From Medici to Machines: Tech Sparks Banking Renaissance

In a July 1, 2026 essay, Alvaro Garrido, chief operating officer, technology and operations and CIO for information security and data at Standard Chartered, wrote that AI, mobile banking, blockchain and digital platforms are driving a new banking renaissance that is reshaping trust, customer experience and operations across global finance.

Garrido described a shift from a largely physical model-customers opening accounts in branches, placing trades by phone, and relying on paper checks-to an always-on, digitally integrated system. He identified the commoditisation of compute power and the rise of networked architectures as early turning points, followed by internet and mobile banking. Cross-border payments can now settle in near real-time and digital wallets have expanded access beyond traditional infrastructure.

He said the nature of trust has changed. Where trust was once built through face-to-face relationships and institutional presence, it now rests on resilience, security, transparency and a consistent customer experience. As banks expose services via application programming interfaces and participate in embedded finance and open banking ecosystems, cyber security, data governance and real-time risk management have become more prominent. Garrido cited scam losses in Asia of more than $688 billion to illustrate the scale of the threat.

Banks are deploying advanced analytics and AI to detect fraud, identify anomalies and speed responses to security incidents, according to his account.

Garrido flagged a widening technology skills gap. He referenced estimates that more than 90% of global enterprises will face critical tech skills shortages this year, particularly in AI, data science and cyber security. He wrote that banks are investing in training and upskilling in areas such as data literacy, the limits and capabilities of AI, workflow engineering and digital systems thinking. He noted that many new hires lack traditional finance qualifications but bring strong technology skills and different career motivations, prompting changes in recruitment and development.

On everyday banking, Garrido predicted services will become ambient and anticipatory. He pointed to the integration of banking features into e-commerce platforms, messaging apps and digital workflows. He wrote that natural language processing and pattern recognition will let AI agents coordinate routine banking tasks, provide personalised recommendations and act on behalf of customers, while human advisers handle complex decisions. He described these AI agents as hybrid systems that augment human staff.

Garrido also outlined potential changes to market infrastructure. He said digital assets, tokenisation and stablecoins could change how value moves across systems, and that blockchain-based smart contracts may improve transparency and efficiency in payments, trade finance and asset servicing. He mentioned possible applications of quantum computing in portfolio optimisation, simulation modelling and advanced security techniques.

He traced the pattern to 15th-century Florence, where Medici innovations such as double-entry bookkeeping and letters of credit scaled trust and trade. Garrido urged leaders to support experimentation, invest in operational resilience and security, and prepare staff with new skills to implement technological change in banking.