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New payment systems: Michael Carl on the future of money
banking sector is facing radical change.This development was also taken into consideration for the new ATM models that will soon be introduced to the market and that already work with digital technology. You will, for instance, be able to withdraw money with your smartphone and the corresponding app. Furthermore, they feature a touchpad display that offers a lot of additional functions such as, amongst others, contacting a bank employee via video chat. „Digitisation changes the customer’s demands on services. They expect availability 24/7 as well as individual, flexible and quick consultation“ explains strategy expert Michael Carl. He therefore advises banks and financial service providers to adapt their communication to the new needs of their customers and to set up new communication channels, for instance via omnichannel management, as well.
However, in order to keep pace with the future, businesses in the financial sector have to prepare for further challenges, clarifies the experienced speaker Michael Carl in his presentation. Soon, competitors such as the so-called FinTechs and robo advisors will play a trendsetting role on the finance market. These digital enterprises will then compete with the traditional full-service banks. Based on practical strategies, Michael Carl therefore demonstrates how processes and organisational structures can be reorganised. In this transformation process, financial enterprises can make use of new technologies and purposefully apply Big Data in combination with smart prognostics and digital assistance systems.
In Michael Carl’s opinion, the future of cash payments and consequently of ATMs, however, looks quite gloomy: „In the long run, virtual money, cyber money and the Bitcoin payment system will completely replace bills and coins.“