The sudden collapse of Silicon Valley Bank, also known as SVB, has caused plenty of shock, but the fallout has yet to run its full course.
Anyone reading the financial and technology news in recent weeks could easily be led to assume there is a crisis happening in the technology space and that the only way from here is down.
Cryptocurrency has hit a crisis point unusual in its short but bright history. Rather than listening to tech evangelists' opinions on the matter, banks need to look at the fundamentals.
Artificial intelligence, blockchain, cloud deployment models, fintech, insurtech, regtech, robotic process automation, big data analytics, channel diversification, changing customer expectations, and an ever more detailed regulatory environment are all part of a growing list of dynamic forces transforming financial services. Each of these has the power to be disruptive on its own; combined, they guarantee change for financial services providers of all types. But these forces are not exclusive to banks and financial institutions.