Today, we joined Samlink for a breakfast seminar on the future of banking, highlighted by the visit of renowned futurist Brett King.
Here are the essential insights Brett King shared:
1. Cognitive AI Is Just Around the Corner
True cognitive AI, always considered a distant possibility, is now only 2–5 years away. Brett posed a powerful challenge: “There are two kinds of people—those who use AI and those who get replaced by it. Which will you be?”
2. Smart Contracts and the End of Fiat Money?
Smart contracts are reshaping trust in financial transactions. Brett questioned the continuing role of fiat currencies, urging banks to swiftly adapt to this evolving paradigm.
3. The New Global Financial Order and CBDCs
China and BRICS nations are increasingly influential in global economics and actively exploring Central Bank Digital Currencies (CBDCs). This trend could significantly disrupt US dollar-dominated trade, prompting banks globally to prepare strategically for changing trade dynamics. Brett also noted a dramatic decline in physical bank branches worldwide, pointing out that no G20 country currently has an increasing number of branches. Even India, previously an exception, is now witnessing a decrease.
4. Quantum Computing: Threats and Security Reinvented
Quantum computing, signaled by the imminent arrival of “Q-Day,” will render traditional standalone servers vulnerable. Brett recommended an urgent transition to cloud-based infrastructure to maintain robust cybersecurity.
5. Banking 5.0: An AI-Driven Future
Banking is rapidly evolving into Banking 5.0, driven predominantly by AI. Banks must adapt as AI moves from assisting roles to independently steering decisions. Brett cited JP Morgan’s acquisition of 40 fintech companies as evidence of the urgency and necessity for banks to innovate.
6. Big Tech and Neobanks: The New Banking Giants
Big tech companies and neobanks are transforming the banking sector. WeBank already serves over 430 million customers, Nubank has reached 120 million, and Revolut has successfully resolved profitability challenges. These institutions highlight a landscape shift, where the largest banks in each region are increasingly digital and tech-driven.
Final Thoughts
Tomorrow’s leading banks will look nothing like traditional financial institutions. Instead, neobanks and big tech companies will dominate, embedding finance seamlessly and invisibly into everyday activities. Brett King’s crucial advice: Embrace both technical and cultural agility—or risk becoming obsolete.
Want to discuss more? Join the future-of-banking conversation at our flagship event, the Nordic Fintech Summit, on May 15th in Helsinki!
