I therefore do not wish to fan the flames of a dispute between innovative and economically promising new competitors and presumably ageing, tottering banks. On the contrary, I do not believe that the financial system can be fully broken down into individual digital processes and services. There is much more to good financial services than simply assembling a collection of clever algorithms.
The financial industry needs to demonstrate broad experience with the economy and financial products and to constantly refresh its insights. And I agree with Mr Gerke that customers won’t want to use a separate bank or fintech for each different financial service they need. This favours one-stop-shop banks.