Keynote Address: Innovation in Retail Banking-300 Years Back and 30 Years Forward
CEO & Co-Founder, One Financial
Over next three decades, retail banking will continue to experience new instances of trends which have molded the industry over the past three centuries. The recent historical position of the bank branch — as the channel for customer acquisition, the primary means of service, and the showroom for cross-selling products — has been upended. We are currently experiencing the rise of ever present mobile and cheap connectivity, as well as a shift towards new data sources to drive underwriting and origination. We know that in 30 years, banking will look, feel, and behave differently from today. And the dominant player of 2046 is unlikely to evolve from a current institution that carries heavy brick and mortar branches, IVR-powered call centers, or antiquated websites.
A momentary market opportunity has opened for new entrants (or the truly empowered divisions among the established institutions) to build today, from the ground up, the bank of the future. Vinay Patel, the CEO & Co-Founder of One Financial will share his perspective on what financial institutions should consider when planning for the inevitable changes on the horizon.