Part 2/7:
Contrary to the common perception that banks are purely traditional financial entities, the speaker highlights that they have been fundamentally technological for decades. While parts of their infrastructure rely on outdated systems dating back to the 1970s—particularly those interfacing with government agencies—a significant portion of banking operations now employ cutting-edge machine learning technologies. These innovations influence financial markets through high-frequency trading algorithms, often skewing stock prices and impacting individual investors’ savings.