Tech's raid on the banks (Background (History (Banking has withstood…
Tech's raid on the banks
Banking has withstood the tumult
Digital services transformed people's lives
Traditional giants are faced with new competitors
Now / Recent development
Tech is shaking up banking
Bank's function: "Maturity transformation" (boost economy)
Bankers and politicians should not resist the change
Its benefits-a leaner, more user-friendly and more open financial system-easily outweigh the risks.
Put off by regulations. Yet, new business models are emerging.
The pace of change will accelerate.
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In Asia, payment apps bundled with e-commerce, chat, etc.
Since the financial crisis, Western banks have been preoccupied with repairing their balance-sheets and old-fashioned cost-cutting.
In America and Europe
big banks are still more or less in control and are rushing to offer digital products.
neobanks are nibbling at customer bases. Payment firms are expected to capture a larger share of profits. Lucrative niches are being harried by new entrants.
Banks are not ordinary firms. Economy reels when banks stumble.