One of the most repeated phrases I heard at Mobile World Congress 2017 was “reinvention.” It didn’t matter whether the speaker was a CEO of a bank or a mobile manager of a retail company. All of them had the same view: we need to reinvent our businesses, or we won’t survive.
The only way to avoid disruption in the fintech industry is to look ahead and innovate faster than the competition. In this way, companies need to embrace rapid prototyping if they are to manage the fast-paced, agile environment in which every business needs to operate. By 2025, the banking landscape will most likely include some of today’s well-known banking brands in addition to some new names. The use of new technologies will differentiate the successful companies from the laggards that will follow. These technologies include everything from IoT, cloud computing and big data analytics to drones, robotics and artificial intelligence (AI). That last one is especially going to revolutionise the way we manage the relationship between humans and machines forever. And one of the keys will be how we use this intelligence to amplify human cognition.