Question

TedTalk "The future of money" What are some emerging developments/trends in money and banking?

Answer 1

The top 5 latest trends that are expected to revolutionize the banking and financial industry are

a) Segment of One Service: Advanced Analytics and Data Mining are allowing Banks to target customers based on lifestyle, mindset, aspirations and underserved needs. This is a development over the previous customer target analytics on the basis of age, geography, demography, etc.

b) Open Banking Expansion: Regulatory bodies are mandating the facilitation from financial institutions to securely share their data. The financial institutions are working on secure Application Programming Interfaces (APIs) to help move to an open banking system.

c) Phygital Delivery: Mostly after the 2008 crisis, most banks are moving towards digital delivery of services thereby reducing infrastructure in terms of physical banking facilities.

d) Predictive Banking (AI) : Consolidating internal and external data of customers to help in predictive analysis to understand the persona of customers to help provide customized services.

e) Payments: With emerging fintech firms and startups in this ecospace, payment driven customer analytics have been the core of what the financial system is moving towards through technological advancements and innovations