Wonderful.By 2030, technology will have made banks and banking invisible to customers, hidden by Siri-like personal assistants that cull data from our connected lives to fulfil daily personal and financial obligations, claims KPMG.This revolution will see large parts of traditional banks - customer service call centres, branches and sales teams - disappear, predicts the professional services giant in a report.
This will leave the future of today's banks uncertain, and in a worst case scenario they could become relegated to the position of white labelled product providers. The winners will be those that are able to make best use of their data, drive down costs, build effective partnerships with third parties, and build strong cybersecurity.
To illustrate its vision for banking in 2030, KPMG has imagined a Siri descendant called EVA (Enlightened Virtual Assistant) that uses advanced data analytics, voice authentication, AI, connected devices, APIs, and cloud technology to serve customers.
In an example of a day with EVA, the assistant approaches the customer having accessed its payment data and noticed an increase in spending on junk food. Coupling this with health data gathered from the customer's wearable device, EVA suggests a yoga class and then books and pays for it.
Asked by the customer about their finances, the assistant then explains that it has "shifted some savings around to get you a better interest rate and there was an unexpected charge from the USA which I have arranged a refund for".
In this vision, there is no "banking app" - access to money is interwoven with health, time management, leisure and other parts of daily life. This means that the "platform layer" - the customer interface - is likely to be provided by global technology players such as Google, Apple and Facebook....MORE
Tuesday, October 18, 2016
The bank of the future will be invisible - KPMG