FRIC - The world is not ready for this!

I made this Pitch at a popular e-payment conference/expo back in June 2015. At the Pre session, a lot of questions were raised (as I expected) because a lot of people have not imagined this happening. They couldn't fathom it. It's a schema-breaker. It's about disrupting the banking/e-payment system.
This is the future of banking and financial institutions. I see this becoming a new discussion sooner or later; on or before 2020.

I had this in my head since 2010. I designed a prototype/framework and forwarded it to the Indian software development company I found online. Shah Aziz was the Manager. We discussed at length on phone around the challenges of building this application. Most of the things he said, I have forgotten but one thing I remember he said at the end was - "the world is not ready for this".

Shah was right!

I am happy to share the simplified and redefined summary -

The Universal truth is - people bank with more than one bank.
I present to you - FRIC coined from the word Frictionless®.

Meet Chike

credit: IG - @Noble_Igwe

Chike is 27.

He works with one of the telecoms giant companies in Nigeria.

He banks with 3 banks (Orange Bank, Blue Bank and Green Bank) for different reasons.

At work, he has his pension        account with Care  Pensions Ltd and his Life Insurance with Value-Life Insurance.

He looks out for deals when he shops online.
He has an online wallet account with Deals.com and Konpa.com

The Challenge
The average bank account holder banks with more than one bank.
Chike’s major challenge is - “putting it together”.
Each of the banks, pension account, online shop/wallet have online access and apps with different login details; user name/password/token devices/OTP etc.