So how to deal with the clash of cultures? As I said before, the digital era of banking is irreversible – but how should banks deal with that? In my talk, my question was more specific: how to deal with the clash of cultures between digital natives and digital illiterates in financial companies? Are “traditionalists” merely standing in the way of better finance?
Major reforms are particularly necessary in those countries that have experienced a loss of competitiveness in the past or that are suffering from high fiscal and external deficits. The removal of labour market rigidities would further support the adjustment process of these economies.