A Tale of Two Wallets

Wallets, or purses, have been around since bartering was replaced by the exchange of goods for currency of whatever variety. Therefore they were handy means of carrying that currency in case you needed to ‘buy’ something on your travels. 

Centuries, if not millennia, have passed and we are now in the electronic, or digital, age. The wallet and/or purse are still with us albeit with that all important prefix the ‘E.’ 

Millennials demand digital banking

Millennials hold the key to the future of banking. By 2018, they will have the highest spending power of any generation, and by 2025 three quarters of workers globally will be a millennial. Challenging the status quo, a third of millennials don’t believe they’ll need a bank in the next five years.

Apathy towards traditional banks is born of frustration. For a generation who have embraced the likes of Google, Amazon and Uber, feeling the need to use a physical branch to make financial decisions is unappealing.

FinTech Future: It's Burgers, not Bitcoins

The other day I was watching my daughter playing with a group of children at her nursery. I didn't quite follow the rules but it was a picture card game with the apparent objective of winning as many cards as possible.

After a short while a couple of smug-looking kids (you know the sort!) had mastered the game and accumulated the majority of the cards to the obvious disdain of the rest, including my daughter.

Video banking: the best of both worlds

OK, so video banking is not the latest trend, and a number of banks around the world have been offering it for some time now (the Polish market has been particularly prolific – think Idea Bank, Alior Bank, ING and Raiffeisen). 

It is a very important channel – as it offers actual human contact in the increasingly faceless mobile banking world and thus shouldn’t be neglected.

It combines the best of both worlds – modern technologies and human interaction.