Are banks the dinosaurs of the digital age?

(Jan 31): It is a common narrative in some circles: established banks are dinosaurs about to be disrupted. This story seems intuitive because it echoes the disruption we have seen in other industries, from the way that new players moved shopping online in the 1990s, to the way the music and video industries were disrupted by streaming.

The implication is often that incumbent banks are being caught by surprise by the changing environment and the foray of FinTech start-ups, new virtual banks, or tech giants from the US or mainland China into financial services.