The Future of Money


Money is information. It would make sense that as we rapidly become hyper-connected, financial services will be transformed. Yet the pace of change – so far – has been slow. We still use notes, coins, and credit cards for most transactions. Certainly Internet banking and bill-paying is standard fare, however the promise of e-money and smart cards is yet to be fulfilled. So what is the future of money? I gave the keynote address at a recent industry forum, organized by Online Banking Review to address this topic. The conference summary provides an overview of what the participants – including myself, Richard Watson of What’s Next, and senior executives from a range of global and national financial institutions – discussed at the event. Competition is at the heart of the matter, with a swathe of financial services entrants from sectors including retail, telcos, utilities, technology and more now more able than ever to move into the most valuable elements of the customer offering. Trust, distribution channels, and pricing were the other key themes of the forum. I’ll explore some of these themes in more detail on this blog over time.