The world of 2027
What happens to financial services businesses like banks, wealth and insurance companies when suddenly most of their transacting customers are robots and machines?
Machine-to-machine transactions are a unstoppable by-product of a world driven by exponential technology change from Moore’s Law, APIs, Internet of Things, Artificial Intelligence and Blockchain.
The internet is being dramatically transformed from a place where for the last three decades or so we have used it to transfer information and content — and rewrite the non-digital industries that previously handled those activities — to a place where we can transfer assets and value.
And a whole bunch of industries who currently handle those activities are in the process of seeing their business models being rewritten: banking; insurance; wealth management; accountancy; lawyers; currency traders; stock markets, transport. The list goes on.
Financial services is the industry I currently work in which is currently being disrupted.
In many ways it’s a familiar experience to me, as I experienced at first-hand the digital disruption of the news industry in the early 2000s. Back then the news industry moguls just could not conceive how their world was changing.
So to help us at Kiwibank see a possible future we put together this short video of what life could be like after the five forces mentioned above have rewritten financial services.
In a following blog I’ll show you where the opportunities are for financial services to play in this new world.