Internet-oriented companies will play major role in banking: Gartner

Internet-oriented new era companies will play a considerable role in shaping the banking industry of the future, according to Gartner.

However, the new firms will play a considerable role in shaping the banking industry of the future.

Gartner analysts examined the future of banks during Gartner Symposium/ITxpo taking place here.

"The evolution of the Internet continues to raise questions about the continued viability of brick and mortar establishments in retailing and financial services," Gartner fellow Vice-President David Furlonger said.

Increasingly, Internet-oriented mega-firms are seen as the commercial enterprises of the future, he said adding as far as retail banking is concerned,it would be like "trying to hammer a square peg into a round hole. This just does not fit".

Furlonger said digital mega-firms have many things in their favour. "They are masters of data management and analytics. To all intents and purposes they define agility, both from a technology and a business model point of view."