What exactly do we do with our money? Aside from daily purchases, we store it. Mostly in banks. Then we shuffle money between companies and people as we transfer, invest, borrow or lend. Finally, we trade it off for other assets.
In “The Future Is Faster Than You Think,” futurists Peter Diamandis and Steven Kotler explain how converging technologies are fundamentally reimagining each of these areas – with bits and bytes replacing pounds and pence. Neither economics nor the way we live our lives will ever be the same.”
COVID-19 has exposed operational and technical flaws in many financial institutions. Banks must respond to the immediate crisis while adjusting for their long-term strategic plans. Many underlying problems will outlive this moment in time.
Robert Eriksson, digital CTO at Lloyds Banking Group, points out that many organizations with complex technology solutions are having trouble keeping up with today’s fast-moving world.
“This is particularly evident within financial services where many companies have been built over decades, if not centuries, with core IT systems still running on Mainframes,” Eriksson said. “However, by investing in its employees to ensure they stay on top of the latest trends and technologies it is possible to transform not only the technology estate, but the entire organization, setting it up for success in a modern and digital world.”