“Silicon Valley is coming and if banks don’t up their game, then tech companies will take over the industry’s business. There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking”

Jamie Dimon | Chairman, President and CEO of JPMorgan Chase

Every time my husband and I watch a TV show or movie together at home, when we figure out a plot point we announce it.  Then when it actually happens in the TV show or movie we say “called it.” If you don’t say it out loud before it happened then you didn’t “call it!”  

Today, I’m announcing the plot point in banking or “calling it.” 🗣

I work in digital product management with an expertise in banking. I have worked for several Fortune 500 Banks in many different capacities and have seen the evolution of banking taking place. I am often asked “What do you think the future of banking will look like” and here’s my answer:

AI and technology will continue to improve and will be a big part of banking in the future. Technology will remove friction and nuisance transactions from the customers life. This will open the door for more meaningful moments between bank associates and customers. Bank associates will be skilled up, well rounded, educators and concierges for the customers. This will improve associate engagement as well as customer satisfaction. Often times I have branch staff tell me,

“There won’t be people in the future of banking” or “technology is going to replace me”. 🤖

I disagree with this.

I believe there will always be a place for passionate associates in banking. Their role may change, where technology takes care of the smaller mundane tasks and allows for associates to handle more complicated interactions. Banks and bankers will need to embrace educating and interacting with their communities. Having social hubs that host trivia nights or “budgeting tips 101” classes. Creating meaningful moments where the customer is excited to visit the branch not counting it as a “chore” or “nuisance”. 

Banks will need to figure out how to meet the customers’ need no matter where they are or what time of day it is. This may mean delivering cash and cashier checks to customers’ homes, Instant debit card delivery, or taking a mortgage app via Alexa. 📱

Most importantly banks will need to be EASY to bank with, understand their customers don’t have patience for slow or antiquated technology, embrace social media not just for marketing but also for transactional banking, and allow customers to bank how they want and when they want.

Delaying or resisting change is no longer an option. I’m excited to continue to take part in; as well as observe the evolution of banking!

What are your thoughts on the future of banking? Leave a comment to let me know.

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