Some bankers and analysts think that Google, Facebook, Amazon or the like will not fully enter a highly regulated, low-margin business such as banking. I disagree.
What is more, I think banks that are not prepared for such new competitors face certain death.
Technology has already transformed many industries. Next in line is banking. In two or three years, only 5 per cent of consumer interaction will be through branches.
The rules have changed and a new league of competitors is emerging.
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