10 It takes a lot of investment to securely convert that infrastructure to platforms that can operate in real-time with ready access for Internet-native third-party developers. But important policy, regulatory, and legal questions also demand attention. And that is where the smartphone analogy loses its power. On balance, bank activities are much more highly regulated than smartphones.
Those regulations enable consumers to trust their banks to secure their funds and maintain the integrity of their transactions. While “run fast and break things” may be a popular mantra in the technology field, it is ill suited to an arena where a serious breach could undermine confidence in the payments system.