American Banker: Andy Goodman talks to American Banker about the potential integration of connected cars and banking.
Mobile banking could, in the not-too-distant-future, include motor banking.
As manufacturers increasingly equip automobiles with Internet access, financial institutions are closely studying connected cars to understand what a future saturated with such vehicles could mean for their business.
In recent weeks, Fjord, a design and innovation firm, published a report that shined a spotlight on the possibilities of connected cars. These go well beyond obvious uses cases like insurance providers using the sensors to monitor customers’ driving to adjust premiums based on how well they drive.
“The car is part of the constellation of different devices — probably with the phone at the center,” said Andy Goodman, a group director of design strategy at Fjord, which is owned by Accenture. “Think of a car as a remote device for the phone.”
Goodman imagines a world where cars can be used to pay for things so the driver doesn’t have to fumble with a credit card or cash at a drive-up. He could see a car serving as an ATM card when someone arrives at an institution’s cash machine. Goodman also sees banks partnering with car sharing technology companies (not the same thing as ridesharing firms) which facilitate car owners renting their assets to others, to vie for more loan business from auto dealer partnerships. He could even see a day when the car prompts the person with a grocery list based on the driver’s usual shopping habits; then the retailer could have those items ready for pick up upon arrival.