IDG Contributor Network: Why banks will transform into marketplaces

Speaking with global banking leaders last month at the annual Web Summit conference, all agreed that the future of banking will be defined by these very consumers. The reality is, though, that banks don’t have many touchpoints with consumers anymore and ultimately provide a utility service: consumers check their balances weekly or pay their mortgages annually. For payments, it’s far more likely consumers use unregulated apps like Venmo and PayPal. In Singapore, for example, ride-shar