Future Banking - Where are we going?


I’ve read some great ideas in this forum about features for Xinja moving forward, some of them are even being integrated into the app. I think that’s actually one of the coolest parts about Xinja, the stuff you guys come up with can actually be made into a reality!

So in this same vein, I thought I’d ask you all what you think the future holds for banking in general. (Remember, Xinja isn’t a bank just yet, but we’re getting closer each day!).

I spoke to an Uber driver yesterday who said he truly missed his corner store St George branch, which stuck around for a few years after the Westpac merger in its old form, but had recently disappeared. He liked the fact the bank manager knew him and his business. He felt like St George cared.

He also uses ING, and loves their mobile banking, but was saying how he hopes banks find a way to integrate all this ‘new technology’ with that same feeling of personalisation, and understanding of your individual circumstances. Perhaps even to the point of trying to proverbially ‘bend the rules’ to assist them.

Do you know what I mean? It might not even mean ‘bending the rules’, but it rests within that same perception of going above and beyond the call of duty as a bank manager.

So when the branches all disappear, how will we achieve that same (or similar) level of ‘true’ customer service?

What does the future hold for banking?


It’s an interesting question, can you really deliver that feeling while also having no branches?

It’s kind of like food shopping and buying local. A big move back in the UK now is toward buying local, or at least with the younger generations and middle classes. It’s nice to have a choice I guess and if you buy local you feel you’re contributing to something more than just a big money machine.

With what I’ve been hearing in recent podcasts the cost of offering a current account by the incumbent banks is 10x that of challengers such as Monzo. Monzo are down to £15 /year/user. I think for 99% of things you can really do without branches, but when it comes to getting advice it’s always nice to speak to someone and even more so if it’s in person.

I believe banks can operate successfully without branches especially for the younger generations and in a few decades time maybe the idea of a high street branch will be ludicrous. But will this new approach to banking be able to operate without anyone behind the wheel? I do believe support and advice staff will be required forever given the world’s approach to financial education.


See, I agree about it being nicer to speak to someone in person, but imagine the future of that interaction.

Say it’s 2028, you’re at the local hovercraft shop buying future stuff. You’re about to scan your retinal payment chip, when bam, you get a brain-call from Xinja.

“Mr Matthews, your retinal eye implant has been comprimised, we have done a full encryption refresh and you’re good to go, apologies for the .012 second delay”

I think people are worried about losing bricks and mortar branches because they think it will mean the end of genuine customer service, but once A.I takes off, these systems will know more facts and nuance about ourselves than we do, allowing for ridiculous personalisation.

I for one welcome our A.I overlords :joy::wink:


Hang on! You didn’t say retinal implants were allowed!!

Honestly… Who knows the financial playing field is changing all the time. Deregulation, regulation, deregulation. National living wage trials are going on now, our attitude to money in the future will be so different I think.

Did you read about Wonga in the UK? One of the first high profile fintechs to fail. The tech made sense but greed ensued.


Yeah, we have a few pay-day lenders here who will probably go down that same path. It’s super predatory in my personal opinion. If someone needs their paycheck that badly, there should be other assistance in place.


I would say, very few people under 50 would have any real experience of bank managers. Bankers ‘bending the rules’ were a major cause behind the GFC.
I want a bank that is convenient, actually keeps to the rules and doesnt gouge our accounts with endless little fees and charges while paying 0% interest.
Incorporating a crypto currencies should be on the cards also