Banking Innovation Strikes Back
The Floor has published a report focused on banking innovation, which reveals a history of ground-breaking innovations spanning the Middle Ages through the Blockchain revolution. The banking industry has operated at the forefront of innovation since the Middle Ages, with high impact innovations in trade finance, payments, credit and more. The bullish years of banking innovation from the Middle Ages until the 1970s saw the introduction of innovations that had a dramatic impact on the global economy.
What followed from the late 1970s to the 2008 financial crisis, were three decades that featured little innovation. However, since then, the banking industry has embraced a new era of innovation to overcome a diverse range of challenges. Banks and their partners are on track to introduce high impact innovations in payments, artificial intelligence, trading and many other areas.
To celebrate this new era in banking, The Floor, together with its partners-international financial institutions and tech giants-has published its "Banking Innovation Strikes Back" report, which examines the evolution of the banking industry and its future. Moises Cohen, a Co-Founder and Director at The Floor, authored this report. When announcing the publication of this report, he stated that "banks have contributed enormously to the growth of the world's economy since the creation of the first bank in Italy in 1472, and are once again driving deep innovations in the global economy. For instance, banks today are leading a corporate wave in blockchain, and in so doing, charging forward into a new era of financial services.
After an extended period of hibernation from the late 1970s to 2008, a revitalized banking industry is striking back and returning to a proud tradition of disruptive innovation."