AI-Generated Summary
Bill Gates once remarked that “banking is necessary, banks are not,” highlighting the potential for technology to disrupt traditional banking. While he may have been premature in labeling banks as “dinosaurs” in 1997, the rapid evolution of AI and fintech underscores the transformative power of technology in finance. Core banking functions—holding, moving, raising, and researching money—will persist, but the methods and providers may shift. Fintech and Big Tech companies are increasingly embedding payment systems and financial services into their platforms, challenging traditional banks. While innovation is welcome, there are concerns about the fair use of dominant positions to monopolize the industry. Ultimately, technology will reshape banking, but its essential services will remain.
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Bill Gates once said banking is necessary banks are not to what extent could AI or fintech replace traditional Banks I think first of all I remember him saying Banks of dinosaurs I spoke to him about it in 1997 and he obviously he was dead wrong he probably agreed to that but but he’s not wrong the technology changes everything and if anyone is complacent or arrogant or think that because you have a big position today you have a big position tomorrow that’s a mistake and but then you have to find what is banking someone’s going to have to hold the money someone’s going to have to move the money money someone’s going have to raise the money someone’s going have to do research you know re around money those services will still be around and you know hopefully we’re doing it and using a lot of tech to do a better job at it but I’ve always thought it’s very possible that some tech thing you know dis Intimates a piece of that and I’ve been writing about you know big Tech going to our business we got fintech but we also have big Tech and they will embed Payment Systems in there I’m not against that I would be against unfair use of their position to dominate us in a business
