Banks need to be “technology savvy, technology first” to stay competitive in future, said Brett King, futurist, bestselling author, and an award winning speaker.
“By 2025, the bank account itself is likely to be just a value store on their smartphone for the vast majority of consumers around the world,” pointed out King, co-founder and CEO of Moven, a New York-based mobile banking startup, at the Euromoney Qatar 2019 conference at The St Regis Doha Monday.
“By 2025, you will get more advice on your money through your smartphone… through your technology than you ever get data from humans sitting in a bank office,” King said.
He said, “We are seeing a move from physical distribution systems to the digital distribution systems. This is happening all around the world, in every industry and banking is not immune to this.
“But what is happening in banking is that — we are moving from a high friction environment, where there is a lot of paper work (and where signatures are required) to a low friction, low latency environment, where banking will be delivered in real time. This is the trajectory we have been on for many years.”
King said, “Identity is not an application form. We need biometric; we need more data to really know who you are. This is what KYC (Know Your Customer) is going to be in future.”
In future, King said, “Advise will be digital, distribution will be digital. Banking experiences will be digital.”
King noted, “The biggest threat to banking is not from other banks… it is not even Fintech necessarily. It is the fact that the role banking has in our world — the way it fits in our world is going to fundamentally change.”
He said, “If you want to be a bank that can compete in future, you have to compete against Jack Ma (Chinese billionaire). Ma’s Ant Financial is emerging as the biggest financial services organisation in the world. They have 1.2bn customers today. They have the largest deposit product in the world. They are in some 100 countries.”
King has spoken in more than 50 countries, at TED conferences, given opening keynotes for Wired, Techsauce, Singularity University, Web Summit, The Economist, IBM's World of Watson, CES, SIBOS and many more.
Previously, he advised the Obama Administration on Fintech policy and now advises regulators and bank boards around the world on technology transformation.
“By 2025, you will get more advice on your money through your smartphone… through your technology than you ever get data from humans sitting in a bank office,” King said.
He said, “We are seeing a move from physical distribution systems to the digital distribution systems. This is happening all around the world, in every industry and banking is not immune to this.
“But what is happening in banking is that — we are moving from a high friction environment, where there is a lot of paper work (and where signatures are required) to a low friction, low latency environment, where banking will be delivered in real time. This is the trajectory we have been on for many years.”
King said, “Identity is not an application form. We need biometric; we need more data to really know who you are. This is what KYC (Know Your Customer) is going to be in future.”
In future, King said, “Advise will be digital, distribution will be digital. Banking experiences will be digital.”
King noted, “The biggest threat to banking is not from other banks… it is not even Fintech necessarily. It is the fact that the role banking has in our world — the way it fits in our world is going to fundamentally change.”
He said, “If you want to be a bank that can compete in future, you have to compete against Jack Ma (Chinese billionaire). Ma’s Ant Financial is emerging as the biggest financial services organisation in the world. They have 1.2bn customers today. They have the largest deposit product in the world. They are in some 100 countries.”
King has spoken in more than 50 countries, at TED conferences, given opening keynotes for Wired, Techsauce, Singularity University, Web Summit, The Economist, IBM's World of Watson, CES, SIBOS and many more.
Previously, he advised the Obama Administration on Fintech policy and now advises regulators and bank boards around the world on technology transformation.
