If you are in the IT business industry, you must read the book Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do by  Brett King.  The author has a great perspective on the future of banking and how technology is the key differentiation for the new banks.

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Below are a few points from his book:

We came from check book to debit card, from debit card to mobile phone… the opportunity is to do something drastically different.

The inercia problem: We do this way because we have been doing like this for the past X years.

Banks will be the IT companies of the future.

Banks will have to have a high end technology competency.

People will primary select a bank based on their technology competency layer.

If you don’t have a strong technology company, you are screwed!