“Financial services is about to have its Napster moment," says an entrepreneur quoted in the October issue of The Banker, meaning that it is about to go through the same kind of disruption as the music business did with the advent of online music downloads.
But he is not referring to the usual suspects: disrupters such as Apple, Google and PayPal whose presence or anticipated presence in the payments space threatens to undermine the banks and will no doubt be a source of debate at next week’s Sibos 2014 meeting in Boston.