Banking on digital natives: Why banks must innovate
Aldo de Jong
For example, TransferWise has become popular for exchanging money across national borders. Google Wallet allows people to pay for things using their Google account. Square is a handy alternative to expensive card readers. A card reader fits together with an app and turns a small business owner’s mobile phone into a mobile sales terminal. The most widely-used non-bank owned online service is Paypal, which has become essential for small businesses and for customers of online retailers. None of these companies existed just a few years ago, but they have captured the market and are disrupting the banking industry. They provide a service we want, and they have quickly gained our trust. So how are banks responding?