Thrun guys hi he wasn’t kidding I I
can’t see you guys at the top there I
feel like Tim over and I think that this
just happened to me a couple of weeks
ago this guy’s contacted me hey you
wanna speak at this great and then
yesterday Kendra call okay you know I
coming for rehearsal last night was just
lights there are some nights okay so
don’t judge me on my slides today please
cuz you know it took me like five
minutes to come up with and anyway so so
my name is Imran I hit innovation for me
Bank and essentially that role is one of
my roles is to really look at the future
a little bit and then try to figure out
now how does that impact banks right how
is that gonna change so I’m gonna tell
you guys a story it’s a story about you
guys right
it’s a story about you guys maybe three
years from now so you’ve graduated
you’ve gone to a whole bunch of
interviews and because you fantastic
with your CGPA you’ve got a job so this
is your first day at work right and your
first day at work you’ve met the HR
person so he’s telling you about okay
here’s your boss here’s your office well
it’s probably a cubicle you’ve here’s
your people you’re gonna work with your
role responsibilities and all that and
then he says okay and don’t forget to
log into the corporate website and
that’s where you know you can log in and
check your salary over there and also
don’t forget to download our copper app
you know you guys how you access your
money so is it cool so you go over to
your new place you meet up with your new
colleagues make some friends you log in
you make sure that you’ve got all that
sorted out and yeah you can see you know
your your your balances day come lunch
time with your new buddies is hey let’s
go for lunch so you go to lunch you go
to the restaurant next door after you’re
done you know you go up to the 3k sure
you see the QR code and you pay your
phone your buddies are quite nice to you
because you knew is a donor it’s your
first day let’s kind of split the bill
so it’s it fine so all your new buddies
take out their phones you know they put
it at your face it recognizes you and
then they’ll pay you back
so you know that you go back to to the
office so now at least eight you’re
still living at home so you don’t have a
car so you take the MRT to work right
you go to the MRT you go to the
turnstile it tell you for now you just
step that you go go in you go home same
thing so a couple of weeks go by one of
the weekends you decided to treat
yourself to a weekend away you don’t
have a car so you sign up to one of
these easy rental cars right so like
like a slow car service you go online
register put your icy up you get
approved you use your phone to unlock
the car you go off for the weekend so
there you go a couple of months go by
and then you find this promotion for a
holiday right and then you oh wow that’s
cool
it’s like 5,000 bucks to go to Italy for
a whole trip so you decided yeah maybe
there’s something I want to do you take
your phone out that’s a little advice
the app there and says hey you know what
I want to go on holiday so that asks you
how much is it when is it you say it’s
about 5,000 I probably go about middle
of next year so it’s a plan tells you
you know not a problem
that’s a nice little call if you put
aside about 200 a month you should be
able to get it in time okay cool so
every month after that you know the app
kind of reminds you hey you were saving
for the holidays do you want to do that
yeah so you know we keep transferring
money across so that’s going on so
you’re going day to day going to work
everything’s cool and then iPhone then
Apple launches the new iPhone right by
then it’s I don’t know iPhone 20 iPhone
xx it’s seven grand right so of course
you don’t care you and your view of your
buddies go over to the Apple Store and
look at it and say wow it is great you
see the scan the QR code I’m gonna buy
this right you try to scan it and then
it pops up and said you know what
actually you don’t have enough money but
don’t worry your credit is pretty good
you’ve got a five thousand ring get
approved do you want to buy it still hmm
I’m not sure what about that holiday
it’s not no problem you know if you only
put aside X amount used to make it say
fine so you trigger that you get
yourself the brand new iPhone xx and
then you go home you’re all happy
so a couple of months go by and you know
another weekend comes up you feel like
another holiday but the sokar thing is
quite popular there’s no cars available
the following weekend and car’s not
available again your mom’s been
complaining that you know you don’t send
her to the market because you know you
don’t have a car so being the
responsible son is overkill ah since I’m
staying rent-free maybe I should get a
car so you start googling and then you
find some cars right and then you’re not
sure what can I afford this so again you
whip out your phone you take out your
advisor and you say you know what car
can’t afford and the guy says anything
from below 100 thousand should be okay
all right so you go Google you go to
look at the ranges and you find like a
nice little proton three there you wanna
go get and then you go to the showroom
and guys it’s yeah I’m glad it’s good
just click on it within three months you
get delivery a few years go by the air
pops up and says you know what you’ve
been quite responsible
