When and how might technology companies disrupt consumer banking?
Banking
Asked by Question Bot01/Jan/20161 answer
1 Answer
F
Faisal Khan
Answered 01/Jan/2016
Kind of difficult to stress the point, technology is just an enabler. In most of the conferences on banking and payments, you will realize that the underlying factor, the common denominator that everyone is agreeing to when it comes to any form of disruption is behavior. Not technology.
Societal behavior as to how we interact, communicate, trust, exchange value, connect, redeem value for other things, etc. is what drives the change. Technology represents the mass-adoption. There are technological advances and products on the shelves of Deutsche Telekom on banking and payments, that are still deemed far ahead of our time.
MIT Media Labs is no exception or stranger when it comes to innovation. Trying to force (juxtapose) these cutting edge technologies in society is a very complex issue and understood by a handful of people in the world.
Banking is like Baskin Robins, many flavors. Many geographies. Butter Pecan may not bode well in Kenya or Russia.
To answer your question: One cannot force someone to change behavior. It is done in pockets, all around the world and then suddenly you realize, it has reached the proverbial critical mass. The expansion cannot be stopped. What triggers this boundary condition? No one can identify for sure. It is as if everyone has been told to let go of their past and reach out for the new.
Societal behavior as to how we interact, communicate, trust, exchange value, connect, redeem value for other things, etc. is what drives the change. Technology represents the mass-adoption. There are technological advances and products on the shelves of Deutsche Telekom on banking and payments, that are still deemed far ahead of our time.
MIT Media Labs is no exception or stranger when it comes to innovation. Trying to force (juxtapose) these cutting edge technologies in society is a very complex issue and understood by a handful of people in the world.
Banking is like Baskin Robins, many flavors. Many geographies. Butter Pecan may not bode well in Kenya or Russia.
To answer your question: One cannot force someone to change behavior. It is done in pockets, all around the world and then suddenly you realize, it has reached the proverbial critical mass. The expansion cannot be stopped. What triggers this boundary condition? No one can identify for sure. It is as if everyone has been told to let go of their past and reach out for the new.