How Railsbank is re-designing the future of retail banking
Nobody would accuse the traditional retail banks of being close to their customers. Even now, with challenger banks using digital technologies to poach their customers and their revenues, the incumbents are stymied by legacy attitudes as well as legacy systems and processes.
The idea that the traditional banks will be reduced to highly regulated balance sheet utilities yoked to the central banks while a horde of innovative new entrants handle product distribution and customer relationships, once considered outlandish, now looks like an increasingly probable future for many of the most venerable names in retail banking. When it happens, Railsbank, the London-born Open Finance platform whose technology promises to enable any company to get into the banking business, will be able to claim a good measure of the credit. Future of Finance co-founder Dominic Hobson spoke to Nigel Verdon, CEO and Founder of Railsbank, about what the company believes and does and where it is going next.
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