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Darwin’s theory of evolution, as published in his work The Origin of Species, purports that populations evolve through a process of natural selection, whereby favourable traits become more common and unfavourable traits become less common. Over time, this process may result in adaptations for particular niches, resulting in the emergence of new species.
If we apply this theory to banking systems, we can draw a number of parallels. Unfavourable technologies become extinct, while newer, more agile and flexible technologies provide competitive edge – and ultimately survival. In the same vein, ways of doing business change as banks look to achieve the holy grail of straight-through-processing, reduce their costs and target their customers better. But, if we try to adapt defunct...
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