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Insight into Banking


Lyndon Subroyen - The global head of Investec Digital

"The consumerisation of technology and the impact that it has on non-financial services is shifting the expectation of clients to ‘everything should work like Uber, be as fast and real-time as Google and connected like Facebook’. This is the driver of how banks will think in the future.

That’s why you are seeing a rise in cryptocurrencies – they encourage the free movement of money. There’s a slow movement to the removal of cards as the battery life of phones becomes more trustworthy. Contactless transacting is quite widespread."

Michael Jordaan - Chairman Bank Zero

“It was Bill Gates who said banking is necessary but banks aren’t. It took a long time for his prediction to become a reality, but a whole host of financial technology upstarts are challenging the entire banking value chain, while cryptocurrencies could even challenge central banks.

Cash is convenient for small transactions, while others like the fact that it is anonymous. But electronic transactions will become cheaper, even free, and also involve less hassle than cash.”

Satya Nadella - CEO, Microsoft Microsoft Australia Developers Conference

“Trust is the new currency when it comes to digital technology."

Brett King - Founder Moven and author Banking 2.0 and 3.0 and Breaking Banks

“In the next 10 years, we'll see more disruption and changes to the banking and financial industry than we've seen in the preceding 100 years.

The biggest risk to the finance sector today is not from other banks, nor related to the inability to apply Basel III risk controls or standards. The biggest risk to the finance sector today is the growing gap between the institution and the customer."

Andrew Hauser - Executive Director, Bank of England

“We have to ensure we adapt as well. If we don’t do so effectively, we might not be able to do our jobs. Central banks, just like everyone else, can’t afford to be Uber’d."

Brian Solis - Principal Analyst and Futurist at Altimeter Group, a Prophet company

“Financial companies need to introduce experiences that are more like Tinder and Instagram rather than the traditional services they provide today. It’s not just digital innovation or transformation, where banks can compete for the future, it’s also about re-inventing dated policies, processes and products for new and more discerning generations of connected consumers. UX design strategies and principles and human-centered design belongs in the C-Suite now more than ever."

Brian Roemmele - Founder of Pay Finders and President of Multiplex

"Imagine your own personal assistant – a digital earpiece linked to your mobile phone – hearing and remembering everything you do, say, listen to and storing it safely in the Cloud just for your benefit.

So when you want to remember a product you heard about, or the name of that person you sat next to at dinner two years ago, the system can remember and tell you.

Now link that kind of functionality to your financial life… and with a smart financial advisor that can help you manage your money more efficiently, and you have an incredibly powerful tool. This system will tell you it’s time to move utility provider because it’s actively looking at your expenditure and tracking tariffs, or to change your credit card to save you x-amount on interest. And this is all based on the power of voice. . it’s the evolution of going to see your bank manager that we did 20-years-ago, but brought into the modern, digital world."

Ken Yager - President of Newpoint Advisors Corporation

“While digital banking may help with that from a cost perspective there are some elements of business support that we have to be careful about. The biggest risk for businesses is that they inevitably make mistakes. Some of them can be big and hurt the business. The question of survival does not come down to interest rates or even covenants, but rather relationships. If an individual banker can act as a strong advocate over time and be willing to lose some customers over it, long term they will gain more respect from the business community for consistency and partnership than any submission to ticker symbols. Banking is not a trading game – it is a long term process of building on consistent strong advice and support. 15 years from now, bankers should morph into more advisory work."

Drew P. Moffitt - Business Design Lead at Applico

“Over the next decade, a large portion of banking will become automated, specifically the analysts, with open source Python libraries and off-the-shelf SaaS modeling tools. This will be accelerated by the fact, as platform business model economics begin to disrupt the sector and put downward pressure on pricing, turnaround time, and transparency."

Edward Maslaveckas - Co-founder of Bud, a London-based technology platform that works with banks.

“The bank of the future will be inherently social and use intelligence to connect groups together. Customers will still need somewhere to go, but the opportunity is to create a Carphone Warehouse or Apple Store-like experience in banking that connects ecosystems. For SMEs and corporates, it will be about creating better business-intelligence and financial-management tools using data so that they can better segment and distribute their products to customers.

And the humble bank branch? Will that be replaced by some virtual hangout for customers? The branch is unlikely to disappear altogether, but it will look a lot different."

Valentin Stalf - CEO of N26

“It will not be about just transacting, but also solving problems. [The bank of the future] is an app that you use multiple times a day, not only for financial products, but for a lot of the problems you need to solve. It will give you access to the right mobile contract and make recommendations that make customers happier. It will be “invisible” and frictionless and will take three taps to do anything."

Fred Schebesta - CEO & Co-founder of Finder.com

“At finder.com we compare international money transfers and forecast that the next 10-15 years will see the banking industry catch up to this age of instant gratification, and enable instantaneous money transfers. No longer will we have to wait days for money we’ve received or sent to clear, we’ll be able to move cash around freely and immediately.

In the wake of instant payment systems, cash, credit and debit cards will be done away with and all you’ll need to transfer money is a cell number. Purchases will be instant and consumers won’t even need to queue in store but simply select their purchases, make the payment through their smartphone and leave. We’re already seeing this kind of technology being tested by retailers. These systems will not only improve convenience but also security with the removal of cards also decreasing instances of fraud."

Jack Ma - Technology visionary and co-founder and executive chairman of Alibaba Group

“There are two big opportunities in the future financial industry. One is online banking, where all the financial institutions go online; the other is internet finance, which is purely led by outsiders. "

Chris Skinner - Chief Executive Officer at The Finanser Ltd, Chairman at the Nordic Finance Innovation, Non-Executive Director at 11:FS

“Techfin firms start with technology and wonder how that can be used for commerce and trade. Alternatively, fintech firms start with existing trade structures and wonder how to make them cheaper and faster with technology. I liken it to fintech firms are making faster horses whereas techfin firms are working with airplanes."

Anirban Bose - Head of Capgemini’s Financial Services Global Strategic Business Unit and Member of the Group Executive Board

“With more than 75 percent of FinTech firms identifying their primary business objective as collaborating with traditional firms, it is essential that both FinTechs and traditional firms transform their business models by collaborating to drive innovation while retaining customer trust. Without an agile and committed collaboration partner, both traditional and FinTech firms risk failure."

Jason J Hogg - Former President of American Express Serve & Bluebird Divisions & CEO of Revolution Money

“Explaining what a retail branch or bank teller was to a new born by the time she’s a teenager will be contained in the same conversation where you explain how you used to go to Blockbuster to rent a movie or Sam Goody to buy a CD. It’s called the “things that don’t exist anymore” conversation. Retail branches are already struggling to find their way in the consumer financial ecosystem with the onset of remote check capture, direct deposit, mobile transfers, prolific ATM’s and Docusign. The upcoming generations don’t want face-to-face interaction- I mean, come on, they text back and forth while sitting next to each other. The proliferation of AI based technologies will handle with aplomb the regulatory alphabet (KYC, AML, OFAC, etc.) required to remotely onboard a customer in a secure and compliant manner through online and mobile consumer interfaces. Blockchain based crypto currency tied to your bank account will eliminate the existence of checks and, when combined with point of sale capable mobile wallets, will also cannibalize cash usage. In short, having a relationship with your customer will change from shaking their hand, to handling their service needs in the lowest friction, fastest, form factor agnostic digital manner possible."


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