I was prompted to revisit a talk that I gave at a global conference a decade ago on future trends in banking. I drew on various sources including McKinsey and Capgemini’s 2010 World Payment Report.

I was reminded of this by an article published in Finextra – https://www.finextra.com/newsarticle/36639/2010-revisited-opportunity-to-move-quickly-and-stay-in-front-of-the-market?utm_medium=newsflash&utm_source=2020-9-29&member=40153 – published on 29 September.

Ten things I commented on – some deemed quite controversial at the time:

  •   Branches were dead and dying – largely proven true.
  •   Banks had to decide whether they wanted to be in the payments space or not. My view was that it was too important for Banks not to  be in this space – largely proven correct.
  •   Banks had to look at “partnerships” with more nimble and quick moving responsive Fintechs (though I cannot remember if this word was in use).
  •   Banks however, traditionally did not make good partners.
  •   Cash was dying – largely proven correct.
  •   Competition would come from non-traditional sources including the MNO,Telcos; non banks – PayPal; Alipay and other technology companies –  largely proven true.
  •   There was a great opportunity at the bottom of the pyramid for innovative banks in addressing financial inclusion.
  •   Mobile Banking and Mobile payments – although new – would become part of the mainstream. Proven true and the pioneer of what has become the digital payments revolution.
  •   The unintended consequence of Regulation (KYC; CDD) would be a barrier to financial inclusion. It has been gratifying to see a move to a risk based approach.
  •   Digital onboarding will become the norm. Although some progress has been made – I was a bit ambitious on this one.

It’s been interesting to revisit my talk and to see how many of my predictions are coming true.

If this is something you want to hear more about please get in touch.

Contact us: https://wizzitdigital.com/contact/