The future of banks is probably not banks !!!

I spent over 10 years working for a bank and I loved it. I think their days are numbered though, probably; mainly as I believe the services and products they provide will be gradually replaced by large tech companies who have better relationships with consumers.

It’s a much written about fact that companies don’t want to become the next Blockbuster or HMV; video and music stores replaced or heavily impacted by digital competitors like Netflix, iTunes and internet file-sharing. Most banks are embracing “digital” — with cutting-edge apps, new payments methods, trying new technologies like blockchain or wearables and getting funky with cool new social media campaigns — all in an effort to stay current; but I still think they will be replaced.

Why? Because they are mainly just banks — they provide credit or debit, digital services to access that money and not much else.

Tech companies like Amazon and Google offer a whole range of products and services, building deep positive relationships with consumers that allow the introduction of further products and services. Gmail? Yes please. Google Maps — love it. A new Google service that I can use to pay for all my subscriptions from one place — sign me up!
That may sound glib — but consider:

Amazon Cash

his is a relatively new service from Amazon where consumers can load cash into their Amazon account via physical retailers, via a barcode. It’s aimed at consumers that don’t have bank cards — but it raises some interesting possibilities, such as:

If I was Amazon, what would I do next?

Right now, it works like this:
*Consumers adds cash to Amazon account by handing cash over in retailer.
*They can then spend it online.

Phone payment systems are training their customers not to need bank cards … i.e. not to need banks