1/ We are aware of what Amazon and Uber did to our lives. However, we are still banking the same way our parents did. A redesigned bank ought to be truly customer-centric. The younger generation finds it difficult to relate to "The Bank of Mum And Dad" :-)

#bankofFUTURE

2/ The digitization of everything and “changing consumer expectations” is transforming digital-finance. The millennial' consumers already trust recommendations generated by AI on how to manage their finances.

The era of a customer making decisions about their money is behind us

3/ The bonds that have historically held together financial institutions are weakening, and the operating models are being fundamentally reshaped.

This makes it possible to reimagine product, service and consumer experience stack in a 360-degree fashion.

4/ There is a whole new set of interesting ways to re-think the customer experience around boring old products.

Already, the line between deposits and lending is getting blurred. We are entering an era of ‘invisible banking’ and ‘autonomous- finance’

5/ A clear vision of the future financial landscape is critical to good strategic and governance decisions.

Establishing consumer trust is a pivotal point in the journey as it’ll determine the long-tail of products and services.

6/ The factors (PRICE, SPEED, ACCESS) that were important to Incumbent financial institutions in remaining competitive are reaching equilibrium, and reducing their’ ability to differentiate.

7/ The factors (PRICE, SPEED, ACCESS) important to incumbent financial institutions in remaining competitive are reaching equilibrium, and reducing their’ ability to differentiate.

CUSTOMIZATION, EXPERIENCE, ECOSYSTEM are new factors on which to differentiate.

8/ Also, the demarcation between spending, borrowing and wealth management will break down as one service-based offering manages the flow of customers’ money across multiple accounts.

The key is to establish a link between better models and better products.

9/ Deposit accounts are no longer the locus of control for customers. Technical breakthroughs happen slowly and then suddenly. People were actively working on mobile computing a decade before the iPhone.

Change is coming and it’s coming fast and it’ll only accelerate.

10/ To look at something as though we had never seen it before requires great courage. The second-order effect is multifactorial by nature.

Moats in banking are dead. In 5-10 years people will control their financial lives in one place.

11/ The evolution:

BANKS TODAY = CASH, CAPITAL, CREDIT, TRANSACTIONS

BANKS TOMORROW = SOFTWARE, DATABANK, PLATFORM, MARKETPLACE

BANKS of the FUTURE = ASSET NETWORK & LIFE SCRIPT

#BankofFuture

12/ New customer segments are coming to the fore. The coming decade will see a massive compression of profit pools for the incumbent banks.

https://twitter.com/Gaurav1105/status/1129591347822809088?s=20

The money is in the Money :-)