We envision banks as these massive vaults filled with money. While there’s some truth to that assumption, your average bank is so much more. We can expect that banking is the next personal assistant.
Banks are massively complicated institutions that operate on a lot of different (often proprietary) systems working seamlessly in conjunction with one another. Anyone working in IT for a bank will tell you every day is a challenge.
Daily, banks manage to overcome a litany of internal and external obstacles — all while providing service with a smile. Long before anyone used online data and social media accounts to track people, banks could collect that sort of insight by following the money. Banks have access to a treasure trove of information about our financial preferences, which puts them in the position to act as concierges in our lives.
The ubiquity of solutions such as AI, blockchain, and machine learning can only serve to contextualize the future of banking further. Instead of focusing on terms and conditions, it’s time for banks to leverage the wealth of information provided by these solutions to engage people and help improve customers’ financial well-being.