Other defensive structures came up, like forts. They were more suitable for firing off canons themselves, thus adopting the new technology. So too the arrival of new technology and new players will change the role of banks. Our gunpowder challenge is FinTech, and especially BigTech. The influence of BigTech firms in banking is growing rapidly.
I am sure at least some of you are already using Apple Pay or Google Pay. Banks are increasingly outsourcing to the Cloud. And banks and BigTechs are joining forces in SME lending. For example, a bank starting to offer loans to merchants active on a web-based platform, using transaction information from that platform.