Is Traditional Banking Unbreakable?
It is a rare modern industry nowadays that is not at risk of being upended by digital technology. But while high-tech startups have begun to penetrate terrain traditionally dominated by banks and financial-services companies, there is reason to believe that this industry will prove more resilient to disruption than others.
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NEW YORK – It is a rare industry nowadays that is not at risk of being upended by digital technology. Amazon, having swept away bookshops, is now laying siege to the rest of the retail sector. In transportation, Uber is outrunning traditional taxi companies, while Airbnb is undermining the foundations of the hotel industry. Meanwhile, smartphones are transforming how we communicate and revolutionizing the way we discover and patronize businesses.