The traditional banking model in the United States, despite a running start of over two centuries, has, in just a few short years, discovered that every facet of its basic business model is under attack both perceptually and economically from hundreds of new entrants.
For a long-established system of business for which customer trust is foundational to have no participation in the very conversations shaping expectations about its future is not only remarkable, it is dangerous.
It implies, ultimately, a critical lack of confidence in the underlying enterprise by all stakeholders – whether customers, regulators, investors, or the general public. And as we know, confidence is even more critical to a securities- and exchange-rate based financial system than it is to virtually every other type of commerce.
When we survey the enormously broad landscape that comprises FinTech, and the dominant conversations in financial circles, specialized and general press, and in social media, about the future of banking, those conversations almost uniformly fail to involve banks themselves.
The financial services industry, especially consumer banking, has become completely separated from the discussion of its own future.