Читать книгу The FINTECH Book - Chishti Susanne - Страница 13

BBVA chairman and CEO Francisco González forecast in early 2015 that up to half of the world’s banks will disappear through the cracks opened up by digital disruption of the industry.11 That may be so, but I would argue that the most forward-looking banks will not just survive the wave of digital disruption, but will thrive, as these FinTech-driven challengers gain momentum. The world’s major retail banks enjoy huge advantages, not least in terms of their collective customer base and the data they hold on their clients. These “thriver banks” will migrate the majority of their customers to their own digital banking services. They will reposition themselves in the value chain from being a provider of infrastructure and product, to being at the heart of the customer relationship in a secure and holistic digital environment. In effect, they will become financial app stores showcasing a range of financial solutions from different providers. In doing so, they remain relevant to customers as a single source for the best global financial solutions.

So, in the future, once I have logged into my mobile bank (presumably using heart biometrics or face recognition) I will be able to borrow money P2P via Ratesetter, make an international payment using Transferwise, top up my Starbucks e-wallet, or make a deposit into my Alibaba money market fund. In order to achieve such a goal, collaboration will have to become the norm. Corporate incumbents can’t match the speed to market and the ability to innovate that the best FinTech developers bring to the table. So, rather than trying to reinvent the wheel by developing their own solutions, banks will have to work with innovators to bring new services to their consumers.

From start-ups working in shared spaces in London’s Tech City or Johannesburg, to the corporate giants such as Apple and Google, FinTech is a dynamic sector. But while market leaders have emerged, no one really knows where the next successful payment system or bitcoin wallet will come from. And for all those ideas that make it to the market, many others will fail. The services that succeed will be those that genuinely make life easier, perhaps by mixing FinTech with other technologies. The bank of the future could be a place to deposit not just your money, but other valuables – for example, your medical records, your will, or the biometric data used to start your car.

With their customer base and experience in securely handling data, banks are in an ideal position to create holistic customer solutions that combine financial services with a wider range of digital offers. It could be the key to their future prosperity.