By 2030, the majority of financial transactions will remain in the hands of banks, while banks themselves will transform into large ecosystems or BaaS (Banking-as-a-service) services.

This is stated in the Financial Services 2030 study prepared by Frank RG.

Frank RG experts forecast that “banking products and services will turn into commodities, and the client will not distinguish the services of which bank he/she uses.”

“The trend towards hyper-personalization of offers will become dominant. E-wallets will develop, which will account for more than half of e-commerce purchases as early as in 2024. The number of QR code transfers will also grow, while the share of cash transactions will decrease to a minimum by 2030. Purchases in e-commerce by 2030 will account for one third of all retail trade,” the study says.

Experts also predict a wide spread of cryptocurrencies in countries where the Central Bank will not set up barriers, as well as the active introduction of central bank digital currencies.

The full study is available here.

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