In my welcome address at the 25th Asian Banker Summit in Hong Kong recently, I made it very clear that the features that are found in Decentralised Finance (DeFi) are finding their way into traditional banking.
I pointed out that all of the features of DeFi will one day come to define traditional banking:
- 24X7
- Totally funded and unleveraged
- Interoperable
- Zero back-office
- Applications built into the transactions
Key themes discussed at the summit, including the impact of artificial intelligence, the rise of cryptocurrencies and digital assets, and strategies for traditional financial institutions will eventually adapt and become integrated into these new technologies.
The end-game, as I have always pointed out, is the personalization of finance, as outlined in my book, The Great Transition: The Personalisation of Finance is Here”. We are moving from a transaction-driven market economy to a networked economy where finance will become embedded in community interactions and social networks.
