Quoted: “Masters went on to say that, because financial services involve Americans’ livelihoods (and not just, say, their taxi ride to Brooklyn), regulations ruling the space are many multitudes more complex than they are in other industries — and the 100-plus year-old banks have a leg up in dealing with these rules.
“Anyone who imagines that as a result of the advent of new technology we will see a world where incumbent financial institutions who provide vital, heavily-regulated intermediated services, custodial services, safe-keeping services will be decimated and completely removed from the picture overnight is just naive and wrong,” she said, pointing out that customers of legacy banks can pay bills and deposit checks through their iPhones — so it’s not as if there’s been no innovation in traditional financial services.”
Read the article here > http://www.forbes.com/sites/maggiemcgrath/2015/10/20/will-fi…ately-win/
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