In this the fourth part of our six part headline review of Trends 2020 we explore how privacy, and security, are fast becoming the trade-offs for ever more personalised experiences.
Privacy & Security
Trust and privacy will continue to be a significant concern as people trade personal data in return for personalised ads and experiences. Perhaps no bigger area of historical consumer concern is the security of our hard earned cash.
As a new decade begins, one of the major unresolved issues of the previous few years continues to haunt banks — when and how Big Tech will jump into financial services in a significant way.
Facebook has designs on your banking services as it enters the new decade, its own on-demand cryptocurrency, Libra
first mooted back in 2017 is predicted to launch this year along with its digital wallet Calibra.
So as the Big tech companies, with their armies of top-notch developers and knack for creating convenient products, continue to raise their profile in financial services, Apple launched its Apple Card with Goldman Sachs in August 2019. Facebook not satisfied with just Libra, announced Facebook Pay, a payment mechanism that works with Messenger, Instagram, WhatsApp and Facebook. Uber is building a stable of financial services products for drivers and customers in its recently created Uber Money division.
Feels like a sure bet that we can expect a new focus on highly engaging and portable financial solutions aimed at a younger consumer?
Perhaps its not just consumers that have reason to be concerned about data security, but the large traditionally slow-moving banks that need to keep an eye on their accounts?
Read Part 1/ Sustainability
Read Part 2 / Wellness & Mindfulness
Read Part 3 / Consumer
Next Edition/ Connectivity