Banking is Necessary. Banks are not.

Image Source: Article

Image Source: Article

So said Bill Gates in 1994 predicting that technology would transform even this stodgy sector protected by regulation and incumbency. However globally banks have proven to be extraordinarily resilient institutions that have weathered many crises, nationalization, regulatory backlash, fraud and poor management and so Bill’s prescient quote has been forgotten until the recent frenzy over “fintech” startups.

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