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Envisioning the future of finance

ENVISIONING FINANCIAL TECHNOLOGIES Innotribe :: (SWIFT ENABLING COLLABORATIVE INNOVATION The financial sector is practically as old as humanity itself. Currency and value are intrinsically connected to modern society, and historical attempts to undo this tie have failed. While the sector is frequently mired in crises, it has shown surprising resilience from being displaced by other paradigms. Rapid advances and dissemination of emerging technology, however, promises to upend many characteristics we take for granted. This visualization attempts to gauge the technological readiness of the financial industry as a whole. While looking at trends that are likely to influence the very notion of value in the coming decades, we try to establish a baseline of whether organizations are paying enough attention to the imminent changes that will define the future of society or if they are running the risk of letting accelerating change vanquish existing business models. Our online presence already serves to build quantifiable reputation systems. In a potentic post-scarcity future, reputation might become the new currency, bringing unimaginable change to our current notions of value and currency. The financial sector is no stranger to big data, but massive advances in information capture and computation technologies demand an ever faster pace of adoption for the industry. UNPREPARED Data-driven regulation 1 The industry might be aware of these technologies, but is not actively working on them. Post-scarcity economies DATA Reputation management Perhaps the technological artifact most closely associated to finance, currencies are undergoing considerable transforma- tion. Brands and virtual worlds are REPUTATION A cornerstone of modern banking, thoroughly interconnected systems depend on automation. However, a wealth of emerging technologies are promising to bring several new sources of information into the fold. PROMISING 4 Push banking data to coNsumers Reputation economies The industry is working on incorporating these technölogies. already dabbling in private monetary systems, but an increasingly fragmented yet interconnected future lies ahead. Whuffie Reputation quantification Prediçtive consumer spending analytics Attention economies Peryasive payment + identity systems PREPARED Open financial estimates platform The industry is şolving the issues rasied by emerging technologiés. Virtual economies Social graph quantification Self-governed investment algorithms Modellngforecasting Banking APIS Open-source investment algorithms Virtual currencies Digital bartering systems Cloud computing Cryptocurrencies DATA REPUTATION НFT In-game currencies Brand-backed digital currencies Consumer HFT Consumer rules- based automation VPN Government-backed digital currencies Contactless payments Digital Asset Grid Als with asset Ownerships rights SSL Quantum currencies CROWDS USINTERMEDIATION Mobile credit card readers Consumer data protection Quantum cryptography Biometric payments Interpersonal cardless transactions Neutrino-based low-latency trading Biometric wallets Cardless payments Single-sign-on Growdfunding Micropayments Virtual crime prediction Biometric identification Location-based transactions Social commerce Peer-to-peer credit markets State-organized cyber attacks Microfinance Anonymous Analytics Mobile payment interoperábility Banking as a service/API Web of trust Rogue Als Person-to-company lending High-Frequency hacking Inducement prize contest Pseudonym reputation system attacks Collaborative Consumption Crowdsourced financial decision management Internet-only banks Smartphones comverge hundreds of distinct capacities while putting them at arms reach. For being our main access point to the internet, they'll take on a role broader than merely a "better wallet". The financial sector is beholden to tight security and predicting illicit activity. Invariably, new technologies permit new vectors of attack, demanding more foresight from the industry. Bank-free digital P2P transactions Digital gift economies Relationship economies P2P consumerism Computational/Al banks CROWDS DISINTERMEDIATION Every individual joining a network increases the value of said network exponentially to existing members. The power of crowds is immutable, but how to properly leverage this potential is for each organization to decide. Advances in technology tends to lower the bar of entry from incumbents. Entire swathes of the financial sector risk being displaced by nimble startups from around the world that are all willing to put the consumer first. Research & design: Envisioning Technology Find out more: envisioningtech.com/finance/ Published: November 2012 Follow: aenvisioningtech / ainnotribe CC BY SA AUTOMATION AUTOMATION CURRENCIES CURRENCIES MOBILE SECURITY MOBILE SECURITY

Envisioning the future of finance

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Our brand new visualization, created exclusively for SWIFT/Innotribe, outlining the readiness level of the financial sector a series of emerging technologies.

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Envisioning Technology

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Technology
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