Prediction of 20 million job losses in the financial sector of banking. The future of banking in 2030. Are banks going to be extinct?
A decade goes so fast. Within the last 10 years’ technologies changed the way we bank. Mostly connected to our phones. But by 2030 the everyday banking experience could be entirely virtual. By then more than two billion people will have digital bank accounts on digital platforms and just 20 of so-called heritage financial services firms will have survived.
Some banks will be completely virtual facilitated by open banking fuelled by data stored and shared on the cloud and made faster and safer by Blockchain technology. If you want, you’ll be able to get the equivalent of a private banking service.
As data aggregators cross-reference your spending habits with other parts of your online life from your travel plans to your social media interactions creating a unique profile for your bank to provide you with bespoke services.
Look forward to an AI powered virtual banking assistant handling payments investments and instant transfers at the command of your voice as banks begin to get more personal.
So will the ways we pay in the future cash is no longer key instead paying with your phone or wearable will be the status quo rendering physical cards unnecessary. 60% of financial organizations are expected to make wearables a common payment method. Physical shops will still exist but the way you pay will change with money changing hands virtually in real time.
Cryptocurrencies may rival cash with an estimated 200 million Blockchain wallet users by the end of this decade and many currencies could digitize and even decentralize simplifying travel and trade. But none of this will happen if security isn’t every bank’s number one priority protection against cyber-crimes and fraud will be powered by predictive analytics and artificial intelligence home to 350 specialists manning state of the art. Read more via TheIndianWire