We will probably not need banks in the next five years

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Clockwork is an online engagement agency, a group of consultants, designers and developers who always strive on finding the key issue and in some way push their Clients towards finding a solution. Since his time in Clockwork, Mark Dek has developed a few new areas of expertise. The first area of expertise is innovation management, which is basically helping organizations to become more innovative by engaging their employees and consumers. Some of the most interesting technological trends on which he is currently working on are The Internet of Things, Artificial Intelligence and Blockchain.

Is the future of banking really that shocking and do we have to be worried?

That really depends on whether you are working in a bank. It is precisely the opposite! If you work in a bank, you should work on implementing Blockchain, train artificial intelligence to do your work, engage into start-ups, and rebuild the bank from scratch as a platform which is open to financial service providers and think about what banking means to the millennials while at the same time getting rid of outdated practices and strategies.

“The results of recent research showed that younger generations agree: 1 out of 3 millennials believe that they will not need a bank in 5 years from now, and they are probably right. In theory, the Blockchain technology can make banks seem very outdated. I predict that we will live in a world where no bank will be considered “too big to sink”. Add the fact that people around the world have been very upset at banks because the financial crisis, and yes, I would say that banks should be worried….”