I have spent more than 40 years in financial services, and I have learned to be skeptical of people heralding the word 'revolution.' Branchless banking was going to end the branch. The blockchain was going to disintermediate the whole system. Big Tech was going to extinguish the bank altogether. However, consider the most meaningful waves of financial services innovation this generation. The information-based strategy we pioneered at Capital One turned data into the engine of a consumer bank, reimagining it from the inside. Then the internet dissolved the branch as the unit of distribution, putting the bank on a screen. Then digitization moved that screen into the customer's pocket, unlocking all banking services with a mere touch stroke. Then the cloud collapsed the cost of computing and let a handful of engineers do what once took a data center and an army. AI will be bigger than all of these waves. You can already see it happening, one layer at a time. Wealth management is being...
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