Chapter 1. It’s the End of Banking (as We Know It)
The year is 1995. Terminator 2: Judgment Day, the box office smash hit directed by James Cameron, explores the battle for survival between the human race and Skynet, a highly advanced artificial intelligence construct that threatens our civilization with extinction. Working through servers, mobile devices, drones, military satellites, robots, sentient computers, androids, and cyborgs, the film leads us to picture a radically different futurescape, one not unlike our technically sophisticated landscape of today.
With advents in fields like robotics and artificial intelligence, the tension, uncertainty, and chaos of this entertaining cinema classic accurately mirror the current state of the financial world, disrupted as it is by the shadow of impending change cast by financial technology (fintech) and now Brexit.
It’s the end of banking as we know it.
Things have never been more unsettled since the anxious period after the 2008 financial crisis. Currently, the problem is not the misbehavior of big banking institutions but rather the limits of those institutions and the threat of disintermediation coming from startups that are faster, simpler, and cheaper, and also offer vastly improved customer experiences. In today’s financial ecosystem, there is much ado about experimentation through myriad new formats, including accelerators, labs, incubators, acquisitions, and partnerships involving stakeholders throughout the value chain, all ...
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