Some (Rel­a­tively Safe) Pre­dic­tions for Fi­nan­cial Ser­vices

Rotman Management Magazine - - FROM THE EDITOR -

• 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.

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