Authority Magazine: What most excites you about the banking industry as it is today? Can you explain what you mean?
Jason Osborne: What most excites me about banking is the very real opportunity that banks have to make people's lives easier and generate economic progress, both through the experiences they can create and the products and services they provide. To do this, banks must learn how to better use the vast amounts of customer data they possess to drive real innovation. Banks today aren't just compared to other financial services firms but to technology companies. Banks have yet to fully figure out how to use data as a force for good. For example, when I lived in London, I would often take the Heathrow Express from the airport into the city. Based on my transaction data, my bank could have easily predicted when I was going to be traveling, where I was going to be traveling, and when I would be taking my next rail trip into the city. How amazing would it have been for the bank to offer me new and relevant products, such as a travel savings account, or even pick up the tab on my next Heathrow Express ticket? Once banks figure out how to use their data optimally and use it responsibly, we will see a new world of banking emerge. That new world won't be based on fees or a few basis points on a savings account but rather on the unique products and experiences a bank can create.
Beyond products and services, the use of blockchain data is another exciting area in banking. Banks can effectively rewire the entire rails of an industry by adopting blockchain technologies more holistically. In many ways, banks will be forced to adopt blockchain solutions more broadly. Otherwise, they won't be able to compete with decentralized finance, which uses blockchain to create solutions like crypto assets and currencies that are already providing real-time payments and cross-border transfers, which take place in a matter of seconds instead of days or even weeks.