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.
The market-leading banks of tomorrow will understand that technology will not limit what is possible. Instead, they will harness digital capability to put the customer firmly in control of their destination and preferred model for dealing with their bank and other service providers.
This is not a one-size fits all.
Some consumers will opt for an autonomous banking experience where they are time poor, lack knowledge and have high levels of trust in their bank to do the right thing by them and confidence in their competence to do what they say they will do. And others will want more hands-on involvement – it will be their choice and winners will be adaptive to their needs.
Crucial to this is an understanding of how technology is reshaping how people work, live and play and embracing this deeper knowledge to help consumers better manage increasingly complex, fragmented lives whilst giving them the confidence that their data is safe and secure.
Our The Future of Digital Banking report, written in collaboration with the Commonwealth Bank, stimulates thinking about how the banking industry can be smarter and better, positively impacting on consumers, their relationship with money and through this, their financial wellbeing.