For the past few decades, banks have been laggards in adopting new technology, and have generally shunned the Internet and mobile channels as being fraught with risk, and required customers to yield to the terms and procedures set by the industry in order to obtain service.
Given the increased competition in the industry and a loss of consumer confidence as a result of the recent financial fiasco that resulted in a global depression, much has changed - and much more will change.
The author's vision of the future is overly ambitious in its anticipation of radical changes in the near term: a global economy in which currency issued by nations is replaced by independent virtual money systems and the abolition of not only physical currency but also physical artifacts such as payment cards. Some of these notions fall into the category of "tried and failed," others seem highly speculative - but much of what the author suggests seems entirely plausible, possible, and even likely, though on a far less aggressive time-table than he suggests.
While fascination with technology seems to take center stage, the book describes a change in the relationship between financial institutions and their customers: a complete reversal of power in which stodgy institutions that long maintained the license to dictate terms of service, by virtue of their control over the availability of credit and investment vehicles, must now yield to a customer base who demands service, no longer sees the traditional institution as trustworthy and infallible, and is willing to take their business elsewhere if service does not result in their complete satisfaction.
While less glamorous, this is far more fundamental and revolutionary than the technical gimmickry that tends to take center stage in discussions of future trends.
No comments:
Post a Comment