every month they notice that there is a
bit of balance in your in your account
do you wanna invest there and you said I
don’t know I’ve never invested before i
what do I do
so well you can either say you know do
you want to buy a house or you just want
to save for a rainy day what kind of
risk appetite do you want right so I
said okay maybe I’ll save up for a house
and the app will tell you hey you know
what why don’t you put 30% of it on
something slightly risky all right
something like a peer-to-peer lending or
some some some risky shares and the
others on some nice fixed deposit for a
fixed amount so it’s okay I’ll do that
for now because I don’t really know how
to how to do all this just fine and then
later on as you learn about your
finances a bit more you go back to the
app so you know what actually let me
look at some of these shares that you’ve
been investing automatically for me
Rwanda cool learn about this but I only
want to invest in shares which is
companies which is green right because
they’re more ecologically friendly so
and it does that and you go on with your
life that way so this is a scenario that
you know I see happening not in the too
distant future right
this is a scenario that I see where
throughout your life you just living
your life doing what you do and not ever
going to the bank even once not meeting
any banker even once not going to a
branch ever hey you don’t even know what
bank you’re banking in but just there
right it’s a bit similar to right now
when you have your mobile phones do you
think about your data plan on your
megacities how come all that much nor
right you just go get it once but after
that you you surf you buy stuff you
whatsapp you check and only when the
data runs low you do something about it
but basically the data is just like a
utility right it’s just there so what if
money and banking is the same thing it’s
just kind of there and you don’t really
worry about it so how real is that
scenario well today if you get a job and
you go to the same HR person they’re
going to say okay we’re gonna Bank your
salary in some way right so what’s your
bank account if you don’t have one okay
go and open a bank account right and if
that happens oh sorry it rewind right
the topic I wanted to talk about today
if you don’t know is about the death of
banks which I just described and if you
were to open a bank account this is what
you have to do right you go queue up I
took an example of DPS a competitive
bank in Singapore but to be fair to them
this is the same scenario in any bank
right you have to queue up you go to
wait and once you get to the front of
the queue you need to fill up like three
pages of documents and your IC and
letter and all that stuff so so what are
the things that banks actually do right
so one of the things is it holds money
somebody’s got to hold your money right
and to be able to hold money the
regulators in a certain country give you
a license to do that so that’s why banks
are allowed to and your parents so will
this ever change well you know what
there is this thing called open banking
that’s going on there’s even a bank
that’s opened in Europe where it is just
a platform
that has the banking license that will
comply with the regulatory requirements
but they don’t actually service the
customers directly right they just allow
anybody else to service so it’s not
inconceivable that you in the future you
may have companies that provide services
to hold your money for you right through
platforms like this so you know Monash
could essentially have a bank underneath
it without actually having a bank
reisen’s because there’s somebody else
who has a license so yes that can happen
now if you guys had okay except for the
free lunch today you would have had to
pay either using cash or credit card
right that’s the only mode that we have
today but obviously you know about the
wallets is coming out you know we’ve got
somebody from pram keeper today in the
house so they’ve got this kind of tools
now in your app that you know you can
store money and wave it around or
whether it’s NFC wear this cap whether
you scan a QR code and you get paid
today though this is still popular and
how do you get cash you have to go to
one of these machines and all this time
a bank has the longest queues whichever
photo I try to get and then you know
once when you get the cash then you know
to even pass it on to your friends and
all that you still have to do this is it
conceivable that you don’t need to do
this very soon I think so you can
already do it now right so for all of
you guys who have bank accounts whether
it’s May Bank or anything else you can
transfer money to each other without
doing this right we don’t have the
splitting tool but that’s something easy
right so that’s real what about getting
loans and things like that well today it
is still a bit of a pain right you still
have to go and go to the bank branch one
buy a house if you want buy a car you
need to fill this stuff the stuff up and
then you have to you know give them your
salary slips and things like that but
the reality is a lot of banks including
a bank we are digitizing a lot of these
processes where you don’t need to do
this and when I say bit–it izing the
process it’s not just okay let’s get
those five forms right now and then scan
