There are 2 billion people in the world with bank accounts. There are 6 billion mobile phones. That means there are 4 billion people connected up who do not have a bank account. The challenge for banks is to reach out to those 4 billion and get them onboard as customers. Starkly different views of who will capture this business were presented at the IIF Spring Membership Meeting in London.
Nick Shalek of Ribbit Capital, which invests in financial start-ups, is convinced the banks cannot do it because at best they can only take an evolutionary rather than a revolutionary approach. He thinks bank branches have no future. "We are looking for entrepreneurs who will disrupt the financial marketplace," he said during a panel discussion on the impact of technology on financial services.
