THE FUTURE OF BANKING

THE FUTURE OF BANKING BY PAUL OMARA* Former Head PBB Stanbic (Retired) Copied from his facebook wall;

The future of Banking, tie your seat belts and take a visionary ride on this journey.  Back to this pet subject, the revolution that will soon shape the world systems where banking is no exception will be driven by technologies where mobile banking and fintects " financial intelligence technology companies " will define how we do banking.  I will not complicate it but these are the underlying principles and mechanics. The traditional banking is centred around using the branches, ATMs,  corporate suites and internet banking as delivery channels to serve the customers.  Forget about these,  you are far behind and late for coffee. The future banks will have NO Branches.  Yes,  you heard me right.  No Branches.  Banking will be transfered to your smart phones and gadgets.  

You will be the branch. Account opening, checking balances,  making both local and international transfers and payments will be on your smart apps. Smart isn't it.  Our National Data base  will be used to vet for KYC and anti money laundering systems. Data will be so integrated that you will be known wherever you go. The bankers will load a wallet onto your smart phones which you will use to make payments.  There will be no cash.  Yes no carrying money. It will be wallet based.  You will use your smart phones to make payments at the supermarkets. Yes,  debit cards and credit cards will be the immediate victims too. Will be gone like Kodak films, Typewriters, Post office service's, Yahoo, GTV, etc. So the future banks will have no branches, have fewer people,  no cash,  no ATMs,  no credit cards.  The scary thing is that the old or traditional jobs as we know it will go.  No tellers and sales people and operations team.  Many will GO.  The good news is that new jobs will be created but you need to be or have high tech skills. Barcodes will rule the day with smart phones...

Wise people around the world now INVEST into CRYPTOCURRENCY'S not into Land's, Building's, ESTATE'S OIL's  etc

Good morning.