“A survey of 405 global bank executives conducted by the Economist Intelligence Unit on behalf of Temenos, highlights how new technologies such as AI, open APIs and cloud are compelling banks to rethink their business strategies in preparation for a new age of digital banking.
Late last month, a report from Citi warned of a 30% revenue hit for incumbents as new digital first challengers enter the market. To avert an impending extinction-level event, Citi urged bank to “re-invent themselves and re-imagine banking” by building their own digital offshoots. ”
“So it was surprising to read an entire chapter about this dilemma comparing China and the U.S. in Kai-Fu Lee’s book AI Superpowers
While the book is about AI, Lee is trying to undo American conceptions of Chinese innovation early on in the text. Yes, the country was once a copycat haven, but that has changed as the learnings of copying have led to originality:
Lee’s ultimate point is that by focusing on markets instead of mission, Chinese startups move far faster and more aggressively to seize opportunities. But that also means that there are can be thousands of startups all targeting the same market at the same time, which forces outside-the-box (read: quite possibly unethical or illegal) behavior in order to compete. ‘For these gladiators, no dirty trick or underhanded maneuver was out of bounds. They deployed tactics that would make Uber founder Travis Kalanick blush.'”