Platform complexities in banking

What bankers need to know before the big-tech flattens banks out!

In the roman times, citizens enjoyed and cheered as teams bludgeoned fighters and screamed at the bloodbath. I can see AI cheerleaders already who have no understanding about ethicity and implications of AI in banking. So are the naive bankers, who can rattle off financial complexities but not see the simple weed of technology creeping into their yards to overpower and change the shape of future banking processes.

Banking has 2 core components; banking and transactions. Today transactions have already been taken over and this has happened because cheerleaders cheered for it more than the bankers did. The regulator fell for it, injecting itself with the poison dart that the banker avoided. Banking is still a banker's playground, partially due to the lack of financial knowledge and part due to the information asymmetry prevailing in the industry. But brother BigTech has been watching this all from a distance and trying to break in for long. The likes of #Infosys are hiring consultants (somehow don't know why they haven't hired me yet?!) to figure out the gaps and leaks where tech can weld in permanently!

What can the regulator and the banker do together? It can build more transparent barriers, and thus while big tech can replicate the process, it cannot access and openware it into natives. The banker must fight for higher financial literacy, and in the process, keep the banker's physical reach as a mandate for banking revenues. This will ensure that bigbro from Silicon either becomes a banker trying to enter banking or stay away from taking away the delight of smelling crisp currencies as one sips coffee, gossiping about the last big meltdown with a Relationship Manager.

Today's approach to move every big industry into platform economies is definitely a great idea (and to know more, view my video on YT here: Subscription Economy Part I by Reuben Ray

However, banking is precious as it is not entertainment, it is not gaming, it is the real thing that feeds and clothes. There are enough technology tools trying to hack out passwords and access hard-earned savings to reduce it to tears! If nothing, it is the fluidity we have created, where leaks and gaps are not intentional but caused by bugs more often, just as diseases are caused. Hence the fine line needs to be built, demarking the importance while not being conservative. Ethical technology is the need for saving both the knowledge and the life savings of citizens before technology companies swap governments and parliaments with a single stroke of AI coding.

Though who think I'm being pessimistic might not know how governments are depending in Gmail for email services. You have all seen fake videos, but few are aware about deepfake and its possibilities. I'm a cautious optimist, and an ethicist for the lack of a better term. All for helping out the bankers raving about digitizing their system!