Industry Leaders Predict Massive Changes in Banking by 2025

Banking's future is shaping up to be dramatically different — in as few as three years. According to a survey of financial institution leaders worldwide, customer experience improvements, competitive changes, and an accelerated flight to digital channels, along with several surprising additional factors, will massively transform the industry.

By Jim Marous, Co-Publisher of The Financial Brand, CEO 

The pace of change in banking is already startling. Financial institutions are working overtime to leverage digital transformation for increased efficiencies, improved experiences and revised business models. But what do banking leaders from around the world believe will happen by 2025 … only three short years from now?

To answer questions around the speed of digital banking transformation, the Digital Banking Report asked over 400 financial institution executives to provide their projections as to what will happen in next three years. Our global research included not only banks and credit unions, but other financial services providers including fintech firms, third-party solution providers, as well as advisors and consultants to the banking industry.

The research focused on nine perspectives — shown in the first chart, below — within four areas of banking:

• Customer experience
• The flight to digital
• Competition
• Innovation

As in any survey on the future of banking, all projections need to be taken within the context that change is happening faster than most financial services executives have ever seen. With that in mind, the projected speed of adoption of some developments (e.g. use of data to provide personalized experiences) can’t be ignored. The question becomes whether banks and credit unions will be prepared for the rapid changes they predict.

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Banking is Changing Faster Than Ever

Customer Experience is Being Transformed

Flight to Digital Channels Escalates

Competitive Landscape Continues to Evolve

Innovation Provides Differentiation Opportunity