it and put in a PDF and you fill it that
way right no digitizing it really means
what if the bank already has access to
your
three to your work to your you know your
details and things like that so that in
fact we can be we are able to approve
your you know loans a lot faster a lot
easier or tell you know a lot faster to
write so that’s that’s something that is
already happening investments today
right it’s only for those guys who know
about a are interested but if you’re not
is something that you just don’t even
understand you don’t even want to do but
I’m sure you’ve heard about the rise of
things like Robo advice this right so
today only if you are more wealthy or
you bank a lot we will assign you with
relationship manager or an advisor to go
talk to you about all these things but
if you just graduated you’ve just
started work we don’t have the capacity
to put a person there but technology
right now is allowing us to provide
these kind of machines if you like that
you can just converse with and your help
you manage your your finances so so this
can happen too
I like this photo right it shows that in
every time you meet with a bank person
he is so happy and joyful right yeah not
quite
you had to go park your car you had to
queue by the time you get to this guy
gives you a stack of papers to fill up
and all that right so it’s not fun so
the reality is when it comes to finances
is a little bit more like this line
right it’s that you’ve got to manage the
appeals you’ve got money coming in
you’re not sure whether you have enough
to you know pay for that iPhone xxxx for
the personal loans and things like that
it’s a bit of a nightmare but I think we
are moving in the direction where
eventually that scenario I told you is
going to be real you are going to just
get your salary start somewhere you can
have access to it using your phone or
your your watch or whatever else devices
get stuck to you by then you’ll be able
to interact with a lot of other people
financially that way to loans are easy
so that’s the only thing that banks do
right you they help deposit call your
deposits which we still have – it helps
you pay you don’t need banks for that
you get loans but you don’t have to get
loan directly from a bank it could be
through all these third parties so I
think
going back to the question or is it the
death of banks to be honest
unfortunately as a structure you still
need your telco right you still need to
have somebody to manage broadband you
still need to have your money flowing
somewhere and that’s what the banks are
so I don’t think banks are going to die
but I think it’s going to be the death
of dealing with the banks thank you very much
can’t see you guys at the top there I
feel like Tim over and I think that this
just happened to me a couple of weeks
ago this guy’s contacted me hey you
wanna speak at this great and then
yesterday Kendra call okay you know I
coming for rehearsal last night was just
lights there are some nights okay so
don’t judge me on my slides today please
cuz you know it took me like five
minutes to come up with and anyway so so
my name is Imran I hit innovation for me
Bank and essentially that role is one of
my roles is to really look at the future
a little bit and then try to figure out
now how does that impact banks right how
is that gonna change so I’m gonna tell
you guys a story it’s a story about you
guys right
it’s a story about you guys maybe three
years from now so you’ve graduated
you’ve gone to a whole bunch of
interviews and because you fantastic
with your CGPA you’ve got a job so this
is your first day at work right and your
first day at work you’ve met the HR
person so he’s telling you about okay
here’s your boss here’s your office well
it’s probably a cubicle you’ve here’s
your people you’re gonna work with your
role responsibilities and all that and
then he says okay and don’t forget to
log into the corporate website and
that’s where you know you can log in and
check your salary over there and also
don’t forget to download our copper app
you know you guys how you access your
money so is it cool so you go over to
your new place you meet up with your new
colleagues make some friends you log in
you make sure that you’ve got all that
sorted out and yeah you can see you know
your your your balances day come lunch
time with your new buddies is hey let’s
go for lunch so you go to lunch you go
to the restaurant next door after you’re
done you know you go up to the 3k sure
you see the QR code and you pay your
phone your buddies are quite nice to you
because you knew is a donor it’s your
first day let’s kind of split the bill
so it’s it fine so all your new buddies
take out their phones you know they put
it at your face it recognizes you and
then they’ll pay you back
so you know that you go back to to the
office so now at least eight you’re
still living at home so you don’t have a
car so you take the MRT to work right
you go to the MRT you go to the
turnstile it tell you for now you just
step that you go go in you go home same
thing so a couple of weeks go by one of
the weekends you decided to treat
yourself to a weekend away you don’t
have a car so you sign up to one of
these easy rental cars right so like
like a slow car service you go online
register put your icy up you get
approved you use your phone to unlock
the car you go off for the weekend so
