Innovation burns in criticism

We asked the experts how they see their field now, what changes they see, and the challenges and trends that indicate an insight into the future. This time, we were wondering what the role of money is today and what it might be almost 30 years from now. Viktor Orban, a fintech and blockchain expert, answered our questions.

computer world: What are the user needs that the financial and banking sector must consider in order to keep pace with the solutions in the financial technology sector?

Victor Urban: It is a huge headache for financial service providers to have to cater to significantly different client needs in parallel. At the same time, there is a customer base that expects strong digitization and a traditional customer regularly withdraws money from ATMs. Restrictions imposed by the coronavirus epidemic have greatly increased the popularity of online financial services, but it was a surprising turnaround once the rules were allowed to be relaxed, people returned to bank branches and post offices. Despite all this, I believe that local banks and service providers have faced and met the challenges, greatly expanding the operations that can be performed on the digital channel, but at the same time they have maintained a message of predictability and consistency for the sake of caution and less. Digitally Insighted Clients. Currently the most important trend is flexible and customizable services that serve customer convenience and expand customer capabilities, such as the “buy now, pay later” service, which is gaining international success. In Hungary, the most important and biggest step in recent times has been the introduction of the pay-as-you-go system, which still has a lot of opportunities in digitization with its convenient services, if consumers, armed with appropriate information, boldly take advantage of its benefits.

computer world: Are we still talking about using cash in 2050?

Victor Urban: I think that the existence of cash is gradually declining in the world, but there are many countries that insist on the use of tangible money, including Hungary. The reasons for this are fear of attacks and fraud threatening electronic channels, and the supposed difficulty of digital banking services. Increasing financial awareness and awareness is essential, and thus generations grow that have already become natural in using credit cards and online operations. By 2050, there will be an overall fire of monetary innovation, its share is already less than 20% in Sweden, and in Asia, the popularity of cryptocurrencies and the issuance of central bank digital currencies is a strong contender as well. To close with a little future vision, I think in 2050, push by retina scan, facial recognition and voice will be widespread, we will simply pull out of most stores and the transaction will take place in the background without any interference.

If you are interested in similar developments, I would like to bring your attention to this year’s Computerworld Innoworld conference. Our event, which will be held online, will introduce new and innovative digitization solutions and benefits of digitization.

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