That is because technological progress always stands for upheaval, for a redirection of society’s resources. Sooner or later, activities which once created significant value become automated, standard processes. And this trend has now reached the financial sector as well. Ever more once-innovative banking operations are being standardised and performed by technology. Ladies and gentlemen, I have a confession to make.
There are some sides of structural change which I, too, struggle to come to terms with – to this day, I would much rather type on a Blackberry than swipe on an iPhone. But in my capacity as a banking supervisor, I do wonder that if banking is possible without banks – who, then, will provide tomorrow’s customers with the banking services they require?