Citi Perspectives Fall 2019

By harnessing the vast amounts of data available, technology promises to simplify everything we do by understanding our needs and preferences, and offering insightful recommendations or reducing mundane tasks. Technology is literally changing the way we do everything. Remember a decade ago when getting across town meant standing on a street corner and hailing a cab, or if you had the foresight, calling ahead and booking your ride? On top of that, you had to be sure you had enough cash on hand to pay the fare. Of course, all of that changed in the blink of an eye with the advent of ride sharing. Now getting from point A to point B is as easy as opening an app on your smart phone. Not only is it simple to book the ride, but once your account is set up, payment is absolutely seamless. No longer do you have to search your wallet for cash. The app knows who you are and the entire transaction happens in the background, without further input on the part of the rider or the driver. Payment is embedded in the experience as part of the natural flow, so you don’t have to think about it. This is just one example of the changes happening in today’s hyper- connected world. Artificial intelligence (AI), cloud computing and the Internet of Things (IoT) are promising to seamlessly integrate advanced functionality into our lifestyles, making everyday tasks incredibly convenient. Former Microsoft founder and CEO, Bill Gates, once said, “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” Mayank Mishra Global Head, Digital Channels, Treasury and Trade Solutions, Citi Welcome to the Invisible Bank and the Era of Frictionless Connectivity 38