https://www.wired.co.uk/event/wired-money-2016
The future of banking lies in customers being able to trust the financial institutions they store their money with, JP Rangaswami has said.
Speaking at the WIRED Money conference in London, Rangaswami the chief data officer at Deutsche Bank, said that the history of banking has always relied on trust. And this hasn't changed as technology is making people more mobile.
"Trust, relationships, and conveniency are the things that drive banking," he told the audience at the British Museum.
"Banks used to provide references, safety deposits," he says. "A lot of what banking did wasn't about money – it was about trust".
According to the fellow of the Royal Society of the Arts, the trust that is placed in banks – from their customers – now comes from the customer data that's collected.
That data, which incorporates information from individuals and businesses, has to remain the property of the customer. "The clue is in the name," he says.
Everyone using banks has to be able to trust that their data is secure and remains their own, despite technology changing, said Rangaswami.
Rangaswami, who became Deutsche Bank's first chief data officer in November 2014, has previously worked in cloud computing at Salesforce and as a chief scientist at the BT Group. In his role with the bank, Rangaswami has been responsible for improving the organisation's data quality.
In London, as mobile phones, laptops, and tablets have allowed individuals to bank while they're moving or in the gym, it is important that the trust between a customer and a bank is able to remain, he said.
"When you live in a hyper connected world there are many things happening that are going to change relationships," he says.
This article was originally published by WIRED UK
