Weekly thought-starter #004: The future of money

Date:Monday, December 3, 2018
Author:Charlie Gilbert

Money – it’s a gas. And with the advent of hyper-personalisation, it really is. Wave goodbye to painful interactions with banks; say hello to safe, streamlined services.

Welcome to The Future of Money. A future where our savings are automated (without affecting our lifestyles), borrowing is facilitated by communities (not credit cards), and impossible-to-remember passwords are replaced by biometrics.

Now here’s a thought: what if the future of money tells us more about the future more generally? Well, we believe that what consumers want from financial services reflects what they want from brands in every industry.

Behaviours around spending, saving and investing – driven by new technologies with personalisation at their heart – are being normalised, fast.

Millennial investors, for example, are increasingly seeking investment opportunities that effect positive societal or environmental change – and start-ups are already helping them. To what extent will this consciousness impact their purchasing decisions elsewhere?

Consumers’ demand for seamlessness, meanwhile, is overwhelming. In the future, the most successful brands may be those that move beyond one-product models.

Take Indonesian company Go-Jek, which, since launching as a motorcycle ride-hailing service in 2010, today offers mobile payments and food delivery. Now, millions use its in-app payment gateway for everyday transactions. What does this tell us about the brands consumers will side with – and remain loyal to – in the not-too-distant future?

One thing’s for sure: people will no longer submit to obscure, closed-wall systems – like traditional banking. In the future, the services people use – financial or otherwise – will reflect their personal brand, make their lives better, and reflect values and choices they care about.

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