Brett King recently presented at Google's Think Finance 2014 where he talked about the future of banking — specifically trends that were correctly predicted and trends that were incorrectly predicted. For instance, Microsoft correctly predicted that people would soon pay for transportation via their smartphone, but they didn't predict that the whole taxi industry would be upended by startups like Uber.
King talks about how big data will lead to automated financial advice, and how paper applications will of necessity be phased out of the digital world. He also talks about how a debit or credit card can't tell users their most requesting question ("what's my balance"?), and how the fact that the phone can do that (and much more — including payments) means that the smartphone will soon be the center of banking. According to King, "the number one challenge for banks is getting their app on your phone." We couldn't agree more.
Watch the full speech from King to understand the future of the banking industry and why mobile banking will matter above everything else.