Smart economy — Smart(er) banks?

Urs Bolt believes that a smart economy, characterised by decentralised data and digitised financial infrastructure, is the inevitable future.

As such, existing financial services needs to re-assess the way they deliver and function in a more data-driven economy or else lose to to new players.

  • The vision of a smart economy is to digitise all assets and allow ‘trustless’ digitised commerce
  • In a smart economy, payments, currency conversions, crowdfinance will simply move to new value exchange layers with near- and real-time payment mechanisms
  • The smart economy will require a new financial ecosystem which will be provided by new players with new business and operating models

Now a days, technology is omnipresent. Consumer technologies and platforms are developing rapidly and we can already see many examples of these trends in our daily lives: smartphone apps and wearable technologies, cloud-based services, big data and artificial intelligence, robotics, and many more, especially the internet-of-things (IoT).

Less obvious are the fundamental long-term economic, societal and demographic changestechnology brings. The demography of the population will be radically different decades from now, it will resemble an upside down pyramid (people get older with less children). The millennials are born as digital natives; they are always online and have access to services 24/7. Also, the rise of the middle class in countries such as China, India, and South East Asia but also in Africa will have a profound impact on the global economic balance and wealth distribution. Many people now worry about of the fragility of the earth’s ecosystem, environmental footprint and climate change. An important driver of change is how work will be done in the future; a sign of that is the expansion of the freelance and gig workforce. These changes will also have an impact on the social welfare systems of the developed countries and emerging economies.

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