Self service powered by a human. Self service and empowering the client is the future but to have a human face and a human heart for relationship defining moments cannot be underestimated. For those moments where a client encounters a life changing event to have an empowered, knowledgeable and empathetic human behind a world class interface will be differentiator. So build a strong interface, empower your clients to do business with you on their terms then back it up with good people.
I am a huge fan of simplicity. The Keep It Simple Stupid (KISS) methodology, there is a LOT to it. I like simple deposit products, I like simple lending products. I loath the banker who makes their clients jump through hoops for this fee to be waived or that fee to be waived just hoping that somewhere along the way the client trips and has to pay a fee.
I'm fairly certain the future of banking has less to do with Wall Street and more to do with Silicon Valley. I'm not confident that Silicon Valley will be able to develop a new money movement rail on its own but I'm thinking they'll nail the user experience and increasing put pressure on the payment rails of the "batch processing". Whether it is Square, Apple and Google using the credit card/debit card rail or the number of innovations around same-day settlement ACH.
Are you ready for the gig-economy? Traditionally the domain of contract professionals like lawyers and accountants as well as trades like plumber and electrician, the “gig” professional are those who work from contract to contract often in short terms agreements and on a freelance basis. Now the likes of Uber and AirBnB as well as digital properties like Angie’s List or Upwork, are further changing the structure of the employment market empowering, or perhaps in some cases even forcing, more and more people to move from “gig” to “gig”. A recent report from Upwork found that 35% of the U.S. workforce is already in the gig economy.
The gig economy will increasingly blend the traditional paradigms of “personal transactions” vs “business transactions”. Not much unlike the expectations of the Digital Native, the Gig Professional will be looking for platform agnostic access to bank accounts and transactions powered by personal relationships.