- A new wave of disruption more forceful and more pervasive than what we have seen in recent years will likely unfold in the next decade. With this disruption, though, comes endless opportunity.
- The combined effects of technological disruption, sweeping changes to the nature of work, demographic shifts, climate change, and possible Japanification could have serious implications for the banking industry.
- These forces may also change how banking is done. Banking will be more open, transparent, real-time, intelligent, tailored, secure, seamless, and deeply integrated into consumers’ lives and institutional clients’ operations.
- But while the way banking is done might change, banks’ role will likely not. Despite what happens, banks should remain true to their core identity as financial intermediaries: matching demand with supply of capital.
- As we enter a new decade, banks should also fortify their core foundation on multiple dimensions, including technology infrastructure, data management, talent, and risk management.