The banking industry of 2030 will look very different from what it looks like today – some of what we will see will be evolutionary and some will be radically different. Whilst predictions into the future are always fraught with uncertainty, we are confident that the landscape will be far more competitive, efficient and innovative in delivering consumers ‘autonomous experiences’ that are not possible today.
How will banks evolve?
Banks will transform alongside the shifts in how people work, live and play. We explore the four primary areas that will enhance financial services ability to deliver improved financial wellbeing: data, business models, regulation and emerging technology.
The impact of technology in 2030
A number of emerging technologies will combine to redefine the bank-customer relationship forever. As technology reshapes how we live and communicate, this will have an impact in a number of ways including a hyper-connected world as the norm, engagement as a service and the rise of the ‘super-app’.
Banking in 2030
Leading banks will become a trusted interface for life, embedded within the needs and lifestyles of consumers. For banks to truly succeed and stay relevant, we have identified six key themes they will need to tackle and own.
Future customer of 2030
Banks will need to adapt to individual customer desire for control and knowledge. Our survey of over 1,000 Australian consumers identified the increasing savviness of consumers will drive an intense and urgent new battle between incumbents and challengers to be their trusted interface of choice.
SME Banking Club is an international networking platform of business bankers aimed to provide relevant information on what banks and financial companies are offering for entrepreneurs, micro-, small and medium enterprises (SMEs).
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