Bank 4.0: Banking Everywhere, Never at a Bank

by Brett King

behaviour, let me give you some of my predictions for the 2025–2030 period: By 2025, the largest deposit-taking organisations will be technology players, whether technology leaders like Alibaba, Amazon, Google, Tencent and Apple (potentially), or pure-play FinTech disruptors who have simply worked out how to scale deposits more efficiently. By 2025, almost three billion unbanked will have entered the financial services system over the preceding 15 years without ever having stepped foot in a branch. By 2025, every day more people will transact and interact with their money on a computer, smartphone, voice and augmented reality than those that visit the world’s collective network of branches on an annual basis. By 2025, more money advice will be dispensed via artificial intelligence, algorithms and software than the entire collective network of human advisors in financial institutions today. By 2025, around a quarter of all daily e-commerce and mobile commerce will be voice or software agent driven, and those supporting voice will get a revenue bump of 25–30 percent compared to their non-voice-enabled counterparts. By 2025, the biggest retail banks in the world will almost all deliver the majority of their revenue via digital. By 2030, a dozen countries around the world will be mostly cashless, including China’s urban population, the Nordics, Singapore and Australia. By 2030, AI will have accounted for the loss of more than 30 percent of today’s jobs in banking; and while so...