You’ll find the introduction to this series here.
This post looks at Banking.
Money, cash that is, will probably disappear in time. Currencies may also become a thing of the past when most transactions are completed online. What effect would such changes have on the banking industry and the customer’s need and experience of it? Many jobs, highly-paid and of questionable sociomoral value will disappear, along with the currency markets and all those other ‘financial services’ that accompany such gambling. International travel will become financially simpler, of course.
In the interim, will customers demand better security, more privacy, a better sense of responsibility from institutions currently designed to make money from clients without offering a comprehensive service in return? Will your credit card become something no longer attached to a specific organisation, instead making instant decisions online to achieve the best financial deal as you buy, borrow, or invest?
Will biometric ID become commonplace, removing the need for PIN numbers, account numbers, etc?
Who or what will regulate, own, and police financial systems running globally online with no discernible physical building as headquarters?
How will social rebels, the poverty-stricken, and street thieves manage when all access to money is via an online bank demanding multiple biometric ID information?
Will such change make life more difficult, or easier, for criminals dealing in drugs, prostitution, money-laundering, and so many other socially damaging activities. In fact, will such operations still be possible and, if not, will these criminals take to other forms of extortion and exploitation?
These are all considerations for any author writing fiction set in the future and delving into this topic in their story. What other questions come to mind in pursuing this aspect of our future? Feel free to place them in the comments below.