Skip to content

The future of banking: adapt or die

Technological advances, especially mobility and hyperconnectivity, but also ‘big data’, artificial intelligence, the ‘cloud’ and ‘blockchain’, have caused a change in consumer behavior and business models. The union of these three forces has led to the Fourth Industrial Revolution, which is already remodeling the economy and society, and will continue to do so in the future, at an unprecedented exponential speed.

There is an intense debate about the impact that technological change will have on society, on the economy, and also on the financial sector. What will happen in the future? Two positions, located at opposite poles, can be identified on the magnitude of this impact. On the one hand, techno-pessimists predict that new technologies will have a negative effect on inequality, growth and productivity. On the contrary, the techno-optimists consider that it will significantly increase productivity and stimulate growth.

In this sense, the effect that technological disruption will have on future employment has been discussed. Some of the proposed solutions for this positive impact are to take advantage of technologies such as artificial intelligence for the automation of processes of lower added value and the improvement of education to eliminate barriers to entrepreneurship.

Also published on Medium.

Published inStartups

Be First to Comment

Leave a Reply

%d bloggers like this: