Every single moment is unique.
Sure, there may be similar themes and parallels, but there are always new players, shifting circumstances, and evolving trends.
It’s never the same.
Just because one country rises to prominence in a similar way to one 1,000 years ago, doesn’t mean that it is a “repeat” of history.
As for banking, we are seeing continued trends, but it’s important to make the distinction that this isn’t repeated history; it’s the continuation of a path.
This becomes most obvious when we look at the increased digitization in banking.
It’s a path we’ve been on for a while now, but with more advanced technology, there has been a major uptick in disruptors that are coming in and pushing the industry forward.
Continued progress forward CAN’T be repeated history, it’s a continuation of the same path.
The fundamentals of banking will continue to persist — probably forever.
Money will maintain value over time.
Managing credit risk will always be key.
But again — not repeated history.
Just timeless truths of banking that continue to exist.
If you’re tempted to use the past to predict the future — STOP.
You can study history to understand the trends,
But use that knowledge to prepare for unique challenges that lie ahead.
You can be sure of one thing – the future will surprise you!
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