On the day of a bank employee, we analyze what the bank could be like in the future
In the next decade, banking will see significant changes. Some of them are already noticeable, others will be relevant closer to 2025. On the day of the bank worker, we publish the forecast for the development of the banking industry for the next 10 years.
To compete in today's world of blurring industry lines, where technology platforms like Google can provide banking, car-sharing apps can provide loans, and cars can be distributed ledgers, banks must accurately identify and leverage their strengths.
What will banks be like by 2030? Here are the key specs as identified by the experts at Forrester.
1. Invisible. Leading banks will leverage technology and scrutinize customers to deliver financial services at the right time. The development of open APIs and 5G opens up opportunities for connecting finance with cars, houses, and various devices. This will pose problems for many banks as their retail brands become more invisible to the end consumer.
2. Associated with other ecosystems. To stay relevant, banks must be present in the ecosystems and products that customers use. To do this, they must stop seeing partnerships and brokering their brand as a threat. The bank must become a reliable intermediary in the process of building relationships with customers.
3. Focused on understanding. Banks will have access to all customer data - this is a huge credit of confidence. In response, banks must meet their needs for convenient and effective control of financial and digital life.
4. Socially responsible. Consumers will prefer banks that are in line with their environmental and social values in an era of global responsibility. The development of ecosystems based on public values and products that work for the common good will distinguish the leaders of the banking market.
In this decade, some banks are completely transforming into a platform on which other companies operate. Larger banks will compete with tech giants for leadership and customer engagement. And some will do both.
Technology is dominating today, and it will evolve even faster. As a result, consumers are in power like never before, which has changed almost every aspect of modern society, including their relationship with financial institutions. The client has more options, he is more mobile. It's no secret that many consumers, choosing a financial services provider between a bank and a tech company, would prefer the latter if they could. All of these changes are forcing many financial companies to reflect on their long-term survival.
At the same time, radical change is a titanic task for banks, because many of them are limited by outdated technologies, operating and business models, and also by mentality. But adapting to a changing world requires rapid change. Only if they are willing to accept these changes will banks be able to build and maintain long-term customer relationships, generate sustainable revenue streams and secure a future for themselves.
In the next decade, banking will see significant changes. Some of them are already noticeable, others will be relevant closer to 2025. On the day of the bank worker, we publish the forecast for the development of the banking industry for the next 10 years.
To compete in today's world of blurring industry lines, where technology platforms like Google can provide banking, car-sharing apps can provide loans, and cars can be distributed ledgers, banks must accurately identify and leverage their strengths.
What will banks be like by 2030? Here are the key specs as identified by the experts at Forrester.
1. Invisible. Leading banks will leverage technology and scrutinize customers to deliver financial services at the right time. The development of open APIs and 5G opens up opportunities for connecting finance with cars, houses, and various devices. This will pose problems for many banks as their retail brands become more invisible to the end consumer.
2. Associated with other ecosystems. To stay relevant, banks must be present in the ecosystems and products that customers use. To do this, they must stop seeing partnerships and brokering their brand as a threat. The bank must become a reliable intermediary in the process of building relationships with customers.
3. Focused on understanding. Banks will have access to all customer data - this is a huge credit of confidence. In response, banks must meet their needs for convenient and effective control of financial and digital life.
4. Socially responsible. Consumers will prefer banks that are in line with their environmental and social values in an era of global responsibility. The development of ecosystems based on public values and products that work for the common good will distinguish the leaders of the banking market.
In this decade, some banks are completely transforming into a platform on which other companies operate. Larger banks will compete with tech giants for leadership and customer engagement. And some will do both.
Will banks disappear in the future?
Predictions about the disappearance of banks as we know them now are heard regularly. It is difficult to predict what banking of the future will be or what role traditional institutions will play in the new world order, but it will certainly be very different from what we know today.Technology is dominating today, and it will evolve even faster. As a result, consumers are in power like never before, which has changed almost every aspect of modern society, including their relationship with financial institutions. The client has more options, he is more mobile. It's no secret that many consumers, choosing a financial services provider between a bank and a tech company, would prefer the latter if they could. All of these changes are forcing many financial companies to reflect on their long-term survival.
At the same time, radical change is a titanic task for banks, because many of them are limited by outdated technologies, operating and business models, and also by mentality. But adapting to a changing world requires rapid change. Only if they are willing to accept these changes will banks be able to build and maintain long-term customer relationships, generate sustainable revenue streams and secure a future for themselves.
