I loved the movie Back to the Future. Besides the given that Michael J. Fox was in his acting prime, I always reveled in how the future was depicted. I am a sucker for creation and innovation, so I always geeked out over seeing the mini- pizza inserted into the oven for mere seconds that emerged as a large family sized meal, or the hover boards and the lace- up sneakers Marty wore. It is incredible to think that over 20 years ago the vision of the future seemed so wild and outlandish—yet 2015 has come and passed and the advancements of society are so incredibly close to the movie!
As we start 2016, I am amazed at how much technology mimics the Back to the Future predictions. This year, the DeLorean Motor Company will begin manufacturing a new model that will be a throwback to the car made famous by the movie. Nike will be releasing power-laced Marty McFly sneakers in spring of 2016. Hover boards… well, we all saw the videos of their entry into mainstream this past Christmas. Yes, the future is here.
This thought of future and innovation leads me to my current role in consulting in banking. The future is officially here in the banking space, people—let me be the first to tell you! Last month an article came out about a company, Heroz, creating a computer that will analyze customer data in an effort to predict human judgment and behavior and ultimately decide creditworthiness. This month, a press release went out stating that JP Morgan Chase will begin to offer ATM withdrawals absentee of an ATM/ debit card. The withdrawals can be made via mobile phone in an app, and the withdrawal limit is even higher than with a physical card! Earlier in 2015 and now, merchants and credit card companies are moving to chip- enabled technology to provide more fraud security via a one- time code traded between credit card and merchant with each live transaction.
With so much advancement and innovation, it is certainly an exciting time for consumers and banking. I am eager to see what is next in the pipeline for modernization and banking!