Data is the future competitive battleground for banks. In fact, as stated much earlier in this book, data is the battleground of today but many banks are yet to realise this. Admittedly, some banks did acknowledge this years ago:
“Information about money has become almost as important as money itself.”
—WALTER WRISTON, CEO/Chair, Citibank, 1967–1984
“Banking is just bits and bytes.”
—JOHN REED, CEO/Chair, Citibank, 1984–1998
However, most banks have not, not even today.
When they do, banks will move towards data being their most critical asset—above capital and labour—and consequently will move into data wars with the heavyweight data managers of Google, Amazon, Facebook and more.