Mind The Tech
To See the Future of Banking, One Should Look to China, Says Bank Leumi Exec
Changes in the finance industry and the entrance of non-banking players mean traditional banks need to figure out new business models, Dror Topf, head of group strategy and innovation at Israel’s Bank Leumi, said Monday at Calcalist’s Mind the Tech conference in Tel Aviv
The entrance of non-banking entities like Google and Apple to the financial industry does not mean traditional banks will disappear, but rather that they need to figure out how to better operate in today’s reality and appeal to today’s consumers, perhaps leading to newbanking models, Topf said. Companies like Google toe the line and partner with banks because they do not want to shoulder the regulation and supervision Banks are subject to, so banks will always have a role to play, he said. People should also consider that while banks are supervised and are compelled by the law to protect user data, non-banking players can use the data generated by users for various applications.