Digital banking evolved from important but simple requirements. What is my account balance? Did my check or deposit clear my account? I need to pay a bill. Quicken and Microsoft Money skyrocketed in popularity when they provided a solution and collapsed when financial institutions offered a better solution.
From this simple starting point digital banking has grown and matured by continually adding new features. Year-by-year incremental change means improvement, but, in a direction, strongly influenced by the starting point. Today our technology is so very capable that we need to reconsider, from a fresh creative unencumbered perspective, what digital banking should do.
For example, a few people are very organized and keep track of everything as needed. However, many do not (but envy those who do). Most financial transactions have an associated event and paperwork, and most important events have an associated financial transaction.
Imagine if digital banking could be a simple system to organize the financial clutter in people’s lives. Digital banking reimagined addresses people’s financial life far beyond the need for transfers, account balances and transaction history.
Author: Chris Doner, Founder and CEO, Access Softek