The Floor, a Tel Aviv-based fintech centre, recently published a report focused on banking innovation, which covers the history of innovation from the Middle Ages through to the blockchain revolution, according to an official press release.
According to the report, the banking industry has operated at the forefront of innovation since the Middle Ages, driving advances in trade finance, payments, credit and more. Banking innovation from the Middle Ages until the 1970s had a dramatic impact on the global economy, however the period from the late 1970s to the 2008 financial crisis featured relatively little innovation.
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Since then, the banking industry has once again begun innovating, this time with a focus on areas such as payments, artificial intelligence and trading.
“Banking Innovation Strikes Back” has been published to celebrate this new era. The report, published by The Floor in conjunction with its international partners, examines the evolution of the banking industry and its future.
The report was authored by Moises Cohen, co-founder and Director of The Floor. He said: “Banks have contributed enormously to the growth of the world’s economy since the creation of the first bank in Italy in 1472, and are once again driving deep innovations in the global economy. For instance, banks today are leading a corporate wave in blockchain, and in so doing, charging forward into a new era of financial services. After an extended period of hibernation from the late 1970s to 2008, a revitalized banking industry is striking back and returning to a proud tradition of disruptive innovation.”