Mobile phones and banks, banking transactions future trends

Banks will become phone companies and telecom companies will become banks. Mobile payment systems, micropayments, mobile phone credit card transactions and loans. Economic impact of remittances from foreign workers using SMS credit to avoid foreign exchange transaction costs. How biometrics fingerprint technology will allow large mobile phone payments. Commissions and interest charges on loans. Impact of revenues from American Express, Visa, Delta, Access, Mastercard moving to mobile phone transactions. Conference keynote speaker and Futurist Dr Patrick Dixon.

Future of Retail Banking - Video

Threat to banks from mobile phone payment systems using SMS, RFID and other technologies including biometrics (fingerprint). How mobile / wireless technologies will transform retail financial services, purchases especially for relatively low value transactions. Video interrupted by security guard on instructions from his boss.... clearly making even a short YouTube video is itself a potential threat! Maybe they are right. YouTube comments spread at the speed of light. Comment by Dr Patrick Dixon, futurist, leading authority on global trends and conference speaker.

International money transfers are still a nightmare

I cannot believe that sending money out to other countries is still such a pain.  It takes ages, often payments are returned after a week or two for trivial reasons that should have been picked up at the start of the process, the charges are huge.

 

It is totally ridiculous that in this global age it is so complex to make a simple payment.

 

And I am not just talking about Western nation to emerging economy. 

 

Electronic payments are particularly difficult even between say the US and the UK.

The whole thing needs to be sorted out urgently.