KPMG: The Invisible Bank

In a new report KPMG predicts that by 2030 mass market retail banks will be largely invisible to consumers. According to this outlook large parts of the traditional bank will disappear.

With technology infiltratating every aspect of life, KPMG predicts that by 2030 mass market retail banks will be largely invisible to consumers, in a new report, «Meet EVA, the future face of the Invisible Bank.»

Your Bank - A White Labelled Product Provider

This Invisible Bank will be hidden by a Siri-like e-personal assistant that fulfils daily personal and financial obligations, informed by data gathered from a fully connected way of life. The role of today’s banks in such a future remains to be seen, in a worst case scenario they could become relegated to the position of a white labelled product provider.

According to this vision large parts of the traditional bank could disappear. Customer service call centres, branches and sales teams, for large parts of the market could be a thing of the past. The transition will not be easy. The winners will be those that are able to utilise their data; drive down costs; build effective partnerships with a broad range of third parties; and of course, those with robust cyber security.

The Pace of Change is Slow

The report say that currently, technology firms invest 10-20 percent of revenues into research and development, for banks it’s just 1-2 percent. With banks’ return on equity under 5 percent it’s hard to see that changing significantly in the short to medium term, but if firms want to remain relevant, it has to.

Warren Mead 510

«Banks are making efforts to improve customer service through use of exciting technologies like robotics, artificial intelligence and blockchain, but the pace of change is slow and in reality, I’d say banks are only 10% of their way through their digital transformations,» said Warren Mead, (pictured above) Fintech Lead, KPMG


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