The Next Step in Finance: Exponential Banking
The Next Step in Finance: Exponential Banking
from MIT Technology Review
Banking has characteristics that make it a candidate for digitalization because its raw material is data, still has not suffered disruption
A new generation of clients demands agile, rapid or real time service that is competitively priced and in a safe environment, such as P2P
The technologies that make it possible to offer them already exist and pave the way for the future with enormous gains
Among those technologies are mobile computing; biometrics; cloud computing; and blockchain
Cognitive technologies improve user experiences, decision making, fraud detection and stress scenarios, accelerating customer digitalization
Who will occupy the center of these platforms? The “owner” will establish the rules and get the income and information from transactions
Conditions to succeed: 1) the exponential technologies; 2) consumer confidence through reputation and the absence of conflicts of interest
Regulations should balance the value and the risk of new digital proposals and create a competitive environment, which determins the future
