Certainly, it would seem that the use and increasing familiarity of the concepts related to functional equivalence and technological neutrality, despite their rigorous regulation -given their nature-, foresee in the future of banks a horizon traced by the digitalization of their products and services.
The expansion of e-commerce, the application of disruptive technologies such as blockchain, machine learning, algorithm intervention, big data, open banking and integration through APIs (Programming Interfaces), among others, added to the notion of instantaneousness in the transmission of information on the Internet, in disintermediation scenarios, have created a new lifestyle for society.
Thus, the customer experience is the main vertex on which the orientation of the business is developed, in this financial case, going from a pre-elaborated suit of the product of the asset, liability, service or neutral operation that banks offer to the customer, to an automation and market intelligence, which changes the perspective from the consumer or user to the offered good already in a personalized way.
Customer information plays an important role, which in turn allows a deep knowledge of the customer and his needs, all within a strict observance of the rules of personal data protection, its treatment, life cycle and the duty to comply with informed consent.
However, in the expectant journey of this path that Teresa Rodriguez De Las Heras graphs it mentioning that “we have gone from tangibility to visibility”, in the legal development we still discuss about the rules to regulate the representativeness and exercise of the rights contained in electronic manifestations, as for example, the instrumentation of a digital promissory note and the challenge of demanding its enforceability at judicial level; we question whether web or mobile banking is the future of the financial activity, or if it is a reality that responds to a certain moment.
Meanwhile, technology is invading and conquering more and more space, not only in the different processes, such as the tokenization of digital assets, but also at the level of people, in the so-called transhumanism. It is said that chip implants will allow new forms of communication through brain waves, or that company boards of directors will have artificial intelligence representatives among their members.
It would appear, then, that the new financial activity is not based on the idea of banking without physical presence or, failing that, on the process of dematerialization of the contracts that financial institutions enter into with their customers, through the application of online authentication, registration and acceptance (clickwrap) methods.
The virtuality to which we refer goes beyond the generality for the offer and acceptance manifestations in the financial world to be made in electronic form, guaranteeing traceability and reliability; it has to do with this hyper-personalization demanded by the client and that will be demanded by the hyper-connectivity that is growing exponentially in the world.
This is also closely related to virtual parallelism and interaction with the digital twins of clients and consumers. The new financial activity must also be concerned with meeting people's needs and exchanges, in the metaverse metaphor for the time being.
Jorge Alvarado, LLM.
Excellent