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The true future of banking

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IT'S NOT FINTECH STARTUPS THAT ARE DISRUPTING THE TRADITIONAL RETAIL BANKING BUSINESS AND EVEN NOT BITCOIN. VISA IS ALREADY DOING THIS.

  1. It's not Fintech startups that are disrupting the traditional retail banking business and even not Bitcoin. Visa is already doing this.
  2. Visa has full control over checkouts and wallets. Visa has opened hundreds of APIs (they are still not fully developed, nevertheless they do exist).
  3. Previously, merchants went to banks in order to get e-commerce functionality. Today, merchants can get all this directly from Visa. Visa will offer all of this in a highly convenient format - you will just select a bank from a list. In the future, POS terminals will become virtual and Visa will also be the one that will assist you in connecting to them.
  4. Retail banks no longer need to have an army of developers or become (pretend to be) an IT company. Banks will be service companies affiliated to global operations, like electricity or gas distribution companies today. You don't really care about the name of your electricity, gas, water or heating suppliers, do you? The new name of your bank will be “Visa”.
  5. Retail banks no longer need to have an army of developers or become (pretend to be) an IT company. Banks will be service companies affiliated to global operations, like electricity or gas distribution companies today. You don't really care about the name of your electricity, gas, water or heating suppliers, do you? The new name of your bank will be “Visa”.
  6. Acquiring, issuance and back-end banking processes such as AML and anti-fraud will go to Visa. Processing is moving to the cloud.
  7. Banks are losing control over the front-end. The front-end will go to those who control (or will control) global front-ends: messengers, smartphone manufacturers and Visa itself.
  8. Visa will become the main retail bank for the whole world. And Visa is the single, best way to make banking truly a quality global customer service.

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Source: bankir.ru

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