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Banking Sector Predicted To Lose 20 Million Jobs By 2030, Will Virtualisation Take Over Traditional Banking?

Prediction of 20 million job losses in the financial sector of banking. The future of banking in 2030. Are banks going to be extinct?

A decade goes so fast. Within the last 10 years’ technologies changed the way we bank. Mostly connected to our phones. But by 2030 the everyday banking experience could be entirely virtual. By then more than two billion people will have digital bank accounts on digital platforms and just 20 of so-called heritage financial services firms will have survived.

Some banks will be completely virtual facilitated by open banking fuelled by data stored and shared on the cloud and made faster and safer by Blockchain technology. If you want, you’ll be able to get the equivalent of a private banking service.

As data aggregators cross-reference your spending habits with other parts of your online life from your travel plans to your social media interactions creating a unique profile for your bank to provide you with bespoke services.

Look forward to an AI powered virtual banking assistant handling payments investments and instant transfers at the command of your voice as banks begin to get more personal.

So will the ways we pay in the future cash is no longer key instead paying with your phone or wearable will be the status quo rendering physical cards unnecessary. 60% of financial organizations are expected to make wearables a common payment method. Physical shops will still exist but the way you pay will change with money changing hands virtually in real time.

Cryptocurrencies may rival cash with an estimated 200 million Blockchain wallet users by the end of this decade and many currencies could digitize and even decentralize simplifying travel and trade. But none of this will happen if security isn’t every bank’s number one priority protection against cyber-crimes and fraud will be powered by predictive analytics and artificial intelligence home to 350 specialists manning state of the art. Read more via TheIndianWire

Pemo Theodore

Pemo Theodore is a Media Publisher & Event Producer and a great people connector.. She is Founder/CEO Silicon Valley TV which has served the San Francisco Bay Area for 11 years! She has produced Silicon Valley Events for Investors & Startups for 9 years. Pemo loves to video interview venture capitalists & founders to engage the human behind the success stories.. She has been Executive Producer of FinTech Silicon Valley for 5 years, organizing twice monthly FinTech talks & panels in San Francisco & Palo Alto. She believes in learning through a great discussion with experts in the domains. Pemo has a talent to bring the right people together and is an incredible networker. Pemo's events have been seen as supporting Venture Capitalists & Angels in sourcing great deal flow from startups who attend her events. Many founders have received funding through meeting investors at her events. Her favored medium is visual media and she has built up a great body of work of videos of panels & interviews in Silicon Valley.startup ecosystem.

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