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Banking services

Tech’s raid on the banks

Digital disruption is coming to banking at last

OVER THE past two decades people across the world have seen digital services transform the economy and their lives Taxis, films, novels, noodles, doctors and dog-walkers can all be summoned with a tap of a screen Giant firms in retailing, carmaking and the media have been humbled by new competitors Yet one industry has withstood the tumult: banking In rich countries it is perfectly normal to queue in branches, correspond with your bank by post and deposit cheques stamped with the logo of firms founded in the 19th century

Yet, as our special report this week explains, technology is at last shaking up banking In Asia payment apps are a way of life for over 1bn users In the West mobile banking is reaching critical mass—49% of Americans bank on their phones—and tech giants are muscling in Apple unveiled a credit card with Goldman Sachs on March 25th Facebook is proposing a payments service to let users buy tickets and settle bills

The implications are profound because banks are not ordinary firms It is one thing for Blockbuster Video to be wiped out by a technological shift, but quite another if the victim is Bank of America It is not just that banks have over $100trn of assets globally Using the difficult trick of “maturity transformation” (turning deposits that you can demand back at any time into long-term loans) they enable savers to defer consumption and investment and borrowers to bring them forward Banks are so vital that the economy reels when they stumble, as the crisis of 2008-09 showed

Bankers and politicians may thus be tempted to resist technological change But that would be wrong because its benefits—a leaner, more user-friendly and more open financial system—easily outweigh the risks

Banking is late to the smartphone age because entrepreneurs have been put off by regulations And, since the financial crisis, Western banks have been preoccupied with repairing their balance-sheets and old-fashioned cost-cutting Late is better than never, however Several new business models are emerging In Asia payment apps are bundled with e-commerce, chat and ride-hailing services offered by firms such as Alibaba and Tencent in China and Grab in South-East Asia These networks link to banks but are vying to control the customer relationship In America and Europe big banks are still more or less in control and are rushing to offer digital products—JPMorgan Chase can open a deposit account in five minutes But threats loom Mobile-only “neobanks” that do not bear the cost of branches are nibbling at customer bases Payments firms like PayPal work with Western banks but are expected to capture a greater share of profits Lucrative niches like foreign exchange and asset management are being harried by new entrants

The pace of change will accelerate Younger people no longer stay with the same bank as their parents—15% of British 18- to 23-year-olds use a neobank Tech firms that people trust, such as Apple and Amazon, are natural candidates to grow big financial arms The biggest four American banks are spending a total of over $25bn a year on perfecting better customer applications and learning to mine data more cleverly Venture-capital firms invested $37bn in upstart financial firms last year

The benefits of technological change are likely to be vast Costs should tumble as branches are shut, creaking mainframe systems retired and bureaucracy culled If the world’s listed banks chopped expenses by a third, the saving would be worth $80 a year for every person on Earth In 2000 the Netherlands had more bank branches per head than America; it now has just a third as many Rotten service will improve—it is easier to get money to a friend using a chat app than it is to ask your bank to transfer cash The system will get better at its vital job of allocating capital Richer data will allow banks to take risks that currently baffle underwriters Fraud should be easier to spot Lower costs and the democratising effect of social media will give more people better access to finance And more firms with good ideas should be able to get loans faster, boosting growth

Yet change also poses risks Because the financial system is embedded in the economy, innovation tends to create turbulence The credit card’s arrival in 1950 revolutionised shopping but also sparked America’s consumer-debt culture Securitisation lubricated capital markets in the 1980s but fuelled the subprime crisis In addition, it is unclear who will win today’s battle One dystopian scenario is that power becomes more concentrated, as a few big banks learn to exploit data as ruthlessly as social-media firms do Imagine a crossbreed of Facebook and Wells Fargo that predicts and manipulates how customers behave and is able to use proprietary economic data to squeeze rivals

Another dystopia involves fragmentation and destabilisation Banks could lose depositors to untested neobanks, creating a mismatch between their assets and liabilities that could lead to a credit crunch If bank customers transact via tech or payment platforms, banks could end up with huge balance-sheets but without a direct connection to their clients If they thus became unprofitable, they could be broken up, with the job of financing mortgages and absorbing short-term savings left entirely to capital markets, which are volatile

To tap the benefits of technology safely, governments should give consumers control over their data, protecting privacy and preventing firms hoarding information Innovation-friendly regulation would help; in 2017 the industry faced a regulatory alert every nine minutes (see article) And governments should keep the system’s safety buffers at today’s overall size (global banks hold $7trn of core capital) If new entrants are properly capitalised, central banks could extend to them the lender-of-last-resort facilities that provide shelter in a storm

Banking’s dirty secret is that it is backward, inefficient and hidebound Banks have formidable lobbying power, however Wary of change, customers, politicians and unions complain when branches are closed and jobs cut—witness the recent collapse of a German mega-merger that depended on both Regulators love dealing with a few big firms The thing is that global growth is sluggish and productivity gains are hard to come by A smartphone revolution in finance offers one of the best ways to boost the economy and spread the benefits

May 2nd 2019

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「持续行动第五年，LR是怎么做到的？」

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每天持续行动学外语

fintech的意思：金融科技。

读音：英[ˈfɪntek]、美[ˈfɪntek]。

释义：n 金融科技（即 financial technology，指突破传统金融服务方式的高新技术）。

例句：Where can I learn FinTech

我可以在哪学“金融科技”？

fintech造句。

1、This industry has grown so much in recent years that nobody can really claim to be a FinTech specialist

金融科技行业在过去几年增长迅速但却没有人可以自称为金融科技全才。

2、FinTech arbitrage by building in the West and selling in Asia

金融科技套利：在西方建立，在亚洲结果？

3、AsFinTech enters the mass market, expect universities and other bodies to offer more FinTech courses

随着金融科技进入大众市场，预期大学及其他机构都会争相推出与金融科技相关的课程。