KPMG has conducted a study which predicts how the banking industry is going to change in 10 years: how new technologies such as big data, AI and biometrics will affect banking services and how the clients’ needs are going to change.

Frank Media quotes several parts from the study.

KPMG analysts believe that the communication between clients and banks will change by 2030. Customers are going to use voice assistants more and make payments with voice commands and not bank cards. Banks will no longer simply provide financial services, but also cover the clients’ needs by offering customized products and services. For instance, the bank might offer the client a new, more convenient subscription to a music service than the one the client is using.

Moreover, there will be high demand for trust in 10 years: clients will want their personal data to be well protected and banks to provide them necessary services. This approach will lead to super offers covering all needs. The study brings up the Chinese app WeChat as an existing example.

Banks have several things to do, according to KPMG.

Firstly, they need to automate processes in areas that clients neither understand nor want to control. For instance, 65% of KPMG users would like to receive information about the bank’s products or rate automatically, not search for it themselves.

Secondly, banks can provide the clients information they need to make an independent choice. For instance, banks can notify about discount on services that the given client uses frequently.

Additionally, banks can give useful recommendations in areas people understand but do not want to control. 75% of the surveyed told the KPMG analysts they were well-versed in banking products, but 66% would still like the bank to recommend products.

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