What happens next? with Bernard Salt: The future of financial services

How has the COVID-19 pandemic reshaped the future for financial services?

It’s 2030. The financial services landscape looks fundamentally different to what it did ten years ago. Digital transformation, evolving customer expectations and new entrants have long been disruptive forces in the financial services landscape. But the COVID-19 pandemic accelerated the speed of change and the
impact of these forces in many ways, making the years ahead particularly uncertain.

Predicting the future is no mean feat. To piece together a picture of the potential future industry landscape, KPMG spoke to 30 industry experts – chief executives, policy makers, entrepreneurs, industry representatives, technologists, lawyers and academics – on issues such as changing societal expectations, emerging business
models and regulatory frameworks. These leaders have some very clear visions for the future.

Their predictions for the industry span the six areas in which KPMG also envisages dramatic change:

– Purpose driven and predictive: the customer experience of 2030
– Ahead of the curve: new business models
– Socially conscious: regulation and trust in 2030
– The key battleground: people & talent
– Technology confluence: the rise of the digital twin
– A transformed landscape: industry fundamentals

Customers will not want seamless services from their financial services provider – they will expect it. Data will be the oil that makes the industry function. Customers will only grant access to service providers they trust and from who they are deriving a clear benefit for doing so. Successful businesses will have purpose at their core.
And the firms that have thrived are those who foresaw the change – and acted early on it.

Join Bernard Salt as he discusses the rapid shifts in the sector with Anna Bligh, CEO, Australian Banking Association, Daniel Knoll, National Lead Partner of Financial Services at KPMG, and Toby Norton-Smith, Managing Director, x-15 ventures.

Listen here or download from your favourite podcast provider.

Read out full report: 30 Voices on 2030: The New Reality fo Financial Services.

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