there you go a couple of months go by
and then you find this promotion for a
holiday right and then you oh wow that’s
cool
it’s like 5,000 bucks to go to Italy for
a whole trip so you decided yeah maybe
there’s something I want to do you take
your phone out that’s a little advice
the app there and says hey you know what
I want to go on holiday so that asks you
how much is it when is it you say it’s
about 5,000 I probably go about middle
of next year so it’s a plan tells you
you know not a problem
that’s a nice little call if you put
aside about 200 a month you should be
able to get it in time okay cool so
every month after that you know the app
kind of reminds you hey you were saving
for the holidays do you want to do that
yeah so you know we keep transferring
money across so that’s going on so
you’re going day to day going to work
everything’s cool and then iPhone then
Apple launches the new iPhone right by
then it’s I don’t know iPhone 20 iPhone
xx it’s seven grand right so of course
you don’t care you and your view of your
buddies go over to the Apple Store and
look at it and say wow it is great you
see the scan the QR code I’m gonna buy
this right you try to scan it and then
it pops up and said you know what
actually you don’t have enough money but
don’t worry your credit is pretty good
you’ve got a five thousand ring get
approved do you want to buy it still hmm
I’m not sure what about that holiday
it’s not no problem you know if you only
put aside X amount used to make it say
fine so you trigger that you get
yourself the brand new iPhone xx and
then you go home you’re all happy
so a couple of months go by and you know
another weekend comes up you feel like
another holiday but the sokar thing is
quite popular there’s no cars available
the following weekend and car’s not
available again your mom’s been
complaining that you know you don’t send
her to the market because you know you
don’t have a car so being the
responsible son is overkill ah since I’m
staying rent-free maybe I should get a
car so you start googling and then you
find some cars right and then you’re not
sure what can I afford this so again you
whip out your phone you take out your
advisor and you say you know what car
can’t afford and the guy says anything
from below 100 thousand should be okay
all right so you go Google you go to
look at the ranges and you find like a
nice little proton three there you wanna
go get and then you go to the showroom
and guys it’s yeah I’m glad it’s good
just click on it within three months you
get delivery a few years go by the air
pops up and says you know what you’ve
been quite responsible
every month they notice that there is a
bit of balance in your in your account
do you wanna invest there and you said I
don’t know I’ve never invested before i
what do I do
so well you can either say you know do
you want to buy a house or you just want
to save for a rainy day what kind of
risk appetite do you want right so I
said okay maybe I’ll save up for a house
and the app will tell you hey you know
what why don’t you put 30% of it on
something slightly risky all right
something like a peer-to-peer lending or
some some some risky shares and the
others on some nice fixed deposit for a
fixed amount so it’s okay I’ll do that
for now because I don’t really know how
to how to do all this just fine and then
later on as you learn about your
finances a bit more you go back to the
app so you know what actually let me
look at some of these shares that you’ve
been investing automatically for me
Rwanda cool learn about this but I only
want to invest in shares which is
companies which is green right because
they’re more ecologically friendly so
and it does that and you go on with your
life that way so this is a scenario that
you know I see happening not in the too
distant future right
this is a scenario that I see where
throughout your life you just living
your life doing what you do and not ever
going to the bank even once not meeting
any banker even once not going to a
branch ever hey you don’t even know what
bank you’re banking in but just there
right it’s a bit similar to right now
when you have your mobile phones do you
think about your data plan on your
megacities how come all that much nor
right you just go get it once but after
that you you surf you buy stuff you
whatsapp you check and only when the
data runs low you do something about it
but basically the data is just like a
utility right it’s just there so what if
money and banking is the same thing it’s
just kind of there and you don’t really
worry about it so how real is that
scenario well today if you get a job and
you go to the same HR person they’re
going to say okay we’re gonna Bank your
salary in some way right so what’s your
bank account if you don’t have one okay
go and open a bank account right and if
that happens oh sorry it rewind right
the topic I wanted to talk about today
if you don’t know is about the death of
banks which I just described and if you
were to open a bank account this is what
you have to do right you go queue up I
took an example of DPS a competitive
bank in Singapore but to be fair to them
this is the same scenario in any bank
right you have to queue up you go to
wait and once you get to the front of
the queue you need to fill up like three
pages of documents and your IC and
