A couple of weeks ago I was invited to a future of transactions workshop by James Haycock of Adaptive Lab. It was facilitated and designed by the brilliant John Wilshire and Scott Smith. This post is not really about the workshop (as it is a work in progress and if you want to know more you should speak to Adaptive Lab, and you really should because it was brilliant) but it is about the prework for it.
The task was to come up with three scenarios on potential impacts to transactions in the next 5-7 years.
I typed a lot of notes and half thoughts the night before. I just rediscovered those notes and have decided to tidy them up slightly and post them. Mainly so I remember them a little better hopefully. We touched on some of the topics below in the workshop but certainly not all.
These fragments will hopefully form parts of a series of posts in the future but here is the list
How far can transparency go? Transparency is the big one for me. Governments and organisations are pretty bad at it.
Gov decisions, lobbying.
New civic infrastructures? Bank network how it works becomes open to public scrutiny.
Data source proving.
Tax regime badging of providers? Certificates for businesses that pay taxes well?
The buffer of banking? Buffers radical transparency around wages, customer numbers, funding, burn rate etc is great. What if a bigger org took that approach?
Show the end to end of real transactions. Explain the cost by showing the steps? Ties into transparent banking? Would also be horrific reading.
This call is being recorded for training purposes. Access to all calls, transcripts, system entries, mistakes highlighted? Compliance failures in realtime? Human to human contact too risky in the future because of regulatory regimes?
Sensor capability in phones, augmented wearables. Sharing value chains. Bounds of awkwardness. Medical data. Consumption data. Obvious but…
DNA pay. Saliva quicker than a fiver. Oof.
Awkward biometrics. Contextual I.e. Callsign. Face interactions. Photo with ID via webcam. Selfie sign up / payments. Stolen fingerprints. Face/off
Digital identity – addressless, real name, differing personas, countryless,
Tokenised payments. One time vs long time customer?
Entitlements commercial vs personal? Blurred lines between who you are at work?
Identity a Mixture of software and hardware. Paper and digital. How will that mix play out? Embedded? Non-hack able?
Banking products of today too blunt. Still tied to a branch. Sort code.
Regulatory – 5 years after PSD2? What other regulatory changes will there be (cyber hardening etc.)
Combined data by user, regulatory analysis of merge. Other industry equivalents? API for everything? Then what?
Using regs to drive change may not deliver the best solution. Regulatory fails? European cookie, bank account 7 day transfer, regs / bodies build joint industry solutions not fit? PAYM
Personal Data Stores – can that hand back to customers work? Technical/design challenge to overcome apathy. Can it scale? Will it be just a nerds dream?
Does anyone really have the power to tie together? Gift data? Sell data? Inherit data?
Crafted me vs real me vs aspirational me. Spotify / scrobble / Netflix watching. Share who you want to be. Share who you really are? APML for marketing vs APML for health service. .
VRM – purchase power. Tender vs browse. Personal RFP? Only viable for some transactions. Primark not big players?
Transfer – soft SIM. No lock in to anything. As the sign up gets ever more seamless, saying goodbye will become just as seamless. Hardware? Lock out free?
Midata for social web? Apple? Apps purchased on Apple = purchased on Android if you switch? Banking corollary?
Ecosystem of finance? Business models? No data analysis allowed/must be fully public?
Backlash to tech? Artisanal banking. Paper & branch only. Handwritten ledger. IT free bank? No longer possible?
W3C payments. Money at the HTTP level? What does it mean. Walled garden payment silos vs cross industry collab?
Digital transfer of assets, algorithmic proof.
Decentralised dreams. Stay as dreams. A singular entity usually creates the ‘best’ solution that goes mainstream.
America stops running the world? DNS, money routing, AML? Not everything has to go through them. New pipes. whatever happened to WiMAX? User made mesh networks on a huge scale. Linked to our own personal Loons.
Like I said a bit of a random splurge but an interesting (for me) reflection on where my head went in relation to that question at that time. Pretty proud of the fact that I did not mention the Blockchain…way too obvious. Thanks for the invite it was a great event and switched back on long dormant parts of my brain.