That is not as far-fetched as it may sound – we have already seen disruption in other sectors. And there have already been disruptive developments in the financial sector. Just take stock market trading, for example, much of which left the trading floor quite some time ago. But thus far, disruption has only affected individual components of banking.
No technological innovation has been able to fully replace the economic functions of banks. From our experiences with banking transformation in Germany, I don’t see widespread disruption happening today or in the foreseeable future. Right now, day-to-day relations between fintechs and banks in Germany can best be described as “complicated".