The Next Step in Finance: Exponential Banking

The financial industry—especially banking—has characteristics that make it a candidate for rapid and early digitalization, mainly because its fundamental raw materials and products boil down to two: data (or information) and money. And money can be turned into accounting figures, that is, data or information. Still, banking has not suffered anywhere near the level of disruption experienced by other sectors.

Key Takeaways:

  • A new generation of clients has grown up in a digital marketplace, and it demands different services and new ways of accessing them.
  • On the other hand, user convenience calls for much more global and integrated solutions to meet their needs, and this will likely be achieved through platforms combining products and services from different providers.
  • Consequently, it will receive a part of the income generated by those transactions and will have access to, and control of, the information generated around it, which is itself another enormous source of value.

“Because, in the final analysis, what matters is earning and keeping our customers’ trust, as that is what will determine who succeeds in the financial industry of the future.”

https://www.technologyreview.com/s/603574/the-next-step-in-finance-exponential-banking/

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