Phone apps inspired by games like Donkey Kong encourage people to invest from their smart‐phones while Kenyans have completely bypassed local branches and bank via text message. At a time where digital natives are coming of age, the banking industry has quite naturally followed the path from bricks‐and‐mortar and telex‐machines into virtual reality.

Digital technology rules banking today. Retail and commercial banks as well as investment banks rely on a number of digital technologies, ranging from providing basic e‐banking for retail customers to sophisticated computers able to create arbitraging opportunities through high speed multiple trades on the investment bank side. Large investment in IT by universal banks like CITI has given rise to a flourishing of lucrative, high‐volume, low‐cost and high return transaction banking which covers everything from cash management and card payments to securities custody.