Some (Relatively Safe) Predictions for Financial Services
• Cheques and credit cards will largely disappear. Mobile wallets on smartphones and wearables will become the norm.
• Biometrics will be used to make payments more secure.
• Some central banks will choose to switch from paper to digital currencies, and transacting in digital currencies will become more widespread.
• Machine learning will be able to undertake many tasks such as credit assessment and fraud detection much better than human beings.
• Record keeping will be more secure and faster using blockchains and other distributed ledger technologies (DLTS).
• Crowdfunding and P2P lending will become more widely used. Some of today’s large banks will find it necessary to offer these services.