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The banking sector will undergo considerable change

Friday, June 25, 2021

Significance

Banking is on the cusp of fundamental change: the fortunes of individual banks will rest on how they respond to the ensuing risks and opportunities.

Impacts

  • The number of people employed in the industry will fall dramatically, driven by rapid technological change, especially automation.
  • Fintechs may resist being acquired out of a fear of losing their cultural identities in larger banks.
  • Innovation will be key, whether it is maximising the use of data or devising attractive new products in an increasingly competitive market.
  • The EU is outpacing the United States in terms of use of digital banks, helped by having more regulation in place on use of customer data.

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