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[0:00] ..." Bank of America has made a commitment to become the founding sponsor of the center for future banking which will be based here -- the media lab the dismay the commitment three to five million dollars per year war the and X fighters. How's it going to work and what's going to go on there so. We're going to have a group faculty and students and -- at the media lab actual exploring various new ideas new concepts in banking though roughly in two areas spank. Rethinking the banking experience. Trying to better understand banking behavior so that we can build -- kinds of tools help help consumers so"...
[1:33] ..." aren't going to be transformed radically so we have a group of faculty who. Have backgrounds the very diversity of backgrounds including urban design creation of sensor networks. New ways of interpreting that's data to understand what how people are feeling and what to trying to do going to"...
[0:00]" Bank of America has made a commitment to become the founding sponsor of the center for future banking which will be based here -- the media lab the dismay the commitment three to five million dollars per year war the and X fighters. How's it going to work and what's going to go on there so. We're going to have a group faculty and students and -- at the media lab actual exploring various new ideas new concepts in banking though roughly in two areas spank. Rethinking the banking experience. Trying to better understand banking behavior so that we can build -- kinds of tools help help consumers so the -- The way it's going to work as the way to media lab work in general is we explore ideas by building by inventing new technologies and trying remote and and so sort of learning by -- learning by inventing. And so that the first of those two areas. We think in the banking experience we think that it's. Pretty clear that -- few years in the future because of various kinds emerging technologies that ways that we currently think about. Interacting with the bank whether it is in the camera I think that are or calling the bank by phone these these modes of interaction aren't going to be transformed radically so we have a group of faculty who. Have backgrounds the very diversity of backgrounds including urban design creation of sensor networks. New ways of interpreting that's data to understand what how people are feeling and what to trying to do going to work together to -- prototypes. Do use spaces and new ways that you interact in the spaces two get access to bank services so that's one area stricken areas in banking behavior. We have a really interesting mixture of on one hand behavioral psychologists who I think about -- examine the ways people make decisions about financial transactions have is that risk they. Make decisions about two financial transactions probably leave or or -- to save on one hand. And people who are building new kinds of technologies to. Observe and and model and better understand why it is we do the things the way to we want to take those two areas. And combined them in order to build tools that let individuals take control of their financial futures -- rather than giving in to. The immediate urged to stand for example that in my in new forms of technology that helps you overcome that charge and hit 1."
[3:06]" pretty important to put this together considering the state of the banking industry right now -- and the fact that me out of it it's ever changing for the future."
[3:15]" Absolutely -- you know I think he and that's -- I think it is so exciting about formation was centered now so you know in this time volatility I think it's particularly exciting that -- Bank of America has made this decision to create this collaboration with the media lab and really think beyond short horizon issues and look. Furtherance of the future and I I think from the bank's point of view you know 11 thing it's clear that. Technology is the driver and as you kind of technology whether to. -- while devices and hyper connectivity of those devices and so forth. The allow people to coordinate and and make decisions and connect in completely different ways in ways that are going to transform. The way they're going to do business in the future and they believe the media -- I think as one lands into that. It's that future explorer. Models."
[4:21]" If you can. What type of things will would be looking at down the road in the future banking."
[4:29]" You know that's -- and at risk there the good Christian. If you can't let me just -- I cannot clearly witches it it really is and an open ended charter and that there are certain kind of problems. That we're very interested in and just to keep you -- concrete one just going back example of how we -- And how we might as individuals take control over finances and they'd better is that -- the kind of problems that. We have that that there is both interest you know from the from from everyone involved in trying to understand. And advance. What the exact form of that you know possible solutions -- possible new inventions will be in that space I would. A minute. Not trying to fill in the details because I can't it is it is lot of open questions and that's what that's really what the senators about it decree. Environment that brings together people. Totally different perspectives to explore new concepts and see which ones flying with them."
[5:40]" I'm just gonna say that swept the media lab is all about what this program that's right"
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