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Banks and New Technologies: The New Deal

Olivier Klein * Professeur affilié, notamment cours de macroéconomie financière et cours de politique monétaire, co-responsable de la Majeure et du Master de Financial Economics, HEC ; directeur général, BRED. Contact :

For everyone, new technologies create a new link to the world and bring about a series of consecutive revolutions, both in our daily lives and in business. The first is a commercial revolution that turns relations between producers, distributors and clients on their heads, for the benefit of clients. The technological revolution also places employees at the heart of the company, with an impact on its organization. There is also the societal factor which is now decisive, as society is becoming a real stakeholder in business, driven by the internet and social networks.

The corporate bank, and more specifically the commercial bank, cannot avoid these upheavals ; on the contrary, they are at the heart of economic activity. The bank must thus reinvent itself, with no time to spare. People have as much need of banks and the personal relation remains a fundamental aspect of the banking profession. According to us, the only way forward is reinventing local banks able to promote "instant banking" which offers more convenient, relevant and personalized advice.

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