanche of regulatory change and widespread debt reduction. They will be safer and, sadly for users of bank services, costlier as a result.

Yet, all of this may soon seem somewhat irrelevant, because technology could transform the way banking works far more profoundly.

Banking is very “digitisable”. Cash is the only part of the industry that is inherently physical and that is a tiny part of what a bank does…. In the digital world, things work differently. Scale and network effects drive competitive advantage.

Winners tend to take all… Given the… scope to seize competitive advantage, there are huge prizes for those who can innovate successfully… The upsides are huge, and the downsides are stark. That is why accelerating technology-driven innovation is a top priority.

Peter Sands

Food4Brains

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