20 Jul THE FUTURE OF FINANCE AND BANKING
Topic: The Future of Banking and Finance: Reimagining Money and Payments
Scenario: The world of finance is quickly going high-tech and digital – and for tomorrow’s business, the future lies far beyond simply processing online payments. Now’s a fine time to start exploring the many ways customers will look to be making purchases and paying bills going forward – and how you can get paid as well.
Insight: On the one hand, technology is evolving: ATMs that let you withdraw cash at a glance, grocery stories where you can pick up items and walk right out (cashierless purchasing), and cryptocurrency-based solutions are all on the rise. On the other, the credit card of the future will also be much smarter, and able to process wireless peer-to-peer transactions, act as a virtual ticket for events, and even let you purchase music or movies by waving it near a poster. And that’s before you consider how smartphones and wearable devices are also becoming digital wallets that eliminate the need to carry currency around.
Just a few new banking and finance innovations you can expect to see in coming years include:
* Transformation of credit cards into digital wallets, forms of ID, virtual tickets, ability to facilitate secure and peer to peer transactions, etc.
* Rise of fintech, cryptocurrency, and blockchain solutions, as well as online + crowdsourced investment
* Growth in biometrics and use of physical characteristics, voice, behavior, etc. to combat fraud
* Use of AI and machine learning to provide superior customer service, enhanced experiences, and better decisioning
* Defending against digital dangers and best practices for dealing with cybersecurity
* Contactless purchasing, retail exchanges, and order fulfillment
* Changing role of CFO – increasingly becoming a strategy planner and catalyst for innovation
* Risk management tolerance grows in an age where risky is the new safe, and organizations need to take smarter chances
* Zero-based budgeting takes on greater importance, as does the role it will play in driving sustainable growth + innovation