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Business model predictions for 2030

Business model predictions for 2030

Industry boundaries predicted to melt away


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Business model predictions for 2030

This second instalment from the 30 Voices on 2030 research considers the five opinions below:

  1. The platform model will be the only game in town
  2. New entrants from fintech and big tech will displace big-name brands
  3. Branch networks will continue to shrink
  4. Tools such as artificial intelligence driven robo-advice will replace personal relationships
  5. Distributed ledgers will drive operating efficiencies

Financial Services (FS) firms used to operating in walled gardens need to accept this model’s days are numbered. Our interviewees expect industry boundaries to have melted away by 2030. Instead, expect  “platformication” – FS firms operating platforms through which customers will choose products personalised for their needs from a range of providers.

Meanwhile, the divides may be between customer-facing businesses operating in verticals across the financial services sector – but able to exploit artificial intelligence (AI) and machine learning (ML) for mass personalisation – and those providing process and systems support behind this public interface, often exploiting new technologies such as blockchain.

Moreover, with the competitive landscape transformed by new entrants – both from the start-up fintech community, and from the world of big technology – the question of who sits where is up for grabs.

Many of the big-name banking brands may have disappeared from sight, their leaders choosing to focus on providing the pipework for their industry. In their place, with FS widely disintermediated, the global tech brands have the power to connect with customers.

It’s a similar story in the telecommunications industry where market leaders have repeatedly attempted to rethink the value chain to take their business models beyond the provision of a utility service into areas such as media and entertainment. These businesses are exploiting the data travelling across their networks to generate new revenue streams.

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