I recently presented at Google’s Think Finance 2014, in Sao Paulo Brazil, where I talked about the future of banking — specifically trends that we correctly predicted and trends that we got wrong. For instance, Microsoft correctly predicted that people would pay for transportation via their smartphones, but they didn’t predict that the whole taxi industry would be disrupted by startups like Uber.
I also talk about how big data will lead to automated financial advice, and how paper application forms will of necessity be phased out of the digital world. How a debit or credit card can’t tell users their most requested piece of information from a bank (“what’s my balance”?), help them with simple decisions like “can I afford this?” and how the smartphone will soon be the center of banking – because it provides context, advice and can lead to better understanding about customer behavior.
Watch my full keynote to understand the future of the banking industry and why I predicted in 2009 and again in 2011, that the smartphone would redefine the very nature of banking.
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