The future of money and payment processes

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In the future, instead of looking for change and bills and paying cash at the checkout, we will pay with virtual money using our smartphone. In his presentation, Global Topspeaker and futurologist Michael Carl not only takes a look into our wallet but goes far beyond and shows us the Big Picture. Also, due to digitalisation, the entire financial sector is facing considerable changes. Soon, virtual money, cyber money and the Bitcoin payment system will be completely replacing printed money and the payment system as we now it. Robo advisors will increasingly complement and replace traditional investment advisors. Based on practical strategies, the experienced keynote speaker points out the challenges banks and financial service providers will be facing due to this development and gives important and long-term guidance.

„The financial sector has a brilliant future – even though this future will differ from the past“, clarifies trend researcher Michael Carl. As head of the trend study on the future of banks, he knows why financial enterprises need to realign their structure, organisation and processes in order to be successful in the future. On the one hand, many customers are afraid that due to cyber money and robo advisors, the transparency of transactions will no longer be given and, on the other, that security issues will arise. According to the futurologist, a simple and transparent solution needs to be created for the benefit of the customer. In this context, Michael Carl also focuses on the strategic drivers and industry players such as so-called FinTechs. These new, digital competitors will soon occupy the customer interfaces of traditional, full-service banks.

The entire future development is influenced by the modified requirements of the customers. Indulged by their daily contact with the mobile web and its digital service providers, they expect transparency, flexibility and availability from their financial advisor as well. Therefore, Michael Carl considers the shift to a customer-focused dialogue focusing on and catering to the needs of the individual, to be one of the most fundamental changes. In this context, the futurologist explains how such a kind of communication can consistently be realised in a company by applying an omnichannel management. In addition, he addresses how financial products can be adapted to the requirements of the customers as well as their changing life situations – and how this will be creating new product opportunities.

Furthermore, there are new technologies that will sustainably change the world of finance: They have an amazing potential for making financing offers more efficient and more effective, says Michael Carl. In his trendsetting presentation, he demonstrates the opportunities provided by digital assistance systems, Big Data and the associated smart prognostics and how the resulting data volumes can be managed and analysed.

Contents of the presentation:

  • Period of transition: What are the impending changes in the financial sector?
  • Customer dialogue: What will customers expect from financial consulting in the future?
  • Omnichannel management: How to realise customer-focused communication?
  • Technologies: How do financial service providers make use of new, intelligent systems effectively?
  • Financial products: Which financial products open up opportunities?

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