Sunday, May 26

Bank of 2030: The Future of Bank Transformation

Bank of 2030: The Future of Bank Transformation

According to research by Forrester, by 2030, banks will be:

  1. Invisible. Leading banks will use technology and far deeper customer insight to insert financial services at the customer’s moment of need, often at the expense of brand visibility. Distribution models are evolving to make use of marketplaces and technologies such as open APIs and 5G to connect finance with homes, machinery, vehicles, and other devices. This will pose challenges for many banks as their retail brands become increasingly invisible to the end consumer.
  2. Connected. To remain relevant, banks must be present in the ecosystems and products that customers use; to do this, they must cease to see partnerships — and intermediation of their brand — as a threat. Banks will assemble constellations of value: interoperable trusted environments that enable collaborators beyond banking to weave value into frictionless, rich customer journeys. “Trusted advisor” status is what will differentiate banks from all other touchpoints that offer embedded financial services.
  3. Insights-driven. Banks will unleash insight from data and elevate custodianship of consumer trust. Their expanded role around consent and identity will enable consumers to have finite control of their financial and digital lives. Consumer trust is a critical asset here. Banks must firmly step up with advice and generate financial intimacy with their customers — customers that expect “RoC” (return on consent) for that trust.
  4. Purposeful. Consumers will prefer banks that align with their environmental and social values in a more purposeful age, where local and cooperative principles align to matters of global responsibility. Open cultures that build and curate communities will set leaders apart as they grow values-driven ecosystems. Consequently, open innovation and engagement via code, content, and knowledge will create communities driven by a shared purpose, generating collective product development to benefit all.

As Brett King, an Australian futurist, author, and co-founder and CEO of Moven, a New York-based mobile banking startup has stated that banks will see a shift, and consumers will expect a stronger commerce connection. Within this framework, banking and financial services cannot stay the same.

“Banking has to work when and where you need it. The best advice and the best service in financial services happens in real-time and is based on customer behaviour, using principles of Nig Data, mobility, and gamification,” Brett King said.

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