1. Technology will change our relationship with money. We’re already starting to see a real shift in power from banks and financial heavyweights back to the consumer. We’ll finally start seeing an end to the toxic mix of hidden charges, rip-off exchange rates, unhelpful customer service and little choice for the consumers. From new people-focused, digital-only banks like Tandem and Atom to mobile payment apps like Zapp, these new services will give people all access, all the time.
2. Digital natives demand financial services anytime, anywhere. Today, people are digital natives and expect every financial service they use to be digital — able to complete actions from anywhere, on any device and with minimal effort. Consumers demand payments to keep with the speed of service in other areas. In the next five to 10 years, financial services will be a core part of the mobile operating systems — the idea that your financial life isn’t controlled by your phone will seem as archaic as a black-and-white television. The future of the market is that within the next five to 10 years, there will be no “high street” [Main Street] stores left. All financial services will be delivered via mobile. 3. Global instant, low-value mobile-to-mobile payments take off. As smartphone sales reach a saturation point in developed markets, technology adoption growth is now solidly focused on emerging and developing nations. Following on from the success of domestic millennial-focused payment apps such as Venmo in the US, sending money mobile to mobile around the world, instantly and at low cost, will take off in 2017. And with our latest innovation, we’re absolutely leading the charge!