Banks must embrace their digital destiny

Alexander Lipton is a Connection Science Fellow at MIT and an Adjunct Professor of Mathematics at NYU

To understand why banks are unloved and feared by customers, regulators and investors, and what can be done to rectify this unfortunate situation, we need to recognise the nature of the banking business. It is easier said than done, since banks are in the business of buying and selling money, and there is little consensus on what money is, and how it is created. For example, nobody knows if