Future visions for banking
In my previous article, I discussed how banks, fintechs, and even core banking software companies could change their vision to position themselves for the future.
In a world where technology constraints are disappearing, the only real constraint is our imagination
My key point was that the pace of innovation in all areas of technology is increasing so much that we can no longer think of incremental improvements/changes, but instead we have to think of exponential change.
Not wanting to throw this challenge out there without possible answers, this week, I’m sharing more ideas to help challenge traditional vision statements.
“Make money universally programmable”
We talk about APIs and open banking, but that’s just scratching the surface. What if money itself became a technology platform? WeBank in China is already showing glimpses of this with its embedded finance offerings, but imagine going further, to a point where every financial transaction becomes programmable. And I’m not just talking about smart contracts – I’m talking about money that can think for itself.
By treating currency as code, banks could enable automatic financial optimisation where funds dynamically flow to their best use, or smart contracts that execute complex financial decisions without human intervention. This vision positions banks not merely as financial service providers, but as the architects of a new economic operating system, fundamentally changing how value moves through the global economy.
“Turn every human interaction into an economic opportunity”
This vision focuses on making financial services so seamlessly embedded into daily life that they become invisible, while making the bank omnipresent. Imagine transforming social networks into economic networks, where customer data can be traded for the benefit of customers.
It’s about creating an environment where every interaction has the potential to create value, whether through commerce, knowledge exchange, or resource sharing, with customers choosing what data they are willing to trade. Taking inspiration from Web3, this approach extends banking far beyond its traditional boundaries, turning it into an economic platform for customer gain.
“Make financial complexity invisible”
While many banks talk about simplifying banking, I’m thinking about making financial complexity invisible altogether.
Banking should evolve to handle all financial complexity automatically in the background, like an operating system running silently on your computer. Imagine AI systems managing investments, insurance, taxes, and financial planning with minimal or no user input – but still delivering optimal outcomes.
This would require a broader understanding of the many contexts customers have in their life stages. However, a conversational AI could easily glean this information once we have improved reasoning models.
This vision transforms banking from a transactional service that demands attention to one that just works, making sophisticated financial strategies accessible to everyone regardless of their financial literacy or expertise. It’s about creating a world where financial optimisation happens automatically and invisibly.
“Be the operating system for global commerce”
This vision reimagines banks as the fundamental infrastructure powering all economic activity. By unifying payments, identity, contracts, and business services into a single, seamless platform, banks could make starting and running businesses of any size as simple as using a smartphone app. This goes far beyond traditional banking services to create a comprehensive platform beyond the core and entwining it with ERP and CRM, effectively creating a universal operating system for businesses.
MACH architecture and BIAN standards are laying the groundwork, but we need to think bigger. Instead of being just a bank, why not become the operating system that powers all global commerce? This isn’t about competing with traditional banks – it’s about creating a new category altogether.
“Unlock the earning potential of every human”
Imagine a bank that actively grows your wealth by leveraging AI to identify earning opportunities matched to your skills. With the processing power of quantum computing and the intelligence of artificial general intelligence (AGI), this isn’t science fiction anymore.
The future of banking isn’t just about storing and managing wealth – it’s about actively creating it for every customer. This vision transforms banks from passive vaults into active partners in wealth creation, using AI to identify earning opportunities perfectly matched to each individual’s skills and circumstances. It reimagines the bank-customer relationship from one of service provision to one of economic partnership, where the bank’s success is directly tied to its ability to increase each customer’s earning potential. This represents a fundamental shift from banking as a utility to banking as a catalyst for personal economic growth.
These visions might seem outlandish today, but given how quickly technology is advancing, they might become reality sooner than you think. The real question isn’t whether these visions are achievable – it’s whether banks have the courage to pursue them. Because in a world where technology constraints are disappearing, the only real constraint is our imagination.
About the author
Dharmesh Mistry has been in banking for more than 30 years both in senior positions at Tier 1 banks and as a serial entrepreneur. He has been at the forefront of banking technology and innovation, from the very first internet and mobile banking apps to artificial intelligence (AI) and virtual reality (VR).
He has been on both sides of the fence and he’s not afraid to share his opinions. All opinions are his own – feel free to debate and comment below!
He founded proptech start-up AskHomey (sold to a private investor in spring 2023) and is an investor and mentor in proptech and fintech. He also co-hosts the Demystify Podcast.
Follow Dharmesh on X @dharmeshmistry and LinkedIn.
Read all his “I’m just saying” musings here.
