The banks of the future will be very different from traditional banks. Still, if the current economic system continues, they will probably be similar to banks that already use new functions and tools, which have already adapted technological tools in their different products and services. Currently, there is a lot of innovation that revolves around Fintech and Regtech, which improve financial and insurance processes, respectively.

And what will banks be like in the future?

Banking entities could be different; if to enter the financial system, it would not be necessary to do it exclusively through a bank but by using the analytics and data processing that Fintech companies use today. It would probably be a hybrid scheme. There are models instead of the traditional one, which is monolithic and more exclusive, and where a single institution has a monopoly on the service areas covered.

Banks on the Moon or Mars?

To the extent that colonies are made on the Moon or Mars, banking services would be needed, and therefore, a bank would have to be created. A bank in space supposes that it would be something similar to the bank on earth, with regulations, organized and authorized in the middle of the digital age, and could be decentralized, democratized, and defined in the digital age.

What would a bank look like on the Moon or Mars?

It would be necessary to ask several questions in this regard, for example: What products and services to offer to people on the Moon or Mars? What would be the structure and organization? When and where would customers outside the city require services? Among other questions. Now, if you could build a bank for humans in space, it would be way ahead of any bank on earth; here are some ideas from Chris Skinner:

Products and services

Multiplanetary beings would need services at any time and place in space, just like on Earth. They also require financial support to transfer money across space and borders, just like on Earth. We see then that a space bank is very similar to a terrestrial bank; the difference is the construction for interplanetary money movements.

Customer experience

Most of the financial services of a resident of Mars are done digitally; since there will be no resident bankers there in the first years, the trip and the experience are designed to be totally digital, something similar today. Likewise, the residents of Mars would access services remotely and digitally, meaning that applications, networks, analytics, and the service must be 100% fluid, reliable and flawless. Something similar to what exists today.

Users on Mars will miss humans in the early years; they will have to connect with people through apps to get answers and alleviate fears, which is similar today. The space bank would be similar to the newly built or early Earth bank, plus the bank will never see the customer face-to-face.

Service agents

These agents will not be in space, although most of the services will be provided remotely and digitally; today, those services will be through chatbots, tomorrow, they will be through chatbots and avatars. Therefore, the bank on Mars will see its managers as entities in 3D in their cabinets, those entities will actually be robots in the video, automated, that will be able to answer their questions almost in their entirety, using artificial intelligence and those questions “outside the norm,” they will talk to humans. The space bank’s idea will be like a newly built earth bank; it will not be seen face to face with the customer. Something similar should have been done, for example, during the Covid-19 boom.

Organizational structure

Because it is a space bank, it does not need an office; what it needs is connectivity; it is a business that requires customers to connect with employees, and in turn, connect with the administration and with all interested parties, without having to meet physically. There should be a central office, and it would be where the person is. There are likely service centers for customers who want to move their money between Mars and Earth, humans would be located, and operations in spaceports, where human travelers traffic.

In short, a space bank is like a bank on earth, with an organization to work and provide service from home, as has been done in several places by Covid-19, with additional physical spaces. It is like building a bank for residents on Mars but served from Earth, that should be the bank that should have been built years ago, and that way, it could have been more efficient.

What do you think about this topic? Would you trust your money to a bank outside planet Earth?

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