Here is a short deck of slides I made to describe a possible future for retail banking. Saying “future” is a bit of a stretch, as most of these services are available today. They just do not work together seamlessly, and are available in the US only.
The future of retail banking:
- My bank statements will look like a twitter timeline, an interface that works both on mobiles and desktop computers.
- I can add metadata to each transaction, upload pictures or files, the name of the other part of the transaction is clickable and I can see a history of my relationship with them.
- I can share my accounts entirely or only selected transactions by circles, and decide what is available to whom.
- I can connect a third party system to visualize my assets. I can filter and analyze my expenses for all my accounts in one place, including online assets like Facebook credits or miles.
- I can see my cashflow updated in real time, taking into account recurring expenses or upcoming incomes like salaries.
- Algorithms help me make decisions on assets allocation, and reach savings goals.
- I can interact with my account manager or family members directly inside the application, exchanging messages and files securely.
- My credit rating takes into account my online reputation (ebay seller ratings, peerindex ranking, etc) and I can get immediate quotes on services like insurance or credit.
- I can connect to third party services to accept payments in local or foreign currencies.
- I can follow what other people are trading, and let others manage my portfolio by copying their trades.
- The data I generate is analyzed to create recommendations and insights. I get custom offers based on my past purchases directly in my ebanking.
- I can interact with my bank using any medium I want.
- I can use alternative and local currencies to transact on my accounts.
Disclaimer: some of these startups received investment from Anthemis, a company I work for as a venture partner.