The Future of Money, the newest report from The Innovation Group, explores how finance and banking are being redefined. The past 12 months have been a watershed for the way people use money, and for the very way they think about it. The industry is blossoming, thanks to emerging technologies such as mobile payments and facial recognition, and this will in turn drive innovation further ahead.
A number of era-defining innovations have emerged—many of them long in the making—and their effects will be profound and long-lasting. Some of these changes are technological in nature: new products have appeared, aimed at making payment an increasingly frictionless, almost invisible, experience, carried out simply by tapping one’s phone, or even by smiling at a camera. Other shifts concern the wider finance and banking landscapes. Once the preserve of a handful of large incumbents, these sectors are now brimming with upstarts vying to cater to more tech-savvy customers.