If you can imagine technology like Siri, Google Home or Alexa maturing in the next 5 years and being able to order you, some products, not just playing music but even your Uber rides, flights, restaurants reservations and doctor’s appointment. Once commerce is integrated into our tech so seamlessly, the next obvious area to tackle is day-to-day money interactions and financial advice.
By end of 2030 the relevance of Neo Bank will play a major role towards transition of 'Traditional Bank Accounts' becoming ‘Intelligent bank Account’. Bank Account will no longer be a mere Number through which we transact but a Machine Powered Person who can understand our needs and future expectations. We will see a major shift from traditional generalised banking towards niche domain specific banking systems in future, eg. dedicated neo banks for E Commerce, Manufacturing, Government Schemes, Education etc.
Increasingly we will be asking a Neo Bank via, Google, Siri or Alexa, whether we can afford to go out for dinner, or, my current rate of savings, when I can afford to have a particular skill through upgrad, Coursera, EdX Etc.
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