Industries of the future would come out of amalgamation of current industries, which were essentially built in Analog world. All success stories of Digital world have been about re-imagining of the current industries by Digital mavericks. 

Customers, as of today, have to install multiple applications for handling financial relationships (typically 2 / 3 bank apps, 1 / 2 mutual fund apps, 1 /2 brokerage apps etc). Unification of entire financial services under one application is the first and foremost need of the customers. This will help the customer in taking right decision and will increase convenience.

The Banking App

Single mobile & digital platform for entire Financial Needs would help in simplifying customers life. This platform would be similar to UPI platform in India and will help in simplifying banking for the masses. 

How do we get there?

Authentication layer:

-      Authentication of each user will get centralized with Biometric platform (Aadhaar in India). There will be a trusted authority for authenticating all customers and with those credentials, customers will be able to access all banks / financial institutions.

Business layer:

-      Central bank would have to issue Open API requirements to banks akin to PSD2. Similarly, relevant regulatory authorities would be issuing API requirements for Insurance, Mutual Fund, Brokerages etc.

-      Software providers / Banks / Fintechs would create mobile / digital applications for customers.

-      Key facilities that would be available in the application:

o  Entire financial status of the customer (Banking accounts, loans, mutual fund, insurance etc) across all banks / nbfcs / insurance / mutual fund / brokerages / rating agencies

o  Embedded Analytics for decision making for investments or even for taking loans. This potentially will provide the best insights for “What people like you invested in”

o  Full Payments, Investment and Insurance capabilities

o  Seamless integration (SDK / APIs) with E-Commerce Platforms / P2P loans platforms

o  Advisory interface with Financial Advisor’s platforms

o  POS / ATM service for handling P2P transactions

When "The Banking App" will be created, individual bank applications would lose traction. Bank's ability to directly manage the customer will be disrupted.

Many of us are still underestimating the impact of Digital and are saying "To Hell with Digital". Digital journey may not be easy or even successful for most and we will continue to see many massive failures. However, Not taking Digital journey is the surest way to Hell as Disruption Tsunami is anyway on its way...