The title of our latest webinar (you can find our complete webinar series here), which had a record 375 registrants and was hosted by Chris Skinner and Backbase CEO Jouk Pleiter, might have seemed counterintuitive. After all, take one look at the masses of people standing in line at any ATM machine and it’s easy to see that money, as in cash, still appears to have plenty of meaning. Yet, after seeing the facts laid out by Chris and Jouk in this provocative presentation one can’t help but believe that the days of standing in those ATM lines are nearing an end.
Among the most interesting changes Chris mentioned that are going on in the world right now: Dubai citizens putting their ATM cards in and taking gold out instead of cash; the real-life uproar caused by website Second Life when it outlawed gambling in its virtual world; mobile payment companies like Square in the US and mpesa in Africa, which are changing the way we pay for things on and offline and the UK’s big society bank that has people exchanging time for bank credits. To be sure, how we value money is changing and it’s changing quickly.
To further illustrate this point, Google now employs somewhere around 750 people in a payments division and companies are using social networking sites like LinkedIn to raise money instead of going IPO. In the not-to-distant future it seems, data will be king and the wise companies in charge of our value transactions, whether they involve apps, virtual credits, or indeed, money, are realizing this and preparing for the eventuality. Provocative stuff indeed.
You can now watch the recording of this webinar:
The slides used by Jouk to present his vision on Bank 2.0 are available on our Slideshare channel.