"The world needs banking, but it does not need banks."
- Bill Gates
Today, we are living in the Renaissance era of banking and this transformation that we see is from disruptive changes across regulations, technology, and the very manner in which banking is consumed as a service. The opportunity to transform banking is now the top agenda for most nations globally, as they seek to make banking inclusive and accessible to billions.
There are quite a few enablers driving this Renaissance in the banking industry:
" Competition makes us faster, collaboration makes us better."
The events of the last decade left the banking systems across the world shaken and stirred. Banking failures and bailouts have had a domino effect across nations. The future, as it evolves, is even more connected and intertwined. The next decade, we anticipate, will be driven by collaborative partnerships across industries and nations as banking becomes more pervasive.
Banking as a collaborative service is not just a trending future but the rebirth of banking for the world:
"You have got to start with the customer experience and work back towards the technology - not the other way around."
- Steve Jobs
To bank a billion, banking is making tremendous advances in becoming more intuitive and natural. Design principles and deep research on customer engagement methodologies are being applied to latest technologies to enable superior experiences. Banking regulators and governments are working to improve accessibility by accepting Digital technologies as change agents and sponsoring new-age identity (Aadhaar in India) and payment systems (UPI).
It just may be that in the next five years the world will see many financial brands in the most lovable brand experiences.
A Renaissance in customer experience is in the making:
“Innovation distinguishes between a leader and follower.”
- Steve Jobs
The future of banking involves re-thinking the human capital strategy-starting with banking boards.
There has never been a more exciting time for banking and we are truly entering an era of Renaissance, led by machines.