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January 07, 2014


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Interesting outlook for 2014 and certainly agree that a number of factors are starting to come together for banking to begin changing. It's one of the last remaining strongholds that is very disconnected from the realities that the web transformation has brought over the last decade and continue to bring in on an ever accelerating pace. Fundamentally the banking process has too much friction in its service model and too rigid in its products for a world that expects everything to be fast, simple quick and realtime.

I believe one driver on the technology side will be various new entrants providing banking services from organizations that aren't traditionally 'banks'. Wonga, Lenddo, Zopa, LendingClub and plenty of others starting up in 2014 are showing the pent up demand for better & simpler banking services in new delivery channels. It remains to be see whether they truly disrupt the existing banks (as they claim) or that they trigger a response from the banks themselves (via acquisitions or disrupting themselves) or just service previously unreachable market segments. In any case, some major change does seem inevitable.

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