LAS VEGAS — Who owns the customer? The customer owns the customer, said Kausik Rajgopal, a McKinsey partner and a panelist at BAI Payments Connect 2012, the annual trade show that aims to bring together payments innovators with financial institutions.
Kausik ominously added, "Mobile is potentially a way to disintermediate financial institutions. From Amazon to Square, there is an intent to directly serve your customers."
Substitute "members" for "customers," and the warning holds up just as plainly. Plenty of players with cash and technology want to cut financial institutions out of many transactions.
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