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Customer expectations are rapidly changing as they use enabling technology in ways unanticipated by the inventors and designers. The demands on banks to catch-up are growing, yet the ability of banking systems to adjust and the willingness to service the customers in ways that match their rapid adoption is lacking.

The “anytime, everywhere”, informational needs of the average person are staggering and growing. To manage the information overload, consumers need trusted brokers to help them navigate options and personalize their experiences so that they get “just-in-time,” trusted information that is relevant and enriched with knowledge about the person’s preferences and goals.

The network is king: networks of people, things, places, events, and the information about them. These networks are intersecting and creating new social fabrics that enlarge the opportunities for commerce. Banking, as we know it, and the foundations of entire industries are changing rapidly. Information drives the value inherent in banking systems, and this is changing the way that consumers think of their assets. Consumers understand that their assets are not just financial, but include all the information about their lives that is accumulated on-line and stored in various locations in various forms. These assets, which are behavioral indicators, have demonstrated value, as markers of the person’s preferences and aspirations.

This change in the importance of networks and information flows means that the understanding of risk different than in the past , but so too is the opportunity. Scale and globalization take on new meaning when connectivity is pervasive and ubiquitous for consumers.

Jeff Carter is the founder of the MIT Media Lab Center for Future Banking. He is speaking at Amplify 09 on “What will emerge from the GFC (Global Financial Crisis?”