letter and all that stuff so so what are
the things that banks actually do right
so one of the things is it holds money
somebody’s got to hold your money right
and to be able to hold money the
regulators in a certain country give you
a license to do that so that’s why banks
are allowed to and your parents so will
this ever change well you know what
there is this thing called open banking
that’s going on there’s even a bank
that’s opened in Europe where it is just
a platform
that has the banking license that will
comply with the regulatory requirements
but they don’t actually service the
customers directly right they just allow
anybody else to service so it’s not
inconceivable that you in the future you
may have companies that provide services
to hold your money for you right through
platforms like this so you know Monash
could essentially have a bank underneath
it without actually having a bank
reisen’s because there’s somebody else
who has a license so yes that can happen
now if you guys had okay except for the
free lunch today you would have had to
pay either using cash or credit card
right that’s the only mode that we have
today but obviously you know about the
wallets is coming out you know we’ve got
somebody from pram keeper today in the
house so they’ve got this kind of tools
now in your app that you know you can
store money and wave it around or
whether it’s NFC wear this cap whether
you scan a QR code and you get paid
today though this is still popular and
how do you get cash you have to go to
one of these machines and all this time
a bank has the longest queues whichever
photo I try to get and then you know
once when you get the cash then you know
to even pass it on to your friends and
all that you still have to do this is it
conceivable that you don’t need to do
this very soon I think so you can
already do it now right so for all of
you guys who have bank accounts whether
it’s May Bank or anything else you can
transfer money to each other without
doing this right we don’t have the
splitting tool but that’s something easy
right so that’s real what about getting
loans and things like that well today it
is still a bit of a pain right you still
have to go and go to the bank branch one
buy a house if you want buy a car you
need to fill this stuff the stuff up and
then you have to you know give them your
salary slips and things like that but
the reality is a lot of banks including
a bank we are digitizing a lot of these
processes where you don’t need to do
this and when I say bit–it izing the
process it’s not just okay let’s get
those five forms right now and then scan
it and put in a PDF and you fill it that
way right no digitizing it really means
what if the bank already has access to
your
three to your work to your you know your
details and things like that so that in
fact we can be we are able to approve
your you know loans a lot faster a lot
easier or tell you know a lot faster to
write so that’s that’s something that is
already happening investments today
right it’s only for those guys who know
about a are interested but if you’re not
is something that you just don’t even
understand you don’t even want to do but
I’m sure you’ve heard about the rise of
things like Robo advice this right so
today only if you are more wealthy or
you bank a lot we will assign you with
relationship manager or an advisor to go
talk to you about all these things but
if you just graduated you’ve just
started work we don’t have the capacity
to put a person there but technology
right now is allowing us to provide
these kind of machines if you like that
you can just converse with and your help
you manage your your finances so so this
can happen too
I like this photo right it shows that in
every time you meet with a bank person
he is so happy and joyful right yeah not
quite
you had to go park your car you had to
queue by the time you get to this guy
gives you a stack of papers to fill up
and all that right so it’s not fun so
the reality is when it comes to finances
is a little bit more like this line
right it’s that you’ve got to manage the
appeals you’ve got money coming in
you’re not sure whether you have enough
to you know pay for that iPhone xxxx for
the personal loans and things like that
it’s a bit of a nightmare but I think we
are moving in the direction where
eventually that scenario I told you is
going to be real you are going to just
get your salary start somewhere you can
have access to it using your phone or
your your watch or whatever else devices
get stuck to you by then you’ll be able
to interact with a lot of other people
financially that way to loans are easy
so that’s the only thing that banks do
right you they help deposit call your
deposits which we still have – it helps
you pay you don’t need banks for that
you get loans but you don’t have to get
loan directly from a bank it could be
through all these third parties so I
think
going back to the question or is it the
death of banks to be honest
unfortunately as a structure you still
need your telco right you still need to
have somebody to manage broadband you
still need to have your money flowing
somewhere and that’s what the banks are
so I don’t think banks are going to die
but I think it’s going to be the death
of dealing with the banks thank you very much
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