The Future of Finance

By Chris Skinner via

I recently appeared on an interview with Salesforce’s LeadingEdge webcast. Afterwards, they picked out 12 statements I made that they thought particularly noteworthy, so thought I would repost them here:

The digital revolution is fundamentally impacting every industry across the board, and banking is no exception — in fact, far from it. As focus shifts from paper money to digital distribution, the implications for the banking industry are significant. And for an industry that impacts each and every one of our lives in such an important way, it’s worth understanding how this shift is changing banking as we know it — and the future of banking overall.

On banks and the digital revolution

“In each revolution, we create a brand new way of trading, transacting and storing value — but we don’t get rid of the old ones. So, 5,000 years ago, we invented money; we still have money. Three hundred years ago we invented banks; we’ll still have banks. But in this revolution, the digital revolution, seven billion people on this planet can get access to real-time trade. And that means that there’s a new way of thinking about how we’ll create this Internet of value, and what it’s going to look like longer term.”

On the emergence of FinTech

“We can’t have an Internet of Things without some form of the underlying Internet of value exchange. We’re going to have around 50-billion devices transacting 24/7 for the seven billion people who live on this planet. If those devices are on the Internet, how are they going to order goods on our behalf if they have to go through a bank branch? It just won’t work.”

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