Bankers and financial institutions are headed towards a fight with an increasingly powerful Big Tech, according to global thought leader Emmanuel Daniel.
Daniel says the technological surge towards artificial intelligence, machine learning, neural networks, chip technology, and quantum computing is reshaping the understanding of centralised control. The change gives Big Tech quasi-governmental powers.
“Another factor driving the rise of personalisation and the pushback against platforms is the pushback against technology companies becoming ‘governments’ in their own right. Platform owners regulate who has access to their platforms and what they can say or do on them – and, to some extent, wield powers that even governments do not have. As a result, users are migrating to models which favour direct, peer-to-peer action over centralised control.”
If Daniel’s new book, “The Great Transition: The Personalisation of Finance is Here” is correct, then the concept of governments controlling the finance industry might be a thing of the past, although we don’t expect anyone to go down without a fight.
