The Future of Digital Banking

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What is Digital Banking, and How Can Biometrics Help?. Aratek. (2024, August 3). https://www.aratek.co/news/what-is-digital-banking-and-how-can-biometrics-help

The Bank of the Future will be a platform of connected devices, offering hyper-personalized services through smart assistants:


This report was one of the last pieces of literature I read when conducting my research. From all the articles before, I was starting to come up with a consensus towards the subscription economy and how it could be leveraged in banking. With these design conjectures forming in my head, this report laid out a lot of the connections I was beginning to build upon.

In my search to see how emerging tech could impact wellbeing, I stumbled a lot upon the Internet of Things, how any device can become a digital channel for more business. I didn’t imagine this connectivity breaking from the devices themselves, and interacting straight with us like this report suggests. A secure voice command or facial expression will render a credit card useless, and our biometrics not only become data but commands.

If banks are the true enabler of all this connectivity, how do we make sure this doesn’t just facilitate a change, but actually causes an impact consumers desire? Would this truly benefit their wellbeing or just increase their interaction with technology? Whose future of digital banking does this refer to, and how do we stem from this a unified narrative that benefits everyone?


References

Pollari, I., Bekker, C., & Jowell, C. (2019). The future of digital banking in 2030. KPMG. https://assets.kpmg.com/content/dam/kpmg/ua/pdf/2019/09/future-of-digital-banking-in-2030-cba.pd.pdf