Special report | Money on my mind
A brave new world for banks
The transition from banking may make financial services cheaper, quicker and fairer. But it will threaten privacy and sovereignty and expand the role of state
NOBODY LIKES banks. Their technology is often primitive. Their users are hit with unpredictable fees. Their functions matter, yet their coverage is incomplete. This can relegate swathes of people in rich countries and entire populations of poor ones to the fringes of society. Many of the biggest make most profits from trading and fees, not providing services to ordinary customers. And worst of all, their failures can cause catastrophic damage for which they bear only a fraction of the costs.
This article appeared in the Special report section of the print edition under the headline “A brave new world”
From the May 8th 2021 edition
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