Banking Transformed with Jim Marous
Predicting the Unpredictable: Banking's Next Decade
Nov 21, 2023
Brett King, a trailblazer in financial innovation, discusses the transformative changes coming to the banking industry. They explore the future of banking and the rise of AI and automation. They also delve into financial inclusion, regulatory issues, responsible banking, and the shift towards an investment model. They imagine a future with fully AI banks and discuss challenges in regulation.
54:28
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Quick takeaways
- The shift towards embedded banking and AI-based solutions will transform the consumer experience, leading to personal AI assistants, smart bank accounts, and even banks as sets of algorithms.
- Providing seamless digital experiences, predictive insights, and personalized banking are crucial to meet consumer demands.
Deep dives
Digital disruption and emerging technologies reshaping banking
The banking industry is undergoing seismic shifts driven by digital disruption, shifting consumer behaviors, emerging technologies, and evolving regulations. These factors are reshaping the industry at a rapid pace. Advancements such as open banking adoption and AI applications are expected in the next year, while the trajectory towards AI-based banking (Bank 5.0) is starting and will continue towards 2050. This shift towards embedded banking and AI-based solutions will transform the consumer experience, leading to personal AI assistants, smart bank accounts, and even banks as sets of algorithms. Traditional banks must adapt to these trends to remain competitive in the future.
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