By Our Reporter
Technology, particularly the internet and mobile communications, is rapidly changing the financial services industry. Consider the impact of the internet of things – the proliferation of internet-enabled items, including accessories that people wear or carry, and big data, the accumulation of information about transactions and preferences that can be analyzed and used by service providers to customize their offerings. Bank branches are closing down, wealth advisory and management are conducted in real time, and even plastic ATM and credit cards are disappearing.
“Banking is at an inflection point. Technology is the key enabler. In the next few years, banking will change and there will be a lot more collaboration between banks and technology companies,
