Magazine article American Banker

Envisioning the Future Model of Banking; Capital Debate Continues

Magazine article American Banker

Envisioning the Future Model of Banking; Capital Debate Continues

Article excerpt

The Future Model of Banking: Susan Ochs, former Treasury Department advisor and senior fellow at the Aspen Institute, kicked off BankThink's ongoing series by positing that future models of banking will require a Hippocratic oath-level of trust. Some readers thought this model would be difficult to achieve, since trust in the banking industry remains low. "There are four million or so Americans (or former customers) who will never really trust the banks, ever," one reader commented. Another reader objected, "relating banking to healthcare is probably not the best thing to do right now ... With the pay-per-service attitude, I would not say my relationship with my doctor is that great." Other readers thought the trust model had potential. "There is opportunity for smaller banks to strike first and secure their markets," one commenter wrote. Also in the series, Lauren Pollak, the financial services practiceleaderat Jump Associates, argued that banking would ultimately operate more like TiVo for your finances: "a service that assembles and manages a portfolio of accounts from a single portal." "Monetary Future" columnist Jon Matonis warned that banks have one last mulligan before alternative currencies revolutionize payments. "Bitcoin, like other technologies around payments innovation ... have been born out of need to transact faster and across multiple geographies without arbitrary constraints that are designed to protect incumbents," one reader commented. …

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