Breaking Banks

The Rise of Digital Banking and Fintechs: Branch Tomorrow

Aug 28, 2025
Richard Turrin, a fintech innovation expert and author of 'Cashless: China’s Digital Currency', shares insights into China's rapid digital transformation in banking. He discusses the monumental changes driven by platforms like WeChat and Alipay. Meanwhile, Paolo Sironi, Global Research Leader at IBM, highlights how European banks are navigating branch transformation by blending digital and physical services. The conversation covers trends in consumer preferences and the future of banking amidst the rise of cashless economies.
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INSIGHT

Fintechs Rewrote Customer Economics

  • Fintechs now command far more customers and growth than top retail banks, reshaping customer acquisition economics.
  • Digital onboarding drastically lowers acquisition cost and forces banks to rethink branch economics.
ANECDOTE

China's Payments Disruption Was Sudden

  • Richard Turrin describes China’s digital shift as a “nuclear bomb” for banks after Alipay and WeChat Pay exploded.
  • Banks lost card revenue and transaction data as payments migrated to wallet ecosystems.
INSIGHT

Open Banking Happened Differently In China

  • China developed 'open banking by fiat' because wallet ecosystems forced fintechs and banks to share data and services.
  • Mini apps on WeChat and Alipay turned the platforms into societal gateways, not just bank channels.
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