From Medici to machines: tech remakes banking

Alvaro Garrido, chief operating officer for technology and operations and chief information officer at Standard Chartered, wrote on July 1, 2026 that artificial intelligence, blockchain, application programming interfaces and quantum computing are driving a shift from branch-centered banking to continuous digital services.

He traces the change to cheaper compute and networked architectures that removed limits imposed by isolated systems. Internet and mobile banking made transactions immediate and always available. APIs, embedded finance and open banking have extended banking into e-commerce, messaging and other digital workflows. Cross-border payments now settle in near real time in many corridors, and digital wallets and alternative platforms have expanded access beyond traditional branch networks.

The nature of trust has changed, Garrido wrote. Where trust once relied on face-to-face interaction and paper documentation, digital trust now depends on system resilience, security, transparency and consistent customer experience. He cited scam losses in Asia of more than $688 billion and noted that banks are using advanced analytics and AI to detect fraud, spot anomalies and speed responses to threats.

Operational demands have shifted alongside customer services. Modern banks must manage real-time risk, data governance and cyber security across interconnected systems. Garrido referenced research forecasting that more than 90% of global enterprises will face critical technology skills shortages this year, especially in AI, data science and cyber security, and recommended investments in training for data literacy, workflow engineering and digital problem solving.

Garrido described a future of ambient, anticipatory banking in which services are personal, contextual and woven into daily activities. He outlined agentic AI chatbots and digital assistants that coordinate routine banking tasks using natural language processing and pattern recognition, and he said hybrid models will pair AI with human advisers for complex decisions. Relationship managers and technologists are expected to remain part of those workflows.

On payments and asset servicing, Garrido pointed to tokenisation, stablecoins and blockchain-based smart contracts as ways to make value transfer more efficient and transparent. He identified potential uses for quantum computing in portfolio optimisation, simulation modelling and cyber security, while noting these technologies are still emerging and likely to be adopted gradually.

Garrido warned that leadership and culture must adapt. He called for senior executives to challenge assumptions, support continuous experimentation and adjust hiring and training as new generations enter the workforce with technology skills but not always traditional banking qualifications. “Banking is built on trust,” he wrote, and “the next era will be defined not just by technological capability, but by how effectively we combine innovation with resilience, security and human judgment.”