In this era of digitization, there is no reason that money cannot be 100% transparent or that money transfers can't happen in real time, 24/7. Consumers have the right to their data as it represents their identity. Whether it is possible to or not, we should be consolidating our own data – realistically, this should be happening today and in the coming few years. It is best to consolidate our banking data in one place; for example, our frequent flyer mileage. The key point is that there shall be two tiers of data architecture – one for consolidation (including storage) and another for running the artificial intelligence services that will be used to analyze the data through the use of a smart device, also known as mobile applications. It can be painful to design an AI algorithm without understanding what is going on at the data consolidation layer.
Here, our data source could be identity data, bio/psychometric data...
