It was the best of times. It was the worst of times. 2016 was the year consumers realized that because of technology, they didnâ€™t need banks. Digital channels bridged long-held industry moats. Every smartphone is a wallet, signature, and credit history. You can buy laundry detergent from your home with the press of a button. GAFA (Google, Amazon, Facebook, and Apple) and a horde of others have their sights set on every transaction in the world.
But 2016 was also the year banks realized that tech could help them regain consumers. Personalized, real-time banking everywhere turns banks into trusted financial counsel from birth to grave.
In the end, finance is about two things: trust, and context. Trust allows transactions to happen; even a cash transaction is based on trust in the stability of nations and currencies. Context lets us audit those transactions, knowing our customers, preventing fraud, and complying with regulations. And both are about to change forever.