‘Banks need to enhance digital operations to fend off tech giants’ that was the headline I read recently on Forbes’ website.

The article called upon the usual suspects Transferwise, Zopa & SoFi. Quoting their more nimble attributes as reasons they are better equipped to meet customer needs. And the author Roger Trapp is right. They are more adept at meeting customer needs. In Malcolm Gladwell’s book ‘David VS Goliath’ you see there are many reasons why a small company can be more powerful than a large one. Spoiler alert: nimbleness comes up a few times.

Trapp goes on in his article to say that innovations in banking are hindered by ‘lingering portfolios of legacy systems’ and again, he is right. These systems are like parasitic limbs for large banks, seemingly doing more harm than good most of the time. The call for banks to update their systems is now becoming overwhelming. But my question is: why?

As a customer I want a better system. That much is true. But do I want a better bank? Me personally, I don’t. As a digital native I know that technology can save the day, as it has with my food, my transport and countless other areas of my life. So why not now?

What I want is one system, one beautiful solution, that links up my financial world. Somewhere I can see my bank accounts, credit card accounts, investments; somewhere I can find new saving apps; somewhere I can pay people or exchange currencies... basically one place, one system, where I can do everything to do with money. This system needs to be completely customisable because, when it comes to money, everyone is different. This system needs to adapt, so when my financial situation changes the system changes with me.

Does this sound like a bank? No.

I am a customer and as Madhvi Mavadiya, from Bobsguide, rightly put it I ‘don’t care about banking. I care about 'simplicity and efficiency’.

Does it rely on banks updating their legacy systems? Not at all.

Roger quotes Syntel’s CEO Nitin Rakesh saying ‘Customers are not as loyal as they once were; they are brand-agnostic and more attracted to ease of access and convenience’ and we agree. He goes on to quantify that ease and convenience is about ‘anytime, anywhere’ access to services. Well, we see the future being about ‘anytime, anywhere, anything’ access. No more legacy systems holding personal finance back. Just one Legendary system that helps individuals flourish.

When you break it down into chunks it’s easy to see what needs to happen: bring simplicity, efficiency, personalisation and freedom to the world of finance.