At the Future of Finance Summit 2023 in Thailand, Emmanuel Daniel, founder of The Asian Banker, said that banks may need a better understanding of what personalised finance means, and explored scenarios around the impact of virtual reality on the banking industry. The annual summit, now in its 20th year and curated by The Asian Banker, is attended by leaders in the financial services industry. This year, it was held in Bangkok from 14 to 15 June. As the industry transitions from conventional institutions to digital banking, Daniel pictures a future dominated by decentralised finance that is able to reach the parts other banks cannot reach. Drawing from his book, The Great Transition: The Personalization of Finance is Here, he explores the concept of personalisation and how it unfolds when customers no longer depend on banks. He said: “The customer no longer needs the services of an intermediary because in the future of finance, they can relate to each other, and the intermediaries have to change their idea of what personalisation means.” Banks see virtual reality as a means to replicate real-world branches in the metaverse. With disruptive technologies nipping at their heels, it is important to consider whether this is the best course of action. In the face of increasing pressure to adapt in alignment with evolving landscapes, Daniel asked what the vision should be.
