Homo Ex Machina: Finance Rebooted

Leo Jacobo and Ilyssa Weinstein

When the great innovation appears, it will almost certainly be in muddled, incomplete and confusing form.

Freeman Dyson (2003)

The disruption of banking started with the fast-moving, thunderous power of the cloud. Internet transactions transformed all customer experiences, from ticket purchases to purchases of music, clothing and electronics. The 75 million consumers comprising the millennial generation came of age just after the 2008 recession (Fry 2018). The buying preferences of these digital natives defined the customer experience. Social media targeted them by their tastes and their locations and gathered their personal data. The new customer experience went beyond the sale and included reviews in a multi-vendor marketplace. User ratings, driven by customer content, including stars, “likes” and photos, were adopted by most commercial websites. Social media, in particular, mastered a form of continued member participation and, in some cases, created whole user communities, such as Instagram and Etsy. These compelling models reflected a lasting, even lifetime, commitment to the customer, and the customer gave a big thumbs up to this new personalised approach. Similarly

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