What he wants is not another layer of digital banking, but less visible banking altogether. “My dream for the future of digital banking is when digital banking doesn’t exist. It just happens.”
For decades, banks have used new technology to make traditional banking more accessible. When the internet appeared, many banks simply put their branch forms online. Later, as smartphones became popular, they adapted the same processes for smaller screens. This made banking more convenient, but the experience often remained clunky.
Mohamed Keraine, global head of digital for wealth and retail banking and co-head of AI at Standard Chartered, says artificial intelligence (AI) could fall into the same trap. “In a way AI is similar to the rise of digital in the early 2000s, and represents a significant opportunity for financial services only if we understand the power of the technology. Real digital banking is not about replicating your process into a different channel. It’s about how you reinvent client experience. AI is no different,” he tells The Edge Singapore.
