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What will be the Uber of the banking sector?

A woman registers her palm on a PulseWallet, a point-of-purchase device, during the 2014 International Consumer Electronics Show (CES) in Las Vegas, Nevada, January 8, 2014. The system measures vein patterns in the palm. After confirming a person's identity, the purchase can be paid with a "digital wallet" linked to a credit card, debit card, a bank account or even paid in bit coins. REUTERS/Steve Marcus (UNITED STATES - Tags: BUSINESS SCIENCE TECHNOLOGY) - RTX176ZT

Disruptive technology is the big buzzword in the business world right now. TripAdvisor has revolutionised the travel sector, Airbnb has opened up the room renting market and Uber has turned the taxi business on its head.

None of these companies own major assets or infrastructure, but they have changed how their industries work and rewarded their inventors with sizeable fortunes, leaving technology players to wonder: “But where’s the Uber of banking?”

Chris Skinner, founder of Europe-based networking forum the Financial Services Club, posed this question at a conference in Abu Dhabi earlier this year.

“What is happening in banking? Not a lot,” he told a financial audience. “Most large banks have just taken their internet services to a mobile screen or, as I like to think of it, they’ve taken a big-screen banking system and converted it to a small screen.”

For more on this story visit the following link: What will be the Uber of the banking sector?

Source: ZAWYA

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