During my conversation with Toby Babb on “FinTech Focus TV,” we talked about the transformation in banking, the digitalisation of debt, the standardisation of technology, and the current obstacles and prospects in the sector.
Here are the key points discussed:
● We touched upon the growing national debt in the United States and the idea that debt has become an integral part of the economy. This debt-driven model is unsustainable, and it prompts questions about the future economic landscape.
● The solution to the increasing debt problem lies in digitising it, making it available to a wide range of investors.
● Banks need to recognise the importance of external data sources. Data outside the institution can be more valuable than internal data, highlighting the need for a shift in perspective.
● Personalisation in finance should align with individual visions of wealth, rather than relying solely on traditional banking models.
● Technology including AI like Chat GPT, often starts as a competitive advantage but eventually becomes a commodity available to all. This challenges the idea that AI will provide a long-term advantage to banks.
Listen to the episode: