Retail banks “will be dead in 15 years”

An analyst at the White Bull conference here in Barcelona said that in his view, retail banks will disappear over the next 15 years.

The reason for that is that quite a few of the top 100 multinationals have financial services arms where they can make value add on transactions.

Ralph Silva, of SRN, gave an example where he was going to buy a BMW car and before he knew where he was, BMW was selling him home insurance, car insurance and even pet insurance too.

BMW’s financial services arm knew the name of his dog, Jazz because he had visited the car showroom earlier with the mutt, and a salesman asked the name of his pet. That eliminated the need for him to go anywhere near a bank. Dozens of other companies are also plotting similar plans.

Silva also predicted that an IBM funded research programme was making headway with a CPU based not on CMOS, but on elements of DNA.  There are working chips already in the IBM labs, he said.

He also said that in future, every child will be fitted with two embedded chips which will contain healthcare information and other ID. The identity of the individual will be verified by a person putting her or his hand – with one chip in it, to his or her arm, with another chip fitted there.

Other future innovations include a single cable sending multiple signals, eliminating the need for miles and miles of cables in aircraft.