19 December 2014

44975

Retired Member

707Posts 2,219,188Views 868Comments

Payments strategies 2015-2020-2030

Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.

Banking and payments in 2020

28 October 2011  |  4588 views  |  0

It was 1995 when I started to work with online banking.We created services like mobile banking in year 1997 for WAP based mobile banking with Post It Notes because there were no WAP phone in hand. Now I am thinking how we do banking in 2020. Share your visions, here is mine.

- In 2020 there will be traditional lending banks and more advanced payment/ transactions banks.

Why: Look where Google, Facebook and other non traditional bank kind of companies are heading.

- In 2020 there are more centralized money services with one master account merged with retail customers several bank accounts. Customers manage their financial situations with one master account.

Why: Mint, Balancion and other similar companies are already leading this way. Next step is to have transactions inside their system. Large companies have already multibanking systems, so why not retail customers would enjoy same systems.

- In 2020 payments are done with devices, not cards or cash. Mobile phones, iPads and other devices like car key rings have online connections and card/ bank account info installed to these devices making payments more digital. It could be anything you prefer to carry with you all a time.

Why: All devices have online connection verifying payments better which helps governments to monitor payments better and automate VAT and other payments automatically.

- In 2020 peer to peer payments are done with devices

Why: This helps to make currency exchanges easier and to customer money is money, not different currencies

- In 2020 cash is still available, but using cash is expensive and seen as criminal.

Why: if this current economic chaos is solved, there has to be easier way to monitor payments and control risks. Cash is seen as one of the biggest credit risk providers because it can not be monitored same way as electronic payments.

TagsOnline bankingPayments

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Retired

Do you KYC well!

23 July 2014  |  1181 views  |  0  |  Recommends 0 TagsSecurityPayments

My thoughts on Digital and Branchless banking

21 July 2014  |  1909 views  |  0  |  Recommends 0 TagsMobile & onlinePayments

War of the Plastic cards with Mobile wallets

21 July 2014  |  1977 views  |  2  |  Recommends 0 TagsMobile & onlinePayments

7-day account switch: customer empowerment or indifference

18 June 2014  |  1931 views  |  1  |  Recommends 0 TagsRisk & regulationRetail banking

On Reinventing Money.

03 June 2014  |  1298 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who is commenting on Retired's posts

Rasvan Stanescu
Andrei Charniauski
Sian Bentley
Tony Wenzel
Jorge Yui
Ketharaman Swaminathan
Mark Pavan
Matt Scott
Geoffrey Barraclough
Thad Peterson
Marinka Ryan
Alexander Peschkoff