Future of Banking

bank notesOn the back of a recent keynote I delivered in Indonesia on the Future of Asian Pacific Banks, David Dowsett of Wide Bay ABC radio and I explored whether we will still need banks in the future.

We set off to explore what tomorrow’s banks might be like? How will we interact / transact with them? What new online financial services / banks might we see? What services and products might they offer us? Will we still need cash in the future and whether we will ever see a single global currency.

There will be always be a need for money transactions, as there has always been. Despite this we have less physical notes in circulation as we become a less cash society visiting bank branches less often and transacting more often online, digitally and in mobile spaces.

Set your financial management compass for more aggregate websites and apps that scrape all of your financial information and bring them together onto one screen and using semantic and intuitive digital understanding that looks at your what you’re about to buy so that it can advise you which of your credit cards, loans or overdrafts might best be used.

This is just one of the major paradigm shifts we’re about to experience in the world of banking, so have a listen and let me know where you think banks and the finance industry is headed over the next few years.

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