The second step in our chronological approach is also the most uncertain as it implies speculating about the impact of new technology on the future organisation of financial markets. It must be recalled from the outset that the introduction of new technology in the banking sector is not a one shot phenomenon. On the contrary, it is proceeding by waves.
As already said, the development of e-money, e-banking and e-finance will represent a great challenge. Whatever its speed, this new wave will strongly modify the nature of relations between market participants. Distant access to financial products is substituting for close individual contacts. Brand loyalty, while still a key asset in a business built on trust, is increasingly associated with cherry picking.