The CEO of Corezoid, Alexander Vityaz, argues that the older generation card issuers like Visa and MasterCard will lead the banking revolution, and not tech start-ups.
Here are his reasons why:
1. Visa and MasterCard have been able to become IT companies because they were born global. Banks never were.
2. Banks can’t become major IT companies because of their local nature.
3. This will free banks of their IT obligations.
4. Banks will also lose control over relations with customers.
5. Banks will lose a huge part of their control over the back-end… and the front-end.
Read more at Banking Tech.