Like most people, I speculate on the future all the time. But unless specifically asked, I gave up making a laundry list of predictions for the new year. While it’s fun for the writer, it’s often a mixed bag for the reader.
It seems most predictions are either obvious and therefore boring (“We’ll see an ever-increasing shift to the mobile channel”) or moon shots that are provocative but totally random (“Square will buy a bank and tweet its call report every quarter”).
That said, I do have a wish list for the new year. But don’t confuse these with predictions. In fact, this list is the complete opposite. I hereby predict none of these will happen in 2014. Banks and regulators, prove me wrong!
1. Gmail-like priority inbox/feed for my financial transactions
2. Hybrid loans that blend bank financing, P2P, and friends & family funds (blog post coming soon).
3. No login option for mobile access to my primary bank accounts (Chase, BofA, US Bank, Capital One, Wells).
4. No more telephone calls (and cryptic voicemails) from the fraud department at my credit card issuers. Instead, in its place will be two-way text messaging (thanks Citibank and Discover for adopting this practice in late 2013).
5. Fraud insurance on my business banking accounts paid for as a percent of assets (e.g., $5+ per month per $50,000 covered with a $5,000 deductible).
6. Let non-accredited investors participate in regulated and transparent crowdfunding sites (just copy the U.K. model please; see our May 2013 Online Banking Report).
7. Open up competition by regulating P2P lenders as lenders (what a concept!), not as securities issuers (an SEC-driven over-correction in the aftermath of the 2007/2008 crash).
8. The Amazon/Kayak/Hipmunk/Expedia of insurance so I can find and purchase everything in one place.
9. Bring Pay As You Go auto insurance to Washington State (my post).
10. Eliminate financial price controls (Durbin, I’m looking at you) and focus regulatory efforts on transparency, open markets and level playing fields.
11. Smartphone-controlled power outlets (wait, that already exists).
Good luck getting back in the groove everyone!