What does the future hold for banks – Evolution or extinction?

718A 2017-10-16T09:30:00.000Z

Conference Room 1
Bain & Company
Head of Interbank Relationships
Société Générale
CTO IBM Industry Platforms
Senior Vice President, Co-Head Sberbank CIB, Member of the Executive Board
Division Director Payments and Market Infrastructure
De Nederlansche Bank

Just a decade or two ago, the world’s technology giants were startups in the proverbial garages of California, or any number of other hotbeds of innovation. Yet by now, they have disrupted most spheres of the real economy: commerce, transport, advertising, news, media…

On the other hand, we’ve been hearing for many decades of the impending demise of banks due to a tectonic shift in technology. Yet those same banks have by and large managed to evolve by integrating those obviously not-so-deadly killer apps.

If you ask a banker off the record, you might hear of fears of the commoditization of the banking business, becoming an infrastructure underneath nimble, real-time applications where all the fun – and profit – happens. And (now on the record) how this will drive large banks towards becoming open platforms…

Open platforms being a model technology giants have already embraced to their benefit at very large scale, giving them a big head start… while banks benefited from having exclusive access to client’s transactional data, not just histories of clicks – until regulators remove even that advantage from them!

So amongst all of these trends, what will survival of the fittest look like?