Platform or Pipe: Why Most Banks Already Chose

Every few years someone tells us banking is about to be disrupted. It never quite happens. So when Dharmesh Mistry and Lou Carlozo came on to talk about their new book, The Intelligent Ledger, I asked: Why is this time different?Dharmesh's take? Banking has adopted plenty of individual technologies, from mainframe to client-server, internet, mobile, cloud. None of them disrupted anything. But the iPhone didn't win by being a better phone. Nokia was building a better phone. Kodak was building a better camera. Garmin was building a better GPS. The iPhone was all of them at once, and the market reorganised around it in under five years.His claim is that banking now has its own version of that convergence — what he and Lou call the Quanvergence: open, accessible data; agentic AI; tokenisation; and quantum, arriving together rather than in sequence. Not the best AI bank. Not the best tokenised rails. All of it, in one place. So platform or pipe? And who will win? 📱 The Intelligent Ledger ships at the end of September from Palgrave Macmillan. Hot take 🔥"Banks have already chosen pipe, but they're not admitting it. Nobody wants to hear it. If you're selling products and that's all that you're doing, you're making your money from margin on a product — that makes you a pipe. So just admit it and get on with it." — Dharmesh MistryHot take 🔥"Change or die by 2032." — Lou Carlozo🎧 Listen now wherever you get your podcasts.Keywords: Fintech, Financial Services, Agentic AI, AI, Quantum, Digital Transformation, Tokenization Timestamp:00:00 Welcome and Guests00:50 Introducing The Intelligent Ledger03:29 Why Five Years06:58 Convergence and Platform Shift09:31 Skepticism and CEO Courage13:38 Four Forces 17:10 Small Banks Can Compete22:05 Bold Claims and 2032 Deadline34:37 Release Dates and Where to BuyMore about our guests 🌐Dharmesh Mistry on LinkedIn: https://www.linkedin.com/in/dharmeshmistry2020/ 🌐Lou Carlozo on LinkedIn: https://www.linkedin.com/in/loucarlozo/ More about our host and One Vision Podcast 🌐Theodora Lau on LinkedIn: https://www.linkedin.com/in/theodoralau/ 🌐Banking on (Artificial) Intelligence (book): https://www.bankingonaibook.com/ 🌐Unconventional Ventures (company): https://www.unconventionalventures.com/ 🌐Listen to all One Vision Podcast episodes by visiting: https://shows.acast.com/one-vision One Vision Podcast is a fintech, banking, and AI podcast hosted by Theodora Lau (Founder, Unconventional Ventures; author of Banking on (Artificial) Intelligence). One Vision goes beyond the headlines on AI, agentic commerce, digital banking, financial inclusion, and the future of money — with founders, analysts, venture capitalists, technologists, and operators building the next chapter of financial services. New episodes weekly. Featured guests include leaders from Ant, bunq, J.D. Power, Forrester, IBM, Microsoft, Salesforce, SAS, SAP, and Wall Street Journal. Recognized in American Banker's Top 20 Most Influential Women in Fintech. Hosted on Acast. See acast.com/privacy for more information.