The Death of the Wallet – Redefining the Bank

F**k Banks

The global financial crisis that snowballed from 2007 continues to effect the way banks are perceived. Political trust and bank’s brands have been seriously questioned by the members of the general public. In parallel there has been an incline use of digital payments and adoption of internet connected mobile phones. Consequently there are new service providers who question the conventional banking system. For example:

– ‘Simple’ (https://www.simple.com/) boasts you should “Get ready to leave your bank”. The online bank offers new innovative ways to bank from your mobile. At the core Simple are transparent, customer centered, design driven.

– Square’ (https://squareup.com/) lets anyone with a Smartphone / Tablet accept card payments using a magnetic strip reader that fits into the audio jack. Normally SME (small and medium enterprises) have to invest hundreds to thousands in payment systems, Square offer there technology for free and take a small cut of the payments.

With alot of people now turning to the internet and mobile they make fewer visits to their bank branches, the way that money is managed and treat is increasingly intangible. Further more people are becoming more comfortable with doing more complicated stuff online such as buying airline tickets, doing tax returns and even getting divorces. The way we purchase, exchange and manage money evolves and so does our relationship with the service providers.

How can banking and wealth management systems be questioned by designers?

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