‘Platformization’ often implies that the bank-customer relationship is mediated by other regulated or unregulated entities managing the platform. Examples include marketplaces (e.g. deposit marketplaces) or even e-commerce portals distributing financial services, which are ancillary to their core business; Big Techs play a significant role in this space.
Second, even innovations that do not spur an entirely new way of doing business can encourage equipment spending because some firms will choose to retire obsolete equipment more rapidly than they otherwise would. Accordingly, if the pace of progress slows, increases in business investment, particularly of high-tech goods, may also slow.